BOK Financial Corporation (Nasdaq:BOKF) reported net income of
$88.4 million or $1.35 per diluted share for the first quarter of
2017. Net income was $50.0 million or $0.76 per diluted share for
the fourth quarter of 2016 and $42.6 million or $0.64 per diluted
share for the first quarter of 2016.
Steven G. Bradshaw, president and chief executive officer of BOK
Financial, stated, “The year is off to a very strong start, and
financial results in the first quarter of 2017 represent the
second-highest net income total in our company’s history. Net
interest margin and net interest revenue are up substantially due
to the improved interest rate environment. Fee and commissions
revenue growth remains steady, driven by the strength of our
diverse wealth management business. And cost containment
initiatives executed last year are driving much better results in
terms of expense management, with total expenses down by over $20
million sequentially despite including the first full quarter of
Mobank-related operating expenses.”
Bradshaw continued, “We completed the operational conversion of
Mobank in February, and this acquisition is well ahead of our
financial forecasts. With Mobank, total deposits at quarter–end are
up 11 percent compared to March 31, 2016; and organic deposit
growth during the same period was 6.5 percent. Our deposit
franchise provides a significant funding advantage, and while we
continue to believe that some demand deposits will migrate into
interest–bearing accounts in the current rising rate environment,
to date we have seen very limited pressure on deposit costs.”
First Quarter 2017 Highlights
- Net interest revenue totaled $201.2 million for the first
quarter of 2017, up $7.0 million over the fourth quarter of 2016.
Net interest margin was 2.81 percent for the first quarter of 2017,
compared to 2.69 percent for the fourth quarter of 2016. Average
earning assets increased $416 million during the first quarter of
2017, primarily due to a $412 million increase in average loan
balances.
- Fees and commissions revenue totaled $164.4 million for the
first quarter of 2017, a $2.3 million increase over the prior
quarter. Fiduciary and asset management revenue grew by $4.1
million due to an increase in the value of assets managed and a
decrease in waived fees. Mortgage banking revenue decreased $3.2
million and transaction card revenue decreased $2.4 million.
Brokerage and trading revenue was unchanged, excluding a $5.0
million loss on trading asset positions from the previous
quarter.
- The change in the fair value of mortgage servicing rights, net
of economic hedges increased pre-tax net income in the first
quarter of 2017 by $188 thousand. The change in the fair value of
mortgage servicing rights, net of economic hedges decreased pre-tax
net income in the fourth quarter of 2016 by $17.0 million.
- Operating expense was $244.7 million for the first quarter of
2017, a decrease of $20.8 million compared to the prior quarter.
Expenses related to the Mobank acquisition, severance and a
contribution to the BOKF Foundation added $11.7 million to the
fourth quarter of 2016. Excluding these items, operating expense
decreased $9.1 million, primarily due to lower mortgage banking and
deposit insurance costs.
- Income tax expense was $38.1 million or 30.1 percent of net
income before taxes for the first quarter of 2017, compared to
$22.5 million or 31.1 percent in the fourth quarter of 2016. The
first quarter included a $3.9 million benefit related to the
implementation of a new accounting standard that includes the tax
effect of vested equity compensation awards in income tax expense.
Previously the tax effect of these awards was included in
stockholders' equity.
- No provision for credit losses was recorded in the first
quarter of 2017 or the fourth quarter of 2016 due to continued
improvement in credit metric trends. The company had a net recovery
of $747 thousand in the first quarter of 2017, compared to a net
recovery of $1.2 million in the previous quarter.
- The combined allowance for credit losses totaled $258 million
or 1.52 percent of outstanding loans at March 31, 2017
compared to $257 million or 1.52 percent of outstanding loans at
December 31, 2016.
- Nonperforming assets that are not guaranteed by U.S. government
agencies totaled $240 million or 1.43 percent of outstanding loans
and repossessed assets (excluding those guaranteed by U.S.
government agencies) at March 31, 2017 and $263 million or
1.56 percent of outstanding loans and repossessed assets (excluding
those guaranteed by U.S. government agencies) at December 31,
2016. The decrease in nonperforming assets was primarily due to a
$22 million decrease in nonaccruing energy loans.
- Average loans increased by $412 million over the previous
quarter, primarily due to a full quarter's impact of the Mobank
acquisition. Excluding this impact, average loan balances were
largely unchanged compared to the fourth quarter of 2016.
Period-end outstanding loan balances totaled $17.0 billion at
March 31, 2017, largely unchanged compared to
December 31, 2016.
- Average deposits increased $666 million over the previous
quarter, including $390 million related to the impact of a full
quarter of deposits from the Mobank acquisition. Excluding this
impact, average interest-bearing transaction deposits grew by $402
million and time deposit balances were up $63 million, partially
offset by a $201 million decrease in demand deposits. Period-end
deposits were $22.6 billion at March 31, 2017, a $173 million
decrease compared to December 31, 2016.
- The common equity Tier 1 capital ratio at March 31, 2017
was 11.60 percent. Other regulatory capital ratios were Tier 1
capital ratio, 11.60 percent, total capital ratio, 13.26 percent
and leverage ratio, 8.89 percent. At December 31, 2016, the
common equity Tier 1 capital ratio was 11.21 percent, the Tier 1
capital ratio was 11.21 percent, total capital ratio was 12.81
percent, and leverage ratio was 8.72 percent.
- The company paid a regular quarterly cash dividend of $29
million or $0.44 per common share during the first quarter of 2017.
On April 25, 2017, the board of directors approved a quarterly
cash dividend of $0.44 per common share payable on or about
May 26, 2017 to shareholders of record as of May 12,
2017.
Net Interest Revenue
Net interest revenue was $201.2 million for the first quarter of
2017, up $7.0 million over the fourth quarter of 2016.
Net interest margin was 2.81 percent for the first quarter of
2017, an increase of 12 basis points over the fourth quarter of
2016, due largely to a full quarter effect of the Fed's 25 basis
point December increase in short-term rates. The yield on average
earning assets was 3.15 percent, an increase of 17 basis points.
The loan portfolio yield increased 21 basis points to 3.88 percent
primarily due to increases in the 30 day and 90 day LIBOR and
improved energy loan yields. The yield on the available for sale
securities portfolio increased 5 basis points to 2.05 percent. The
yield on interest-bearing cash and cash equivalents increased 27
basis points. Funding costs were 0.52 percent, up 8 basis
points. Growth in the cost of interest-bearing deposits was limited
to 3 basis points by a lack of market pricing pressure.
Average earning assets increased $416 million during the first
quarter of 2017. Average loan balances increased $412 million,
primarily due to a full quarter's impact of the Mobank acquisition.
The average balance of fair value option securities held as an
economic hedge of our mortgage servicing rights increased $206
million. Average trading securities portfolio balances increased
$103 million and interest-bearing cash and cash equivalents
balances were up $55 million. These increases were offset by a $200
million decrease in available for sale securities portfolio
balances and a $125 million decrease in the average balance of
residential mortgage loans held for sale.
Average interest-bearing deposit balances increased $689 million
over the fourth quarter of 2016, including $212 million related to
a full quarter's impact of the Mobank acquisition. The average
balance of borrowed funds decreased $378 million.
Fees and Commissions Revenue
Fees and commissions revenue totaled $164.4 million for the
first quarter of 2017, an increase of $2.3 million over the fourth
quarter of 2016. Brokerage and trading revenue for the fourth
quarter of 2016 included a $5.0 million decrease in the value of
trading assets caused by an unexpected 85 basis point increase in
the 10-year U.S. Treasury interest rate and related rates.
Fiduciary and asset management revenue grew by $4.1 million over
the fourth quarter of 2016 to $38.6 million. Revenue growth was
largely due to a $2.6 billion increase in the value of fiduciary
assets under management to a record high of $44.4 billion at
March 31, 2017. Additionally, waived fees earned as
administrator and investment advisor of the Cavanal Hill Funds
decreased $964 thousand compared to the previous quarter of $445
thousand.
Mortgage banking revenue totaled $25.2 million for the first
quarter of 2017, a $3.2 million decrease over the fourth quarter of
2016. Revenue from mortgage loan production decreased $3.4 million
due to a $103 million decrease in mortgage production volume and a
26 basis point decrease in gain on sale margin compared to the
prior quarter. Production volume decreased in response to higher
primary mortgage interest rates and margin narrowed due to
increased competition, largely in the Home Direct online delivery
channel.
Transaction card revenue was down $2.4 million, primarily due to
a seasonal decrease in transaction volumes.
Operating Expense
Total operating expense was $244.7 million for the first quarter
of 2017, a decrease of $20.8 million compared to the fourth quarter
of 2016. Expenses related to the completion of the Mobank
acquisition were $2.0 million in the first quarter of 2017 and $4.7
million in the fourth quarter of 2016. In addition, operating
expense in the fourth quarter of 2016 included $5.0 million of
severance and other expenses related to staff reductions and a $2.0
million contribution to the BOKF Foundation. The discussion
following excludes the impact of these items.
Personnel expense increased $1.9 million over the fourth quarter
of 2016. Employee benefits costs were up $4.7 million primarily due
to a seasonal increase in payroll tax expense and increased
employee retirement plans costs, partially offset by lower employee
medical costs. Regular compensation increased $2.5 million and
included a full quarter impact of the Mobank acquisition. Incentive
compensation expense decreased $5.3 million.
Non-personnel expense decreased $13.1 million compared to the
fourth quarter of 2016. Mortgage banking expense decreased $4.3
million primarily due to the effect of slowing actual residential
mortgage loan prepayments on the fair value of mortgage servicing
rights. Deposit insurance expense was $2.3 million lower due to
improvements in credit quality and other risk factors. Professional
fees were down $2.3 million and other expenses decreased $2.3
million.
Loans, Deposits and Capital
Loans
Outstanding loans were $17.0 billion at March 31, 2017,
largely unchanged compared to the previous quarter. Growth in
commercial real estate was offset by a decrease in commercial loan
balances.
Outstanding commercial loan balances decreased $64 million.
Healthcare sector loans grew by $64 million. Energy loan balances
increased $39 million. Unfunded energy loan commitments were
largely unchanged at $2.7 billion. Manufacturing loans increased
$28 million. This growth was offset by a $96 million decrease in
service sector loan balances, a $71 million decrease in
wholesale/retail sector loan balances and a $29 million decrease in
other commercial and industrial loans.
Commercial real estate loans grew by $62 million. Loans secured
by office buildings increased by $62 million and were broadly
distributed across the Texas, New Mexico and Oklahoma markets.
Multifamily residential loans increased $20 million. Growth in the
Arizona and Kansas/Missouri markets was partially offset by a
decrease in loans attributed to the Texas and Oklahoma markets.
Retail sector loans decreased $17 million, primarily in the Texas
and Arizona markets, partially offset by growth in the Oklahoma
market.
Deposits
Period-end deposits totaled $22.6 billion at March 31,
2017, a $173 million decrease compared to December 31, 2016.
Interest-bearing transaction account balances decreased $506
million, partially offset by a $271 million increase in demand
deposit balances. In addition, both savings and time deposit
balances grew over the prior quarter. Excluding the impact of
allocating Mobank deposits among the lines of business, Wealth
Management deposits decreased $154 million and Commercial Banking
deposits decreased $101 million. Consumer Banking deposits grew by
$122 million.
Capital
The company's common equity Tier 1 capital ratio was 11.60
percent at March 31, 2017. In addition, the company's Tier 1
capital ratio was 11.60 percent, total capital ratio was 13.26
percent and leverage ratio was 8.89 percent at March 31, 2017.
At December 31, 2016, the company's common equity Tier 1
capital ratio was 11.21 percent, Tier 1 capital ratio was 11.21
percent, total capital ratio was 12.81 percent, and leverage ratio
was 8.72 percent.
The company's tangible common equity ratio, a non-GAAP measure,
was 8.88 percent at March 31, 2017 and 8.61 percent at
December 31, 2016. 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 $334 million or 1.96 percent of
outstanding loans and repossessed assets at March 31, 2017
compared to $357 million or 2.09 percent at December 31, 2016.
Nonperforming assets that are not guaranteed by U.S. government
agencies totaled $240 million or 1.43 percent of outstanding loans
and repossessed assets (excluding those guaranteed by U.S.
government agencies) at March 31, 2017 compared to $263
million or 1.56 percent at December 31, 2016.
Nonaccruing loans totaled $208 million or 1.22 percent of
outstanding loans at March 31, 2017, down from $231 million or
1.36 percent of outstanding loans at December 31, 2016. The
decrease in nonaccruing loans was primarily due to a $22 million
decrease in nonaccruing energy loans. New nonaccruing loans
identified in the first quarter totaled $23 million, offset by $35
million in payments received, $2.2 million in charge-offs and $3.3
million in foreclosures and repossessions. Additionally, $5.9
million was returned to accruing status based on improved credit
risk and performance. At March 31, 2017, nonaccruing
commercial loans totaled $157 million or 1.52 percent of
outstanding commercial loans, nonaccruing commercial real estate
loans totaled $4.5 million or 0.12 percent of outstanding
commercial real estate loans and nonaccruing residential mortgage
loans totaled $46 million or 2.37 percent of outstanding
residential mortgage loans.
Potential problem loans, which are defined as performing loans
based on known information cause management concern as to the
borrowers' ability to continue to perform, totaled $413 million at
March 31 compared to $399 million at December 31. The
increase largely resulted from healthcare and manufacturing
potential problem loans, partially offset by a decrease in
potential problem energy loans.
Marc Maun, chief credit officer, stated, “We continued to see a
stable credit environment in the first quarter, with no segments of
our loan portfolio showing any material signs of stress. We
recognized net recoveries during the quarter, saw nonaccrual loans
decrease by over ten percent, and have a combined allowance for
credit losses to period–end loans at or near the top of our peer
group of mid-sized regional banks. After evaluating all
credit factors, no provision for loan losses was booked for the
first quarter. Looking forward, we are forecasting $15 million to
$20 million provision for the full year.”
Maun continued, “Retail commercial real estate (CRE) has been in
the spotlight recently due to several high–profile retailer store
closings. I’m pleased to report that as of March 31, 2017 we
had minimal criticized or classified retail CRE loans in our
portfolio. Our portfolio is carefully constructed to limit
CRE exposure to any one retailer, is geographically diverse, and
represents best–in–class retail developers with multiple sources of
repayment.”
The company had a net recovery of $747 thousand for the first
quarter of 2017, compared to a net recovery of $1.2 million in the
fourth quarter of 2016. Gross charge-offs totaled $2.2 million for
the first quarter, compared to $1.7 million for the previous
quarter. Recoveries totaled $2.9 million for the first quarter of
2017 and $2.8 million for the fourth quarter of 2016.
As noted above, the company determined that no provision for
credit losses was necessary during the first quarter of 2017 based
on the continued improvement in credit metrics. No provision for
credit losses was recorded in the previous quarter. The combined
allowance for credit losses totaled $258 million or 1.52 percent of
outstanding loans and 131 percent of nonaccruing loans at
March 31, 2017. The allowance for loan losses was $249 million
and the accrual for off-balance sheet credit losses was $9.4
million.
Securities and Derivatives
The fair value of the available for sale securities portfolio
totaled $8.4 billion at March 31, 2017, a $240 million
decrease compared to December 31, 2016. At March 31,
2017, the available for sale portfolio consisted primarily of $5.4
billion of residential mortgage-backed securities fully backed by
U.S. government agencies and $2.9 billion of commercial
mortgage-backed securities fully backed by U.S. government
agencies.
At March 31, 2017, the available for sale securities
portfolio had a net unrealized loss of $5.5 million compared to a
net unrealized loss of $15 million at December 31, 2016. The
decrease in net unrealized loss was primarily due to changes in
interest rates during the quarter. Net unrealized losses on
residential mortgage-backed securities issued by U.S. government
agencies at March 31, 2017 decreased $7.7 million during the
first quarter to $7.3 million. Commercial mortgage-backed
securities had a net unrealized loss of $18 million at
March 31, 2017, unchanged compared to December 31,
2016.
The company also maintains a portfolio of financial instruments
primarily consisting of residential mortgage-backed securities
issued by U.S. government agencies and interest rate derivative
contracts as an economic hedge of the changes in the fair value of
our mortgage servicing rights.
The net economic benefit of the changes in fair value of
mortgage servicing rights and related economic hedges was $1.5
million, including a $1.9 million increase in the fair value of the
mortgage servicing rights, a $1.7 million decrease in the fair
value of securities and derivative contracts held as an economic
hedge and $1.3 million of related net interest revenue. The
improvement over the prior quarter was due primarily to materially
higher long-term interest rates and a relatively stable rate
environment during the first quarter.
The fair value of mortgage servicing rights increased by $39.8
million during the fourth quarter of 2016 primarily due to an
increase in residential mortgage rates during the quarter. The fair
value of securities and interest rate derivative contracts held as
an economic hedge of mortgage servicing rights decreased by $56.8
million. The significant increase in long-term interest rates in
the fourth quarter resulted in a loss on this hedge, partially
offset by an increase in the fair value of the mortgage servicing
rights.
Conference Call and Webcast
The company will hold a conference call at 9 a.m. Central time
on Wednesday, April 26, 2017 to discuss the financial results
with investors. The live audio webcast and presentation slides
will be available on the company’s website at www.bokf.com. The
conference call can also be accessed by dialing 1-201-689-8471. A
conference call and webcast replay will also be available shortly
after conclusion of the live call at www.bokf.com or by
dialing 1-844-512-2921 and referencing conference ID #
13659658.
About BOK Financial Corporation
BOK Financial Corporation is a $33 billion regional financial
services company based in Tulsa, Oklahoma. The company's stock is
publicly traded on NASDAQ under the Global Select market listings
(symbol: BOKF). BOK Financial's holdings include BOKF, NA, BOK
Financial Securities, Inc. and The Milestone Group, Inc. BOKF, NA
operates TransFund, Cavanal Hill Investment Management, BOK
Financial Asset Management, Inc. and seven banking divisions: Bank
of Albuquerque, Bank of Arizona, Bank of Arkansas, Mobank, Bank of
Oklahoma, Bank of Texas and Colorado State Bank and Trust. Through
its subsidiaries, the company provides commercial and consumer
banking, investment and trust services, mortgage origination and
servicing, and an electronic funds transfer network. For more
information, visit www.bokf.com.
The company will continue to evaluate critical assumptions and
estimates, such as the appropriateness of the allowance for credit
losses and asset impairment as of March 31, 2017 through the
date its financial statements are filed with the Securities and
Exchange Commission and will adjust amounts reported if
necessary.
This news release contains forward-looking statements that are
based on management's beliefs, assumptions, current expectations,
estimates and projections about BOK Financial, the financial
services industry and the economy generally. Words such as
“anticipates,” “believes,” “estimates,” “expects,” “forecasts,”
“plans,” “projects,” “will,” “intends,” variations of
such words and similar expressions are intended to identify such
forward-looking statements. Management judgments relating to and
discussion of the provision and allowance for credit losses,
allowance for uncertain tax positions, accruals for loss
contingencies and valuation of mortgage servicing rights involve
judgments as to expected events and are inherently forward-looking
statements. Assessments that BOK Financial's acquisitions and other
growth endeavors will be profitable are necessary statements of
belief as to the outcome of future events based in part on
information provided by others which BOK Financial has not
independently verified. These statements are not guarantees of
future performance and involve certain risks, uncertainties, and
assumptions which are difficult to predict with regard to timing,
extent, likelihood and degree of occurrence. Therefore, actual
results and outcomes may materially differ from what is expected,
implied or forecasted in such forward-looking statements. Internal
and external factors that might cause such a difference include,
but are not limited to changes in commodity prices, interest rates
and interest rate relationships, demand for products and services,
the degree of competition by traditional and nontraditional
competitors, changes in banking regulations, tax laws, prices,
levies and assessments, the impact of technological advances, and
trends in customer behavior as well as their ability to repay
loans. BOK Financial and its affiliates undertake no obligation to
update, amend or clarify forward-looking statements, whether as a
result of new information, future events, or otherwise.
|
BALANCE SHEETS -- UNAUDITEDBOK FINANCIAL
CORPORATION(In thousands) |
| |
March 31, 2017 |
|
Dec. 31, 2016 |
|
March 31, 2016 |
|
ASSETS |
|
|
|
|
|
| Cash and due from
banks |
$ |
546,575 |
|
|
$ |
620,846 |
|
|
$ |
481,510 |
|
| Interest-bearing cash
and cash equivalents |
2,220,640 |
|
|
1,916,651 |
|
|
1,831,162 |
|
| Trading securities |
677,156 |
|
|
337,628 |
|
|
279,539 |
|
| Investment
securities |
519,402 |
|
|
546,145 |
|
|
576,047 |
|
| Available for sale
securities |
8,437,291 |
|
|
8,676,829 |
|
|
8,886,036 |
|
| Fair value option
securities |
441,714 |
|
|
77,046 |
|
|
418,887 |
|
| Restricted equity
securities |
283,936 |
|
|
307,240 |
|
|
314,590 |
|
| Residential mortgage
loans held for sale |
248,707 |
|
|
301,897 |
|
|
332,040 |
|
| Loans: |
|
|
|
|
|
|
Commercial |
10,327,110 |
|
|
10,390,824 |
|
|
10,288,425 |
|
|
Commercial real estate |
3,871,063 |
|
|
3,809,046 |
|
|
3,370,507 |
|
|
Residential mortgage |
1,946,274 |
|
|
1,949,832 |
|
|
1,869,309 |
|
|
Personal |
847,459 |
|
|
839,958 |
|
|
494,325 |
|
| Total loans |
16,991,906 |
|
|
16,989,660 |
|
|
16,022,566 |
|
| Allowance
for loan losses |
(248,710 |
) |
|
(246,159 |
) |
|
(233,156 |
) |
| Loans, net of
allowance |
16,743,196 |
|
|
16,743,501 |
|
|
15,789,410 |
|
| Premises and equipment,
net |
325,546 |
|
|
325,849 |
|
|
311,161 |
|
| Receivables |
394,394 |
|
|
772,952 |
|
|
167,209 |
|
| Goodwill |
445,738 |
|
|
448,899 |
|
|
383,789 |
|
| Intangible assets,
net |
42,556 |
|
|
46,931 |
|
|
44,944 |
|
| Mortgage servicing
rights |
249,403 |
|
|
247,073 |
|
|
196,055 |
|
| Real estate and other
repossessed assets, net |
42,726 |
|
|
44,287 |
|
|
29,896 |
|
| Derivative contracts,
net |
304,727 |
|
|
689,872 |
|
|
790,146 |
|
| Cash surrender value of
bank-owned life insurance |
310,537 |
|
|
308,430 |
|
|
305,510 |
|
| Receivable on unsettled
securities sales |
9,921 |
|
|
7,188 |
|
|
5,640 |
|
| Other
assets |
384,767 |
|
|
353,017 |
|
|
270,374 |
|
|
TOTAL ASSETS |
$ |
32,628,932 |
|
|
$ |
32,772,281 |
|
|
$ |
31,413,945 |
|
| |
|
|
|
|
|
| LIABILITIES AND
EQUITY |
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
Demand |
$ |
9,506,573 |
|
|
$ |
9,235,720 |
|
|
$ |
7,950,675 |
|
|
Interest-bearing transaction |
10,359,214 |
|
|
10,865,105 |
|
|
9,709,766 |
|
|
Savings |
465,724 |
|
|
425,470 |
|
|
416,505 |
|
|
Time |
2,243,848 |
|
|
2,221,800 |
|
|
2,341,374 |
|
| Total deposits |
22,575,359 |
|
|
22,748,095 |
|
|
20,418,320 |
|
| Funds purchased |
47,629 |
|
|
57,929 |
|
|
62,755 |
|
| Repurchase
agreements |
508,352 |
|
|
668,661 |
|
|
630,101 |
|
| Other borrowings |
5,238,947 |
|
|
4,846,072 |
|
|
5,633,862 |
|
| Subordinated
debentures |
144,649 |
|
|
144,640 |
|
|
226,385 |
|
| Accrued interest, taxes
and expense |
140,235 |
|
|
146,704 |
|
|
148,711 |
|
| Due on unsettled
securities purchases |
137,069 |
|
|
6,508 |
|
|
19,508 |
|
| Derivative contracts,
net |
276,422 |
|
|
664,531 |
|
|
705,578 |
|
| Other
liabilities |
189,376 |
|
|
182,784 |
|
|
212,460 |
|
| TOTAL LIABILITIES |
29,258,038 |
|
|
29,465,924 |
|
|
28,057,680 |
|
| Shareholders'
equity: |
|
|
|
|
|
| Capital,
surplus and retained earnings |
3,346,965 |
|
|
3,285,821 |
|
|
3,228,446 |
|
|
Accumulated other comprehensive income (loss) |
(5,221 |
) |
|
(10,967 |
) |
|
93,109 |
|
| TOTAL SHAREHOLDERS'
EQUITY |
3,341,744 |
|
|
3,274,854 |
|
|
3,321,555 |
|
|
Non-controlling interests |
29,150 |
|
|
31,503 |
|
|
34,710 |
|
| TOTAL
EQUITY |
3,370,894 |
|
|
3,306,357 |
|
|
3,356,265 |
|
|
TOTAL LIABILITIES AND EQUITY |
$ |
32,628,932 |
|
|
$ |
32,772,281 |
|
|
$ |
31,413,945 |
|
|
AVERAGE BALANCE SHEETS -- UNAUDITEDBOK
FINANCIAL CORPORATION(in thousands) |
| |
Three Months Ended |
| |
March 31, 2017 |
|
Dec. 31, 2016 |
|
Sept. 30, 2016 |
|
June 30, 2016 |
|
March 31, 2016 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
| Interest-bearing cash
and cash equivalents |
$ |
2,087,964 |
|
|
$ |
2,032,785 |
|
|
$ |
2,047,991 |
|
|
$ |
2,022,028 |
|
|
$ |
2,052,840 |
|
| Trading securities |
579,549 |
|
|
476,498 |
|
|
366,545 |
|
|
237,808 |
|
|
188,100 |
|
| Investment
securities |
530,936 |
|
|
542,869 |
|
|
552,592 |
|
|
562,391 |
|
|
587,465 |
|
| Available for sale
securities |
8,567,049 |
|
|
8,766,555 |
|
|
8,862,590 |
|
|
8,890,112 |
|
|
8,951,435 |
|
| Fair value option
securities |
416,524 |
|
|
210,733 |
|
|
266,998 |
|
|
368,434 |
|
|
450,478 |
|
| Restricted equity
securities |
312,498 |
|
|
334,114 |
|
|
335,812 |
|
|
319,136 |
|
|
294,529 |
|
| Residential mortgage
loans held for sale |
220,325 |
|
|
345,066 |
|
|
445,930 |
|
|
401,114 |
|
|
289,743 |
|
| Loans: |
|
|
|
|
|
|
|
|
|
|
Commercial |
10,414,579 |
|
|
10,228,095 |
|
|
10,109,692 |
|
|
10,265,782 |
|
|
10,268,793 |
|
|
Commercial real estate |
3,903,850 |
|
|
3,749,393 |
|
|
3,789,673 |
|
|
3,550,611 |
|
|
3,364,076 |
|
|
Residential mortgage |
1,962,759 |
|
|
1,919,296 |
|
|
1,870,855 |
|
|
1,864,458 |
|
|
1,865,742 |
|
|
Personal |
854,637 |
|
|
826,804 |
|
|
677,530 |
|
|
582,281 |
|
|
493,382 |
|
| Total loans |
17,135,825 |
|
|
16,723,588 |
|
|
16,447,750 |
|
|
16,263,132 |
|
|
15,991,993 |
|
| Allowance
for loan losses |
(249,379 |
) |
|
(246,977 |
) |
|
(247,901 |
) |
|
(245,448 |
) |
|
(234,116 |
) |
| Total
loans, net |
16,886,446 |
|
|
16,476,611 |
|
|
16,199,849 |
|
|
16,017,684 |
|
|
15,757,877 |
|
| Total earning
assets |
29,601,291 |
|
|
29,185,231 |
|
|
29,078,307 |
|
|
28,818,707 |
|
|
28,572,467 |
|
| Cash and due from
banks |
547,104 |
|
|
578,694 |
|
|
511,534 |
|
|
507,085 |
|
|
505,522 |
|
| Derivative contracts,
net |
401,886 |
|
|
681,455 |
|
|
766,671 |
|
|
823,584 |
|
|
632,102 |
|
| Cash surrender value of
bank-owned life insurance |
309,223 |
|
|
309,532 |
|
|
308,670 |
|
|
306,318 |
|
|
304,141 |
|
| Receivable on unsettled
securities sales |
62,641 |
|
|
33,813 |
|
|
259,906 |
|
|
49,568 |
|
|
115,101 |
|
| Other
assets |
2,032,844 |
|
|
2,172,351 |
|
|
1,721,385 |
|
|
1,480,780 |
|
|
1,379,138 |
|
|
TOTAL ASSETS |
$ |
32,954,989 |
|
|
$ |
32,961,076 |
|
|
$ |
32,646,473 |
|
|
$ |
31,986,042 |
|
|
$ |
31,508,471 |
|
| |
|
|
|
|
|
|
|
|
|
| LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
|
|
|
|
Demand |
$ |
9,101,763 |
|
|
$ |
9,124,595 |
|
|
$ |
8,497,037 |
|
|
$ |
8,162,134 |
|
|
$ |
8,105,756 |
|
|
Interest-bearing transaction |
10,567,475 |
|
|
9,980,132 |
|
|
9,650,618 |
|
|
9,590,855 |
|
|
9,756,843 |
|
|
Savings |
441,254 |
|
|
421,654 |
|
|
420,009 |
|
|
417,122 |
|
|
397,479 |
|
|
Time |
2,258,930 |
|
|
2,177,035 |
|
|
2,197,350 |
|
|
2,297,621 |
|
|
2,366,543 |
|
| Total deposits |
22,369,422 |
|
|
21,703,416 |
|
|
20,765,014 |
|
|
20,467,732 |
|
|
20,626,621 |
|
| Funds purchased |
55,508 |
|
|
62,004 |
|
|
68,280 |
|
|
70,682 |
|
|
112,211 |
|
| Repurchase
agreements |
523,561 |
|
|
560,891 |
|
|
522,822 |
|
|
611,264 |
|
|
662,640 |
|
| Other borrowings |
5,737,955 |
|
|
6,072,150 |
|
|
6,342,369 |
|
|
6,076,028 |
|
|
5,583,917 |
|
| Subordinated
debentures |
144,644 |
|
|
144,635 |
|
|
255,890 |
|
|
232,795 |
|
|
226,368 |
|
| Derivative contracts,
net |
405,444 |
|
|
682,808 |
|
|
747,187 |
|
|
791,313 |
|
|
544,722 |
|
| Due on unsettled
securities purchases |
91,529 |
|
|
77,575 |
|
|
200,574 |
|
|
93,812 |
|
|
158,050 |
|
| Other
liabilities |
299,534 |
|
|
321,404 |
|
|
352,671 |
|
|
298,170 |
|
|
268,705 |
|
| TOTAL LIABILITIES |
29,627,597 |
|
|
29,624,883 |
|
|
29,254,807 |
|
|
28,641,796 |
|
|
28,183,234 |
|
| Total
equity |
3,327,392 |
|
|
3,336,193 |
|
|
3,391,666 |
|
|
3,344,246 |
|
|
3,325,237 |
|
|
TOTAL LIABILITIES AND EQUITY |
$ |
32,954,989 |
|
|
$ |
32,961,076 |
|
|
$ |
32,646,473 |
|
|
$ |
31,986,042 |
|
|
$ |
31,508,471 |
|
|
STATEMENTS OF EARNINGS -- UNAUDITEDBOK
FINANCIAL CORPORATION(in thousands, except per share
data) |
| |
Three Months Ended |
| |
March 31, |
| |
2017 |
|
2016 |
| |
|
|
|
| Interest revenue |
$ |
226,390 |
|
|
$ |
201,796 |
|
| Interest
expense |
25,208 |
|
|
19,224 |
|
| Net interest
revenue |
201,182 |
|
|
182,572 |
|
| Provision for credit
losses |
— |
|
|
35,000 |
|
|
Net interest revenue after provision for credit
losses |
201,182 |
|
|
147,572 |
|
| Other operating
revenue: |
|
|
|
| Brokerage
and trading revenue |
33,623 |
|
|
32,341 |
|
|
Transaction card revenue |
32,127 |
|
|
32,354 |
|
| Fiduciary
and asset management revenue |
38,631 |
|
|
32,056 |
|
| Deposit
service charges and fees |
23,030 |
|
|
22,542 |
|
| Mortgage
banking revenue |
25,191 |
|
|
32,100 |
|
|
Other revenue |
11,752 |
|
|
11,904 |
|
|
Total fees and commissions |
164,354 |
|
|
163,297 |
|
| Other
gains, net |
3,627 |
|
|
1,560 |
|
| Gain
(loss) on derivatives, net |
(450 |
) |
|
7,138 |
|
| Gain
(loss) on fair value option securities, net |
(1,140 |
) |
|
9,443 |
|
| Change in
fair value of mortgage servicing rights |
1,856 |
|
|
(27,988 |
) |
|
Gain on available for sale securities, net |
2,049 |
|
|
3,964 |
|
| Total other
operating revenue |
170,296 |
|
|
157,414 |
|
| Other operating
expense: |
|
|
|
|
Personnel |
136,425 |
|
|
133,562 |
|
| Business
promotion |
6,717 |
|
|
5,696 |
|
|
Professional fees and services |
12,379 |
|
|
11,759 |
|
| Net
occupancy and equipment |
21,624 |
|
|
18,766 |
|
|
Insurance |
6,404 |
|
|
7,265 |
|
| Data
processing and communications |
33,940 |
|
|
32,017 |
|
| Printing,
postage and supplies |
3,851 |
|
|
3,907 |
|
| Net
losses and operating expenses of repossessed assets |
1,009 |
|
|
1,070 |
|
|
Amortization of intangible assets |
1,802 |
|
|
1,159 |
|
| Mortgage
banking costs |
13,003 |
|
|
12,330 |
|
|
Other expense |
7,557 |
|
|
15,039 |
|
| Total other
operating expense |
244,711 |
|
|
242,570 |
|
| |
|
|
|
| Net income
before taxes |
126,767 |
|
|
62,416 |
|
| Federal
and state income taxes |
38,103 |
|
|
21,428 |
|
| |
|
|
|
| Net
income |
88,664 |
|
|
40,988 |
|
| Net
income (loss) attributable to non-controlling interests |
308 |
|
|
(1,576 |
) |
|
Net income attributable to BOK Financial Corporation
shareholders |
$ |
88,356 |
|
|
$ |
42,564 |
|
| |
|
|
|
| Average shares
outstanding: |
|
|
|
|
Basic |
64,639,437 |
|
|
65,296,541 |
|
|
Diluted |
64,707,210 |
|
|
65,331,428 |
|
| |
|
|
|
| Net income per
share: |
|
|
|
|
Basic |
$ |
1.35 |
|
|
$ |
0.64 |
|
|
Diluted |
$ |
1.35 |
|
|
$ |
0.64 |
|
|
FINANCIAL HIGHLIGHTS -- UNAUDITEDBOK
FINANCIAL CORPORATION(in thousands, except ratio and share
data) |
| |
Three Months Ended |
| |
March 31, 2017 |
|
Dec. 31, 2016 |
|
Sept. 30, 2016 |
|
June 30, 2016 |
|
March 31, 2016 |
|
Capital: |
|
|
|
|
|
|
|
|
|
|
Period-end shareholders' equity |
$ |
3,341,744 |
|
|
$ |
3,274,854 |
|
|
$ |
3,398,311 |
|
|
$ |
3,368,833 |
|
|
$ |
3,321,555 |
|
| Risk
weighted assets |
$ |
24,882,046 |
|
|
$ |
25,274,848 |
|
|
$ |
24,358,385 |
|
|
$ |
24,191,016 |
|
|
$ |
23,707,824 |
|
|
Risk-based capital ratios: |
|
|
|
|
|
|
|
|
|
| Common
equity tier 1 |
11.60 |
% |
|
11.21 |
% |
|
11.99 |
% |
|
11.86 |
% |
|
12.00 |
% |
| Tier
1 |
11.60 |
% |
|
11.21 |
% |
|
11.99 |
% |
|
11.86 |
% |
|
12.00 |
% |
| Total
capital |
13.26 |
% |
|
12.81 |
% |
|
13.65 |
% |
|
13.51 |
% |
|
13.21 |
% |
| Leverage
ratio |
8.89 |
% |
|
8.72 |
% |
|
9.06 |
% |
|
9.06 |
% |
|
9.12 |
% |
| Tangible
common equity ratio1 |
8.88 |
% |
|
8.61 |
% |
|
9.19 |
% |
|
9.33 |
% |
|
9.34 |
% |
| |
|
|
|
|
|
|
|
|
|
| Common
stock: |
|
|
|
|
|
|
|
|
|
| Book
value per share |
$ |
51.09 |
|
|
$ |
50.12 |
|
|
$ |
51.56 |
|
|
$ |
51.15 |
|
|
$ |
50.21 |
|
| Tangible
book value per share |
43.63 |
|
|
42.53 |
|
|
45.12 |
|
|
44.68 |
|
|
43.73 |
|
| Market
value per share: |
|
|
|
|
|
|
|
|
|
| High |
$ |
85.25 |
|
|
$ |
85.00 |
|
|
$ |
70.05 |
|
|
$ |
65.14 |
|
|
$ |
60.16 |
|
| Low |
$ |
73.44 |
|
|
$ |
67.11 |
|
|
$ |
56.36 |
|
|
$ |
51.00 |
|
|
$ |
43.74 |
|
| Cash
dividends paid |
$ |
28,646 |
|
|
$ |
28,860 |
|
|
$ |
28,181 |
|
|
$ |
28,241 |
|
|
$ |
28,294 |
|
| Dividend
payout ratio |
32.42 |
% |
|
57.69 |
% |
|
37.94 |
% |
|
42.92 |
% |
|
66.47 |
% |
| Shares
outstanding, net |
65,408,019 |
|
|
65,337,432 |
|
|
65,910,454 |
|
|
65,866,317 |
|
|
66,155,103 |
|
| Stock
buy-back program: |
|
|
|
|
|
|
|
|
|
| Shares
repurchased |
— |
|
|
700,000 |
|
|
— |
|
|
305,169 |
|
|
— |
|
|
Amount |
$ |
— |
|
|
$ |
49,021 |
|
|
$ |
— |
|
|
$ |
17,771 |
|
|
$ |
— |
|
|
Average price per share |
$ |
— |
|
|
$ |
70.03 |
|
|
$ |
— |
|
|
$ |
58.23 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
Performance ratios (quarter annualized): |
| Return on
average assets |
1.09 |
% |
|
0.60 |
% |
|
0.91 |
% |
|
0.83 |
% |
|
0.54 |
% |
| Return on
average equity |
10.86 |
% |
|
6.03 |
% |
|
8.80 |
% |
|
8.00 |
% |
|
5.21 |
% |
| Net
interest margin |
2.81 |
% |
|
2.69 |
% |
|
2.64 |
% |
|
2.63 |
% |
|
2.65 |
% |
|
Efficiency ratio |
65.77 |
% |
|
72.93 |
% |
|
68.88 |
% |
|
68.16 |
% |
|
68.84 |
% |
| |
|
|
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP measures: |
| 1 Tangible common
equity ratio: |
|
|
|
|
|
|
|
|
|
| Total
shareholders' equity |
$ |
3,341,744 |
|
|
$ |
3,274,854 |
|
|
$ |
3,398,311 |
|
|
$ |
3,368,833 |
|
|
$ |
3,321,555 |
|
|
Less: Goodwill and intangible assets, net |
488,294 |
|
|
495,830 |
|
|
424,716 |
|
|
426,111 |
|
|
428,733 |
|
|
Tangible common equity |
$ |
2,853,450 |
|
|
$ |
2,779,024 |
|
|
$ |
2,973,595 |
|
|
$ |
2,942,722 |
|
|
$ |
2,892,822 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total
assets |
$ |
32,628,932 |
|
|
$ |
32,772,281 |
|
|
$ |
32,779,231 |
|
|
$ |
31,970,450 |
|
|
$ |
31,413,945 |
|
|
Less: Goodwill and intangible assets, net |
488,294 |
|
|
495,830 |
|
|
424,716 |
|
|
426,111 |
|
|
428,733 |
|
|
Tangible assets |
$ |
32,140,638 |
|
|
$ |
32,276,451 |
|
|
$ |
32,354,515 |
|
|
$ |
31,544,339 |
|
|
$ |
30,985,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity ratio |
8.88 |
% |
|
8.61 |
% |
|
9.19 |
% |
|
9.33 |
% |
|
9.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
| Other
data: |
|
|
|
|
|
|
|
|
|
| Fiduciary
assets |
$ |
44,371,510 |
|
|
$ |
41,781,564 |
|
|
$ |
41,222,162 |
|
|
$ |
39,924,734 |
|
|
$ |
39,113,305 |
|
| Tax
equivalent interest |
$ |
4,428 |
|
|
$ |
4,389 |
|
|
$ |
4,455 |
|
|
$ |
4,372 |
|
|
$ |
4,385 |
|
| Net
unrealized gain (loss) on available for sale securities |
$ |
(5,537 |
) |
|
$ |
(14,899 |
) |
|
$ |
159,533 |
|
|
$ |
195,385 |
|
|
$ |
155,236 |
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage
banking: |
|
|
|
|
|
|
|
|
|
| Mortgage
production revenue |
$ |
8,543 |
|
|
$ |
11,937 |
|
|
$ |
21,958 |
|
|
$ |
19,086 |
|
|
$ |
16,647 |
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage
loans funded for sale |
$ |
711,019 |
|
|
$ |
1,189,975 |
|
|
$ |
1,864,583 |
|
|
$ |
1,818,844 |
|
|
$ |
1,244,015 |
|
| Add:
current period-end outstanding commitments |
381,732 |
|
|
318,359 |
|
|
630,804 |
|
|
965,631 |
|
|
902,986 |
|
|
Less: prior period end outstanding commitments |
318,359 |
|
|
630,804 |
|
|
965,631 |
|
|
902,986 |
|
|
601,147 |
|
|
Total mortgage production volume |
$ |
774,392 |
|
|
$ |
877,530 |
|
|
$ |
1,529,756 |
|
|
$ |
1,881,489 |
|
|
$ |
1,545,854 |
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage
loan refinances to mortgage loans funded for sale |
44 |
% |
|
63 |
% |
|
51 |
% |
|
44 |
% |
|
49 |
% |
| Gain on
sale margin |
1.10 |
% |
|
1.36 |
% |
|
1.44 |
% |
|
1.01 |
% |
|
1.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
| Mortgage
servicing revenue |
$ |
16,648 |
|
|
$ |
16,477 |
|
|
$ |
16,558 |
|
|
$ |
15,798 |
|
|
$ |
15,453 |
|
| Average
outstanding principal balance of mortgage loans service for
others |
22,006,295 |
|
|
21,924,552 |
|
|
21,514,962 |
|
|
20,736,525 |
|
|
19,986,444 |
|
| Average
mortgage servicing revenue rates |
0.31 |
% |
|
0.30 |
% |
|
0.31 |
% |
|
0.31 |
% |
|
0.31 |
% |
| |
|
|
|
|
|
|
|
|
|
|
Gain (loss) on mortgage servicing rights, net of economic
hedge: |
| Gain
(loss) on mortgage hedge derivative contracts, net |
$ |
(528 |
) |
|
$ |
(35,868 |
) |
|
$ |
2,268 |
|
|
$ |
10,766 |
|
|
$ |
7,138 |
|
|
Gain (loss) on fair value option securities, net |
(1,140 |
) |
|
(20,922 |
) |
|
(3,355 |
) |
|
4,279 |
|
|
9,443 |
|
| Gain
(loss) on economic hedge of mortgage servicing rights |
(1,668 |
) |
|
(56,790 |
) |
|
(1,087 |
) |
|
15,045 |
|
|
16,581 |
|
|
Gain (loss) on changes in fair value of mortgage servicing
rights |
1,856 |
|
|
39,751 |
|
|
2,327 |
|
|
(16,283 |
) |
|
(27,988 |
) |
| Gain
(loss) on changes in fair value of mortgage servicing rights, net
of economic hedges, included in other operating revenue |
188 |
|
|
(17,039 |
) |
|
1,240 |
|
|
(1,238 |
) |
|
(11,407 |
) |
|
Net interest revenue on fair value option securities2 |
1,271 |
|
|
114 |
|
|
861 |
|
|
1,348 |
|
|
2,033 |
|
|
Total economic benefit (cost) of changes in the fair value of
mortgage servicing rights, net of economic hedges |
$ |
1,459 |
|
|
$ |
(16,925 |
) |
|
$ |
2,101 |
|
|
$ |
110 |
|
|
$ |
(9,374 |
) |
2 Actual interest earned on fair value option
securities less internal transfer-priced cost of funds.
|
QUARTERLY EARNINGS TREND -- UNAUDITEDBOK
FINANCIAL CORPORATION(in thousands, except ratio and per
share data) |
| |
Three Months Ended |
| |
March 31, 2017 |
|
Dec. 31, 2016 |
|
Sept. 30, 2016 |
|
June 30, 2016 |
|
March 31, 2016 |
| |
|
|
|
|
|
|
|
|
|
| Interest revenue |
$ |
226,390 |
|
|
$ |
215,737 |
|
|
$ |
209,317 |
|
|
$ |
202,267 |
|
|
$ |
201,796 |
|
| Interest
expense |
25,208 |
|
|
21,539 |
|
|
21,471 |
|
|
19,655 |
|
|
19,224 |
|
| Net interest
revenue |
201,182 |
|
|
194,198 |
|
|
187,846 |
|
|
182,612 |
|
|
182,572 |
|
| Provision
for credit losses |
— |
|
|
— |
|
|
10,000 |
|
|
20,000 |
|
|
35,000 |
|
| Net interest
revenue after provision for credit losses |
201,182 |
|
|
194,198 |
|
|
177,846 |
|
|
162,612 |
|
|
147,572 |
|
| Other operating
revenue: |
|
|
|
|
|
|
|
|
|
| Brokerage
and trading revenue |
33,623 |
|
|
28,500 |
|
|
38,006 |
|
|
39,530 |
|
|
32,341 |
|
|
Transaction card revenue |
32,127 |
|
|
34,521 |
|
|
33,933 |
|
|
34,950 |
|
|
32,354 |
|
| Fiduciary
and asset management revenue |
38,631 |
|
|
34,535 |
|
|
34,073 |
|
|
34,813 |
|
|
32,056 |
|
| Deposit
service charges and fees |
23,030 |
|
|
23,365 |
|
|
23,668 |
|
|
22,618 |
|
|
22,542 |
|
| Mortgage
banking revenue |
25,191 |
|
|
28,414 |
|
|
38,516 |
|
|
34,884 |
|
|
32,100 |
|
|
Other revenue |
11,752 |
|
|
12,693 |
|
|
13,080 |
|
|
13,352 |
|
|
11,904 |
|
|
Total fees and commissions |
164,354 |
|
|
162,028 |
|
|
181,276 |
|
|
180,147 |
|
|
163,297 |
|
| Other
gains (losses), net |
3,627 |
|
|
(1,279 |
) |
|
2,442 |
|
|
1,307 |
|
|
1,560 |
|
| Gain
(loss) on derivatives, net |
(450 |
) |
|
(35,815 |
) |
|
2,226 |
|
|
10,766 |
|
|
7,138 |
|
| Gain
(loss) on fair value option securities, net |
(1,140 |
) |
|
(20,922 |
) |
|
(3,355 |
) |
|
4,279 |
|
|
9,443 |
|
| Change in
fair value of mortgage servicing rights |
1,856 |
|
|
39,751 |
|
|
2,327 |
|
|
(16,283 |
) |
|
(27,988 |
) |
|
Gain (loss) on available for sale securities, net |
2,049 |
|
|
(9 |
) |
|
2,394 |
|
|
5,326 |
|
|
3,964 |
|
| Total other
operating revenue |
170,296 |
|
|
143,754 |
|
|
187,310 |
|
|
185,542 |
|
|
157,414 |
|
| Other operating
expense: |
|
|
|
|
|
|
|
|
|
|
Personnel |
136,425 |
|
|
141,132 |
|
|
139,212 |
|
|
139,213 |
|
|
133,562 |
|
| Business
promotion |
6,717 |
|
|
7,344 |
|
|
6,839 |
|
|
6,703 |
|
|
5,696 |
|
|
Charitable contributions to BOKF Foundation |
— |
|
|
2,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
Professional fees and services |
12,379 |
|
|
16,828 |
|
|
14,038 |
|
|
14,158 |
|
|
11,759 |
|
| Net
occupancy and equipment |
21,624 |
|
|
21,470 |
|
|
20,111 |
|
|
19,677 |
|
|
18,766 |
|
|
Insurance |
6,404 |
|
|
8,705 |
|
|
9,390 |
|
|
7,129 |
|
|
7,265 |
|
| Data
processing and communications |
33,940 |
|
|
33,691 |
|
|
33,331 |
|
|
32,802 |
|
|
32,017 |
|
| Printing,
postage and supplies |
3,851 |
|
|
3,998 |
|
|
3,790 |
|
|
3,889 |
|
|
3,907 |
|
| Net
losses (gains) and operating expenses of repossessed assets |
1,009 |
|
|
1,627 |
|
|
(926 |
) |
|
1,588 |
|
|
1,070 |
|
|
Amortization of intangible assets |
1,802 |
|
|
1,558 |
|
|
1,521 |
|
|
2,624 |
|
|
1,159 |
|
| Mortgage
banking costs |
13,003 |
|
|
17,348 |
|
|
15,963 |
|
|
15,746 |
|
|
12,330 |
|
|
Other expense |
7,557 |
|
|
9,846 |
|
|
14,819 |
|
|
7,856 |
|
|
15,039 |
|
| Total other
operating expense |
244,711 |
|
|
265,547 |
|
|
258,088 |
|
|
251,385 |
|
|
242,570 |
|
| Net income
before taxes |
126,767 |
|
|
72,405 |
|
|
107,068 |
|
|
96,769 |
|
|
62,416 |
|
| Federal
and state income taxes |
38,103 |
|
|
22,496 |
|
|
31,956 |
|
|
30,497 |
|
|
21,428 |
|
| Net
income |
88,664 |
|
|
49,909 |
|
|
75,112 |
|
|
66,272 |
|
|
40,988 |
|
| Net
income (loss) attributable to non-controlling interests |
308 |
|
|
(117 |
) |
|
835 |
|
|
471 |
|
|
(1,576 |
) |
|
Net income attributable to BOK Financial Corporation
shareholders |
$ |
88,356 |
|
|
$ |
50,026 |
|
|
$ |
74,277 |
|
|
$ |
65,801 |
|
|
$ |
42,564 |
|
| |
|
|
|
|
|
|
|
|
|
| Average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic |
64,639,437 |
|
|
64,719,018 |
|
|
65,085,392 |
|
|
65,245,887 |
|
|
65,296,541 |
|
|
Diluted |
64,707,210 |
|
|
64,787,728 |
|
|
65,157,841 |
|
|
65,302,926 |
|
|
65,331,428 |
|
| Net income per
share: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.35 |
|
|
$ |
0.76 |
|
|
$ |
1.13 |
|
|
$ |
1.00 |
|
|
$ |
0.64 |
|
|
Diluted |
$ |
1.35 |
|
|
$ |
0.76 |
|
|
$ |
1.13 |
|
|
$ |
1.00 |
|
|
$ |
0.64 |
|
|
LOANS TREND -- UNAUDITEDBOK FINANCIAL
CORPORATION(In thousands) |
| |
|
March 31, 2017 |
|
Dec. 31, 2016 |
|
Sept. 30, 2016 |
|
June 30, 2016 |
|
March 31, 2016 |
| Commercial: |
|
|
|
|
|
|
|
|
|
|
|
Energy |
|
$ |
2,537,112 |
|
|
$ |
2,497,868 |
|
|
$ |
2,520,804 |
|
|
$ |
2,818,656 |
|
|
$ |
3,029,420 |
|
|
Services |
|
3,013,375 |
|
|
3,108,990 |
|
|
2,936,599 |
|
|
2,830,864 |
|
|
2,728,891 |
|
|
Healthcare |
|
2,265,604 |
|
|
2,201,916 |
|
|
2,085,046 |
|
|
2,051,146 |
|
|
1,995,425 |
|
|
Wholesale/retail |
|
1,506,243 |
|
|
1,576,818 |
|
|
1,602,030 |
|
|
1,532,957 |
|
|
1,451,846 |
|
|
Manufacturing |
|
543,430 |
|
|
514,975 |
|
|
499,486 |
|
|
595,403 |
|
|
600,645 |
|
| Other
commercial and industrial |
|
461,346 |
|
|
490,257 |
|
|
476,198 |
|
|
527,411 |
|
|
482,198 |
|
|
Total commercial |
|
10,327,110 |
|
|
10,390,824 |
|
|
10,120,163 |
|
|
10,356,437 |
|
|
10,288,425 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Commercial real
estate: |
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
745,046 |
|
|
761,888 |
|
|
801,377 |
|
|
795,419 |
|
|
810,522 |
|
|
Multifamily |
|
922,991 |
|
|
903,272 |
|
|
873,773 |
|
|
787,200 |
|
|
733,689 |
|
|
Office |
|
860,889 |
|
|
798,888 |
|
|
752,705 |
|
|
769,112 |
|
|
695,552 |
|
|
Industrial |
|
871,463 |
|
|
871,749 |
|
|
838,021 |
|
|
645,586 |
|
|
564,467 |
|
|
Residential construction and land development |
|
135,994 |
|
|
135,533 |
|
|
159,946 |
|
|
157,576 |
|
|
171,949 |
|
| Other
commercial real estate |
|
334,680 |
|
|
337,716 |
|
|
367,776 |
|
|
427,073 |
|
|
394,328 |
|
|
Total commercial real estate |
|
3,871,063 |
|
|
3,809,046 |
|
|
3,793,598 |
|
|
3,581,966 |
|
|
3,370,507 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Residential
mortgage: |
|
|
|
|
|
|
|
|
|
|
| Permanent
mortgage |
|
977,743 |
|
|
1,006,820 |
|
|
969,558 |
|
|
969,007 |
|
|
948,405 |
|
| Permanent
mortgages guaranteed by U.S. government agencies |
|
204,181 |
|
|
199,387 |
|
|
190,309 |
|
|
192,732 |
|
|
197,350 |
|
| Home
equity |
|
764,350 |
|
|
743,625 |
|
|
712,926 |
|
|
719,184 |
|
|
723,554 |
|
|
Total residential mortgage |
|
1,946,274 |
|
|
1,949,832 |
|
|
1,872,793 |
|
|
1,880,923 |
|
|
1,869,309 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Personal |
|
847,459 |
|
|
839,958 |
|
|
678,232 |
|
|
587,423 |
|
|
494,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
16,991,906 |
|
|
$ |
16,989,660 |
|
|
$ |
16,464,786 |
|
|
$ |
16,406,749 |
|
|
$ |
16,022,566 |
|
|
LOANS BY PRINCIPAL MARKET AREA --
UNAUDITEDBOK FINANCIAL CORPORATION(in
thousands) |
| |
March 31, 2017 |
|
Dec. 31, 2016 |
|
Sept. 30, 2016 |
|
June 30, 2016 |
|
March 31, 2016 |
| |
|
|
|
|
|
|
|
|
|
| Bank of Oklahoma: |
|
|
|
|
|
|
|
|
|
|
Commercial |
$ |
3,189,183 |
|
|
$ |
3,370,259 |
|
|
$ |
3,545,924 |
|
|
$ |
3,698,215 |
|
|
$ |
3,656,034 |
|
|
Commercial real estate |
691,332 |
|
|
684,381 |
|
|
795,806 |
|
|
781,458 |
|
|
747,689 |
|
|
Residential mortgage |
1,404,054 |
|
|
1,407,197 |
|
|
1,401,166 |
|
|
1,415,766 |
|
|
1,411,409 |
|
|
Personal |
310,708 |
|
|
303,823 |
|
|
271,420 |
|
|
246,229 |
|
|
204,158 |
|
|
Total Bank of Oklahoma |
5,595,277 |
|
|
5,765,660 |
|
|
6,014,316 |
|
|
6,141,668 |
|
|
6,019,290 |
|
| |
|
|
|
|
|
|
|
|
|
| Bank of Texas: |
|
|
|
|
|
|
|
|
|
|
Commercial |
4,148,316 |
|
|
4,022,455 |
|
|
3,903,218 |
|
|
3,901,632 |
|
|
3,936,809 |
|
|
Commercial real estate |
1,452,988 |
|
|
1,415,011 |
|
|
1,400,709 |
|
|
1,311,408 |
|
|
1,211,978 |
|
|
Residential mortgage |
231,647 |
|
|
233,981 |
|
|
229,345 |
|
|
222,548 |
|
|
217,539 |
|
|
Personal |
312,092 |
|
|
306,748 |
|
|
278,167 |
|
|
233,304 |
|
|
210,456 |
|
|
Total Bank of Texas |
6,145,043 |
|
|
5,978,195 |
|
|
5,811,439 |
|
|
5,668,892 |
|
|
5,576,782 |
|
| |
|
|
|
|
|
|
|
|
|
| Bank of
Albuquerque: |
|
|
|
|
|
|
|
|
|
|
Commercial |
407,403 |
|
|
399,256 |
|
|
398,147 |
|
|
398,427 |
|
|
402,082 |
|
|
Commercial real estate |
307,927 |
|
|
284,603 |
|
|
299,785 |
|
|
322,956 |
|
|
323,059 |
|
|
Residential mortgage |
106,432 |
|
|
108,058 |
|
|
110,478 |
|
|
114,226 |
|
|
117,655 |
|
|
Personal |
11,305 |
|
|
11,483 |
|
|
11,333 |
|
|
10,569 |
|
|
10,823 |
|
|
Total Bank of Albuquerque |
833,067 |
|
|
803,400 |
|
|
819,743 |
|
|
846,178 |
|
|
853,619 |
|
| |
|
|
|
|
|
|
|
|
|
| Bank of Arkansas: |
|
|
|
|
|
|
|
|
|
|
Commercial |
88,010 |
|
|
86,577 |
|
|
83,544 |
|
|
81,227 |
|
|
79,808 |
|
|
Commercial real estate |
74,469 |
|
|
73,616 |
|
|
72,649 |
|
|
69,235 |
|
|
66,674 |
|
|
Residential mortgage |
6,829 |
|
|
7,015 |
|
|
6,936 |
|
|
6,874 |
|
|
7,212 |
|
|
Personal |
6,279 |
|
|
6,524 |
|
|
6,757 |
|
|
7,025 |
|
|
918 |
|
|
Total Bank of Arkansas |
175,587 |
|
|
173,732 |
|
|
169,886 |
|
|
164,361 |
|
|
154,612 |
|
| |
|
|
|
|
|
|
|
|
|
| Colorado State Bank
& Trust: |
|
|
|
|
|
|
|
|
|
|
Commercial |
998,216 |
|
|
1,018,208 |
|
|
1,013,314 |
|
|
1,076,620 |
|
|
1,030,348 |
|
|
Commercial real estate |
266,218 |
|
|
265,264 |
|
|
254,078 |
|
|
237,569 |
|
|
219,078 |
|
|
Residential mortgage |
62,313 |
|
|
59,631 |
|
|
59,838 |
|
|
59,425 |
|
|
52,961 |
|
|
Personal |
49,523 |
|
|
50,372 |
|
|
42,901 |
|
|
35,064 |
|
|
24,497 |
|
|
Total Colorado State Bank & Trust |
1,376,270 |
|
|
1,393,475 |
|
|
1,370,131 |
|
|
1,408,678 |
|
|
1,326,884 |
|
| |
|
|
|
|
|
|
|
|
|
| Bank of Arizona: |
|
|
|
|
|
|
|
|
|
|
Commercial |
643,222 |
|
|
686,253 |
|
|
680,447 |
|
|
670,814 |
|
|
656,527 |
|
|
Commercial real estate |
737,088 |
|
|
747,409 |
|
|
726,542 |
|
|
639,112 |
|
|
605,383 |
|
|
Residential mortgage |
36,737 |
|
|
36,265 |
|
|
39,206 |
|
|
38,998 |
|
|
40,338 |
|
|
Personal |
51,386 |
|
|
52,553 |
|
|
31,205 |
|
|
24,248 |
|
|
18,372 |
|
|
Total Bank of Arizona |
1,468,433 |
|
|
1,522,480 |
|
|
1,477,400 |
|
|
1,373,172 |
|
|
1,320,620 |
|
| |
|
|
|
|
|
|
|
|
|
| Mobank: |
|
|
|
|
|
|
|
|
|
|
Commercial |
852,760 |
|
|
807,816 |
|
|
495,569 |
|
|
529,502 |
|
|
526,817 |
|
|
Commercial real estate |
341,041 |
|
|
338,762 |
|
|
244,029 |
|
|
220,228 |
|
|
196,646 |
|
|
Residential mortgage |
98,262 |
|
|
97,685 |
|
|
25,824 |
|
|
23,086 |
|
|
22,195 |
|
|
Personal |
106,166 |
|
|
108,455 |
|
|
36,449 |
|
|
30,984 |
|
|
25,101 |
|
|
Total Mobank |
1,398,229 |
|
|
1,352,718 |
|
|
801,871 |
|
|
803,800 |
|
|
770,759 |
|
| |
|
|
|
|
|
|
|
|
|
|
TOTAL BOK FINANCIAL |
$ |
16,991,906 |
|
|
$ |
16,989,660 |
|
|
$ |
16,464,786 |
|
|
$ |
16,406,749 |
|
|
$ |
16,022,566 |
|
Loans attributed to a geographical region may not always
represent the location of the borrower or the collateral.
|
DEPOSITS BY PRINCIPAL MARKET AREA --
UNAUDITEDBOK FINANCIAL CORPORATION(in
thousands) |
| |
March 31, 2017 |
|
Dec. 31, 2016 |
|
Sept. 30, 2016 |
|
June 30, 2016 |
|
March 31, 2016 |
| Bank of Oklahoma: |
|
|
|
|
|
|
|
|
|
| Demand |
$ |
4,320,666 |
|
|
$ |
3,993,170 |
|
|
$ |
4,158,273 |
|
|
$ |
4,020,181 |
|
|
$ |
3,813,128 |
|
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
|
Transaction |
6,114,288 |
|
|
6,345,536 |
|
|
5,701,983 |
|
|
5,741,302 |
|
|
5,706,067 |
|
|
Savings |
265,014 |
|
|
241,696 |
|
|
242,959 |
|
|
247,984 |
|
|
246,122 |
|
|
Time |
1,189,144 |
|
|
1,118,355 |
|
|
1,091,464 |
|
|
1,167,271 |
|
|
1,198,022 |
|
|
Total interest-bearing |
7,568,446 |
|
|
7,705,587 |
|
|
7,036,406 |
|
|
7,156,557 |
|
|
7,150,211 |
|
| Total
Bank of Oklahoma |
11,889,112 |
|
|
11,698,757 |
|
|
11,194,679 |
|
|
11,176,738 |
|
|
10,963,339 |
|
| |
|
|
|
|
|
|
|
|
|
| Bank of Texas: |
|
|
|
|
|
|
|
|
|
| Demand |
3,091,258 |
|
|
3,137,009 |
|
|
2,734,981 |
|
|
2,677,253 |
|
|
2,571,883 |
|
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
|
Transaction |
2,317,576 |
|
|
2,388,812 |
|
|
2,240,040 |
|
|
2,035,634 |
|
|
2,106,905 |
|
|
Savings |
89,640 |
|
|
83,101 |
|
|
84,642 |
|
|
83,862 |
|
|
83,263 |
|
|
Time |
511,037 |
|
|
535,642 |
|
|
528,380 |
|
|
516,231 |
|
|
530,657 |
|
|
Total interest-bearing |
2,918,253 |
|
|
3,007,555 |
|
|
2,853,062 |
|
|
2,635,727 |
|
|
2,720,825 |
|
| Total
Bank of Texas |
6,009,511 |
|
|
6,144,564 |
|
|
5,588,043 |
|
|
5,312,980 |
|
|
5,292,708 |
|
| |
|
|
|
|
|
|
|
|
|
| Bank of
Albuquerque: |
|
|
|
|
|
|
|
|
|
| Demand |
593,117 |
|
|
627,979 |
|
|
584,681 |
|
|
530,853 |
|
|
557,200 |
|
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
|
Transaction |
623,677 |
|
|
590,571 |
|
|
555,326 |
|
|
573,690 |
|
|
560,684 |
|
|
Savings |
53,683 |
|
|
49,963 |
|
|
54,480 |
|
|
49,200 |
|
|
47,187 |
|
|
Time |
233,506 |
|
|
238,408 |
|
|
244,706 |
|
|
250,068 |
|
|
259,630 |
|
|
Total interest-bearing |
910,866 |
|
|
878,942 |
|
|
854,512 |
|
|
872,958 |
|
|
867,501 |
|
| Total
Bank of Albuquerque |
1,503,983 |
|
|
1,506,921 |
|
|
1,439,193 |
|
|
1,403,811 |
|
|
1,424,701 |
|
| |
|
|
|
|
|
|
|
|
|
| Bank of Arkansas: |
|
|
|
|
|
|
|
|
|
| Demand |
42,622 |
|
|
26,389 |
|
|
32,203 |
|
|
30,607 |
|
|
31,318 |
|
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
|
Transaction |
106,804 |
|
|
105,232 |
|
|
313,480 |
|
|
278,335 |
|
|
265,803 |
|
|
Savings |
2,304 |
|
|
2,192 |
|
|
2,051 |
|
|
1,853 |
|
|
1,929 |
|
|
Time |
15,067 |
|
|
16,696 |
|
|
17,534 |
|
|
18,911 |
|
|
21,035 |
|
|
Total interest-bearing |
124,175 |
|
|
124,120 |
|
|
333,065 |
|
|
299,099 |
|
|
288,767 |
|
| Total
Bank of Arkansas |
166,797 |
|
|
150,509 |
|
|
365,268 |
|
|
329,706 |
|
|
320,085 |
|
| |
|
|
|
|
|
|
|
|
|
| Colorado State Bank
& Trust: |
|
|
|
|
|
|
|
|
|
| Demand |
601,778 |
|
|
576,000 |
|
|
517,063 |
|
|
528,124 |
|
|
413,506 |
|
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
|
Transaction |
610,510 |
|
|
616,679 |
|
|
623,055 |
|
|
625,240 |
|
|
610,077 |
|
|
Savings |
37,801 |
|
|
32,866 |
|
|
31,613 |
|
|
31,509 |
|
|
33,108 |
|
|
Time |
234,740 |
|
|
242,782 |
|
|
247,667 |
|
|
254,164 |
|
|
271,475 |
|
|
Total interest-bearing |
883,051 |
|
|
892,327 |
|
|
902,335 |
|
|
910,913 |
|
|
914,660 |
|
| Total Colorado State
Bank & Trust |
1,484,829 |
|
|
1,468,327 |
|
|
1,419,398 |
|
|
1,439,037 |
|
|
1,328,166 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Bank of Arizona: |
|
|
|
|
|
|
|
|
|
| Demand |
342,854 |
|
|
366,755 |
|
|
418,718 |
|
|
396,837 |
|
|
341,828 |
|
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
|
Transaction |
180,254 |
|
|
305,099 |
|
|
303,750 |
|
|
302,297 |
|
|
313,825 |
|
|
Savings |
3,858 |
|
|
2,973 |
|
|
2,959 |
|
|
3,198 |
|
|
3,277 |
|
|
Time |
26,112 |
|
|
27,765 |
|
|
27,935 |
|
|
28,681 |
|
|
29,053 |
|
|
Total interest-bearing |
210,224 |
|
|
335,837 |
|
|
334,644 |
|
|
334,176 |
|
|
346,155 |
|
| Total
Bank of Arizona |
553,078 |
|
|
702,592 |
|
|
753,362 |
|
|
731,013 |
|
|
687,983 |
|
| |
|
|
|
|
|
|
|
|
|
| Mobank: |
|
|
|
|
|
|
|
|
|
| Demand |
514,278 |
|
|
508,418 |
|
|
235,445 |
|
|
240,755 |
|
|
221,812 |
|
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
|
Transaction |
406,105 |
|
|
513,176 |
|
|
86,526 |
|
|
112,371 |
|
|
146,405 |
|
|
Savings |
13,424 |
|
|
12,679 |
|
|
1,645 |
|
|
1,656 |
|
|
1,619 |
|
|
Time |
34,242 |
|
|
42,152 |
|
|
11,945 |
|
|
11,735 |
|
|
31,502 |
|
|
Total interest-bearing |
453,771 |
|
|
568,007 |
|
|
100,116 |
|
|
125,762 |
|
|
179,526 |
|
| Total
Mobank |
968,049 |
|
|
1,076,425 |
|
|
335,561 |
|
|
366,517 |
|
|
401,338 |
|
| |
|
|
|
|
|
|
|
|
|
| TOTAL
BOK FINANCIAL |
$ |
22,575,359 |
|
|
$ |
22,748,095 |
|
|
$ |
21,095,504 |
|
|
$ |
20,759,802 |
|
|
$ |
20,418,320 |
|
|
NET INTEREST MARGIN TREND -- UNAUDITEDBOK
FINANCIAL CORPORATION |
| |
Three Months Ended |
| |
March 31, 2017 |
|
Dec. 31, 2016 |
|
Sept. 30, 2016 |
|
June 30, 2016 |
|
March 31, 2016 |
| |
|
|
|
|
|
|
|
|
|
| TAX-EQUIVALENT ASSETS
YIELDS |
|
|
|
|
|
|
|
|
|
| Interest-bearing cash
and cash equivalents |
0.82 |
% |
|
0.55 |
% |
|
0.51 |
% |
|
0.51 |
% |
|
0.53 |
% |
| Trading securities |
3.87 |
% |
|
3.91 |
% |
|
2.71 |
% |
|
1.89 |
% |
|
2.47 |
% |
| Investment
securities: |
|
|
|
|
|
|
|
|
|
| Taxable |
5.44 |
% |
|
5.39 |
% |
|
5.34 |
% |
|
5.41 |
% |
|
5.53 |
% |
|
Tax-exempt |
2.45 |
% |
|
2.33 |
% |
|
2.26 |
% |
|
2.25 |
% |
|
2.22 |
% |
| Total
investment securities |
3.70 |
% |
|
3.60 |
% |
|
3.51 |
% |
|
3.52 |
% |
|
3.51 |
% |
| Available for sale
securities: |
|
|
|
|
|
|
|
|
|
| Taxable |
2.02 |
% |
|
1.98 |
% |
|
1.99 |
% |
|
2.01 |
% |
|
2.06 |
% |
|
Tax-exempt |
5.37 |
% |
|
5.27 |
% |
|
5.47 |
% |
|
5.06 |
% |
|
4.95 |
% |
| Total
available for sale securities |
2.05 |
% |
|
2.00 |
% |
|
2.01 |
% |
|
2.04 |
% |
|
2.08 |
% |
| Fair value option
securities |
2.27 |
% |
|
0.99 |
% |
|
1.70 |
% |
|
2.19 |
% |
|
2.38 |
% |
| Restricted equity
securities |
5.52 |
% |
|
5.45 |
% |
|
5.37 |
% |
|
4.84 |
% |
|
5.85 |
% |
| Residential mortgage
loans held for sale |
3.35 |
% |
|
3.31 |
% |
|
3.28 |
% |
|
3.53 |
% |
|
3.75 |
% |
| Loans |
3.88 |
% |
|
3.67 |
% |
|
3.63 |
% |
|
3.58 |
% |
|
3.57 |
% |
| Allowance
for loan losses |
|
|
|
|
|
|
|
|
|
| Loans, net of
allowance |
3.94 |
% |
|
3.72 |
% |
|
3.69 |
% |
|
3.63 |
% |
|
3.63 |
% |
| Total
tax-equivalent yield on earning assets |
3.15 |
% |
|
2.98 |
% |
|
2.93 |
% |
|
2.91 |
% |
|
2.92 |
% |
| |
|
|
|
|
|
|
|
|
|
| COST OF
INTEREST-BEARING LIABILITIES |
|
|
|
|
|
|
|
|
| Interest-bearing
deposits: |
|
|
|
|
|
|
|
|
|
| Interest-bearing
transaction |
0.20 |
% |
|
0.16 |
% |
|
0.14 |
% |
|
0.14 |
% |
|
0.14 |
% |
| Savings |
0.08 |
% |
|
0.09 |
% |
|
0.09 |
% |
|
0.10 |
% |
|
0.09 |
% |
|
Time |
1.09 |
% |
|
1.12 |
% |
|
1.14 |
% |
|
1.16 |
% |
|
1.21 |
% |
| Total interest-bearing
deposits |
0.35 |
% |
|
0.32 |
% |
|
0.32 |
% |
|
0.33 |
% |
|
0.34 |
% |
| Funds purchased |
0.47 |
% |
|
0.28 |
% |
|
0.19 |
% |
|
0.19 |
% |
|
0.27 |
% |
| Repurchase
agreements |
0.02 |
% |
|
0.02 |
% |
|
0.04 |
% |
|
0.05 |
% |
|
0.05 |
% |
| Other borrowings |
0.83 |
% |
|
0.61 |
% |
|
0.57 |
% |
|
0.57 |
% |
|
0.56 |
% |
|
Subordinated debt |
5.68 |
% |
|
5.51 |
% |
|
3.84 |
% |
|
1.52 |
% |
|
1.26 |
% |
|
Total cost of interest-bearing liabilities |
0.52 |
% |
|
0.44 |
% |
|
0.44 |
% |
|
0.41 |
% |
|
0.40 |
% |
| Tax-equivalent net
interest revenue spread |
2.63 |
% |
|
2.54 |
% |
|
2.49 |
% |
|
2.50 |
% |
|
2.52 |
% |
| Effect of
noninterest-bearing funding sources and other |
0.18 |
% |
|
0.15 |
% |
|
0.15 |
% |
|
0.13 |
% |
|
0.13 |
% |
|
Tax-equivalent net interest margin |
2.81 |
% |
|
2.69 |
% |
|
2.64 |
% |
|
2.63 |
% |
|
2.65 |
% |
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 -- UNAUDITEDBOK
FINANCIAL CORPORATION(in thousands, except ratios) |
| |
Three Months Ended |
| |
March 31, 2017 |
|
Dec. 31, 2016 |
|
Sept. 30, 2016 |
|
June 30, 2016 |
|
March 31, 2016 |
| Nonperforming
assets: |
|
|
|
|
|
|
|
|
|
|
Nonaccruing loans: |
|
|
|
|
|
|
|
|
|
|
Commercial |
$ |
156,825 |
|
|
$ |
178,953 |
|
|
$ |
176,464 |
|
|
$ |
181,989 |
|
|
$ |
174,652 |
|
|
Commercial real estate |
4,475 |
|
|
5,521 |
|
|
7,350 |
|
|
7,780 |
|
|
9,270 |
|
|
Residential mortgage |
46,081 |
|
|
46,220 |
|
|
52,452 |
|
|
57,061 |
|
|
57,577 |
|
|
Personal |
235 |
|
|
290 |
|
|
686 |
|
|
354 |
|
|
331 |
|
| Total
nonaccruing loans |
207,616 |
|
|
230,984 |
|
|
236,952 |
|
|
247,184 |
|
|
241,830 |
|
| Accruing
renegotiated loans guaranteed by U.S. government agencies |
83,577 |
|
|
81,370 |
|
|
80,306 |
|
|
78,806 |
|
|
77,597 |
|
|
Real estate and other repossessed assets |
42,726 |
|
|
44,287 |
|
|
31,941 |
|
|
24,054 |
|
|
29,896 |
|
| Total
nonperforming assets |
$ |
333,919 |
|
|
$ |
356,641 |
|
|
$ |
349,199 |
|
|
$ |
350,044 |
|
|
$ |
349,323 |
|
| Total
nonperforming assets excluding those guaranteed by U.S. government
agencies |
$ |
240,234 |
|
|
$ |
263,425 |
|
|
$ |
253,461 |
|
|
$ |
251,497 |
|
|
$ |
252,176 |
|
| |
|
|
|
|
|
|
|
|
|
| Nonaccruing loans by
loan class: |
|
|
|
|
|
|
|
|
|
|
Commercial: |
|
|
|
|
|
|
|
|
|
|
Energy |
$ |
110,425 |
|
|
$ |
132,499 |
|
|
$ |
142,966 |
|
|
$ |
168,145 |
|
|
$ |
159,553 |
|
|
Services |
7,713 |
|
|
8,173 |
|
|
8,477 |
|
|
9,388 |
|
|
9,512 |
|
| Wholesale
/ retail |
11,090 |
|
|
11,407 |
|
|
2,453 |
|
|
2,772 |
|
|
3,685 |
|
|
Manufacturing |
5,907 |
|
|
4,931 |
|
|
274 |
|
|
293 |
|
|
312 |
|
|
Healthcare |
909 |
|
|
825 |
|
|
855 |
|
|
875 |
|
|
1,023 |
|
|
Other commercial and industrial |
20,781 |
|
|
21,118 |
|
|
21,439 |
|
|
516 |
|
|
567 |
|
|
Total commercial |
156,825 |
|
|
178,953 |
|
|
176,464 |
|
|
181,989 |
|
|
174,652 |
|
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
Residential construction and land development |
2,616 |
|
|
3,433 |
|
|
3,739 |
|
|
4,261 |
|
|
4,789 |
|
|
Retail |
314 |
|
|
326 |
|
|
1,249 |
|
|
1,265 |
|
|
1,302 |
|
|
Office |
413 |
|
|
426 |
|
|
882 |
|
|
606 |
|
|
629 |
|
|
Multifamily |
24 |
|
|
38 |
|
|
51 |
|
|
65 |
|
|
250 |
|
|
Industrial |
76 |
|
|
76 |
|
|
76 |
|
|
76 |
|
|
76 |
|
|
Other commercial real estate |
1,032 |
|
|
1,222 |
|
|
1,353 |
|
|
1,507 |
|
|
2,224 |
|
|
Total commercial real estate |
4,475 |
|
|
5,521 |
|
|
7,350 |
|
|
7,780 |
|
|
9,270 |
|
|
Residential mortgage: |
|
|
|
|
|
|
|
|
|
| Permanent
mortgage |
24,188 |
|
|
22,855 |
|
|
25,956 |
|
|
27,228 |
|
|
27,497 |
|
| Permanent
mortgage guaranteed by U.S. government agencies |
10,108 |
|
|
11,846 |
|
|
15,432 |
|
|
19,741 |
|
|
19,550 |
|
|
Home equity |
11,785 |
|
|
11,519 |
|
|
11,064 |
|
|
10,092 |
|
|
10,530 |
|
|
Total residential mortgage |
46,081 |
|
|
46,220 |
|
|
52,452 |
|
|
57,061 |
|
|
57,577 |
|
|
Personal |
235 |
|
|
290 |
|
|
686 |
|
|
354 |
|
|
331 |
|
| Total
nonaccruing loans |
$ |
207,616 |
|
|
$ |
230,984 |
|
|
$ |
236,952 |
|
|
$ |
247,184 |
|
|
$ |
241,830 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Performing loans 90
days past due1 |
$ |
95 |
|
|
$ |
5 |
|
|
$ |
3,839 |
|
|
$ |
2,899 |
|
|
$ |
8,019 |
|
| |
|
|
|
|
|
|
|
|
|
| Gross charge-offs |
$ |
(2,153 |
) |
|
$ |
(1,651 |
) |
|
$ |
(8,101 |
) |
|
$ |
(8,845 |
) |
|
$ |
(23,991 |
) |
| Recoveries |
2,900 |
|
|
2,813 |
|
|
2,038 |
|
|
1,386 |
|
|
1,519 |
|
|
Net recoveries (charge-offs) |
$ |
747 |
|
|
$ |
1,162 |
|
|
$ |
(6,063 |
) |
|
$ |
(7,459 |
) |
|
$ |
(22,472 |
) |
| |
|
|
|
|
|
|
|
|
|
| Provision for credit
losses |
$ |
— |
|
|
$ |
— |
|
|
$ |
10,000 |
|
|
$ |
20,000 |
|
|
$ |
35,000 |
|
| |
|
|
|
|
|
|
|
|
|
| Allowance for loan
losses to period end loans |
1.46 |
% |
|
1.45 |
% |
|
1.49 |
% |
|
1.48 |
% |
|
1.46 |
% |
| Combined allowance for
credit losses to period end loans |
1.52 |
% |
|
1.52 |
% |
|
1.56 |
% |
|
1.54 |
% |
|
1.50 |
% |
| Nonperforming assets to
period end loans and repossessed assets |
1.96 |
% |
|
2.09 |
% |
|
2.12 |
% |
|
2.13 |
% |
|
2.18 |
% |
| Net charge-offs
(annualized) to average loans |
(0.02 |
)% |
|
(0.03 |
)% |
|
0.15 |
% |
|
0.18 |
% |
|
0.56 |
% |
| Allowance for loan
losses to nonaccruing loans1 |
125.92 |
% |
|
112.33 |
% |
|
110.65 |
% |
|
106.95 |
% |
|
104.89 |
% |
| Combined allowance for
credit losses to nonaccruing loans1 |
130.70 |
% |
|
117.46 |
% |
|
115.67 |
% |
|
110.93 |
% |
|
107.87 |
% |
1 Excludes residential mortgage loans guaranteed by
agencies of the U.S. government.
For Further Information Contact:
Joseph Crivelli
Investor Relations
(918) 595-3027
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