Press Release

BOK Financial Reports Quarterly Earnings of $106 million

Company Release - 4/25/2018 7:50 AM ET

TULSA, Okla., April 25, 2018 (GLOBE NEWSWIRE) -- BOK Financial Corporation (Nasdaq:BOKF) reported net income of $105.6 million or $1.61 per diluted share for the first quarter of 2018. Net income was $72.5 million or $1.11 per diluted share for the fourth quarter of 2017 and $88.4 million or $1.35 per diluted share for the first quarter of 2017. Lower federal corporate income tax rates decreased income tax expense for the first quarter of 2018 by approximately $13.8 million. Accounting for the Tax Cuts and Jobs Act increased income tax expense for the fourth quarter of 2017 by $11.7 million.

Steven G. Bradshaw, president and chief executive officer, stated, “The entire company executed extremely well in the first quarter, resulting in one of the strongest quarters in company history. Loan growth accelerated, driven by growth in key lending businesses including energy, healthcare, commercial and industrial, and commercial real estate. We continued to benefit from the current interest rate environment and saw an additional uptick in net interest margin, which in conjunction with higher earning assets led to a significant increase in net interest revenue. Our fee–generating businesses benefited from higher gain–on–sale margins in the mortgage business, and our robust wealth management business surpassed $100 million in total revenue for the first time in company history. Finally, we continue to maintain expense discipline across the company, which has resulted in material earnings leverage and growth in pretax income.”

Bradshaw added, “The economy across the BOK Financial footprint is strong, the financial markets are healthy, and the credit environment remains benign with no trouble spots on the horizon. Accordingly, we are optimistic about prospects for continued earnings growth through the remainder of 2018.”

 First Quarter 2018 Highlights

  • Net interest revenue totaled $219.7 million for the first quarter of 2018, an increase of $2.9 million over the fourth quarter of 2017. Net interest margin increased to 2.99 percent for the first quarter of 2018 from 2.97 percent for the fourth quarter of 2017. Average earning assets grew by $120 million over the prior quarter.
  • Fees and commissions revenue totaled $159.0 million for the first quarter of 2018, largely unchanged compared to the fourth quarter of 2017 on a comparable presentation basis. Adoption of the new revenue recognition accounting standard in the first quarter of 2018 resulted in $9.5 million of interchange fees we pay to issuing banks being netted against transaction card revenue. Previously these costs were included in data processing and communications expense. Increased mortgage banking and transaction card revenue were offset by decreased brokerage and trading revenue.
  • Operating expense was $244.4 million for the first quarter of 2018, a $10.1 million decrease compared to the fourth quarter of 2017 on a comparable presentation basis. Personnel expense decreased $5.4 million, primarily due to decreased incentive compensation expense. Non-personnel expense decreased $4.7 million. Lower professional fees and services expense and mortgage banking expense were partially offset by a write-down of certain repossessed oil and gas properties.
  • Income tax expense was $30.9 million or 22.7 percent of net income before taxes for the first quarter of 2018 compared to $54.3 million or 42.9 percent for the fourth quarter of 2017. Beginning January 1, 2018, the Tax Cuts and Jobs Act decreased the corporate income tax rate from 35% to 21%. Accounting for the Act required us to revalue our deferred tax assets and liabilities in 2017. We anticipate our effective tax rate to be between 22 percent and 23 percent for 2018.
  • The Company recorded a $5.0 million negative provision for credit losses in the first quarter of 2018, due to improved credit metric trends. A $7.0 million negative provision for credit losses was recorded in the fourth quarter of 2017. The company had net charge-offs of $1.3 million or 0.03 percent of average loans on an annualized basis in the first quarter of 2018, compared to net charge-offs of $11.7 million or 0.27 percent of average loans on an annualized basis for the fourth quarter of 2017.
  • The combined allowance for credit losses totaled $228 million or 1.32 percent of outstanding loans at March 31, 2018, compared to $234 million or 1.37 percent of outstanding loans at December 31, 2017.
  • Nonperforming assets that are not guaranteed by U.S. government agencies totaled $195 million or 1.13 percent of outstanding loans and repossessed assets at March 31, 2018 and $207 million or 1.22 percent of outstanding loans and repossessed assets at December 31, 2017. In addition, potential problem loans decreased $19 million to $222 million at March 31, 2018.
  • Average loan balances grew by $80 million over the previous quarter, primarily due to growth in commercial loan balances. Period-end outstanding loan balances totaled $17.3 billion at March 31, 2018, a $184 million increase over December 31, 2017.
  • Average deposits were largely unchanged compared to the previous quarter. Average demand deposit balances decreased by $266 million, largely offset by a $202 million increase in interest-bearing transaction deposit balances. Period-end deposits were $22.2 billion at March 31, 2018, a $144 million increase over December 31, 2017. 
  • The common equity Tier 1 capital ratio at March 31, 2018 was 12.06 percent. Other regulatory capital ratios were Tier 1 capital ratio, 12.06 percent, total capital ratio, 13.49 percent, and leverage ratio, 9.40 percent. At December 31, 2017, the common equity Tier 1 capital ratio was 12.05 percent, the Tier 1 capital ratio was 12.05 percent, total capital ratio was 13.54 percent, and leverage ratio was 9.31 percent.
  • The company paid a regular cash dividend of $29.3 million or $0.45 per common share during the first quarter of 2018. On April 24, 2018, the board of directors approved a quarterly cash dividend of $0.45 per common share payable on or about May 25, 2018 to shareholders of record as of May 11, 2018.
  • The company repurchased 82,583 common shares at an average price of $91.83 per share during the first quarter of 2018. The company repurchased 80,000 common shares at an average price of $92.54 per share during the fourth quarter of 2017.

Net Interest Revenue

Net interest revenue was $219.7 million for the first quarter of 2018, a $2.9 million increase over the fourth quarter of 2017.

Net interest margin was 2.99 percent for the first quarter of 2018, an increase of 2 basis points over the fourth quarter of 2017. Lower federal income tax rates which became effective on January 1, 2018 decreased net interest margin by approximately 3 basis points. The yield on average earning assets was 3.61 percent, an increase of 12 basis points over the prior quarter. The loan portfolio yield was 4.45 percent, up 16 basis points. The yield on the available for sale securities portfolio increased 2 basis points to 2.23 percent. The yield on interest-bearing cash and cash equivalents increased 30 basis points. Funding costs were 0.93 percent, up 14 basis points. The cost of interest-bearing deposits increased 9 basis points to 0.57 percent. The cost of other borrowed funds was up 22 basis points to 1.50 percent. The benefit to net interest margin from assets funded by non-interest liabilities increased to 31 basis points from 27 basis points in the fourth quarter of 2017.

Average earning assets increased $120 million over the first quarter of 2018. Trading securities balances increased $373 million. Average interest-bearing cash and cash equivalents balances were up $83 million. Average loan balances grew by $80 million. Available for sale securities decreased $199 million and fair value option securities held as an economic hedge of our mortgage servicing rights decreased $166 million. Average interest-bearing deposit balances increased $232 million over the fourth quarter of 2017. The average balance of borrowed funds increased $161 million.

Fees and Commissions Revenue

Fees and commissions revenue totaled $159.0 million for the first quarter of 2018. Excluding the netting impact from the implementation of the revenue recognition accounting standard, this is consistent with results from the fourth quarter of 2017.

Brokerage and trading revenue decreased $2.4 million compared to the fourth quarter of 2017 due primarily to the timing and volume of completed investment banking transactions. Many municipal and public school district customers completed offerings in the previous quarter in advance of tax law changes.

Mortgage banking revenue totaled $26.0 million for the first quarter of 2018, a $1.7 million increase compared to the fourth quarter of 2017. Revenue from mortgage loan production increased $1.7 million.  Internal changes to better manage our loan production pipeline, improved values of originated servicing rights and an increase in delivery through the retail channel resulted in a 21 basis point increase in gain on sale margin. Loan production volume increased $12 million.

Operating Expense

Total operating expense was $244.4 million for the first quarter of 2018, a $10.0 million decrease compared to the fourth quarter of 2017 on a comparable presentation basis. 

Personnel expense decreased $5.4 million. Incentive compensation expense decreased $10.6 million primarily due to changes in assumptions for performance compensation awards. The predominant factor used to measure performance for certain share-based and executive cash-based incentives, our earnings per share compared to peers, was impacted by tax reform. Our relative EPS growth was lower than anticipated once all peer data for 2017 became available. Employee benefits expense increased $3.0 million primarily due to a seasonal increase in payroll taxes partially offset by an overall decrease in employee healthcare costs. Regular compensation increased $2.2 million as merit increases were effective for most employees during the first quarter of 2018.

Non-personnel expense decreased $4.7 million. Professional fees and services expense decreased $5.1 million mainly due to expenses related to projects completed in the fourth quarter of 2017. Mortgage banking costs decreased $4.2 million primarily due to a $3.5 million decrease in accruals related to default servicing and loss mitigation costs on loans serviced for others. The fourth quarter also included a $2.0 million contribution to the BOKF Foundation.

Net losses and operating expenses of repossessed assets increased $7.4 million, primarily due to a $5.0 million write-down on a set of repossessed oil and gas properties based on an updated analysis of production data.

Loans, Deposits and Capital

Loans

Outstanding loans were $17.3 billion at March 31, 2018, up $184 million or 4% on an annualized basis over December 31, 2017, primarily due to growth in commercial loan balances during the quarter. Increased commercial real estate loan balances were offset by lower residential mortgage loan balances.

Outstanding commercial loan balances grew by $186 million or 7% on an annualized basis. Manufacturing sector loan balances were up $63 million. Wholesale/retail sector loan balances grew by $60 million. Healthcare sector loan balances increased $45 million. Energy loan balances grew by $39 million. Unfunded energy loan commitments increased $97 million over December 31, 2017 to $3.0 billion at March 31, 2018. Other commercial and industrial loans increased by $36 million. This growth was partially offset by a $59 million decrease in service sector loan balances.

Commercial real estate loan balances increased $27 million or 3% on an annualized basis. Loans secured by retail facilities were up $59 million. Loans secured by industrial properties grew by $41 million. Multifamily residential loans increased $29 million. This growth was partially offset by a $95 million decrease in loans secured by office buildings.

Deposits

Period-end deposits totaled $22.2 billion at March 31, 2018, a $144 million increase over December 31, 2017. Time deposit balances grew by $68 million and demand deposit balances increased $63 million. This growth was partially offset by a $23 million decrease in interest-bearing transaction account balances. Consumer Banking deposits were up $151 million and Wealth Management deposits grew by $149 million. Commercial Banking deposits decreased $49 million.

Capital

The company's common equity Tier 1 capital ratio was 12.06 percent at March 31, 2018. In addition, the company's Tier 1 capital ratio was 12.06 percent, total capital ratio was 13.49 percent and leverage ratio was 9.40 percent at March 31, 2018. At December 31, 2017, the company's common equity Tier 1 capital ratio was 12.05 percent, Tier 1 capital ratio was 12.05 percent, total capital ratio was 13.54 percent, and leverage ratio was 9.31 percent.

The company's tangible common equity ratio, a non-GAAP measure, was 9.18 percent at March 31, 2018 and 9.50 percent at December 31, 2017. 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 $278 million or 1.60 percent of outstanding loans and repossessed assets at March 31, 2018, down from $290 million or 1.69 percent at December 31, 2017. Nonperforming assets that are not guaranteed by U.S. government agencies totaled $195 million or 1.13 percent of outstanding loans and repossessed assets (excluding those guaranteed by U.S. government agencies) at March 31, 2018, compared to $207 million or 1.22 percent at December 31, 2017. 

Nonaccruing loans totaled $180 million or 1.04 percent of outstanding loans at March 31, 2018, compared to $188 million or 1.10 percent of outstanding loans at December 31, 2017. The decrease in nonaccruing loans was primarily due to a $3.0 million decrease in manufacturing sector loans and a $2.3 million decrease in energy loans. New nonaccruing loans identified in the first quarter totaled $10 million, offset by $12 million in payments received, $2.9 million in charge-offs and $3.7 million in foreclosures and repossessions. At March 31, 2018, nonaccruing commercial loans totaled $131 million or 1.20 percent of outstanding commercial loans, nonaccruing commercial real estate loans totaled $2.5 million or 0.07 percent of outstanding commercial real estate loans and nonaccruing residential mortgage loans totaled $46 million or 2.35 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, totaled $222 million at March 31, down from $241 million at December 31. The decrease largely resulted from energy and healthcare sector loans, partially offset by an increase in wholesale/retail sector loans.

The company had net charge-offs of $1.3 million or 0.03 percent of average loans on an annualized basis for the first quarter of 2018, compared to net charge-offs of $11.7 million or 0.27 percent of average loans on an annualized basis for the fourth quarter of 2017. Gross charge-offs were $2.9 million for the first quarter, compared to $14.7 million for the previous quarter. Recoveries totaled $1.6 million for the first quarter of 2018 and $3.1 million for the fourth quarter of 2017.

Based on an evaluation of all credit factors, including changes in nonaccruing and potential problem loans, overall loan portfolio growth and net charge-offs, the company determined that a $5.0 million negative provision for credit losses was appropriate for the first quarter of 2018. The company had a $7.0 million negative provision for credit losses in the fourth quarter of 2017.

The combined allowance for credit losses totaled $228 million or 1.32 percent of outstanding loans and 133 percent of nonaccruing loans at March 31, 2018, excluding residential mortgage loans guaranteed by U.S. government agencies. The allowance for loan losses was $224 million and the accrual for off-balance sheet credit losses was $4.1 million. At December 31, 2017, the combined allowance for credit losses was $234 million or 1.37 percent of outstanding loans and 131 percent of nonaccruing loans, excluding loans guaranteed by U.S. government agencies. The allowance for loan losses was $231 million and the accrual for off-balance sheet credit losses was $3.7 million.

Securities and Derivatives

The fair value of the available for sale securities portfolio totaled $8.2 billion at March 31, 2018, a $72 million decrease compared to December 31, 2017. At March 31, 2018, the available for sale portfolio consisted primarily of $5.4 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $2.7 billion of commercial mortgage-backed securities fully backed by U.S. government agencies. At March 31, 2018, the available for sale securities portfolio had a net unrealized loss of $148 million compared to a $47 million net unrealized loss at December 31, 2017.

Trading securities increased $830 million to $1.3 billion during the first quarter of 2018 as a result of expanded relationships with mortgage loan originator clients. The company holds an inventory of trading securities in support of sales to a variety of customers, including banks, corporations, insurance companies, money managers, and others.

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.

The net economic cost of the changes in fair value of mortgage servicing rights and related economic hedges was $256 thousand during the first quarter of 2018, including a $21.2 million increase in the fair value of mortgage servicing rights, a $23.3 million decrease in the fair value of securities and derivative contracts held as an economic hedge and $1.8 million of related net interest revenue.

The fair value of mortgage servicing rights increased by $5.9 million during the fourth quarter of 2017.  The fair value of securities and interest rate derivative contracts held as an economic hedge of mortgage servicing rights decreased by $7.3 million. Related net interest revenue was $2.7 million during the fourth quarter of 2017.

Conference Call and Webcast

The company will hold a conference call at 9 a.m. Central time on Wednesday, April 25, 2018 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 1-201-689-8471. A conference call and webcast replay will also be available shortly after conclusion of the live call at www.bokf.com or by dialing 1-412-317-6671 and referencing conference ID # 13678702.

About BOK Financial Corporation

BOK Financial Corporation is a $33 billion regional financial services company based in Tulsa, Oklahoma. The company's stock is publicly traded on NASDAQ under the Global Select market listings (Nasdaq:BOKF). BOK Financial's holdings include BOKF, NA, BOK Financial Securities, 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, Mobank, 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, 2018 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,” “will,”  “intends,” 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, allowance for uncertain tax positions, accruals for loss contingencies and valuation of mortgage servicing rights involve judgments as to expected 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 changes in commodity prices, interest rates and interest rate relationships, demand for products and services, the degree of competition by traditional and nontraditional competitors, changes in banking regulations, tax laws, prices, levies and assessments, the impact of technological advances, and trends in customer 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, 2018 Dec. 31, 2017 March 31, 2017
ASSETS     
Cash and due from banks$544,534  $602,510  $546,575 
Interest-bearing cash and cash equivalents2,054,899  1,714,544  2,220,640 
Trading securities1,292,432  462,676  677,156 
Investment securities416,672  461,793  519,402 
Available for sale debt securities8,249,432  8,321,578  8,437,291 
Fair value option securities513,668  755,054  441,714 
Restricted equity securities338,552  320,189  283,936 
Residential mortgage loans held for sale225,190  221,378  248,707 
Loans:     
Commercial10,919,667  10,733,975  10,327,110 
Commercial real estate3,506,782  3,479,987  3,871,063 
Residential mortgage1,945,769  1,973,686  1,946,274 
Personal965,632  965,776  847,459 
Total loans17,337,850  17,153,424  16,991,906 
Allowance for loan losses(223,967) (230,682) (248,710)
Loans, net of allowance17,113,883  16,922,742  16,743,196 
Premises and equipment, net314,347  317,335  325,546 
Receivables478,027  442,897  394,394 
Goodwill447,430  447,430  445,738 
Intangible assets, net29,658  28,658  42,556 
Mortgage servicing rights274,978  252,867  249,403 
Real estate and other repossessed assets, net23,652  28,437  42,726 
Derivative contracts, net286,687  220,502  304,727 
Cash surrender value of bank-owned life insurance318,661  316,498  310,537 
Receivable on unsettled securities sales3,638  75,980  9,921 
Other assets435,152  359,092  384,767 
TOTAL ASSETS$33,361,492  $32,272,160  $32,628,932 
      
LIABILITIES AND EQUITY     
Deposits:     
Demand$9,306,023  $9,243,338  $9,506,573 
Interest-bearing transaction10,226,971  10,250,393  10,359,214 
Savings505,952  469,158  465,724 
Time2,166,254  2,098,416  2,243,848 
Total deposits22,205,200  22,061,305  22,575,359 
Funds purchased130,561  58,628  47,629 
Repurchase agreements415,763  516,335  508,352 
Other borrowings5,727,025  5,134,897  5,238,947 
Subordinated debentures144,687  144,677  144,649 
Accrued interest, taxes and expense156,146  164,895  140,235 
Due on unsettled securities purchases94,424  151,198  137,069 
Derivative contracts, net233,202  171,963  276,422 
Other liabilities737,142  349,928  189,376 
TOTAL LIABILITIES29,844,150  28,753,826  29,258,038 
Shareholders' equity:     
Capital, surplus and retained earnings3,606,220  3,531,541  3,346,965 
Accumulated other comprehensive loss(111,191) (36,174) (5,221)
TOTAL SHAREHOLDERS' EQUITY3,495,029  3,495,367  3,341,744 
Non-controlling interests22,313  22,967  29,150 
TOTAL EQUITY3,517,342  3,518,334  3,370,894 
TOTAL LIABILITIES AND EQUITY$33,361,492  $32,272,160  $32,628,932 
            


AVERAGE BALANCE SHEETS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands)
 Three Months Ended
 Mar. 31, 2018 Dec. 31, 2017 Sept. 30, 2017 June 30, 2017 Mar. 31, 2017
ASSETS         
Interest-bearing cash and cash equivalents$2,059,517  $1,976,395  $1,965,645  $2,007,746  $2,087,964 
Trading securities933,404  560,321  491,613  456,028  579,549 
Investment securities441,207  462,869  475,705  499,372  530,936 
Available for sale debt securities8,236,938  8,435,916  8,428,353  8,384,057  8,567,049 
Fair value option securities626,251  792,647  684,571  476,102  416,524 
Restricted equity securities349,176  337,673  328,677  295,743  312,498 
Residential mortgage loans held for sale199,380  257,927  256,343  245,401  220,325 
Loans:         
Commercial10,871,569  10,751,235  10,827,198  10,604,456  10,414,579 
Commercial real estate3,491,335  3,485,583  3,528,330  3,676,976  3,903,850 
Residential mortgage1,937,198  1,976,860  1,951,385  1,933,091  1,962,759 
Personal961,379  967,329  949,750  915,010  854,637 
Total loans17,261,481  17,181,007  17,256,663  17,129,533  17,135,825 
Allowance for loan losses(228,996) (246,143) (250,590) (251,632) (249,379)
Total loans, net17,032,485  16,934,864  17,006,073  16,877,901  16,886,446 
Total earning assets29,878,358  29,758,612  29,636,980  29,242,350  29,601,291 
Cash and due from banks564,585  576,737  546,653  530,352  547,104 
Derivative contracts, net278,694  292,961  238,583  248,168  401,886 
Cash surrender value of bank-owned life insurance317,334  315,034  313,079  311,310  309,223 
Receivable on unsettled securities sales51,549  49,219  76,622  79,248  62,641 
Other assets2,634,432  2,459,552  2,196,253  1,957,143  2,032,844 
TOTAL ASSETS$33,724,952  $33,452,115  $33,008,170  $32,368,571  $32,954,989 
          
LIABILITIES AND EQUITY         
Deposits:         
Demand$9,151,272  $9,417,351  $9,389,849  $9,338,683  $9,101,763 
Interest-bearing transaction10,344,469  10,142,744  10,088,522  10,087,640  10,567,475 
Savings480,110  466,496  464,130  461,586  441,254 
Time2,151,044  2,134,469  2,176,820  2,204,422  2,258,930 
Total deposits22,126,895  22,161,060  22,119,321  22,092,331  22,369,422 
Funds purchased106,361  63,713  49,774  63,263  55,508 
Repurchase agreements426,051  424,617  361,512  427,353  523,561 
Other borrowings6,326,967  6,209,903  6,162,641  5,572,031  5,737,955 
Subordinated debentures144,682  144,673  144,663  144,654  144,644 
Derivative contracts, net223,373  288,408  221,371  178,695  405,444 
Due on unsettled securities purchases144,077  218,684  145,155  157,438  91,529 
Other liabilities747,972  425,667  319,092  323,373  299,534 
TOTAL LIABILITIES30,246,378  29,936,725  29,523,529  28,959,138  29,627,597 
Total equity3,478,574  3,515,390  3,484,641  3,409,433  3,327,392 
TOTAL LIABILITIES AND EQUITY$33,724,952  $33,452,115  $33,008,170  $32,368,571  $32,954,989 
                    


STATEMENTS OF EARNINGS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except per share data)
 Three Months Ended
 March 31,
 2018 2017
    
Interest revenue$265,407  $226,390 
Interest expense45,671  25,208 
Net interest revenue219,736  201,182 
Provision for credit losses(5,000)  
Net interest revenue after provision for credit losses224,736  201,182 
Other operating revenue:   
Brokerage and trading revenue30,648  33,623 
Transaction card revenue120,990  18,177 
Fiduciary and asset management revenue41,832  38,631 
Deposit service charges and fees27,161  27,777 
Mortgage banking revenue26,025  25,191 
Other revenue12,330  11,752 
Total fees and commissions158,986  155,151 
Other gains (losses), net(664) 3,627 
Gain (loss) on derivatives, net(5,685) (450)
Gain (loss) on fair value option securities, net(17,564) (1,140)
Change in fair value of mortgage servicing rights21,206  1,856 
Gain (loss) on available for sale securities, net(290) 2,049 
Total other operating revenue155,989  161,093 
Other operating expense:       
Personnel139,947  136,425 
Business promotion6,010  6,717 
Professional fees and services10,200  11,417 
Net occupancy and equipment24,046  21,624 
Insurance6,593  6,404 
Data processing and communications127,817  25,699 
Printing, postage and supplies4,089  3,851 
Net losses and operating expenses of repossessed assets7,705  1,009 
Amortization of intangible assets1,300  1,802 
Mortgage banking costs10,149  13,003 
Other expense6,574  7,557 
Total other operating expense244,430  235,508 
    
Net income before taxes136,295  126,767 
Federal and state income taxes30,948  38,103 
    
Net income105,347  88,664 
Net income (loss) attributable to non-controlling interests(215) 308 
Net income attributable to BOK Financial Corporation shareholders$105,562  $88,356 
    
Average shares outstanding:   
Basic64,847,334  64,715,964 
Diluted64,888,033  64,783,737 
    
Net income per share:   
Basic$1.61  $1.35 
Diluted$1.61  $1.35 

1 Non-GAAP measure to net interchange charges from prior quarters between transaction card revenue and data processing and communications expense. This measure has no effect on net income or earnings per share.


FINANCIAL HIGHLIGHTS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except ratio and share data)
 Three Months Ended
 Mar. 31, 2018 Dec. 31, 2017 Sept. 30, 2017 June 30, 2017 Mar. 31, 2017
Capital:         
Period-end shareholders' equity$3,495,029  $3,495,367  $3,488,814  $3,422,469  $3,341,744 
Risk weighted assets$26,025,660  $25,733,711  $25,409,728  $25,130,802  $24,901,019 
Risk-based capital ratios:         
Common equity tier 112.06% 12.05% 11.90% 11.76% 11.59%
Tier 112.06% 12.05% 11.90% 11.76% 11.59%
Total capital13.49% 13.54% 13.47% 13.36% 13.25%
Leverage ratio9.40% 9.31% 9.30% 9.27% 8.89%
Tangible common equity ratio19.18% 9.50% 9.23% 9.24% 8.88%
          
Common stock:         
Book value per share$53.39  $53.45  $53.30  $52.32  $51.09 
Tangible book value per share46.10  46.17  45.88  44.87  43.63 
Market value per share:         
High$107.00  $93.97  $90.69  $88.31  $85.25 
Low$89.82  $79.67  $77.10  $74.09  $73.44 
Cash dividends paid$29,342  $29,328  $28,655  $28,652  $28,646 
Dividend payout ratio27.80% 40.46% 33.46% 32.50% 32.42%
Shares outstanding, net65,459,505  65,394,937  65,456,786  65,416,403  65,408,019 
Stock buy-back program:         
Shares repurchased82,583  80,000       
Amount$7,584  $7,403  $  $  $ 
Average price per share$91.83  $92.54  $  $  $ 
          
Performance ratios (quarter annualized):
Return on average assets1.27% 0.86% 1.03% 1.09% 1.09%
Return on average equity12.39% 8.24% 9.83% 10.46% 10.86%
Net interest margin2.99% 2.97% 3.01% 2.89% 2.81%
Efficiency ratio365.09% 66.07% 65.92% 63.66% 64.90%
          
Reconciliation of non-GAAP measures:
1  Tangible common equity ratio:         
Total shareholders' equity$3,495,029  $3,495,367  $3,488,814  $3,422,469  $3,341,744 
Less: Goodwill and intangible assets, net477,088  476,088  485,710  487,452  488,294 
Tangible common equity$3,017,941  $3,019,279  $3,003,104  $2,935,017  $2,853,450 
          
Total assets$33,361,492  $32,272,160  $33,005,515  $32,263,532  $32,628,932 
Less: Goodwill and intangible assets, net477,088  476,088  485,710  487,452  488,294 
Tangible assets$32,884,404  $31,796,072  $32,519,805  $31,776,080  $32,140,638 
          
Tangible common equity ratio9.18% 9.50% 9.23% 9.24% 8.88%
          
Other data:         
Fiduciary assets$46,648,290  $48,761,477  $45,177,185  $45,089,153  $44,992,920 
Tax equivalent interest$2,010  $4,131  $4,314  $4,330  $4,428 
Net unrealized gain (loss) on available for sale securities$(148,247) $(47,497) $14,061  $16,041  $(5,537)
          
Mortgage banking:         
Mortgage production revenue$9,452  $7,786  $8,329  $13,840  $8,543 
          
Mortgage loans funded for sale$664,958  $840,080  $832,796  $902,978  $711,019 
Add: current period-end outstanding commitments298,318  222,919  334,337  362,088  381,732 
Less: prior period end outstanding commitments222,919  334,337  362,088  381,732  318,359 
Total mortgage production volume$740,357  $728,662  $805,045  $883,334  $774,392 
          
Mortgage loan refinances to mortgage loans funded for sale42% 47% 38% 33% 44%
Gain on sale margin1.28% 1.07% 1.03% 1.57% 1.10%
                    
Mortgage servicing revenue$16,573  $16,576  $16,561  $16,436  $16,648 
Average outstanding principal balance of mortgage loans serviced for others22,027,726  22,054,877  22,079,177  22,055,127  22,006,295 
Average mortgage servicing revenue rates0.31% 0.30% 0.30% 0.30% 0.31%
          
Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on mortgage hedge derivative contracts, net$(5,698) $(3,057) $1,025  $3,241  $(528)
Gain (loss) on fair value option securities, net(17,564) (4,238) 661  1,984  (1,140)
Gain (loss) on economic hedge of mortgage servicing rights(23,262) (7,295) 1,686  5,225  (1,668)
Gain (loss) on changes in fair value of mortgage servicing rights21,206  5,898  (639) (6,943) 1,856 
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges, included in other operating revenue(2,056) (1,397) 1,047  (1,718) 188 
Net interest revenue on fair value option securities21,800  2,656  2,543  1,965  1,271 
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges$(256) $1,259  $3,590  $247  $1,459 

2    Actual interest earned on fair value option securities less internal transfer-priced cost of funds.
3    Prior periods shown on a comparable basis to net interchange charges between transaction card revenue and data processing and communications expense.


 
QUARTERLY EARNINGS TREND -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except ratio and per share data)
 Three Months Ended
 Mar. 31, 2018 Dec. 31, 2017 Sept. 30, 2017 June 30, 2017 Mar. 31, 2017
          
Interest revenue$265,407  $255,767  $255,413  $235,181  $226,390 
Interest expense45,671  38,904  36,961  29,977  25,208 
Net interest revenue219,736  216,863  218,452  205,204  201,182 
Provision for credit losses(5,000) (7,000)      
Net interest revenue after provision for credit losses224,736  223,863  218,452  205,204  201,182 
Other operating revenue:         
Brokerage and trading revenue30,648  33,045  33,169  31,764  33,623 
Transaction card revenue120,990  20,028  22,929  20,009  18,177 
Fiduciary and asset management revenue41,832  41,767  40,687  41,808  38,631 
Deposit service charges and fees27,161  27,685  28,191  28,422  27,777 
Mortgage banking revenue26,025  24,362  24,890  30,276  25,191 
Other revenue12,330  11,762  13,670  14,984  11,752 
Total fees and commissions158,986  158,649  163,536  167,263  155,151 
Other gains (losses), net(664) 552  (1,283) 6,108  3,627 
Gain (loss) on derivatives, net(5,685) (3,045) 1,033  3,241  (450)
Gain (loss) on fair value option securities, net(17,564) (4,238) 661  1,984  (1,140)
Change in fair value of mortgage servicing rights21,206  5,898  (639) (6,943) 1,856 
Gain (loss) on available for sale securities, net(290) (488) 2,487  380  2,049 
Total other operating revenue155,989  157,328  165,795  172,033  161,093 
Other operating expense:         
Personnel139,947  145,329  147,910  143,744  136,425 
Business promotion6,010  7,317  7,105  7,738  6,717 
Charitable contributions to BOKF Foundation  2,000       
Professional fees and services10,200  15,344  11,887  12,419  11,417 
Net occupancy and equipment24,046  22,403  21,325  21,125  21,624 
Insurance6,593  6,555  6,005  689  6,404 
Data processing and communications127,817  28,903  27,412  26,111  25,699 
Printing, postage and supplies4,089  3,781  3,917  4,140  3,851 
Net losses (gains) and operating expenses of repossessed assets7,705  340  6,071  2,267  1,009 
Amortization of intangible assets1,300  1,430  1,744  1,803  1,802 
Mortgage banking costs10,149  14,331  13,450  12,072  13,003 
Other expense6,574  6,746  9,193  8,558  7,557 
Total other operating expense244,430  254,479  256,019  240,666  235,508 
Net income before taxes136,295  126,712  128,228  136,571  126,767 
Federal and state income taxes30,948  54,347  42,438  47,705  38,103 
Net income105,347  72,365  85,790  88,866  88,664 
Net income (loss) attributable to non-controlling interests(215) (127) 141  719  308 
Net income attributable to BOK Financial Corporation shareholders$105,562  $72,492  $85,649  $88,147  $88,356 
          
Average shares outstanding:         
Basic64,847,334  64,793,005  64,742,822  64,729,752  64,715,964 
Diluted64,888,033  64,843,179  64,805,172  64,793,134  64,783,737 
Net income per share:         
Basic$1.61  $1.11  $1.31  $1.35  $1.35 
Diluted$1.61  $1.11  $1.31  $1.35  $1.35 

1    Non-GAAP measure to net interchange charges from prior quarters between transaction card revenue and data processing and communications expense. This measure has no effect on net income or earnings per share.


LOANS TREND -- UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
  Mar. 31, 2018 Dec. 31, 2017 Sept. 30, 2017 June 30, 2017 Mar. 31, 2017
Commercial:          
Energy $2,969,618  $2,930,156  $2,867,981  $2,847,240  $2,537,112 
Services 2,928,294  2,986,949  2,967,513  2,958,827  3,013,375 
Healthcare 2,359,928  2,314,753  2,239,451  2,221,518  2,265,604 
Wholesale/retail 1,531,576  1,471,256  1,658,098  1,543,695  1,506,243 
Manufacturing 559,695  496,774  519,446  546,137  543,430 
Other commercial and industrial 570,556  534,087  543,445  520,538  461,346 
Total commercial 10,919,667  10,733,975  10,795,934  10,637,955  10,327,110 
           
Commercial real estate:          
Multifamily 1,008,903  980,017  999,009  952,380  922,991 
Retail 750,396  691,532  725,865  722,805  745,046 
Office 737,144  831,770  797,089  862,973  860,889 
Industrial 613,608  573,014  591,080  693,635  871,463 
Residential construction and land development 117,458  117,245  112,102  141,592  135,994 
Other commercial real estate 279,273  286,409  292,997  315,207  334,680 
Total commercial real estate 3,506,782  3,479,987  3,518,142  3,688,592  3,871,063 
           
Residential mortgage:          
Permanent mortgage 1,047,785  1,043,435  1,013,965  989,040  977,743 
Permanent mortgages guaranteed by U.S. government agencies 177,880  197,506  187,370  191,729  204,181 
Home equity 720,104  732,745  744,415  758,429  764,350 
Total residential mortgage 1,945,769  1,973,686  1,945,750  1,939,198  1,946,274 
           
Personal 965,632  965,776  947,008  917,900  847,459 
           
Total $17,337,850  $17,153,424  $17,206,834  $17,183,645  $16,991,906 


LOANS BY PRINCIPAL MARKET AREA -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands)
 Mar. 31, 2018 Dec. 31, 2017 Sept. 30, 2017 June 30, 2017 Mar. 31, 2017
          
Bank of Oklahoma:         
Commercial$3,265,013  $3,238,720  $3,408,973  $3,369,967  $3,189,183 
Commercial real estate668,031  682,037  712,915  667,932  691,332 
Residential mortgage1,419,281  1,435,432  1,405,900  1,398,021  1,404,054 
Personal353,128  342,212  322,320  318,016  310,708 
Total Bank of Oklahoma5,705,453  5,698,401  5,850,108  5,753,936  5,595,277 
          
Bank of Texas:         
Commercial4,715,841  4,520,401  4,434,595  4,339,634  4,148,316 
Commercial real estate1,254,421  1,261,864  1,236,702  1,360,164  1,452,988 
Residential mortgage229,761  233,675  229,993  232,074  231,647 
Personal363,608  375,084  375,173  354,222  312,092 
Total Bank of Texas6,563,631  6,391,024  6,276,463  6,286,094  6,145,043 
          
Bank of Albuquerque:         
Commercial315,701  343,296  367,747  369,370  407,403 
Commercial real estate348,485  341,282  319,208  324,405  307,927 
Residential mortgage93,490  98,018  101,983  103,849  106,432 
Personal11,667  11,721  12,953  12,439  11,305 
Total Bank of Albuquerque769,343  794,317  801,891  810,063  833,067 
          
Bank of Arkansas:         
Commercial94,430  95,644  91,051  85,020  88,010 
Commercial real estate88,700  87,393  80,917  73,943  74,469 
Residential mortgage7,033  6,596  6,318  6,395  6,829 
Personal9,916  9,992  10,388  11,993  6,279 
Total Bank of Arkansas200,079  199,625  188,674  177,351  175,587 
          
Colorado State Bank & Trust:         
Commercial1,180,655  1,130,714  1,124,200  1,065,780  998,216 
Commercial real estate210,801  174,201  186,427  255,379  266,218 
Residential mortgage64,530  63,350  63,734  63,346  62,313 
Personal63,118  63,115  60,513  56,187  49,523 
Total Colorado State Bank & Trust1,519,104  1,431,380  1,434,874  1,440,692  1,376,270 
          
Bank of Arizona:         
Commercial624,106  687,792  634,809  617,759  643,222 
Commercial real estate672,319  660,094  706,188  705,858  737,088 
Residential mortgage39,227  41,771  40,730  37,034  36,737 
Personal57,023  57,140  55,050  55,528  51,386 
Total Bank of Arizona1,392,675  1,446,797  1,436,777  1,416,179  1,468,433 
          
Mobank (Kansas City):         
Commercial723,921  717,408  734,559  790,425  852,760 
Commercial real estate264,025  273,116  275,785  300,911  341,041 
Residential mortgage92,447  94,844  97,092  98,479  98,262 
Personal107,172  106,512  110,611  109,515  106,166 
Total Mobank (Kansas City)1,187,565  1,191,880  1,218,047  1,299,330  1,398,229 
          
TOTAL BOK FINANCIAL$17,337,850  $17,153,424  $17,206,834  $17,183,645  $16,991,906 

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)
 Mar. 31, 2018 Dec. 31, 2017 Sept. 30, 2017 June 30, 2017 Mar. 31, 2017
Bank of Oklahoma:         
Demand$4,201,842  $3,885,008  $4,061,612  $4,353,421  $4,320,666 
Interest-bearing:         
Transaction6,051,302  5,901,293  5,909,259  5,998,787  6,114,288 
Savings289,351  265,870  265,023  263,664  265,014 
Time1,203,534  1,092,133  1,131,547  1,170,014  1,189,144 
Total interest-bearing7,544,187  7,259,296  7,305,829  7,432,465  7,568,446 
Total Bank of Oklahoma11,746,029  11,144,304  11,367,441  11,785,886  11,889,112 
          
Bank of Texas:         
Demand3,015,869  3,239,098  3,094,184  3,121,890  3,091,258 
Interest-bearing:         
Transaction2,208,480  2,397,071  2,272,987  2,272,185  2,317,576 
Savings98,852  93,620  93,400  91,491  89,640 
Time475,967  502,879  521,072  502,128  511,037 
Total interest-bearing2,783,299  2,993,570  2,887,459  2,865,804  2,918,253 
Total Bank of Texas5,799,168  6,232,668  5,981,643  5,987,694  6,009,511 
          
Bank of Albuquerque:         
Demand695,060  663,353  659,793  612,117  593,117 
Interest-bearing:         
Transaction555,414  552,393  551,884  558,523  623,677 
Savings60,596  55,647  53,532  54,136  53,683 
Time216,306  216,743  224,773  229,616  233,506 
Total interest-bearing832,316  824,783  830,189  842,275  910,866 
Total Bank of Albuquerque1,527,376  1,488,136  1,489,982  1,454,392  1,503,983 
          
Bank of Arkansas:         
Demand35,291  30,384  31,442  40,511  42,622 
Interest-bearing:         
Transaction94,206  85,095  126,746  129,848  106,804 
Savings1,960  1,881  1,876  2,135  2,304 
Time11,878  14,045  14,434  14,876  15,067 
Total interest-bearing108,044  101,021  143,056  146,859  124,175 
Total Bank of Arkansas143,335  131,405  174,498  187,370  166,797 
          
Colorado State Bank & Trust:         
Demand521,963  633,714  540,300  577,617  601,778 
Interest-bearing:         
Transaction687,785  657,629  628,807  626,343  610,510 
Savings37,232  35,223  34,776  35,651  37,801 
Time215,330  224,962  231,927  228,458  234,740 
Total interest-bearing940,347  917,814  895,510  890,452  883,051 
Total Colorado State Bank & Trust1,462,310  1,551,528  1,435,810  1,468,069  1,484,829 
          
Bank of Arizona:         
Demand330,196  334,701  335,740  366,866  342,854 
Interest-bearing:         
Transaction248,337  274,846  174,010  154,457  180,254 
Savings4,116  3,343  4,105  3,638  3,858 
Time21,009  20,394  20,831  19,911  26,112 
Total interest-bearing273,462  298,583  198,946  178,006  210,224 
Total Bank of Arizona603,658  633,284  534,686  544,872  553,078 
          
Mobank (Kansas City):         
Demand505,802  457,080  462,410  496,473  514,278 
Interest-bearing:         
Transaction381,447  382,066  361,391  346,996  406,105 
Savings13,845  13,574  12,513  13,603  13,424 
Time22,230  27,260  27,705  31,119  34,242 
Total interest-bearing417,522  422,900  401,609  391,718  453,771 
Total Mobank (Kansas City)923,324  879,980  864,019  888,191  968,049 
          
TOTAL BOK FINANCIAL$22,205,200  $22,061,305  $21,848,079  $22,316,474  $22,575,359 


NET INTEREST MARGIN TREND -- UNAUDITED
BOK FINANCIAL CORPORATION
 Three Months Ended
 Mar. 31, 2018 Dec. 31, 2017 Sept. 30, 2017 June 30, 2017 Mar. 31, 2017
          
TAX-EQUIVALENT ASSETS YIELDS         
Interest-bearing cash and cash equivalents1.57% 1.27% 1.29% 1.04% 0.82%
Trading securities3.40% 3.38% 3.47% 3.23% 3.87%
Investment securities:         
Taxable5.21% 5.31% 5.31% 5.34% 5.44%
Tax-exempt2.25% 2.69% 2.60% 2.51% 2.45%
Total investment securities3.78% 3.98% 3.86% 3.76% 3.70%
Available for sale securities:         
Taxable2.22% 2.19% 2.16% 2.09% 2.02%
Tax-exempt3.26% 5.41% 5.27% 6.09% 5.37%
Total available for sale securities2.23% 2.21% 2.17% 2.11% 2.05%
Fair value option securities2.95% 2.90% 2.97% 2.92% 2.27%
Restricted equity securities5.86% 5.87% 5.87% 5.95% 5.52%
Residential mortgage loans held for sale3.71% 3.72% 3.36% 3.92% 3.35%
Loans4.45% 4.29% 4.31% 4.03% 3.88%
Allowance for loan losses         
Loans, net of allowance4.51% 4.35% 4.38% 4.09% 3.94%
Total tax-equivalent yield on earning assets3.61% 3.49% 3.50% 3.30% 3.15%
          
COST OF INTEREST-BEARING LIABILITIES        
Interest-bearing deposits:         
Interest-bearing transaction0.45% 0.35% 0.32% 0.26% 0.20%
Savings0.07% 0.07% 0.08% 0.08% 0.08%
Time1.25% 1.17% 1.16% 1.11% 1.09%
Total interest-bearing deposits0.57% 0.48% 0.45% 0.40% 0.35%
Funds purchased1.20% 0.90% 0.92% 0.61% 0.47%
Repurchase agreements0.20% 0.18% 0.15% 0.06% 0.02%
Other borrowings1.60% 1.36% 1.29% 1.09% 0.83%
Subordinated debt5.61% 5.55% 5.68% 5.55% 5.68%
Total cost of interest-bearing liabilities0.93% 0.79% 0.75% 0.63% 0.52%
Tax-equivalent net interest revenue spread2.68% 2.70% 2.75% 2.67% 2.63%
Effect of noninterest-bearing funding sources and other0.31% 0.27% 0.26% 0.22% 0.18%
Tax-equivalent net interest margin2.99% 2.97% 3.01% 2.89% 2.81%
               

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
 Mar. 31, 2018 Dec. 31, 2017 Sept. 30, 2017 June 30, 2017 Mar. 31, 2017
Nonperforming assets:         
Nonaccruing loans:         
Commercial$131,460  $137,303  $176,900  $197,157  $156,825 
Commercial real estate2,470  2,855  2,975  3,775  4,475 
Residential mortgage45,794  47,447  45,506  44,235  46,081 
Personal340  269  255  272  235 
Total nonaccruing loans180,064  187,874  225,636  245,439  207,616 
Accruing renegotiated loans guaranteed by U.S. government agencies74,418  73,994  69,440  80,624  83,577 
Real estate and other repossessed assets23,652  28,437  32,535  39,436  42,726 
Total nonperforming assets$278,134  $290,305  $327,611  $365,499  $333,919 
Total nonperforming assets excluding those guaranteed by U.S. government agencies$194,833  $207,132  $249,280  $275,823  $240,234 
          
Nonaccruing loans by loan class:         
Commercial:         
Energy$89,942  $92,284  $110,683  $123,992  $110,425 
Services2,109  2,620  1,174  7,754  7,713 
Healthcare15,342  14,765  24,446  24,505  909 
Wholesale/retail2,564  2,574  1,893  10,620  11,090 
Manufacturing3,002  5,962  9,059  9,656  5,907 
Other commercial and industrial18,501  19,098  29,645  20,630  20,781 
Total commercial131,460  137,303  176,900  197,157  156,825 
Commercial real estate:         
Multifamily      10  24 
Retail264  276  289  301  314 
Office275  275  275  396  413 
Industrial        76 
Residential construction and land development1,613  1,832  1,924  2,051  2,616 
Other commercial real estate318  472  487  1,017  1,032 
Total commercial real estate2,470  2,855  2,975  3,775  4,475 
Residential mortgage:         
Permanent mortgage24,578  25,193  24,623  23,415  24,188 
Permanent mortgage guaranteed by U.S. government agencies8,883  9,179  8,891  9,052  10,108 
Home equity12,333  13,075  11,992  11,768  11,785 
Total residential mortgage45,794  47,447  45,506  44,235  46,081 
Personal340  269  255  272  235 
Total nonaccruing loans$180,064  $187,874  $225,636  $245,439  $207,616 
          
Performing loans 90 days past due1$90  $633  $253  $1,414  $95 
          
Gross charge-offs$(2,890) $(14,749) $(5,825) $(2,872) $(2,153)
Recoveries1,576  3,061  2,437  1,214  2,900 
Net recoveries (charge-offs)$(1,314) $(11,688) $(3,388) $(1,658) $747 
          
Provision for credit losses$(5,000) $(7,000) $  $  $ 
          
Allowance for loan losses to period end loans1.29% 1.34% 1.44% 1.46% 1.46%
Combined allowance for credit losses to period end loans1.32% 1.37% 1.47% 1.49% 1.52%
Nonperforming assets to period end loans and repossessed assets1.60% 1.69% 1.90% 2.12% 1.96%
Net charge-offs (annualized) to average loans0.03% 0.27% 0.08% 0.04% (0.02)%
Allowance for loan losses to nonaccruing loans1130.84% 129.09% 114.28% 105.78% 125.92%
Combined allowance for credit losses to nonaccruing loans1133.25% 131.18% 116.78% 108.51% 130.70%

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


For Further Information Contact:
Joseph Crivelli
Investor Relations
(918) 595-3027

 

Primary Logo

Source: BOK Financial Corporation