Market Overview

BOK Financial Reports Quarterly Earnings of $43 Million

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TULSA, Okla., April 27, 2016 (GLOBE NEWSWIRE) -- BOK Financial Corporation (Nasdaq: BOKF) 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.

 
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 equivalents1,831,162  2,069,900  2,119,987 
Trading securities279,539  122,404  118,044 
Investment securities576,047  597,836  634,587 
Available for sale securities8,886,036  9,042,733  9,158,175 
Fair value option securities418,887  444,217  434,077 
Restricted equity securities314,590  273,684  212,685 
Residential mortgage loans held for sale332,040  308,439  513,196 
Loans:     
Commercial10,288,425  10,252,531  9,391,163 
Commercial real estate3,370,507  3,259,033  2,935,464 
Residential mortgage1,869,309  1,876,893  1,926,999 
Personal494,325  552,697  430,510 
Total loans16,022,566  15,941,154  14,684,136 
Allowance for loan losses(233,156) (225,524) (197,686)
Loans, net of allowance15,789,410  15,715,630  14,486,450 
Premises and equipment, net311,161  306,490  279,075 
Receivables167,209  163,480  183,447 
Goodwill383,789  385,461  377,780 
Intangible assets, net44,944  43,909  33,286 
Mortgage servicing rights196,055  218,605  175,051 
Real estate and other repossessed assets, net29,896  30,731  45,551 
Derivative contracts, net790,146  586,270  462,386 
Cash surrender value of bank-owned life insurance305,510  303,335  296,192 
Receivable on unsettled securities sales5,640  40,193  9,598 
Other assets270,374  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 transaction9,709,766  9,998,954  10,108,202 
Savings416,505  386,252  383,790 
Time2,341,374  2,406,064  2,651,778 
Total deposits20,418,320  21,088,158  21,153,347 
Funds purchased62,755  491,192  66,320 
Repurchase agreements630,101  722,444  897,663 
Other borrowings5,633,862  4,837,879  3,727,050 
Subordinated debentures226,385  226,350  348,030 
Accrued interest, taxes and expense148,711  119,584  147,184 
Due on unsettled securities purchases19,508  16,897  25,935 
Derivative contracts, net705,578  581,701  419,351 
Other liabilities212,460  124,284  124,846 
TOTAL LIABILITIES28,057,680  28,208,489  26,909,726 
Shareholders' equity:     
Capital, surplus and retained earnings3,228,446  3,208,969  3,266,858 
Accumulated other comprehensive income93,109  21,587  90,303 
TOTAL SHAREHOLDERS' EQUITY3,321,555  3,230,556  3,357,161 
Non-controlling interests34,710  37,083  33,091 
TOTAL EQUITY3,356,265  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 securities188,100  150,402  179,098  127,391  140,968 
Investment securities587,465  602,369  616,091  628,489  642,825 
Available for sale securities8,951,435  8,971,090  8,942,261  9,063,006  9,101,464 
Fair value option securities450,478  435,449  429,951  435,294  404,775 
Restricted equity securities294,529  262,461  255,610  221,911  179,385 
Residential mortgage loans held for sale289,743  310,425  401,359  464,269  348,054 
Loans:         
Commercial10,268,793  10,024,756  9,685,768  9,634,306  9,308,307 
Commercial real estate3,364,076  3,186,629  3,198,200  2,989,615  2,909,565 
Residential mortgage1,865,742  1,835,195  1,847,696  1,857,464  1,909,998 
Personal493,382  540,418  460,647  423,967  426,712 
Total loans15,991,993  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, net15,757,877  15,379,842  14,989,482  14,706,952  14,359,634 
Total earning assets28,572,467  28,107,983  27,852,463  27,649,768  27,266,651 
Cash and due from banks505,522  514,629  487,283  492,737  513,734 
Derivative contracts, net632,102  657,780  669,264  475,687  447,565 
Cash surrender value of bank-owned life insurance304,141  301,793  299,424  297,022  294,803 
Receivable on unsettled securities sales115,101  62,228  64,591  94,374  99,706 
Other assets1,379,138  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 transaction9,756,843  9,527,491  9,760,839  10,063,589  10,338,396 
Savings397,479  382,284  379,828  381,833  365,835 
Time2,366,543  2,482,714  2,557,874  2,651,820  2,659,323 
Total deposits20,626,621  20,705,450  20,693,148  21,093,959  21,249,039 
Funds purchased112,211  73,220  70,281  63,312  69,730 
Repurchase agreements662,640  623,921  672,085  773,977  1,000,839 
Other borrowings5,583,917  4,957,175  4,779,981  4,001,479  3,084,214 
Subordinated debentures226,368  226,332  226,296  307,903  348,007 
Derivative contracts, net544,722  632,699  597,908  455,431  418,848 
Due on unsettled securities purchases158,050  248,811  90,135  151,369  205,096 
Other liabilities268,705  251,953  240,704  235,173  243,370 
TOTAL LIABILITIES28,183,234  27,719,561  27,370,538  27,082,603  26,619,143 
Total equity3,325,237  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 expense19,224  16,843 
Net interest revenue182,572  167,726 
Provision for credit losses35,000   
Net interest revenue after provision for credit losses147,572  167,726 
Other operating revenue:   
Brokerage and trading revenue32,341  31,707 
Transaction card revenue32,354  31,010 
Fiduciary and asset management revenue32,056  31,469 
Deposit service charges and fees22,542  21,684 
Mortgage banking revenue34,430  39,320 
Other revenue11,904  10,801 
Total fees and commissions165,627  165,991 
Other gains, net1,560  755 
Gain on derivatives, net7,138  911 
Gain on fair value option securities, net9,443  2,647 
Change in fair value of mortgage servicing rights(27,988) (8,522)
Gain on available for sale securities, net3,964  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 revenue159,744  166,017 
Other operating expense:   
Personnel135,843  128,548 
Business promotion5,696  5,748 
Professional fees and services11,759  10,059 
Net occupancy and equipment18,766  19,044 
Insurance7,265  4,980 
Data processing and communications32,017  29,772 
Printing, postage and supplies3,907  3,461 
Net losses and operating expenses of repossessed assets1,070  613 
Amortization of intangible assets1,159  1,090 
Mortgage banking costs12,379  10,167 
Other expense15,039  6,783 
Total other operating expense244,900  220,265 
    
Net income before taxes62,416  113,478 
Federal and state income taxes21,428  38,384 
    
Net income40,988  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:   
Basic65,296,541  68,254,780 
Diluted65,331,428  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 112.00% 12.13% 12.78% 13.01% 13.07%
Tier 112.00% 12.13% 12.78% 13.01% 13.07%
Total capital13.21% 13.30% 13.89% 14.11% 14.39%
Leverage ratio9.12% 9.25% 9.55% 9.75% 9.74%
Tangible common equity ratio19.34% 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  $28,952 
Dividend payout ratio66.47% 48.60% 38.41% 36.40% 38.68%
Shares outstanding, net66,155,103  65,894,032  67,713,031  68,945,139  68,922,314 
Stock buy-back program:                   
Shares repurchased  1,874,074  1,258,348    502,156 
Amount$  $119,780  $80,276  $  $29,484 
Average price per share$  $63.91  $63.79  $  $58.71 
                    
Performance ratios (quarter annualized):                   
Return on average assets0.54% 0.76% 0.97% 1.04% 1.01%
Return on average equity5.21% 7.12% 8.84% 9.50% 9.15%
Net interest margin2.65% 2.64% 2.61% 2.61% 2.55%
Efficiency ratio69.05% 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, net428,733  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, net428,733  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 ratio9.34% 9.02% 9.78% 9.72% 9.86%
                    
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 fundings49% 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 sale8,198  (5,615) (251) (743) 8,789 
Total production revenue18,977  10,090  18,717  23,113  26,040 
Servicing revenue15,453  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) $911 
Gain (loss) on fair value option securities, net9,443  (4,127) 5,926  (8,130) 2,647 
Gain (loss) on economic hedge of mortgage servicing rights16,581  (4,859) 7,386  (9,135) 3,558 
Gain (loss) on changes in fair value of mortgage servicing rights(27,988) 7,416  (11,757) 8,010  (8,522)
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges$(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 expense19,224  15,521  15,028  16,082  16,843 
Net interest revenue182,572  181,261  178,636  175,731  167,726 
Provision for credit losses35,000  22,500  7,500  4,000   
Net interest revenue after provision for credit losses147,572  158,761  171,136  171,731  167,726 
Other operating revenue:         
Brokerage and trading revenue32,341  30,255  31,582  36,012  31,707 
Transaction card revenue32,354  32,319  32,514  32,778  31,010 
Fiduciary and asset management revenue32,056  31,165  30,807  32,712  31,469 
Deposit service charges and fees22,542  22,813  23,606  22,328  21,684 
Mortgage banking revenue34,430  25,039  33,170  36,846  39,320 
Other revenue11,904  14,233  12,978  11,871  10,801 
Total fees and commissions165,627  155,824  164,657  172,547  165,991 
Other gains, net1,560  2,329  1,161  1,457  755 
Gain (loss) on derivatives, net7,138  (732) 1,283  (1,032) 911 
Gain (loss) on fair value option securities, net9,443  (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, net3,964  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 revenue159,744  161,115  163,436  176,285  166,017 
Other operating expense:         
Personnel135,843  133,182  129,062  132,695  128,548 
Business promotion5,696  8,416  5,922  7,765  5,748 
Charitable contributions to BOKF Foundation    796     
Professional fees and services11,759  10,357  10,147  9,560  10,059 
Net occupancy and equipment18,766  19,356  18,689  18,927  19,044 
Insurance7,265  5,415  4,864  5,116  4,980 
Data processing and communications32,017  31,248  30,708  30,655  29,772 
Printing, postage and supplies3,907  3,108  3,376  3,553  3,461 
Net losses and operating expenses of repossessed assets1,070  343  267  223  613 
Amortization of intangible assets1,159  1,090  1,089  1,090  1,090 
Mortgage banking costs12,379  11,496  9,107  8,227  10,167 
Other expense15,039  8,547  10,601  9,302  6,783 
Total other operating expense244,900  232,558  224,628  227,113  220,265 
Net income before taxes62,416  87,318  109,944  120,903  113,478 
Federal and state income taxes21,428  26,242  34,128  40,630  38,384 
Net income40,988  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:         
Basic65,296,541  66,378,380  67,668,076  68,096,341  68,254,780 
Diluted65,331,428  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 estate747,689  739,829  677,372  614,995  612,639 
Residential mortgage1,411,409  1,409,114  1,405,235  1,413,690  1,442,340 
Personal204,158  255,387  185,463  190,909  205,496 
Total Bank of Oklahoma6,019,290  6,187,017  5,782,461  5,749,000  5,537,028 
          
Bank of Texas:         
Commercial3,936,809  3,908,425  3,752,193  3,738,742  3,709,467 
Commercial real estate1,211,978  1,204,202  1,257,741  1,158,056  1,130,973 
Residential mortgage217,539  219,126  222,395  228,683  237,985 
Personal210,456  203,496  194,051  156,260  149,827 
Total Bank of Texas5,576,782  5,535,249  5,426,380  5,281,741  5,228,252 
          
Bank of Albuquerque:         
Commercial402,082  375,839  368,027  392,362  388,005 
Commercial real estate323,059  313,422  312,953  291,953  296,696 
Residential mortgage117,655  120,507  121,232  123,376  127,326 
Personal10,823  11,557  10,477  11,939  12,095 
Total Bank of Albuquerque853,619  821,325  812,689  819,630  824,122 
          
Bank of Arkansas:         
Commercial79,808  92,359  76,044  99,086  91,485 
Commercial real estate66,674  69,320  82,225  85,997  87,034 
Residential mortgage7,212  8,169  8,063  6,999  6,807 
Personal918  819  4,921  5,189  5,114 
Total Bank of Arkansas154,612  170,667  171,253  197,271  190,440 
          
Colorado State Bank & Trust:         
Commercial1,030,348  987,076  1,029,694  1,019,454  1,008,316 
Commercial real estate219,078  223,946  229,835  229,721  209,272 
Residential mortgage52,961  53,782  50,138  54,135  55,925 
Personal24,497  23,384  30,683  30,373  27,792 
Total Colorado State Bank & Trust1,326,884  1,288,188  1,340,350  1,333,683  1,301,305 
          
Bank of Arizona:         
Commercial656,527  606,733  608,235  572,477  519,767 
Commercial real estate605,383  507,523  482,918  472,061  432,269 
Residential mortgage40,338  44,047  41,722  37,493  36,161 
Personal18,372  31,060  17,609  12,875  12,394 
Total Bank of Arizona1,320,620  1,189,363  1,150,484  1,094,906  1,000,591 
          
Bank of Kansas City:         
Commercial526,817  499,412  448,838  424,194  397,570 
Commercial real estate196,646  200,791  192,023  180,714  166,581 
Residential mortgage22,195  22,148  20,210  20,352  20,455 
Personal25,101  26,994  22,753  22,645  17,792 
Total Bank of Kansas City770,759  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:         
  Transaction5,706,067  5,971,819  5,783,258  6,018,381  6,199,468 
  Savings246,122  226,733  225,580  225,694  227,855 
  Time1,198,022  1,202,274  1,253,137  1,380,566  1,372,250 
  Total interest-bearing7,150,211  7,400,826  7,261,975  7,624,641  7,799,573 
Total Bank of Oklahoma10,963,339  11,534,346  11,096,120  11,692,729  11,782,107 
          
Bank of Texas:         
  Demand2,571,883  2,627,764  2,689,493  2,565,234  2,511,032 
  Interest-bearing:         
  Transaction2,106,905  2,132,099  1,996,223  2,020,817  2,062,063 
  Savings83,263  77,902  74,674  74,373  76,128 
  Time530,657  549,740  554,106  536,844  547,371 
  Total interest-bearing2,720,825  2,759,741  2,625,003  2,632,034  2,685,562 
Total Bank of Texas5,292,708  5,387,505  5,314,496  5,197,268  5,196,594 
          
Bank of Albuquerque:         
  Demand557,200  487,286  520,785  508,224  537,466 
  Interest-bearing:         
  Transaction560,684  563,723  529,862  537,156  535,791 
  Savings47,187  43,672  41,380  41,802  42,088 
  Time259,630  267,821  281,426  285,890  290,706 
  Total interest-bearing867,501  875,216  852,668  864,848  868,585 
Total Bank of Albuquerque1,424,701  1,362,502  1,373,453  1,373,072  1,406,051 
          
Bank of Arkansas:         
  Demand31,318  27,252  25,397  19,731  31,002 
  Interest-bearing:         
  Transaction265,803  202,857  290,728  284,349  253,691 
  Savings1,929  1,747  1,573  1,712  1,677 
  Time21,035  24,983  26,203  28,220  28,277 
  Total interest-bearing288,767  229,587  318,504  314,281  283,645 
Total Bank of Arkansas320,085  256,839  343,901  334,012  314,647 
          
Colorado State Bank & Trust:         
  Demand413,506  497,318  430,675  403,491  412,532 
  Interest-bearing:         
  Transaction610,077  616,697  655,206  601,741  604,665 
  Savings33,108  31,927  31,398  31,285  31,524 
  Time271,475  296,224  320,279  322,432  340,006 
  Total interest-bearing914,660  944,848  1,006,883  955,458  976,195 
Total Colorado State Bank & Trust1,328,166  1,442,166  1,437,558  1,358,949  1,388,727 
          
Bank of Arizona:         
  Demand341,828  326,324  306,425  352,024  271,091 
  Interest-bearing:         
  Transaction313,825  358,556  293,319  298,073  295,480 
  Savings3,277  2,893  4,121  2,726  2,900 
  Time29,053  29,498  26,750  28,165  28,086 
  Total interest-bearing346,155  390,947  324,190  328,964  326,466 
Total Bank of Arizona687,983  717,271  630,615  680,988  597,557 
          
Bank of Kansas City:         
  Demand221,812  197,424  234,847  239,609  263,920 
  Interest-bearing:         
  Transaction146,405  153,203  150,253  139,260  157,044 
  Savings1,619  1,378  1,570  1,580  1,618 
  Time31,502  35,524  36,630  42,262  45,082 
  Total interest-bearing179,526  190,105  188,453  183,102  203,744 
Total Bank of Kansas City401,338  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 equivalents0.53% 0.29% 0.28% 0.25% 0.27%
Trading securities2.47% 2.86% 2.70% 1.85% 2.55%
Investment securities:              
  Taxable5.53% 5.41% 5.49% 5.49% 5.51%
  Tax-exempt2.22% 1.53% 1.54% 1.56% 1.56%
Total investment securities3.51% 3.03% 3.04% 3.05% 3.04%
Available for sale securities:              
  Taxable2.06% 2.02% 1.99% 1.92% 1.95%
  Tax-exempt4.95% 4.22% 4.15% 4.21% 4.40%
Total available for sale securities2.08% 2.04% 2.01% 1.94% 1.98%
Fair value option securities2.38% 2.32% 2.30% 2.17% 2.28%
Restricted equity securities5.85% 5.95% 5.95% 5.82% 5.79%
Residential mortgage loans held for sale3.75% 3.85% 3.79% 3.37% 3.41%
Loans3.57% 3.55% 3.54% 3.65% 3.59%
Allowance for loan losses              
Loans, net of allowance3.63% 3.60% 3.59% 3.70% 3.64%
Total tax-equivalent yield on earning assets2.92% 2.86% 2.83% 2.84% 2.80%
               
COST OF INTEREST-BEARING LIABILITIES              
Interest-bearing deposits:              
  Interest-bearing transaction0.14% 0.09% 0.08% 0.09% 0.10%
  Savings0.09% 0.09% 0.10% 0.11% 0.10%
  Time1.21% 1.26% 1.33% 1.36% 1.46%
Total interest-bearing deposits0.34% 0.32% 0.34% 0.35% 0.37%
Funds purchased0.27% 0.11% 0.08% 0.08% 0.09%
Repurchase agreements0.05% 0.04% 0.03% 0.03% 0.04%
Other borrowings0.56% 0.38% 0.30% 0.31% 0.32%
Subordinated debt1.26% 1.13% 1.04% 2.21% 2.52%
Total cost of interest-bearing liabilities0.40% 0.34% 0.32% 0.35% 0.38%
Tax-equivalent net interest revenue spread2.52% 2.52% 2.51% 2.49% 2.42%
Effect of noninterest-bearing funding sources and other0.13% 0.12% 0.10% 0.12% 0.13%
Tax-equivalent net interest margin2.65% 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 estate9,270  9,001  10,956  20,139  19,902 
Residential mortgage57,577  61,240  44,099  45,969  46,487 
Personal331  463  494  550  464 
Total nonaccruing loans241,830  147,128  89,347  90,891  80,733 
Accruing renegotiated loans guaranteed by U.S. government agencies77,597  74,049  81,598  82,368  80,287 
Real estate and other repossessed assets29,896  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 
Services9,512  10,290  10,692  10,944  4,744 
Wholesale / retail3,685  2,919  3,058  4,166  4,401 
Manufacturing312  331  352  379  417 
Healthcare1,023  1,072  1,218  1,278  1,558 
Other commercial and industrial567  623  598  625  885 
Total commercial174,652  76,424  33,798  24,233  13,880 
Commercial real estate:         
Residential construction and land development4,789  4,409  4,748  9,367  9,598 
Retail1,302  1,319  1,648  3,826  3,857 
Office629  651  684  2,360  2,410 
Multifamily250  274  185  195   
Industrial76  76  76  76  76 
Other commercial real estate2,224  2,272  3,615  4,315  3,961 
Total commercial real estate9,270  9,001  10,956  20,139  19,902 
Residential mortgage:         
Permanent mortgage27,497  28,984  30,660  32,187  33,365 
Permanent mortgage guaranteed by U.S. government agencies19,550  21,900  3,885  3,717  3,256 
Home equity10,530  10,356  9,554  10,065  9,866 
Total residential mortgage57,577  61,240  44,099  45,969  46,487 
Personal331  463  494  550  464 
Total nonaccruing loans$241,830  $147,128  $89,347  $90,891  $80,733 
          
          
Performing loans 90 days past due1$8,019  $1,207  $101  $99  $523 
          
Gross charge-offs$(23,991) $(4,851) $(5,274) $(2,877) $(2,169)
Recoveries1,519  1,870  3,521  2,206  10,523 
Net recoveries (charge-offs)$(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 loans1.46% 1.41% 1.33% 1.33% 1.35%
Combined allowance for credit losses to period end loans1.50% 1.43% 1.35% 1.34% 1.35%
Nonperforming assets to period end loans and repossessed assets2.18% 1.58% 1.33% 1.38% 1.40%
Net charge-offs (annualized) to average loans0.56% 0.08% 0.05% 0.02% (0.23)%
Allowance for loan losses to nonaccruing loans1104.89% 180.09% 238.84% 230.67% 255.15%
Combined allowance for credit losses to nonaccruing loans1107.87% 181.46% 243.05% 231.68% 256.39%
               

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

 

For Further Information Contact: Joseph Crivelli Investor Relations (918) 595-3027 Andrea Myers Corporate Communications (918) 588-7794

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