BOK Financial Reports Quarterly Earnings Of $84 Million

BOK Financial Corporation reported net income of $83.6 million or $1.22 per diluted share, up 29% over the first quarter of 2011. Net income was $64.8 million or $0.94 per diluted share for the first quarter of 2011 and $67.0 million or $0.98 per diluted share for the fourth quarter of 2011.

“BOK Financial is pleased to announce results for the first quarter of 2012,” said President and CEO Stan Lybarger. “The year has started with strong growth in revenues and loans. Net interest revenue and fees and commissions revenue combined were up 8% over the previous year. Outstanding commercial loan balances increased 15% over March 31, 2011. In addition, net loans charged-off and nonperforming asset balances continue to decline. The Company’s sustained performance and strong capital position allows us to increase our quarterly cash dividend. This is the seventh consecutive annual increase since we paid our first cash dividend in 2005.”

Highlights of first quarter of 2012 included:
  • Net interest revenue increased to $173.6 million for the first quarter of 2012 from $171.5 million for the fourth quarter of 2011. Net interest margin was 3.19% for the first quarter of 2012 compared to 3.20% for the fourth quarter of 2011.
  • Fees and commissions revenue totaled $144.3 million, up $12.5 million over the fourth quarter of 2011. Mortgage banking revenue increased $7.6 million and brokerage and trading revenue increased $5.5 million.
  • Operating expenses, excluding changes in the fair value of mortgage servicing rights, totaled $192.4 million, down $21.6 million compared to the previous quarter. Personnel expenses decreased $6.4 million and non-personnel expense decreased $15.2 million.
  • No provision for credit losses was recorded in the first quarter of 2012 compared to a $15.0 million negative provision for credit losses recorded in the fourth quarter of 2011. Net charge-offs continued to decrease and other credit quality indicators continue to improve.
  • The combined allowance for credit losses totaled $254 million or 2.20% of outstanding loans at March 31, 2012 compared to $263 million or 2.33% of outstanding loans at December 31, 2011. Nonperforming assets totaled $336 million or 2.87% of outstanding loans and repossessed assets at March 31, 2012 and $357 million or 3.13% of outstanding loans and repossessed assets at December 31, 2011.
  • Outstanding loan balances were $11.6 billion at March 31, 2012, up $308 million over December 31, 2011. Commercial loan balances increased $371 million over December 31, 2011. Consumer loans decreased $38 million, commercial real estate loans decreased $16 million and residential mortgage loans decreased $9.6 million.
  • Period end deposits totaled $18.5 billion at March 31, 2012 compared to $18.8 billion at December 31, 2011. Demand deposit accounts increased $389 million offset by a $446 million decrease in interest-bearing transaction accounts and a $216 million decrease in time deposits.
  • Tangible common equity ratio was 9.75% at March 31, 2012 and 9.56% at December 31, 2011. The tangible common equity ratio is a non-GAAP measure of capital strength used by the Company and investors based on shareholders’ equity minus intangible assets and equity that does not benefit common shareholders. The Company and its subsidiary bank continue to exceed the regulatory definition of well capitalized. The Company’s Tier 1 capital ratios, as defined by banking regulations, were 13.03% at March 31, 2012 and 13.27% at December 31, 2011.
  • The Company paid a cash dividend of $23 million or $0.33 per common share during the first quarter of 2012. The Company will increase the quarterly cash dividend to $0.38 per common share payable on or about May 29, 2012 to shareholders of record as of May 15, 2012.

Net Interest Revenue

Net interest revenue increased $2.1 million over the fourth quarter of 2011. Net interest margin decreased 1 basis point from the prior quarter to 3.19%.

The yield on average earning assets decreased 5 basis points compared to the preceding quarter. The available for sale securities portfolio yield increased 12 basis points to 2.50% due to slower prepayment speeds on residential mortgage-backed securities. The loan portfolio yield decreased by 15 basis points to 4.50%. The cost of interest-bearing liabilities decreased 3 basis points from the previous quarter to 0.63%.

The effect of lower interest rates on net interest revenue was partially offset by earning asset growth. Average earning assets increased $192 million during the first quarter of 2012. Average outstanding loans increased $284 million due primarily to a $355 million increase in commercial loan balances, partially offset by decreases in consumer, commercial real estate and residential mortgage loans. The average balance of fair value option securities decreased $105 million compared to the fourth quarter of 2011. These securities are generally used as an economic hedge against changes in the value of mortgage servicing rights and the average outstanding balance can change significantly.

Average interest-bearing deposits decreased $174 million compared to the previous quarter. Average time deposit account balances decreased $239 million and average interest-bearing transaction account balances increased $43 million. Average demand deposits increased $259 million. Average balances of borrowed funds increased $119 million over the fourth quarter of 2011.

Fees and Commissions Revenue

Fees and commissions revenue increased $12.5 million over the fourth quarter of 2011 to $144.3 million. Mortgage banking revenue increased $7.6 million and brokerage and trading revenue increased $5.5 million.

Residential mortgage loan production revenue increased $7.7 million compared to the previous quarter. The unpaid principal balance of residential mortgage loans held for sale was up $53 million or 30% and outstanding mortgage loan commitments were up $113 million or 59% over December 31, 2011. Residential mortgage loans funded for sale totaled $698 million for the first quarter of 2012 compared to $753 million for the fourth quarter of 2011. Refinanced mortgage loans were 67% of loans originated for sale in the first quarter of 2012 compared to 66% of the loans originated for sale in the fourth quarter of 2011. Revenue from interest rate derivatives used by our customers to hedge residential mortgage loan production, included in brokerage and trading revenue, increased $2.4 million.

Operating Expenses

Total operating expenses were $185.2 million for the first quarter of 2012 compared to $219.2 million for the fourth quarter of 2011. Excluding changes in the fair value of mortgage servicing rights, operating expenses totaled $192.4 million, down $21.6 million compared to the fourth quarter of 2011.

Personnel costs decreased $6.4 million due primarily to decreased incentive compensation expense. Stock-based incentive compensation expense decreased $7.8 million, due primarily to the timing of accruals for the BOK Financial Corporation 2011 True-Up Plan and first quarter performance of BOK Financial stock and other investments. Approved by shareholders on April 26, 2011, the True-Up Plan is designed to adjust annual and long-term performance-based incentive compensation for certain senior executives either upward or downward based on the earnings per share performance and compensation of comparable senior executives at peer banks.

Non-personnel expense was down $15.2 million compared to the fourth quarter of 2011 across most non-personnel expense categories. Data processing and communication expense decreased $4.5 million primarily due to the favorable resolution of a dispute with a service provider. Net losses and operating expenses of repossessed assets were down $3.9 million primarily due to decreased write-downs and net losses on sales of repossessed assets. Mortgage banking costs were down $2.6 million due primarily to lower foreclosure expenses on loans serviced for others.

Loans, Deposits and Capital

Loans

Outstanding loans at March 31, 2012 were $11.6 billion, up $308 million over December 31, 2011. Growth in commercial loans was partially offset by decreases in commercial real estate, residential mortgage and consumer loans.

Outstanding commercial loan balances increased $371 million over December 31, 2011 due primarily to $256 million in loans attributed to Oklahoma and $90 million in loans attributed to Texas. Energy sector loans increased $191 million, growing in the Oklahoma, Texas and Colorado markets. Service sector loans increased $136 million primarily in the Oklahoma market. Wholesale/retail sector loans increased $40 million primarily in the Oklahoma, Texas and Kansas/Missouri markets. Unfunded energy loan commitments increased $71 million during the first quarter to $2.0 billion. All other unfunded commercial loan commitments totaled $3.1 billion at March 31, 2012.

Commercial real estate loans decreased $16 million compared to the fourth quarter of 2011. Loans secured by multifamily residential properties increased $64 million primarily related to loans in the Texas and Colorado markets. Loans secured by retail properties decreased $28 million primarily in the Texas and Kansas/Missouri markets, partially offset by an increase in loans attributed to the Oklahoma market. Other real estate loans decreased $25 million primarily in the New Mexico market. Loans secured by office buildings decreased by $20 million primarily in the Texas and Colorado markets, partially offset by increased loan balances attributed to the Oklahoma market. Construction and land development loan balances continued to decline, down $16 million, primarily in the Colorado market. Unfunded commercial real estate loan commitments totaled $450 million at March 31, 2012, up $95 million over December 31, 2011.

Residential mortgage loans decreased $9.6 million compared to December 31, 2011. Home equity loans increased $12 million. Non-guaranteed permanent mortgage loans decreased $17 million and permanent mortgage loans guaranteed by U.S. government agencies decreased $4.1 million.

Consumer loans decreased $38 million from December 31, 2011. Indirect automobile loans decreased $23 million primarily due to continued runoff related to the previously announced decision to curtail that business in favor of a customer-focused direct approach to consumer lending. Approximately $82 million of indirect automobile loans remain outstanding at March 31, 2012. Other consumer loans decreased $15 million.

Deposits

Deposits totaled $18.5 billion at March 31, 2012 compared to $18.8 billion at December 31, 2011. Demand deposit balances increased $389 million, interest-bearing transaction account balances decreased $446 million and time deposits decreased $216 million. Among the lines of business, commercial deposits decreased $223 million and wealth management deposits decreased $36 million, partially offset by a $34 million seasonal increase in consumer deposits. The decrease in commercial deposit balances was largely driven by seasonal decreases in state and municipal deposits, along with lower commercial and industrial and energy account balances.

Capital

The Company and its subsidiary bank exceeded the regulatory definition of well capitalized at March 31, 2012. The Company’s Tier 1 capital ratio was 13.03% at March 31, 2012 and 13.27% at December 31, 2011. The total capital ratio was 16.16% at March 31, 2012 and 16.49% at December 31, 2011. In addition, the Company’s tangible common equity ratio, a non-GAAP measure, was 9.75% at March 31, 2012 and 9.56% at December 31, 2011. Unrealized securities gains added 57 basis points to the tangible common equity ratio at March 31, 2012. The Company repurchased 345,300 common shares at an average price of $53.38 per share during the first quarter through a previously-announced share repurchase program.

Credit Quality

Nonperforming assets decreased $21 million during the first quarter to $336 million or 2.87% of outstanding loans and repossessed assets at March 31, 2012. Nonaccruing loans decreased $18 million and real estate and other repossessed assets decreased $7.0 million. Renegotiated loans, largely consisting of residential mortgage loans guaranteed by U.S. government agencies, increased $3.9 million.

Nonaccruing loans totaled $183 million or 1.58% of outstanding loans at March 31, 2012 and $201 million or 1.79% of outstanding loans at December 31, 2011. During the first quarter of 2012, $21 million of new nonaccruing loans were identified offset by $20 million in payments received, $14 million in charge-offs and $8.3 million in foreclosures and repossessions .

Nonaccruing commercial loans totaled $62 million or 0.89% of total commercial loans at March 31, 2012, down $7.1 million since December 31, 2011. Nonaccruing manufacturing sector loans are primarily composed of a single customer relationship in the Oklahoma market totaling $21 million. Nonaccruing wholesale/retail sector loans are primarily composed of a single customer relationship in the Arkansas market totaling $11 million.

Nonaccruing commercial real estate loans totaled $86 million or 3.82% of outstanding commercial real estate loans at March 31, 2012, down $13 million from December 31, 2011. Nonaccruing commercial real estate loans continued to be largely concentrated in land development and residential construction loans with $52 million or 17% of all land development and construction loans nonaccruing at March 31, 2012.

Nonaccruing residential mortgage loans decreased $2.3 million during the first quarter of 2012 to $27 million or 1.40% of outstanding residential mortgage loans. Principally all non-guaranteed residential mortgage loans past due 90 days or more are nonaccruing. Residential mortgage loans past due 30 to 89 days and still accruing interest, excluding loans guaranteed by U.S. government agencies, totaled $15 million at March 31, 2012 and $20 million at December 31, 2011.

The combined allowance for credit losses totaled $254 million or 2.20% of outstanding loans and 138% of nonaccruing loans at March 31, 2012. The allowance for loan losses was $244 million and the accrual for off-balance sheet credit losses was $10 million. Quarterly net charge-offs continue to decline. Net loans charged-off against the allowance for loan loss totaled $8.5 million or 0.30% on an annualized basis for the first quarter of 2012 compared to $9.5 million or 0.34% on an annualized basis for the fourth quarter of 2011. Other credit factors also continued to improve. Most economic indicators are stable or improving in our primary markets. After evaluating all credit factors, the Company determined that no provision for credit losses was necessary during the first quarter of 2012.

Real estate and other repossessed assets totaled $116 million at March 31, 2012, primarily consisting of $42 million of 1-4 family residential properties (including $20 million guaranteed by U.S. government agencies), $36 million of developed commercial real estate properties, $19 million of undeveloped land and $17 million of residential land and land development properties. The distribution of real estate owned and other repossessed assets among various markets included $32 million attributed to Arizona, $25 million attributed to Texas, $15 million attributed to New Mexico, $15 million attributed to Oklahoma and $11 million attributed to Colorado. Real estate and other repossessed assets decreased by $7.0 million during the first quarter. Sales of $33 million were partially offset by $26 million of additions. Additions included $18 million and sales included $15 million of 1-4 family residential properties guaranteed by U.S. government agencies. Write-downs and net losses on sales of real estate and other repossessed assets totaled $520 thousand.

The Company also has off-balance sheet credit risk related to residential mortgage loans sold prior to 2008 to U.S. government agencies under various community development programs with full recourse for the life of the loans. The outstanding principal balance of these loans decreased to $248 million at March 31, 2012 from $259 million at December 31, 2011. The loans are primarily to borrowers in our market areas, including $177 million in Oklahoma. At March 31, 2012, approximately 5% of these loans are nonperforming and 4% were past due 30 to 89 days. A separate accrual for credit risk of $19 million is available to absorb losses on these loans.

Securities and Derivatives

The fair value of the available for sale securities portfolio totaled $10.2 billion at March 31, 2012 and December 31, 2011. The available for sale portfolio consisted primarily of residential mortgage-backed securities, including $9.7 billion fully backed by U.S. government agencies and $326 million privately issued by publicly owned financial institutions. Privately issued mortgage-backed securities included $206 million backed by Jumbo-A residential mortgage loans and $120 million backed by Alt-A residential mortgage loans.

Net unrealized gains on available for sale securities totaled $277 million at March 31, 2012 and $222 million at December 31, 2011. Net unrealized gains on residential mortgage-backed securities issued by U.S. government agencies increased $8.2 million to $299 million at March 31, 2012. Net unrealized losses on privately issued residential mortgage-backed securities totaled $45 million at March 31, 2012 and $84 million at December 31, 2011.

The amortized cost of privately issued residential mortgage-backed securities totaled $371 million at March 31, 2012, down $132 million since December 31, 2011. All of these securities are rated below investment grade by at least one nationally-recognized rating agency. In response to price increases during the first quarter of 2012, the Company sold $107 million of privately issued residential mortgage-backed securities at a $7.4 million loss. The amortized cost of these securities also decreased $21 million from cash payments received and $3.7 million for credit-related impairment charges. Unrealized losses on privately issued mortgage-backed securities decreased $28 million due to changes in fair value during the quarter.

The Company also recognized $11.7 million of gains on sales of $892 million of available for sale securities in the first quarter of 2012 and $7.1 million of net gains on sales of $667 million of available for sale securities in the fourth quarter of 2011. Certain of these securities were sold based on consideration of this price strength and their expected potential return. Other securities were sold either because they had reached their expected maximum potential total return or to mitigate exposure to prepayment risk.

The Company also maintains a portfolio of residential mortgage-backed securities issued by U.S. government agencies and interest rate derivative contracts designated as an economic hedge of the changes in the fair value of our mortgage servicing rights. Residential mortgage interest rates increased during the first quarter of 2012, causing prepayment speeds to slow and the value of our mortgage servicing rights to increase by $7.1 million. This increase was partially offset by a $4.8 million decrease in the value of securities and interest rate derivative contracts held as an economic hedge.

About BOK Financial Corporation

BOK Financial is a $25 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 Cavanal Hill Investment Management, Inc. BOKF, NA operates the TransFund electronic funds network 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 adequacy of the allowance for credit losses and asset impairment as of March 31, 2012 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
BOK FINANCIAL CORPORATION
(In thousands)
 
March 31, December 31, March 31,
2012 2011 2011
(Unaudited) (Unaudited) (Unaudited)
ASSETS
Cash and due from banks $ 691,697 $ 976,191 $ 805,928
Funds sold and resell agreements 14,609 10,174 2,462
Trading securities 128,376 76,800 80,719
Investment securities 427,259 439,236 343,401
Available for sale securities 10,186,597 10,179,365 9,665,901
Fair value option securities 347,952 651,226 326,624
Residential mortgage loans held for sale 247,039 188,125 127,119
Loans:
Commercial 6,942,641 6,571,454 6,048,257
Commercial real estate 2,264,103 2,279,909 2,222,982
Residential mortgage 1,960,888 1,970,461 1,777,321
Consumer     409,812       447,919       541,275  
Total loans 11,577,444 11,269,743 10,589,835
Less allowance for loan losses     (244,209 )     (253,481 )     (289,549 )
Loans, net of allowance 11,333,235 11,016,262 10,300,286
Premises and equipment, net 263,579 262,735 265,532
Receivables 138,325 123,257 113,060
Goodwill 335,601 335,601 335,601
Intangible assets, net 9,645 10,219 12,906
Mortgage servicing rights, net 98,138 86,783 120,345
Real estate and other repossessed assets 115,790 122,753 131,420
Bankers' acceptances 3,493 1,881 1,884
Derivative contracts 384,996 293,859 245,124
Cash surrender value of bank-owned life insurance 266,227 263,318 258,322
Receivable on unsettled securities sales 511,288 75,151 242,828
Other assets     380,327       381,010       321,561  
TOTAL ASSETS   $ 25,884,173     $ 25,493,946     $ 23,701,023  
 
 
LIABILITIES AND EQUITY
Deposits:
Demand $ 6,189,172 $ 5,799,785 $ 4,457,187
Interest-bearing transaction 8,908,397 9,354,456 9,528,864
Savings 259,619 226,357 209,264
Time     3,166,099       3,381,982       3,677,611  
Total deposits 18,523,287 18,762,580 17,872,926
Funds purchased 1,784,940 1,063,318 466,749
Repurchase agreements 1,162,546 1,233,064 1,006,051
Other borrowings 209,230 74,485 36,864
Subordinated debentures 394,760 398,881 398,744
Accrued interest, taxes, and expense 180,840 149,508 135,486
Bankers' acceptances 3,493 1,881 1,884
Due on unsettled securities purchases 305,166 653,371 843,904
Derivative contracts 305,290 236,522 156,038
Other liabilities     144,220       133,684       184,689  
TOTAL LIABILITIES 23,013,772 22,707,294 21,103,335
Shareholders' equity:
Capital, surplus and retained earnings 2,673,001 2,621,489 2,467,820
Accumulated other comprehensive income     161,418       128,979       108,313  
TOTAL SHAREHOLDERS' EQUITY 2,834,419 2,750,468 2,576,133
Non-controlling interest     35,982       36,184       21,555  
TOTAL EQUITY     2,870,401       2,786,652       2,597,688  
TOTAL LIABILITIES AND EQUITY   $ 25,884,173     $ 25,493,946     $ 23,701,023  
 
     
AVERAGE BALANCE SHEETS - UNAUDITED
BOK FINANCIAL CORPORATION  
(In thousands)
Quarter Ended
March 31, December 31, September 30, June 30, March 31,
2012 2011 2011 2011 2011
 
ASSETS
Funds sold and resell agreements $ 11,385 $ 12,035 $ 12,344 $ 8,814 $ 20,680
Trading securities 95,293 97,972 88,576 80,113 60,768
Investment securities 430,890 443,326 329,627 357,698 339,246
Available for sale securities 9,947,227 9,914,523 9,656,592 9,543,482 9,376,674
Fair value option securities 555,233 660,025 594,629 518,073 397,093
Residential mortgage loans held for sale 182,372 201,242 156,621 134,876 125,494
Loans:
Commercial 6,858,308 6,502,981 6,329,135 6,145,918 6,084,765
Commercial real estate 2,236,601 2,256,153 2,208,757 2,172,166 2,236,400
Residential mortgage 1,937,069 1,949,929 1,868,627 1,858,117 1,788,049
Consumer     404,834       443,252       466,285       504,553       544,542  
Total loans 11,436,811 11,152,315 10,872,805 10,680,755 10,653,756
Less allowance for loan losses     (252,538 )     (266,473 )     (285,570 )     (291,308 )     (295,014 )
Total loans, net     11,184,273       10,885,842       10,587,235       10,389,447       10,358,742  
Total earning assets 22,406,673 22,214,965 21,425,624 21,032,503 20,678,697
Cash and due from banks 908,628 1,234,312 1,045,450 764,806 1,095,910
Cash surrender value of bank-owned life insurance 264,354 261,496 260,505 259,337 256,456
Derivative contracts 311,178 247,411 228,466 253,163 211,895
Other assets     1,625,750       1,679,256       1,661,693       1,669,426       1,496,816  
TOTAL ASSETS   $ 25,516,583     $ 25,637,440     $ 24,621,738     $ 23,979,235     $ 23,739,774  
 
LIABILITIES AND EQUITY
Deposits:
Demand $ 5,847,682 $ 5,588,596 $ 5,086,538 $ 4,554,000 $ 4,265,657
Interest-bearing transaction 9,319,978 9,276,608 9,310,046 9,184,141 9,632,595
Savings 241,442 220,236 214,979 210,707 203,638
Time     3,246,362       3,485,059       3,617,731       3,632,130       3,616,991  
Total deposits 18,655,464 18,570,499 18,229,294 17,580,978 17,718,881
Funds purchased 1,337,614 1,197,154 994,099 1,168,670 820,969
Repurchase agreements 1,183,778 1,189,861 1,128,275 1,004,217 1,062,359
Other borrowings 72,911 88,489 128,288 187,441 144,987
Subordinated debentures 397,440 398,858 398,812 398,767 398,723
Derivative contracts 207,864 180,623 187,515 175,199 144,492
Other liabilities     826,279       1,241,469       817,049       813,074       884,566  
TOTAL LIABILITIES 22,681,350 22,866,953 21,883,332 21,328,346 21,174,977
Total equity     2,835,233       2,770,487       2,738,406       2,650,889       2,564,797  
TOTAL LIABILITIES AND EQUITY   $ 25,516,583     $ 25,637,440     $ 24,621,738     $ 23,979,235     $ 23,739,774  
 
 
STATEMENTS OF EARNINGS - UNAUDITED
BOK FINANCIAL CORPORATION  
(In thousands, except per share data)
Quarter Ended
March 31,
2012 2011
 
 
Interest revenue $ 198,208 $ 202,089
Interest expense     24,639       31,450  
Net interest revenue 173,569 170,639
Provision for (reduction of) allowances for credit losses           6,250  
Net interest revenue after
provision for credit losses 173,569 164,389
 
Other operating revenue
Brokerage and trading revenue 31,111 25,376
Transaction card revenue 25,430 28,445
Trust fees and commissions 18,438 18,422
Deposit service charges and fees 24,379 22,480
Mortgage banking revenue 33,078 17,356
Bank-owned life insurance 2,871 2,863
Other revenue     9,027       8,332  
Total fees and commissions 144,334 123,274
Gain (loss) on other assets, net (356 ) (68 )
Gain (loss) on derivatives, net (2,473 ) (2,413 )
Gain (loss) on fair value option securities, net (1,733 ) (3,518 )
Gain on available for sale securities, net 4,331 4,902
Total other-than-temporary impairment losses (505 )
Portion of loss recognized in (reclassified from)
other comprehensive income     (3,217 )     (4,599 )
Net impairment losses recognized in earnings     (3,722 )     (4,599 )
Total other operating revenue 140,381 117,578
 
Other operating expense
Personnel 114,769 99,994
Business promotion 4,388 4,624
Professional fees and services 7,599 7,458
Net occupancy and equipment 16,023 15,604
Insurance 3,866 6,186
Data processing and communications 22,144 22,503
Printing, postage and supplies 3,311 3,082
Net losses and operating expenses
of repossessed assets 2,245 6,015
Amortization of intangible assets 575 896
Mortgage banking costs 7,573 6,471
Change in fair value of mortgage servicing rights (7,127 ) (3,129 )
Other expense     9,871       8,745  
Total other operating expense 185,237 178,449
 
Net income before taxes 128,713 103,518
Federal and state income taxes     45,520       38,752  
 
Net income 83,193 64,766
Net income (loss) attributable to non-controlling interest     (422 )     (8 )
 
Net income attributable to BOK Financial Corporation   $ 83,615     $ 64,774  
 
Average shares outstanding:
Basic 67,665,300 67,901,722
Diluted 67,941,895 68,176,527
 
Net income per share:
Basic $ 1.22 $ 0.95
Diluted $ 1.22 $ 0.94
 
       
FINANCIAL HIGHLIGHTS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except ratio and share data)
Quarter Ended
March 31, December 31, September 30, June 30, March 31,
2012 2011 2011 2011 2011
Capital:
Period-end shareholders' equity $ 2,834,419 $ 2,750,468 $ 2,732,592 $ 2,667,717 $ 2,576,133
Risk weighted assets $ 17,993,379 $ 17,291,105 $ 17,106,533 $ 16,452,305 $ 16,416,387
Risk-based capital ratios:
Tier 1 13.03 % 13.27 % 13.14 % 13.30 % 12.97 %
Total capital 16.16 % 16.49 % 16.54 % 16.80 % 16.48 %
Leverage ratio 9.35 % 9.15 % 9.37 % 9.29 % 9.13 %
Tangible common equity ratio (A) 9.75 % 9.56 % 9.65 % 9.71 % 9.54 %
Tier 1 common equity ratio (B) 12.83 % 13.06 % 12.94 % 13.15 % 12.84 %
 
Common stock:
Book value per share $ 41.61 $ 40.36 $ 40.18 $ 38.97 $ 37.64
Market value per share:
High $ 59.02 $ 55.90 $ 55.81 $ 54.72 $ 56.32
Low $ 52.56 $ 45.68 $ 44.00 $ 50.13 $ 50.37
Cash dividends paid $ 22,571 $ 22,451 $ 18,836 $ 18,823 $ 17,102
Dividend payout ratio 26.99 % 33.51 % 22.13 % 27.28 % 26.40 %
Shares outstanding, net 68,116,893 68,153,044 68,006,390 68,462,869 68,438,422
Stock buy-back program:
Shares repurchased 345,300 69,581 492,444
Amount   $ 18,432     $ 3,579     $ 22,866     $     $  

Average price per share
  $ 53.38     $ 51.44     $ 46.43     $     $  
 
Performance ratios (quarter annualized):
Return on average assets 1.32 % 1.04 % 1.37 % 1.15 % 1.11 %
Return on average equity 11.86 % 9.59 % 12.33 % 10.44 % 10.24 %
Net interest margin 3.19 % 3.20 % 3.34 % 3.40 % 3.47 %
Efficiency ratio 59.77 % 69.73 % 60.13 % 62.23 % 61.15 %
 
Other data:
Trust assets $ 35,650,798 $ 34,398,796 $ 31,750,636 $ 33,075,456 $ 32,013,487
Mortgage servicing portfolio $ 11,378,806 $ 11,300,986 $ 11,249,503 $ 11,283,442 $ 11,202,626
Mortgage loans funded for sale $ 698,062 $ 753,215 $ 637,127 $ 483,808 $ 419,684
Mortgage loan refinances to total fundings 67 % 66 % 54 % 36 % 49 %
Tax equivalent adjustment $ 2,094 $ 2,274 $ 2,233 $ 2,261 $ 2,321
Net unrealized gain on available for sale securities $ 277,277 $ 222,160 $ 278,616 $ 263,199 $ 201,340
 
Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on mortgage hedge derivative contracts $ (2,445 ) $ 121 $ 4,048 $ 1,224 $ (2,419 )
Gain (loss) on mortgage trading securities     (2,393 )     222       17,788       9,921       (3,518 )
Gain (loss) on economic hedge of mortgage servicing rights (4,838 ) 343 21,836 11,145 (5,937 )
Gain (loss) on changes in fair value of mortgage servicing rights     7,127       (5,261 )     (24,822 )     (13,493 )     3,129  
Gain (loss) on changes in fair value of mortgage servicing

rights, net of economic hedges
  $ 2,289     $ (4,918 )   $ (2,986 )   $ (2,348 )   $ (2,808 )
Net interest revenue on mortgage trading securities   $ 3,165     $ 4,436     $ 5,036     $ 5,120     $ 3,058  
 
Reconciliation of non-GAAP measures:
(A) Tangible common equity ratio:
Total shareholders' equity $ 2,834,419 $ 2,750,468 $ 2,732,592 $ 2,667,717 $ 2,576,133
Less: Goodwill and intangible assets, net     (345,246 )     (345,820 )     (346,716 )     (347,611 )     (348,507 )
Tangible common equity   $ 2,489,173     $ 2,404,648     $ 2,385,876     $ 2,320,106     $ 2,227,626  
 
Total assets $ 25,884,173 $ 25,493,946 $ 25,066,265 $ 24,238,182 $ 23,701,023
Less: Goodwill and intangible assets, net     (345,246 )     (345,820 )     (346,716 )     (347,611 )     (348,507 )
    $ 25,538,927     $ 25,148,126     $ 24,719,549     $ 23,890,571     $ 23,352,516  
Tangible common equity ratio 9.75 % 9.56 % 9.65 % 9.71 % 9.54 %
 
(B) Tier 1 common equity ratio:
Tier 1 capital $ 2,344,779 $ 2,295,061 $ 2,248,743 $ 2,188,199 $ 2,129,998
Less: Non-controlling interest     (35,982 )     (36,184 )     (34,958 )     (24,457 )     (21,555 )
Tier 1 common equity   $ 2,308,797     $ 2,258,877     $ 2,213,785     $ 2,163,742     $ 2,108,443  
 
Risk weighted assets $ 17,993,379 $ 17,291,105 $ 17,106,533 $ 16,452,305 $ 16,416,387
 
Tier 1 common equity ratio 12.83 % 13.06 % 12.94 % 13.15 % 12.84 %
 
     
QUARTERLY EARNINGS TRENDS - UNAUDITED
BOK FINANCIAL CORPORATION  
(In thousands, except ratio and per share data)
Quarter Ended
March 31, December 31, September 30, June 30, March 31,
2012 2011 2011 2011 2011
 
Interest revenue $ 198,208 $ 198,040 $ 205,749 $ 205,717 $ 202,089
Interest expense     24,639       26,570       30,365       31,716       31,450  
Net interest revenue 173,569 171,470 175,384 174,001 170,639
Provision for (reduction of) allowances for credit losses           (15,000 )           2,700       6,250  
Net interest revenue after
provision for credit losses 173,569 186,470 175,384 171,301 164,389
 
Other operating revenue
Brokerage and trading revenue 31,111 25,629 29,451 23,725 25,376
Transaction card revenue 25,430 25,960 31,328 31,024 28,445
Trust fees and commissions 18,438 17,865 17,853 19,150 18,422
Deposit service charges and fees 24,379 24,921 24,614 23,857 22,480
Mortgage banking revenue 33,078 25,438 29,493 19,356 17,356
Bank-owned life insurance 2,871 2,784 2,761 2,872 2,863
Other revenue     9,027       9,189       10,535       7,842       8,332  
Total fees and commissions 144,334 131,786 146,035 127,826 123,274
Gain (loss) on other assets, net (356 ) 1,897 712 3,344 (68 )
Gain (loss) on derivatives, net (2,473 ) (174 ) 4,048 1,225 (2,413 )
Gain (loss) on fair value option securities, net (1,733 ) 222 17,788 9,921 (3,518 )
Gain on available for sale securities, net 4,331 7,080 16,694 5,468 4,902
Total other-than-temporary impairment losses (505 ) (1,037 ) (9,467 ) (74 )
Portion of loss recognized in (reclassified from)other comprehensive income     (3,217 )     (1,747 )     (1,833 )     (4,750 )     (4,599 )
Net impairment losses recognized in earnings     (3,722 )     (2,784 )     (11,300 )     (4,824 )     (4,599 )
Total other operating revenue 140,381 138,027 173,977 142,960 117,578
 
Other operating expense
Personnel 114,769 121,129 103,260 105,603 99,994
Business promotion 4,388 5,868 5,280 4,777 4,624
Contribution to BOKF Charitable Foundation 4,000
Professional fees and services 7,599 7,664 7,418 6,258 7,458
Net occupancy and equipment 16,023 16,826 16,627 15,554 15,604
Insurance 3,866 3,636 2,206 4,771 6,186
Data processing and communications 22,144 26,599 24,446 24,428 22,503
Printing, postage and supplies 3,311 3,637 3,780 3,586 3,082
Net losses and operating expensesof repossessed assets 2,245 6,180 5,939 5,859 6,015
Amortization of intangible assets 575 895 896 896 896
Mortgage banking costs 7,573 10,154 9,349 8,968 6,471
Change in fair value of mortgage servicing rights (7,127 ) 5,261 24,822 13,493 (3,129 )
Visa retrospective responsibility obligation - - - - -
Other expense     9,871       11,348       12,873       9,016       8,745  
Total other operating expense 185,237 219,197 220,896 203,209 178,449
 
Net income before taxes 128,713 105,300 128,465 111,052 103,518
Federal and state income taxes     45,520       37,396       43,006       39,357       38,752  
 
Net income 83,193 67,904 85,459 71,695 64,766
Net income (loss) attributable to non-controlling interest     (422 )     911       358       2,688       (8 )
 
Net income attributable to BOK Financial Corporation   $ 83,615     $ 66,993     $ 85,101     $ 69,007     $ 64,774  
 
Average shares outstanding:
Basic 67,665,300 67,526,009 67,827,591 67,898,483 67,901,722
Diluted 67,941,895 67,774,721 68,037,419 68,169,485 68,176,527
 
Net income per share:
Basic $ 1.22 $ 0.98 $ 1.24 $ 1.01 $ 0.95
Diluted $ 1.22 $ 0.98 $ 1.24 $ 1.00 $ 0.94
 
     
LOANS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION  
(In thousands)
Quarter Ended
March 31, December 31, September 30, June 30, March 31,
2012 2011 2011 2011 2011
 
Oklahoma:
Commercial $ 2,953,637 $ 2,697,623 $ 2,807,979 $ 2,594,502 $ 2,618,045
Commercial real estate 667,503 600,703 624,990 619,201 661,254
Residential mortgage 1,436,766 1,429,069 1,366,953 1,309,110 1,219,237
Consumer     210,361     236,056     248,851     267,550     291,412
Total Oklahoma     5,268,267     4,963,451     5,048,773     4,790,363     4,789,948
 
Texas:
Commercial 2,304,162 2,214,462 2,069,117 2,003,847 1,916,270
Commercial real estate 812,209 830,831 741,984 711,906 687,817
Residential mortgage 259,173 266,050 273,025 282,934 283,925
Consumer     123,604     126,280     133,286     140,044     141,199
Total Texas     3,499,148     3,437,623     3,217,412     3,138,731     3,029,211
 
New Mexico:
Commercial 274,224 252,367 269,690 280,306 262,597
Commercial real estate 282,966 316,853 314,701 311,565 326,104
Residential mortgage 104,495 100,581 93,444 95,021 90,466
Consumer     18,185     18,519     18,142     18,536     19,242
Total New Mexico     679,870     688,320     695,977     705,428     698,409
 
Arkansas:
Commercial 74,364 86,111 89,262 74,677 75,889
Commercial real estate 129,980 127,687 124,393 121,286 124,875
Residential mortgage 13,778 14,511 14,428 13,939 14,114
Consumer     28,932     36,061     44,163     52,439     61,746
Total Arkansas     247,054     264,370     272,246     262,341     276,624
 
Colorado:
Commercial 555,703 559,127 508,222 515,829 514,100
Commercial real estate 143,753 153,855 188,659 167,414 172,416
Residential mortgage 60,527 64,437 65,327 66,985 67,975
Consumer     19,813     21,651     22,024     19,507     20,145
Total Colorado     779,796     799,070     784,232     769,735     774,636
 
Arizona:
Commercial 284,353 288,536 283,867 291,515 251,390
Commercial real estate 178,633 192,731 222,249 205,269 213,442
Residential mortgage 73,704 82,202 85,243 86,415 89,384
Consumer     5,381     5,505     6,625     6,772     5,266
Total Arizona     542,071     568,974     597,984     589,971     559,482
 
Kansas / Missouri:
Commercial 496,198 473,228 447,552 417,920 409,966
Commercial real estate 49,059 57,249 42,926 47,074 37,074
Residential mortgage 12,445 13,611 13,476 13,593 12,220
Consumer     3,536     3,847     3,991     2,388     2,265
Total Kansas / Missouri     561,238     547,935     507,945     480,975     461,525
 
TOTAL BOK FINANCIAL   $ 11,577,444   $ 11,269,743   $ 11,124,569   $ 10,737,544   $ 10,589,835
 
   
DEPOSITS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION  
(In thousands)
Quarter Ended
March 31, December 31, September 30, June 30, March 31,
2012 2011 2011 2011 2011
 
Oklahoma:
Demand $ 3,445,424 $ 3,223,201 $ 2,953,410 $ 2,486,671 $ 2,420,210
Interest-bearing:
Transaction 5,889,625 6,050,986 6,038,770 5,916,784 6,068,304
Savings 148,556 126,763 122,829 120,278 120,020
Time     1,370,868     1,450,571     1,489,486     1,462,137     1,465,506
Total interest-bearing     7,409,049     7,628,320     7,651,085     7,499,199     7,653,830
Total Oklahoma     10,854,473     10,851,521     10,604,495     9,985,870     10,074,040
 
Texas:
Demand 1,876,133 1,808,491 1,710,315 1,528,772 1,405,892
Interest-bearing:
Transaction 1,734,655 1,940,819 1,820,116 1,741,176 1,977,850
Savings 50,331 45,872 42,272 42,185 40,313
Time     789,860     867,664     938,200     992,366     1,015,754
Total interest-bearing     2,574,846     2,854,355     2,800,588     2,775,727     3,033,917
Total Texas     4,450,979     4,662,846     4,510,903     4,304,499     4,439,809
 
New Mexico:
Demand 333,707 319,269 325,612 299,305 282,708
Interest-bearing:
Transaction 503,015 491,068 480,816 483,026 498,355
Savings 32,688 27,487 26,127 24,613 24,455
Time     392,234     410,722     431,436     449,618     453,580
Total interest-bearing     927,937     929,277     938,379     957,257     976,390
Total New Mexico     1,261,644     1,248,546     1,263,991     1,256,562     1,259,098
 
Arkansas:
Demand 22,843 18,513 21,809 17,452 15,144
Interest-bearing:
Transaction 151,708 131,181 181,486 138,954 130,613
Savings 2,358 1,727 1,735 1,673 1,514
Time     54,157     61,329     74,163     82,112     94,889
Total interest-bearing     208,223     194,237     257,384     222,739     227,016
Total Arkansas     231,066     212,750     279,193     240,191     242,160
 
Colorado:
Demand 311,057 272,565 217,394 196,915 197,579
Interest-bearing:
Transaction 476,718 511,993 520,743 509,738 528,948
Savings 23,409 22,771 22,599 21,406 21,655
Time     498,124     523,969     547,481     563,642     546,586
Total interest-bearing     998,251     1,058,733     1,090,823     1,094,786     1,097,189
Total Colorado     1,309,308     1,331,298     1,308,217     1,291,701     1,294,768
 
Arizona:
Demand 131,539 106,741 138,971 150,194 106,880
Interest-bearing:
Transaction 95,010 104,961 101,933 107,961 102,089
Savings 1,772 1,192 1,366 1,364 984
Time     34,199     37,641     40,007     44,619     50,060
Total interest-bearing     130,981     143,794     143,306     153,944     153,133
Total Arizona     262,520     250,535     282,277     304,138     260,013
 
Kansas / Missouri:
Demand 68,469 51,004 46,773 46,668 28,774
Interest-bearing:
Transaction 57,666 123,449 108,973 115,684 222,705
Savings 505 545 503 358 323
Time     26,657     30,086     33,697     40,206     51,236
Total interest-bearing     84,828     154,080     143,173     156,248     274,264
Total Kansas / Missouri     153,297     205,084     189,946     202,916     303,038
 
TOTAL BOK FINANCIAL   $ 18,523,287   $ 18,762,580   $ 18,439,022   $ 17,585,877   $ 17,872,926
 
     
NET INTEREST MARGIN TREND - UNAUDITED
BOK FINANCIAL CORPORATION  
Quarter Ended
March 31, December 31, September 30, June 30, March 31,
2012 2011 2011 2011 2011
TAX-EQUIVALENT ASSETS YIELDS
Funds sold and resell agreements 0.07 % 0.10 % 0.16 % 0.14 % 0.08 %
Trading securities 1.88 % 2.79 % 2.85 % 2.92 % 3.84 %
Investment securities:
Taxable (A) 5.89 % 5.91 % 5.63 % 6.13 % 6.15 %
Tax-exempt (A)   4.87 %   4.81 %   4.94 %   4.82 %   4.88 %
Total investment securities (A)   5.59 %   5.59 %   5.35 %   5.49 %   5.46 %
Available for sale securities:
Taxable (A) 2.48 % 2.36 % 2.82 % 3.02 % 3.15 %
Tax-exempt (A)   5.17 %   5.14 %   4.92 %   5.12 %   5.68 %
Total available for sale securities (A)   2.50 %   2.38 %   2.83 %   3.04 %   3.17 %
Fair value option securities 2.79 % 2.98 % 3.66 % 4.42 % 3.74 %
Residential mortgage loans held for sale 3.90 % 4.01 % 4.09 % 4.48 % 4.33 %
Loans 4.50 % 4.65 % 4.71 % 4.69 % 4.75 %
Less allowance for loan losses                    
Loans, net of allowance 4.61 % 4.76 % 4.84 % 4.82 % 4.89 %
Total tax-equivalent yield on earning assets (A) 3.64 % 3.69 % 3.91 % 4.01 % 4.10 %
COST OF INTEREST-BEARING LIABILITIES
Interest-bearing deposits:
Interest-bearing transaction 0.17 % 0.18 % 0.23 % 0.27 % 0.32 %
Savings 0.24 % 0.26 % 0.34 % 0.39 % 0.37 %
Time   1.68 %   1.70 %   1.84 %   1.86 %   1.82 %
Total interest-bearing deposits 0.55 % 0.59 % 0.68 % 0.71 % 0.72 %
Funds purchased 0.09 % 0.06 % 0.05 % 0.09 % 0.16 %
Repurchase agreements 0.09 % 0.13 % 0.17 % 0.20 % 0.40 %
Other borrowings 5.58 % 4.75 % 5.26 % 4.76 % 1.31 %
Subordinated debt   5.62 %   5.61 %   5.60 %   5.57 %   5.67 %
Total cost of interest-bearing liabilities   0.63 %   0.66 %   0.76 %   0.81 %   0.80 %

Tax-equivalent net interest revenue spread
3.01 % 3.03 % 3.15 % 3.20 % 3.30 %
Effect of noninterest-bearing funding sources and other   0.18 %   0.17 %   0.19 %   0.20 %   0.17 %
Tax-equivalent net interest margin   3.19 %   3.20 %   3.34 %   3.40 %   3.47 %
 

 (A) Yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income.
 
       
CREDIT QUALITY INDICATORS
BOK FINANCIAL CORPORATION
(In thousands, except ratios) Quarter Ended
March 31, December 31, September 30, June 30, March 31,
2012 2011 2011 2011 2011
 
Nonperforming assets:
Nonaccruing loans:
Commercial $ 61,750 $ 68,811 $ 83,736 $ 53,365 $ 57,449
Commercial real estate 86,475 99,193 110,048 110,363 125,504
Residential mortgage 27,462 29,767 31,731 31,693 37,824
Consumer     7,672       3,515       3,960       4,749       5,185  
Total nonaccruing loans 183,359 201,286 229,475 200,170 225,962
Renegotiated loans (A) 36,764 32,893 30,477 22,261 21,705
Real estate and other repossessed assets     115,790       122,753       127,943       129,026       131,420  
Total nonperforming assets   $ 335,913     $ 356,932     $ 387,895     $ 351,457     $ 379,087  
 
Nonaccruing loans by principal market:
Oklahoma $ 64,097 $ 65,261 $ 73,794 $ 41,411 $ 49,585
Texas 29,745 28,083 29,783 32,385 34,404
New Mexico 15,029 15,297 17,242 17,244 17,510
Arkansas 18,066 23,450 26,831 24,842 29,769
Colorado 28,990 33,522 36,854 37,472 40,629
Arizona 27,397 35,673 44,929 43,307 54,065
Kansas / Missouri     35       -       42       3,509       -  
Total nonaccruing loans   $ 183,359     $ 201,286     $ 229,475     $ 200,170     $ 225,962  
 
Nonaccruing loans by loan portfolio sector:
Commercial:
Energy $ 336 $ 336 $ 3,900 $ 345 $ 415
Manufacturing 23,402 23,051 27,691 4,366 4,545
Wholesale / retail 15,388 21,180 27,088 25,138 30,411
Integrated food services 6
Services 12,890 16,968 18,181 16,254 15,720
Healthcare 7,946 5,486 5,715 5,962 2,574
Other commercial and industrial     1,788       1,790       1,161       1,300       3,778  
Total commercial     61,750       68,811       83,736       53,365       57,449  
Commercial real estate:
Construction and land development 52,416 61,874 72,207 76,265 90,707
Retail 6,193 6,863 6,492 4,642 5,276
Office 10,733 11,457 11,967 11,473 14,628
Multifamily 3,414 3,513 4,036 4,717 1,900
Industrial
Other commercial real estate     13,719       15,486       15,346       13,266       12,993  
Total commercial real estate     86,475       99,193       110,048       110,363       125,504  
Residential mortgage:
Permanent mortgage 22,822 25,366 27,486 27,991 33,466
Home equity     4,640       4,401       4,245       3,702       4,358  
Total residential mortgage     27,462       29,767       31,731       31,693       37,824  
Consumer     7,672       3,515       3,960       4,749       5,185  
Total nonaccruing loans   $ 183,359     $ 201,286     $ 229,475     $ 200,170     $ 225,962  
 
Performing loans 90 days past due (B) $ 6,140 $ 2,498 $ 1,401 $ 2,341 $ 8,043
 
Gross charge-offs $ 13,674 $ 14,771 $ 14,023 $ 12,774 $ 15,232
Recoveries     5,189       5,311       3,869       4,256       4,914  
Net charge-offs   $ 8,485     $ 9,460     $ 10,154     $ 8,518     $ 10,318  
 
Provision for (reduction of) allowances for credit losses $ $ (15,000 ) $ $ 2,700 $ 6,250
 
Allowance for loan losses to period end loans 2.11 % 2.25 % 2.44 % 2.67 % 2.73 %
Combined allowance for credit losses to period end loans 2.20 % 2.33 % 2.58 % 2.77 % 2.86 %
Nonperforming assets to period end loans

and repossessed assets
2.87 % 3.13 % 3.45 % 3.23 % 3.54 %
Net charge-offs (annualized) to average loans 0.30 % 0.34 % 0.37 % 0.32 % 0.39 %
Allowance for loan losses to nonaccruing loans 133.19 % 125.93 % 118.29 % 143.18 % 128.14 %
Combined allowance for credit losses to nonaccruing loans 138.24 % 130.53 % 125.16 % 148.55 % 134.17 %
 

(A) includes residential mortgage loans guaranteed by agencies of the U.S. government. These loans have been modified to extend payment terms and/or reduce interest rates to current market.
$ 32,770 $ 28,974 $ 26,670 $ 18,716 $ 18,304
 

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

Copyright Business Wire 2010

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