BOK Financial (NASDAQ: BOKF) today reported net earnings applicable
to common shareholders for the fourth quarter of 2019 of $110
million, or $1.56 per diluted common share.
“The fourth quarter concluded our second-consecutive year of
record earnings for the organization,” said Steven G. Bradshaw,
president and chief executive officer. “Achieving our business
integration and financial goals for CoBiz early in 2019 set the
tone for a monumental year, and helped drive momentum in two of our
high-growth markets. The balance between our banking and fee
service businesses was evident all year, allowing us to continue
our strong earnings growth even with industry headwinds
intensifying. This is a testament to how BOK Financial has been
carefully constructed over many years with the distinct ability to
outperform in challenging conditions.” Bradshaw continued, “While
the economic and political environment in 2020 will bring its own
set of challenges, our focus remains on the long-term. We fully
expect that our approach to creating and sustaining earnings and
growing shareholder value will continue to serve us well in
2020.”
2019 Financial Highlights |
- Net income for the year ended December 31, 2019 totaled $500.8
million or $7.03 per diluted share compared to $445.6 million or
$6.63 per diluted share for the year ended December 31, 2018.
- Net interest revenue totaled $1.1 billion, an increase of
$128.0 million. CoBiz added $158.5 million to net interest revenue,
including $37.8 million of net purchase accounting discount
accretion for 2019. CoBiz added $43.1 million to net interest
revenue for 2018. Net interest margin was 3.11 percent for 2019
compared to 3.20 percent for 2018.
- Fees and commissions revenue increased $59.0 million to $702.2
million in 2019. Strong growth in brokerage and trading revenue and
mortgage banking revenue, which were both positively affected by
lower mortgage interest rates in 2019, contributed to the majority
of the increase.
- Operating expense totaled $1.1 billion in 2019, an increase of
$104.2 million. We incurred $17.2 million of closing and
integration costs in 2019 compared to $16.6 million in 2018.
Expenses related to CoBiz operations were $84.0 million in 2019 and
$29.7 million in 2018. Excluding these costs, operating expense
increased $49.3 million or 5 percent, primarily related to growth
in personnel expense.
- Period-end loans were up $94 million to $21.8 billion at
December 31, 2019 and period-end deposits grew $2.4 billion to
$27.6 billion.
Fourth Quarter 2019 Financial Highlights |
- Net income was $110.4 million or $1.56 per diluted share for
the fourth quarter of 2019 and $142.2 million or $2.00 per diluted
share for the third quarter of 2019.
- Net interest revenue totaled $270.2 million, a decrease of $8.8
million. Net interest margin was 2.88 percent compared to 3.01
percent in the third quarter of 2019. Lower loan discount
accretion, changes in funding mix, and the two recent federal funds
rate cuts by the Federal Reserve contributed to compression in the
net interest margin.
Fourth Quarter 2019 Financial Highlights
con't |
- Fees and commissions revenue totaled $179.4 million, a decrease
of $6.7 million, primarily due to a seasonal decline in mortgage
banking revenue.
- Operating expense increased $9.5 million to $288.8 million.
Personnel expense increased $5.8 million while non-personnel
expense increased $3.7 million over the third quarter of 2019.
- A $19.0 million provision for credit losses was recorded in the
fourth quarter of 2019 compared to $12.0 million in the third
quarter of 2019. The combined allowance for credit losses totaled
$212 million or 0.98 percent of outstanding loans compared to $206
million or 0.92 percent in the previous quarter.
- Average loans decreased $177 million to $22.2 billion while
period-end loans decreased $534 million to $21.8 billion, largely
due to decreases in commercial and commercial real estate
loans.
- Average deposits increased $1.4 billion to $27.1 billion and
period-end deposits increased $1.5 billion to $27.6 billion.
- Commercial banking contributed $81.7 million to net income, a
decrease of $18.9 million compared to the prior quarter. Net
interest revenue decreased by $16.7 million due to a decrease in
loan volume combined with decreased yields. Average loans decreased
by $126 million to $19.1 billion. Fee revenue decreased $2.8
million, largely due to lower syndication fees. Average deposits
increased $587 million to $11.4 billion, including an increase in
interest-bearing transaction deposits partially offset by a
decrease in demand deposits.
- Consumer banking contributed $8.3 million to net income,
decreasing $8.4 million. Net interest revenue decreased $5.3
million, largely due to a lower yield on deposits sold to our Funds
Management unit. Fee revenue decreased $6.6 million. A seasonal
decline in mortgage production reduced mortgage banking revenue by
$4.8 million. Mortgage production volume decreased $278 million to
$635 million and gain on sale margin decreased 7 basis points to
1.44 percent.
- Wealth Management contributed $22.9 million to net income,
consistent with the prior quarter. Fee revenue increased $3.3
million, largely related to brokerage and trading revenue,
partially offset by a $1.2 million decrease in net interest
revenue. Total operating expenses increased $3.1 million, primarily
related to variable compensation that is related to revenue growth.
Assets under management or administration were $82.7 billion at
December 31, 2019 compared to $80.8 billion at
September 30, 2019. Fiduciary assets totaled $52.4 billion at
December 31, 2019 and $49.3 billion at September 30,
2019.
Net interest revenue was $270.2 million for the fourth quarter
of 2019, an $8.8 million decrease compared to the third quarter of
2019. Discount accretion on acquired loans totaled $5.8 million for
the fourth quarter and $10.9 million for the third quarter.
Average earning assets increased $415 million compared to the
third quarter of 2019. Available for sale securities increased $586
million as we continue to position our balance sheet for the
current rate environment. Average loan balances decreased $177
million and interest-bearing cash and cash equivalents increased
$72 million. Growth in average earning assets was largely funded by
a $1.5 billion increase in interest-bearing deposits while other
borrowed funds decreased $863 million.
Net interest margin was 2.88 percent compared to 3.01 percent in
the previous quarter. A decrease in demand deposits combined with
an increase in receivables from trading activities reduced net
interest margin by 9 basis points. Lower loan discount accretion
reduced net interest margin by 6 basis points. A 3 basis point
increase from higher loan fees was partially offset by spread
compression.
The yield on average earning assets was 3.93 percent, a 32 basis
point decrease from the prior quarter. The loan portfolio yield was
4.75 percent, down 37 basis points. The yield on the available for
sale securities portfolio decreased 8 basis points to 2.52 percent
while the yield on interest-bearing cash and cash equivalents
decreased 80 basis points.
Funding costs were 1.40 percent, down 28 basis points. The cost
of interest-bearing deposits decreased 8 basis points to 1.09
percent. The cost of other borrowed funds was down 48 basis points
to 1.83 percent.
Fees and Commissions
Revenue |
Fees and commissions revenue totaled $179.4 million for the
fourth quarter of 2019, a decrease of $6.7 million compared to the
third quarter of 2019.
Mortgage banking revenue decreased $4.8 million. Mortgage loan
production volume decreased 30 percent, primarily due to
seasonality. Other revenue decreased $2.3 million primarily due to
lower revenue from repossessed oil and gas properties. Brokerage
and trading revenue was unchanged from the previous quarter. Growth
in trading revenue of $5.6 million was offset by decreases in
customer hedging revenue and loan syndication fees. A decrease in
overdraft service charges was offset by an increase in trust fees
and commissions.
Total operating expense was $288.8 million for the fourth
quarter of 2019, an increase of $9.5 million over the third quarter
of 2019.
Personnel expense increased $5.8 million. Incentive compensation
increased $4.3 million, primarily due to increased transaction
activity in wealth management. The fourth quarter included
approximately $2.0 million in severance costs due to realignment of
personnel for the current operating environment.
Non-personnel expense increased $3.7 million over the third
quarter of 2019. The fourth quarter included a $2.0 million
charitable contribution to the BOKF Foundation, which provides
support to many nonprofit partners in our communities.
Loans, Deposits and
Capital |
Loans
Outstanding loans were $21.8 billion at December 31, 2019,
a decrease of $534 million compared September 30, 2019.
General paydowns in energy and commercial real estate, along with
two anticipated large year-end paydowns in commercial, contributed
to the decline in balances.
Outstanding commercial loan balances decreased by $393 million
or 3 percent compared to September 30, 2019. Services loan
balances decreased $144 million. Energy loan balances decreased
$141 million. Wholesale/retail sector loans decreased $88 million.
Public finance loans decreased by $35 million and manufacturing
loans decreased $33 million while other commercial and industrial
loans increased $47 million.
Commercial real estate loan balances decreased $192 million or 4
percent compared to September 30, 2019. Loans secured by
office buildings decreased $86 million. Loans secured by
multifamily residential properties decreased $59 million. Loans
secured by retail properties decreased $24 million and loans
secured by other commercial real estate properties decreased $22
million.
Deposits
Period-end deposits totaled $27.6 billion at December 31,
2019, a $1.5 billion increase over September 30, 2019. A focus
on deposit growth throughout the year led to the execution of
several specific initiatives that resulted in large deposit
acquisitions during the fourth quarter. Interest-bearing
transaction account balances grew by $1.9 billion and demand
deposit balances decreased $383 million. Average deposits were
$27.1 billion at December 31, 2019, an increase of $1.4
billion compared to September 30, 2019. Total interest-bearing
transaction deposits increased $1.6 billion, partially offset by a
decrease in demand deposits of $147 million.
Capital
The company's common equity Tier 1 capital ratio was 11.39
percent at December 31, 2019. In addition, the company's Tier
1 capital ratio was 11.39 percent, total capital ratio was 12.94
percent, and leverage ratio was 8.40 percent at December 31,
2019. At September 30, 2019, the company's common equity Tier
1 capital ratio was 11.06 percent, Tier 1 capital ratio was 11.06
percent, total capital ratio was 12.56 percent, and leverage ratio
was 8.41 percent.
The company's tangible common equity ratio, a non-GAAP measure,
was 8.98 percent at December 31, 2019 and 8.72 percent at
September 30, 2019. 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.
The company repurchased 280,000 shares at an average price of
$81.59 per share in the fourth quarter of 2019 and 336,713 shares
at an average price of $77.03 in the third quarter of 2019.
Nonperforming assets totaled $294 million or 1.35 percent of
outstanding loans and repossessed assets at December 31, 2019,
compared to $286 million or 1.28 percent at September 30,
2019. Nonperforming assets that are not guaranteed by U.S.
government agencies totaled $195 million or 0.90 percent of
outstanding loans and repossessed assets at December 31, 2019,
compared to $187 million or 0.85 percent at September 30,
2019.
Nonaccruing loans were $181 million or 0.83 percent of
outstanding loans at December 31, 2019. Nonaccruing commercial
loans totaled $115 million or 0.82 percent of outstanding
commercial loans. Nonaccruing commercial real estate loans totaled
$28 million or 0.62 percent of outstanding commercial real estate
loans. Nonaccruing residential mortgage loans totaled $38 million
or 1.81 percent of outstanding residential mortgage loans.
Nonaccruing loans increased $8.5 million from September 30,
2019, primarily due to a $6.6 million multifamily community
development credit. Nonaccruing energy loans also increased $2.8
million. New nonaccruing loans identified in the fourth quarter
totaled $49 million, offset by $24 million in payments received and
$14 million in charge-offs.
Potential problem loans, which are defined as performing loans
that, based on known information, cause management concern as to
the borrowers' ability to continue to perform, totaled $160 million
at December 31, compared to $143 million at September 30.
The increase largely resulted from energy loans, partially offset
by a decrease in loans secured by commercial real estate.
Net charge-offs were $12.5 million or 0.22 percent of average
loans on an annualized basis for the fourth quarter of 2019,
compared to $10.6 million or 0.19 percent of average loans on an
annualized basis for the third quarter of 2019. Net charge-offs
were 0.21 percent of average loans over the last four quarters.
Gross charge-offs were $14.3 million for the fourth quarter
compared to $11.7 million for the previous quarter. Recoveries
totaled $1.8 million for the fourth quarter of 2019 and $1.1
million for the third quarter of 2019.
Based on an evaluation of all credit factors, including specific
impairment of two shared national credit energy loans where the
Company is not the lead agent, changes in nonaccruing and potential
problem loans and net charge-offs, the company determined that a
$19.0 million provision for credit losses was appropriate for the
fourth quarter of 2019. The company recorded a $12.0 million
provision for credit losses in the third quarter of 2019.
The combined allowance for credit losses totaled $212 million or
0.98 percent of outstanding loans and 121 percent of nonaccruing
loans at December 31, 2019, excluding residential mortgage
loans guaranteed by U.S. government agencies. Excluding loans
acquired in the CoBiz acquisition, which are measured at
acquisition-date fair value, the combined allowance for loan losses
was 1.06 percent of outstanding loans and 127 percent of
nonaccruing loans at December 31, 2019 compared to 1.02
percent of outstanding loans and 130 percent of nonaccruing loans
at September 30, 2019. The allowance for loan losses was $211
million and the accrual for off-balance sheet credit losses was
$1.6 million. At September 30, 2019, the combined allowance
for credit losses was $206 million or 0.92 percent of outstanding
loans and 124 percent of nonaccruing loans, excluding loans
guaranteed by U.S. government agencies. The allowance for loan
losses was $204 million and the accrual for off-balance sheet
credit losses was $1.4 million.
Securities and
Derivatives |
The fair value of the available for sale securities portfolio
totaled $11.3 billion at December 31, 2019, a $245 million
increase compared to September 30, 2019. At December 31,
2019, the available for sale securities portfolio consisted
primarily of $8.0 billion of residential mortgage-backed securities
fully backed by U.S. government agencies and $3.2 billion of
commercial mortgage-backed securities fully backed by U.S.
government agencies. At December 31, 2019, the available for
sale securities portfolio had a net unrealized gain of $138 million
compared to $178 million at September 30, 2019.
The company also maintains a portfolio of residential
mortgage-backed securities issued by U.S. government agencies and
interest rate derivative contracts as an economic hedge of the
changes in the fair value of our mortgage servicing rights. This
portfolio of fair value option securities decreased $718 million to
$1.1 billion at December 31, 2019.
The net economic cost of the changes in fair value of mortgage
servicing rights and related economic hedges was $2.2 million
during the fourth quarter of 2019, including a $13.0 million
decrease in the fair value of securities and derivative contracts
held as an economic hedge, a $9.3 million increase in the fair
value of mortgage servicing rights, and $1.5 million of related net
interest revenue.
Conference Call and
Webcast |
The company will hold a conference call at 9 a.m. Central time
on Wednesday, January 22, 2020 to discuss the financial
results with investors. The live audio webcast and
presentation slides will be available on the company’s website at
www.bokf.com. The conference call can also be accessed by dialing
1-201-689-8471. A conference call and webcast replay will also be
available shortly after conclusion of the live call at
www.bokf.com or by dialing 1-412-317-6671 and referencing
conference ID # 13697774.
About BOK Financial
Corporation |
BOK Financial Corporation is a $42 billion regional financial
services company headquartered in Tulsa, Oklahoma with $83 billion
in assets under management and administration. The company's stock
is publicly traded on NASDAQ under the Global Select market
listings (BOKF). BOK Financial Corporation's holdings include BOKF,
NA; BOK Financial Securities, Inc., BOK Financial Private Wealth,
Inc. and BOK Financial Insurance, Inc. BOKF, NA operates TransFund,
Cavanal Hill Investment Management and BOK Financial Asset
Management, Inc. BOKF, NA operates banking divisions across eight
states as: Bank of Albuquerque; Bank of Oklahoma; Bank of Texas;
and BOK Financial in Arizona, Arkansas, Colorado, Kansas and
Missouri; as well as having limited purpose offices in Nebraska,
Milwaukee and Connecticut. Through its subsidiaries, BOK Financial
Corporation provides commercial and consumer banking, brokerage
trading, investment, trust and insurance 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 December 31, 2019 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,
including its latest acquisition of CoBiz Financial, Inc., 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, inflation, 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) |
|
Dec. 31, 2019 |
|
Sept. 30, 2019 |
ASSETS |
|
|
|
Cash and due from banks |
$ |
735,836 |
|
|
$ |
761,130 |
|
Interest-bearing cash and cash
equivalents |
522,985 |
|
|
465,458 |
|
Trading securities |
1,623,921 |
|
|
1,675,212 |
|
Investment securities |
293,418 |
|
|
304,224 |
|
Available for sale
securities |
11,269,643 |
|
|
11,024,551 |
|
Fair value option
securities |
1,098,577 |
|
|
1,816,398 |
|
Restricted equity
securities |
460,552 |
|
|
479,018 |
|
Residential mortgage loans
held for sale |
182,271 |
|
|
282,487 |
|
Loans: |
|
|
|
Commercial |
14,031,650 |
|
|
14,424,625 |
|
Commercial real estate |
4,433,783 |
|
|
4,626,057 |
|
Residential mortgage |
2,084,172 |
|
|
2,117,303 |
|
Personal |
1,201,382 |
|
|
1,117,382 |
|
Total loans |
21,750,987 |
|
|
22,285,367 |
|
Allowance for loan losses |
(210,759 |
) |
|
(204,432 |
) |
Loans, net of allowance |
21,540,228 |
|
|
22,080,935 |
|
Premises and equipment,
net |
535,519 |
|
|
516,597 |
|
Receivables |
231,811 |
|
|
219,420 |
|
Goodwill |
1,048,091 |
|
|
1,048,091 |
|
Intangible assets, net |
125,271 |
|
|
124,320 |
|
Mortgage servicing rights |
201,886 |
|
|
193,661 |
|
Real estate and other
repossessed assets, net |
20,359 |
|
|
21,026 |
|
Derivative contracts, net |
323,375 |
|
|
352,019 |
|
Cash surrender value of
bank-owned life insurance |
389,879 |
|
|
387,035 |
|
Receivable on unsettled
securities sales |
1,020,404 |
|
|
904,630 |
|
Other
assets |
547,995 |
|
|
470,993 |
|
TOTAL ASSETS |
$ |
42,172,021 |
|
|
$ |
43,127,205 |
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
Deposits: |
|
|
|
Demand |
$ |
9,461,291 |
|
|
$ |
9,844,397 |
|
Interest-bearing transaction |
15,391,752 |
|
|
13,521,545 |
|
Savings |
550,276 |
|
|
557,593 |
|
Time |
2,217,849 |
|
|
2,243,541 |
|
Total deposits |
27,621,168 |
|
|
26,167,076 |
|
Funds purchased and repurchase
agreements |
3,818,350 |
|
|
3,413,051 |
|
Other borrowings |
4,527,055 |
|
|
6,822,334 |
|
Subordinated debentures |
275,923 |
|
|
275,909 |
|
Accrued interest, taxes and
expense |
259,701 |
|
|
218,775 |
|
Due on unsettled securities
purchases |
182,547 |
|
|
703,448 |
|
Derivative contracts, net |
251,128 |
|
|
336,791 |
|
Other
liabilities |
372,230 |
|
|
352,156 |
|
TOTAL LIABILITIES |
37,308,102 |
|
|
38,289,540 |
|
Shareholders' equity: |
|
|
|
Capital, surplus and retained earnings |
4,750,872 |
|
|
4,695,263 |
|
Accumulated other comprehensive gain |
104,923 |
|
|
133,753 |
|
TOTAL SHAREHOLDERS'
EQUITY |
4,855,795 |
|
|
4,829,016 |
|
Non-controlling interests |
8,124 |
|
|
8,649 |
|
TOTAL
EQUITY |
4,863,919 |
|
|
4,837,665 |
|
TOTAL LIABILITIES AND EQUITY |
$ |
42,172,021 |
|
|
$ |
43,127,205 |
|
AVERAGE
BALANCE SHEETS -- UNAUDITEDBOK FINANCIAL
CORPORATION(in thousands) |
|
Three Months Ended |
|
Dec. 31, 2019 |
|
Sept. 30, 2019 |
|
June 30, 2019 |
|
Mar. 31, 2019 |
|
Dec. 31, 2018 |
ASSETS |
|
|
|
|
|
|
|
|
|
Interest-bearing cash and cash
equivalents |
$ |
573,203 |
|
|
$ |
500,823 |
|
|
$ |
535,491 |
|
|
$ |
537,903 |
|
|
$ |
563,132 |
|
Trading securities |
1,672,426 |
|
|
1,696,568 |
|
|
1,757,335 |
|
|
1,968,399 |
|
|
1,929,601 |
|
Investment securities |
298,567 |
|
|
308,090 |
|
|
328,482 |
|
|
343,282 |
|
|
364,737 |
|
Available for sale
securities |
11,333,524 |
|
|
10,747,439 |
|
|
9,435,668 |
|
|
8,883,054 |
|
|
8,704,963 |
|
Fair value option
securities |
1,521,528 |
|
|
1,553,879 |
|
|
898,772 |
|
|
594,349 |
|
|
277,575 |
|
Restricted equity
securities |
479,687 |
|
|
476,781 |
|
|
413,812 |
|
|
395,432 |
|
|
362,729 |
|
Residential mortgage loans
held for sale |
203,535 |
|
|
203,319 |
|
|
192,102 |
|
|
145,040 |
|
|
179,553 |
|
Loans: |
|
|
|
|
|
|
|
|
|
Commercial |
14,344,534 |
|
|
14,507,185 |
|
|
14,175,057 |
|
|
13,966,521 |
|
|
13,587,344 |
|
Commercial real estate |
4,532,649 |
|
|
4,652,534 |
|
|
4,656,861 |
|
|
4,602,149 |
|
|
4,747,784 |
|
Residential mortgage |
2,130,646 |
|
|
2,129,421 |
|
|
2,146,315 |
|
|
2,193,334 |
|
|
2,222,063 |
|
Personal |
1,228,171 |
|
|
1,123,778 |
|
|
1,026,172 |
|
|
1,004,061 |
|
|
1,022,140 |
|
Total loans |
22,236,000 |
|
|
22,412,918 |
|
|
22,004,405 |
|
|
21,766,065 |
|
|
21,579,331 |
|
Allowance for loan losses |
(205,417 |
) |
|
(201,714 |
) |
|
(205,532 |
) |
|
(206,092 |
) |
|
(209,613 |
) |
Total
loans, net |
22,030,583 |
|
|
22,211,204 |
|
|
21,798,873 |
|
|
21,559,973 |
|
|
21,369,718 |
|
Total earning assets |
38,113,053 |
|
|
37,698,103 |
|
|
35,360,535 |
|
|
34,427,432 |
|
|
33,752,008 |
|
Cash and due from banks |
690,806 |
|
|
717,338 |
|
|
703,294 |
|
|
705,411 |
|
|
731,700 |
|
Derivative contracts, net |
311,542 |
|
|
331,834 |
|
|
328,802 |
|
|
262,927 |
|
|
299,319 |
|
Cash surrender value of
bank-owned life insurance |
388,012 |
|
|
385,190 |
|
|
384,974 |
|
|
382,538 |
|
|
379,893 |
|
Receivable on unsettled
securities sales |
1,973,604 |
|
|
1,742,794 |
|
|
1,437,462 |
|
|
1,224,700 |
|
|
799,548 |
|
Other
assets |
2,736,337 |
|
|
2,705,089 |
|
|
2,629,710 |
|
|
2,669,673 |
|
|
2,423,275 |
|
TOTAL ASSETS |
$ |
44,213,354 |
|
|
$ |
43,580,348 |
|
|
$ |
40,844,777 |
|
|
$ |
39,672,681 |
|
|
$ |
38,385,743 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
Demand |
$ |
9,612,533 |
|
|
$ |
9,759,710 |
|
|
$ |
9,883,965 |
|
|
$ |
9,988,088 |
|
|
$ |
10,648,683 |
|
Interest-bearing transaction |
14,685,385 |
|
|
13,131,542 |
|
|
12,512,282 |
|
|
11,931,539 |
|
|
11,773,651 |
|
Savings |
554,605 |
|
|
557,122 |
|
|
558,738 |
|
|
541,575 |
|
|
526,275 |
|
Time |
2,247,717 |
|
|
2,251,800 |
|
|
2,207,391 |
|
|
2,153,277 |
|
|
2,146,786 |
|
Total deposits |
27,100,240 |
|
|
25,700,174 |
|
|
25,162,376 |
|
|
24,614,479 |
|
|
25,095,395 |
|
Funds purchased and repurchase
agreements |
4,120,610 |
|
|
3,106,163 |
|
|
2,066,950 |
|
|
2,033,036 |
|
|
1,205,568 |
|
Other borrowings |
6,247,194 |
|
|
8,125,023 |
|
|
7,175,617 |
|
|
7,040,279 |
|
|
6,361,141 |
|
Subordinated debentures |
275,916 |
|
|
275,900 |
|
|
275,887 |
|
|
275,882 |
|
|
276,378 |
|
Derivative contracts, net |
276,078 |
|
|
300,051 |
|
|
283,484 |
|
|
273,786 |
|
|
268,848 |
|
Due on unsettled securities
purchases |
784,174 |
|
|
745,893 |
|
|
821,688 |
|
|
453,937 |
|
|
493,887 |
|
Other
liabilities |
561,654 |
|
|
547,144 |
|
|
460,732 |
|
|
501,788 |
|
|
341,438 |
|
TOTAL LIABILITIES |
39,365,866 |
|
|
38,800,348 |
|
|
36,246,734 |
|
|
35,193,187 |
|
|
34,042,655 |
|
Total
equity |
4,847,488 |
|
|
4,780,000 |
|
|
4,598,043 |
|
|
4,479,494 |
|
|
4,343,088 |
|
TOTAL LIABILITIES AND EQUITY |
$ |
44,213,354 |
|
|
$ |
43,580,348 |
|
|
$ |
40,844,777 |
|
|
$ |
39,672,681 |
|
|
$ |
38,385,743 |
|
STATEMENTS
OF EARNINGS -- UNAUDITEDBOK FINANCIAL
CORPORATION(in thousands, except per share data) |
|
Three Months Ended |
|
Year Ended |
|
December 31, |
|
December 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
Interest revenue |
$ |
369,857 |
|
|
$ |
365,592 |
|
|
$ |
1,531,958 |
|
|
$ |
1,228,426 |
|
Interest expense |
99,608 |
|
|
79,906 |
|
|
419,079 |
|
|
243,559 |
|
Net interest revenue |
270,249 |
|
|
285,686 |
|
|
1,112,879 |
|
|
984,867 |
|
Provision for credit
losses |
19,000 |
|
|
9,000 |
|
|
44,000 |
|
|
8,000 |
|
Net interest revenue after provision for credit
losses |
251,249 |
|
|
276,686 |
|
|
1,068,879 |
|
|
976,867 |
|
Other operating revenue: |
|
|
|
|
|
|
|
Brokerage and trading revenue |
43,843 |
|
|
28,101 |
|
|
159,826 |
|
|
108,323 |
|
Transaction card revenue |
22,548 |
|
|
20,664 |
|
|
87,216 |
|
|
84,025 |
|
Fiduciary and asset management revenue |
45,021 |
|
|
43,665 |
|
|
177,025 |
|
|
184,703 |
|
Deposit service charges and fees |
27,331 |
|
|
29,393 |
|
|
112,485 |
|
|
112,153 |
|
Mortgage banking revenue |
25,396 |
|
|
21,880 |
|
|
107,541 |
|
|
97,787 |
|
Other revenue |
15,283 |
|
|
16,404 |
|
|
58,108 |
|
|
56,185 |
|
Total fees and commissions |
179,422 |
|
|
160,107 |
|
|
702,201 |
|
|
643,176 |
|
Other gains (losses), net |
(1,649 |
) |
|
(8,305 |
) |
|
9,351 |
|
|
(2,265 |
) |
Gain (loss) on derivatives, net |
(4,644 |
) |
|
11,167 |
|
|
14,951 |
|
|
(422 |
) |
Gain (loss) on fair value option securities, net |
(8,328 |
) |
|
(282 |
) |
|
15,787 |
|
|
(25,572 |
) |
Change in fair value of mortgage servicing rights |
9,297 |
|
|
(24,233 |
) |
|
(53,517 |
) |
|
4,668 |
|
Gain (loss) on available for sale securities, net |
4,487 |
|
|
(1,999 |
) |
|
5,597 |
|
|
(2,801 |
) |
Total other operating
revenue |
178,585 |
|
|
136,455 |
|
|
694,370 |
|
|
616,784 |
|
Other operating expense: |
|
|
|
|
|
|
|
Personnel |
168,422 |
|
|
160,706 |
|
|
660,565 |
|
|
583,131 |
|
Business promotion |
8,787 |
|
|
9,207 |
|
|
35,662 |
|
|
30,523 |
|
Charitable contributions to BOKF Foundation |
2,000 |
|
|
2,846 |
|
|
3,000 |
|
|
2,846 |
|
Professional fees and services |
13,408 |
|
|
20,712 |
|
|
54,861 |
|
|
59,099 |
|
Net occupancy and equipment |
26,316 |
|
|
27,780 |
|
|
110,275 |
|
|
97,981 |
|
Insurance |
5,393 |
|
|
4,248 |
|
|
20,906 |
|
|
23,318 |
|
Data processing and communications |
31,884 |
|
|
27,575 |
|
|
124,983 |
|
|
114,796 |
|
Printing, postage and supplies |
3,700 |
|
|
5,232 |
|
|
16,517 |
|
|
17,169 |
|
Net losses and operating expenses of repossessed assets |
2,403 |
|
|
2,581 |
|
|
6,707 |
|
|
17,052 |
|
Amortization of intangible assets |
5,225 |
|
|
5,331 |
|
|
20,618 |
|
|
9,620 |
|
Mortgage banking costs |
14,259 |
|
|
11,518 |
|
|
50,685 |
|
|
46,298 |
|
Other expense |
6,998 |
|
|
6,907 |
|
|
27,602 |
|
|
26,333 |
|
Total other operating
expense |
288,795 |
|
|
284,643 |
|
|
1,132,381 |
|
|
1,028,166 |
|
|
|
|
|
|
|
|
|
Net income before
taxes |
141,039 |
|
|
128,498 |
|
|
630,868 |
|
|
565,485 |
|
Federal
and state income taxes |
30,257 |
|
|
20,121 |
|
|
130,183 |
|
|
119,061 |
|
|
|
|
|
|
|
|
|
Net
income |
110,782 |
|
|
108,377 |
|
|
500,685 |
|
|
446,424 |
|
Net
income (loss) attributable to non-controlling interests |
430 |
|
|
(79 |
) |
|
(73 |
) |
|
778 |
|
Net income attributable to BOK Financial Corporation
shareholders |
$ |
110,352 |
|
|
$ |
108,456 |
|
|
$ |
500,758 |
|
|
$ |
445,646 |
|
|
|
|
|
|
|
|
|
Average shares
outstanding: |
|
|
|
|
|
|
|
Basic |
70,295,899 |
|
|
71,808,029 |
|
|
70,787,700 |
|
|
66,628,640 |
|
Diluted |
70,309,644 |
|
|
71,833,334 |
|
|
70,802,612 |
|
|
66,662,273 |
|
|
|
|
|
|
|
|
|
Net income per
share: |
|
|
|
|
|
|
|
Basic |
$ |
1.56 |
|
|
$ |
1.50 |
|
|
$ |
7.03 |
|
|
$ |
6.63 |
|
Diluted |
$ |
1.56 |
|
|
$ |
1.50 |
|
|
$ |
7.03 |
|
|
$ |
6.63 |
|
FINANCIAL
HIGHLIGHTS -- UNAUDITEDBOK FINANCIAL
CORPORATION(in thousands, except ratio and share
data) |
|
Three Months Ended |
|
Dec. 31, 2019 |
|
Sept. 30, 2019 |
|
June 30, 2019 |
|
Mar. 31, 2019 |
|
Dec. 31, 2018 |
Capital: |
|
|
|
|
|
|
|
|
|
Period-end shareholders' equity |
$ |
4,855,795 |
|
|
$ |
4,829,016 |
|
|
$ |
4,709,438 |
|
|
$ |
4,522,873 |
|
|
$ |
4,432,109 |
|
Risk weighted assets |
$ |
31,671,519 |
|
|
$ |
32,159,139 |
|
|
$ |
32,040,741 |
|
|
$ |
31,601,558 |
|
|
$ |
30,742,295 |
|
Risk-based capital ratios: |
|
|
|
|
|
|
|
|
|
Common equity tier 1 |
11.39% |
|
|
11.06% |
|
|
10.84% |
|
|
10.71% |
|
|
10.92% |
|
Tier 1 |
11.39% |
|
|
11.06% |
|
|
10.84% |
|
|
10.71% |
|
|
10.92% |
|
Total capital |
12.94% |
|
|
12.56% |
|
|
12.34% |
|
|
12.24% |
|
|
12.50% |
|
Leverage ratio |
8.40% |
|
|
8.41% |
|
|
8.75% |
|
|
8.76% |
|
|
8.96% |
|
Tangible common equity ratio1 |
8.98% |
|
|
8.72% |
|
|
8.69% |
|
|
8.64% |
|
|
8.82% |
|
|
|
|
|
|
|
|
|
|
|
Common
stock: |
|
|
|
|
|
|
|
|
|
Book value per share |
$ |
68.80 |
|
|
$ |
68.15 |
|
|
$ |
66.15 |
|
|
$ |
63.30 |
|
|
$ |
61.45 |
|
Tangible book value per share |
52.17 |
|
|
51.60 |
|
|
49.68 |
|
|
46.82 |
|
|
45.03 |
|
Market value per share: |
|
|
|
|
|
|
|
|
|
High |
$ |
88.28 |
|
|
$ |
84.35 |
|
|
$ |
88.17 |
|
|
$ |
93.72 |
|
|
$ |
98.29 |
|
Low |
$ |
71.85 |
|
|
$ |
72.96 |
|
|
$ |
72.60 |
|
|
$ |
72.11 |
|
|
$ |
69.96 |
|
Cash dividends paid |
$ |
36,011 |
|
|
$ |
35,472 |
|
|
$ |
35,631 |
|
|
$ |
35,885 |
|
|
$ |
35,977 |
|
Dividend payout ratio |
32.63% |
|
24.94% |
|
25.90% |
|
32.44% |
|
33.17% |
Shares outstanding, net |
70,579,598 |
|
|
70,858,010 |
|
|
71,193,770 |
|
|
71,449,982 |
|
|
72,122,932 |
|
Stock buy-back program: |
|
|
|
|
|
|
|
|
|
Shares repurchased |
280,000 |
|
|
336,713 |
|
|
250,000 |
|
|
705,609 |
|
|
525,000 |
|
Amount |
$ |
22,844 |
|
|
$ |
25,937 |
|
|
$ |
20,125 |
|
|
$ |
60,577 |
|
|
$ |
45,057 |
|
Average price per share |
$ |
81.59 |
|
|
$ |
77.03 |
|
|
$ |
80.50 |
|
|
$ |
85.85 |
|
|
$ |
85.82 |
|
|
|
|
|
|
|
|
|
|
|
Performance ratios (quarter annualized): |
Return on average assets |
0.99% |
|
|
1.29% |
|
|
1.35% |
|
|
1.13% |
|
|
1.12% |
|
Return on average equity |
9.05% |
|
|
11.83% |
|
|
12.02% |
|
|
10.04% |
|
|
9.93% |
|
Net interest margin |
2.88% |
|
|
3.01% |
|
|
3.30% |
|
|
3.30% |
|
|
3.40% |
|
Efficiency ratio |
63.65% |
|
|
59.31% |
|
|
59.51% |
|
|
64.80% |
|
|
63.25% |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP measures: |
1 Tangible common equity
ratio: |
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
$ |
4,855,795 |
|
|
$ |
4,829,016 |
|
|
$ |
4,709,438 |
|
|
$ |
4,522,873 |
|
|
$ |
4,432,109 |
|
Less: Goodwill and intangible assets, net |
1,173,362 |
|
|
1,172,411 |
|
|
1,172,564 |
|
|
1,177,573 |
|
|
1,184,112 |
|
Tangible common equity |
$ |
3,682,433 |
|
|
$ |
3,656,605 |
|
|
$ |
3,536,874 |
|
|
$ |
3,345,300 |
|
|
$ |
3,247,997 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
42,172,021 |
|
|
$ |
43,127,205 |
|
|
$ |
41,893,073 |
|
|
$ |
39,882,962 |
|
|
$ |
38,020,504 |
|
Less: Goodwill and intangible assets, net |
1,173,362 |
|
|
1,172,411 |
|
|
1,172,564 |
|
|
1,177,573 |
|
|
1,184,112 |
|
Tangible assets |
$ |
40,998,659 |
|
|
$ |
41,954,794 |
|
|
$ |
40,720,509 |
|
|
$ |
38,705,389 |
|
|
$ |
36,836,392 |
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity ratio |
8.98% |
|
|
8.72% |
|
|
8.69% |
|
|
8.64% |
|
|
8.82% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
data: |
|
|
|
|
|
|
|
|
|
Tax equivalent interest |
$ |
2,726 |
|
|
$ |
2,936 |
|
|
$ |
3,481 |
|
|
$ |
2,529 |
|
|
$ |
3,067 |
|
Net unrealized gain (loss) on available for sale securities |
$ |
138,149 |
|
|
$ |
178,060 |
|
|
$ |
131,780 |
|
|
$ |
(2,609 |
) |
|
$ |
(95,271 |
) |
|
|
|
|
|
|
|
|
|
|
Mortgage
banking: |
|
|
|
|
|
|
|
|
|
Mortgage production revenue |
$ |
9,169 |
|
|
$ |
13,814 |
|
|
$ |
11,869 |
|
|
$ |
7,868 |
|
|
$ |
5,073 |
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans funded for sale |
$ |
855,643 |
|
|
$ |
877,280 |
|
|
$ |
729,841 |
|
|
$ |
510,527 |
|
|
$ |
497,353 |
|
Add: current period-end outstanding commitments |
158,460 |
|
|
379,377 |
|
|
344,087 |
|
|
263,434 |
|
|
160,848 |
|
Less: prior period end outstanding commitments |
379,377 |
|
|
344,087 |
|
|
263,434 |
|
|
160,848 |
|
|
197,752 |
|
Total mortgage production volume |
$ |
634,726 |
|
|
$ |
912,570 |
|
|
$ |
810,494 |
|
|
$ |
613,113 |
|
|
$ |
460,449 |
|
|
|
|
|
|
|
|
|
|
|
Mortgage loan refinances to mortgage loans funded for sale |
57 |
% |
|
56 |
% |
|
31 |
% |
|
30 |
% |
|
23 |
% |
Gain on sale margin |
1.44 |
% |
|
1.51 |
% |
|
1.46 |
% |
|
1.28 |
% |
|
1.10 |
% |
|
|
|
|
|
|
|
|
|
|
Mortgage servicing revenue |
$ |
16,227 |
|
|
$ |
16,366 |
|
|
$ |
16,262 |
|
|
$ |
15,966 |
|
|
$ |
16,807 |
|
Average outstanding principal balance of mortgage loans serviced
for others |
20,856,446 |
|
|
21,172,874 |
|
|
21,418,690 |
|
|
21,581,835 |
|
|
21,706,541 |
|
Average mortgage servicing revenue rates |
0.31 |
% |
|
0.31 |
% |
|
0.30 |
% |
|
0.30 |
% |
|
0.31 |
% |
|
|
|
|
|
|
|
|
|
|
Gain
(loss) on mortgage servicing rights, net of economic
hedge: |
Gain (loss) on mortgage hedge derivative contracts, net |
$ |
(4,714 |
) |
|
$ |
3,742 |
|
|
$ |
11,128 |
|
|
$ |
4,432 |
|
|
$ |
12,162 |
|
Gain (loss) on fair value option securities, net |
(8,328 |
) |
|
4,597 |
|
|
9,853 |
|
|
9,665 |
|
|
(282 |
) |
Gain (loss) on economic hedge of mortgage servicing rights |
(13,042 |
) |
|
8,339 |
|
|
20,981 |
|
|
14,097 |
|
|
11,880 |
|
Gain (loss) on changes in fair value of mortgage servicing
rights |
9,297 |
|
|
(12,593 |
) |
|
(29,555 |
) |
|
(20,666 |
) |
|
(24,233 |
) |
Loss on changes in fair value of mortgage servicing rights, net of
economic hedges, included in other operating revenue |
(3,745 |
) |
|
(4,254 |
) |
|
(8,574 |
) |
|
(6,569 |
) |
|
(12,353 |
) |
Net interest revenue on fair value option securities2 |
1,544 |
|
|
1,245 |
|
|
1,296 |
|
|
1,129 |
|
|
695 |
|
Total economic cost of changes in the fair value of mortgage
servicing rights, net of economic hedges |
$ |
(2,201 |
) |
|
$ |
(3,009 |
) |
|
$ |
(7,278 |
) |
|
$ |
(5,440 |
) |
|
$ |
(11,658 |
) |
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 |
|
Dec. 31, 2019 |
|
Sept. 30, 2019 |
|
June 30, 2019 |
|
Mar. 31, 2019 |
|
Dec. 31, 2018 |
|
|
|
|
|
|
|
|
|
|
Interest revenue |
$ |
369,857 |
|
|
$ |
395,207 |
|
|
$ |
390,820 |
|
|
$ |
376,074 |
|
|
$ |
365,592 |
|
Interest expense |
99,608 |
|
|
116,111 |
|
|
105,388 |
|
|
97,972 |
|
|
79,906 |
|
Net interest revenue |
270,249 |
|
|
279,096 |
|
|
285,432 |
|
|
278,102 |
|
|
285,686 |
|
Provision for credit losses |
19,000 |
|
|
12,000 |
|
|
5,000 |
|
|
8,000 |
|
|
9,000 |
|
Net interest revenue
after provision for credit losses |
251,249 |
|
|
267,096 |
|
|
280,432 |
|
|
270,102 |
|
|
276,686 |
|
Other operating revenue: |
|
|
|
|
|
|
|
|
|
Brokerage and trading revenue |
43,843 |
|
|
43,840 |
|
|
40,526 |
|
|
31,617 |
|
|
28,101 |
|
Transaction card revenue |
22,548 |
|
|
22,015 |
|
|
21,915 |
|
|
20,738 |
|
|
20,664 |
|
Fiduciary and asset management revenue |
45,021 |
|
|
43,621 |
|
|
45,025 |
|
|
43,358 |
|
|
43,665 |
|
Deposit service charges and fees |
27,331 |
|
|
28,837 |
|
|
28,074 |
|
|
28,243 |
|
|
29,393 |
|
Mortgage banking revenue |
25,396 |
|
|
30,180 |
|
|
28,131 |
|
|
23,834 |
|
|
21,880 |
|
Other revenue |
15,283 |
|
|
17,626 |
|
|
12,437 |
|
|
12,762 |
|
|
16,404 |
|
Total fees and commissions |
179,422 |
|
|
186,119 |
|
|
176,108 |
|
|
160,552 |
|
|
160,107 |
|
Other gains (losses), net |
(1,649 |
) |
|
4,544 |
|
|
3,480 |
|
|
2,976 |
|
|
(8,305 |
) |
Gain (loss) on derivatives, net |
(4,644 |
) |
|
3,778 |
|
|
11,150 |
|
|
4,667 |
|
|
11,167 |
|
Gain (loss) on fair value option securities, net |
(8,328 |
) |
|
4,597 |
|
|
9,853 |
|
|
9,665 |
|
|
(282 |
) |
Change in fair value of mortgage servicing rights |
9,297 |
|
|
(12,593 |
) |
|
(29,555 |
) |
|
(20,666 |
) |
|
(24,233 |
) |
Gain (loss) on available for sale securities, net |
4,487 |
|
|
5 |
|
|
1,029 |
|
|
76 |
|
|
(1,999 |
) |
Total other operating
revenue |
178,585 |
|
|
186,450 |
|
|
172,065 |
|
|
157,270 |
|
|
136,455 |
|
Other operating expense: |
|
|
|
|
|
|
|
|
|
Personnel |
168,422 |
|
|
162,573 |
|
|
160,342 |
|
|
169,228 |
|
|
160,706 |
|
Business promotion |
8,787 |
|
|
8,859 |
|
|
10,142 |
|
|
7,874 |
|
|
9,207 |
|
Charitable contributions to BOKF Foundation |
2,000 |
|
|
— |
|
|
1,000 |
|
|
— |
|
|
2,846 |
|
Professional fees and services |
13,408 |
|
|
12,312 |
|
|
13,002 |
|
|
16,139 |
|
|
20,712 |
|
Net occupancy and equipment |
26,316 |
|
|
27,558 |
|
|
26,880 |
|
|
29,521 |
|
|
27,780 |
|
Insurance |
5,393 |
|
|
4,220 |
|
|
6,454 |
|
|
4,839 |
|
|
4,248 |
|
Data processing and communications |
31,884 |
|
|
31,915 |
|
|
29,735 |
|
|
31,449 |
|
|
27,575 |
|
Printing, postage and supplies |
3,700 |
|
|
3,825 |
|
|
4,107 |
|
|
4,885 |
|
|
5,232 |
|
Net losses and operating expenses of repossessed assets |
2,403 |
|
|
1,728 |
|
|
580 |
|
|
1,996 |
|
|
2,581 |
|
Amortization of intangible assets |
5,225 |
|
|
5,064 |
|
|
5,138 |
|
|
5,191 |
|
|
5,331 |
|
Mortgage banking costs |
14,259 |
|
|
14,975 |
|
|
11,545 |
|
|
9,906 |
|
|
11,518 |
|
Other expense |
6,998 |
|
|
6,263 |
|
|
8,212 |
|
|
6,129 |
|
|
6,907 |
|
Total other operating
expense |
288,795 |
|
|
279,292 |
|
|
277,137 |
|
|
287,157 |
|
|
284,643 |
|
Net income before
taxes |
141,039 |
|
|
174,254 |
|
|
175,360 |
|
|
140,215 |
|
|
128,498 |
|
Federal
and state income taxes |
30,257 |
|
|
32,396 |
|
|
37,580 |
|
|
29,950 |
|
|
20,121 |
|
Net
income |
110,782 |
|
|
141,858 |
|
|
137,780 |
|
|
110,265 |
|
|
108,377 |
|
Net
income (loss) attributable to non-controlling interests |
430 |
|
|
(373 |
) |
|
217 |
|
|
(347 |
) |
|
(79 |
) |
Net income attributable to BOK Financial Corporation
shareholders |
$ |
110,352 |
|
|
$ |
142,231 |
|
|
$ |
137,563 |
|
|
$ |
110,612 |
|
|
$ |
108,456 |
|
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
70,295,899 |
|
|
70,596,307 |
|
|
70,887,063 |
|
|
71,387,070 |
|
|
71,808,029 |
|
Diluted |
70,309,644 |
|
|
70,609,924 |
|
|
70,902,033 |
|
|
71,404,388 |
|
|
71,833,334 |
|
Net income per
share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.56 |
|
|
$ |
2.00 |
|
|
$ |
1.93 |
|
|
$ |
1.54 |
|
|
$ |
1.50 |
|
Diluted |
$ |
1.56 |
|
|
$ |
2.00 |
|
|
$ |
1.93 |
|
|
$ |
1.54 |
|
|
$ |
1.50 |
|
LOANS TREND
-- UNAUDITEDBOK FINANCIAL CORPORATION(In
thousands) |
|
|
Dec. 31, 2019 |
|
Sept. 30, 2019 |
|
June 30, 2019 |
|
Mar. 31, 2019 |
|
Dec. 31, 2018 |
Commercial: |
|
|
|
|
|
|
|
|
|
|
Energy |
|
$ |
3,973,377 |
|
|
$ |
4,114,269 |
|
|
$ |
3,921,353 |
|
|
$ |
3,705,099 |
|
|
$ |
3,590,333 |
|
Services |
|
3,122,163 |
|
|
3,266,249 |
|
|
3,309,458 |
|
|
3,287,563 |
|
|
3,258,192 |
|
Healthcare |
|
3,033,916 |
|
|
3,032,968 |
|
|
2,926,510 |
|
|
2,915,885 |
|
|
2,799,277 |
|
Wholesale/retail |
|
1,760,866 |
|
|
1,848,617 |
|
|
1,793,118 |
|
|
1,706,900 |
|
|
1,621,158 |
|
Public finance |
|
709,868 |
|
|
744,840 |
|
|
795,659 |
|
|
803,083 |
|
|
804,550 |
|
Manufacturing |
|
665,449 |
|
|
698,408 |
|
|
761,357 |
|
|
742,374 |
|
|
730,521 |
|
Other commercial and industrial |
|
766,011 |
|
|
719,274 |
|
|
829,453 |
|
|
801,071 |
|
|
832,047 |
|
Total commercial |
|
14,031,650 |
|
|
14,424,625 |
|
|
14,336,908 |
|
|
13,961,975 |
|
|
13,636,078 |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
Multifamily |
|
1,265,562 |
|
|
1,324,839 |
|
|
1,300,372 |
|
|
1,210,358 |
|
|
1,288,065 |
|
Office |
|
928,379 |
|
|
1,014,275 |
|
|
1,056,306 |
|
|
1,033,158 |
|
|
1,072,920 |
|
Industrial |
|
856,117 |
|
|
873,536 |
|
|
828,569 |
|
|
767,757 |
|
|
778,106 |
|
Retail |
|
775,521 |
|
|
799,169 |
|
|
825,399 |
|
|
890,685 |
|
|
919,082 |
|
Residential construction and land development |
|
150,879 |
|
|
135,361 |
|
|
141,509 |
|
|
149,686 |
|
|
148,584 |
|
Other commercial real estate |
|
457,325 |
|
|
478,877 |
|
|
557,878 |
|
|
549,007 |
|
|
558,056 |
|
Total commercial real estate |
|
4,433,783 |
|
|
4,626,057 |
|
|
4,710,033 |
|
|
4,600,651 |
|
|
4,764,813 |
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage: |
|
|
|
|
|
|
|
|
|
|
Permanent mortgage |
|
1,057,321 |
|
|
1,066,460 |
|
|
1,088,370 |
|
|
1,098,481 |
|
|
1,122,610 |
|
Permanent mortgages guaranteed by U.S. government agencies |
|
197,794 |
|
|
191,764 |
|
|
195,373 |
|
|
193,308 |
|
|
190,866 |
|
Home equity |
|
829,057 |
|
|
859,079 |
|
|
887,079 |
|
|
900,831 |
|
|
916,557 |
|
Total residential mortgage |
|
2,084,172 |
|
|
2,117,303 |
|
|
2,170,822 |
|
|
2,192,620 |
|
|
2,230,033 |
|
|
|
|
|
|
|
|
|
|
|
|
Personal |
|
1,201,382 |
|
|
1,117,382 |
|
|
1,037,889 |
|
|
1,003,734 |
|
|
1,025,806 |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
21,750,987 |
|
|
$ |
22,285,367 |
|
|
$ |
22,255,652 |
|
|
$ |
21,758,980 |
|
|
$ |
21,656,730 |
|
LOANS BY
PRINCIPAL MARKET AREA -- UNAUDITEDBOK FINANCIAL
CORPORATION(in thousands) |
|
Dec. 31, 2019 |
|
Sept. 30, 2019 |
|
June 30, 2019 |
|
Mar. 31, 2019 |
|
Dec. 31, 2018 |
|
|
|
|
|
|
|
|
|
|
Texas: |
|
|
|
|
|
|
|
|
|
Commercial |
$ |
6,174,894 |
|
|
$ |
6,220,227 |
|
|
$ |
5,877,265 |
|
|
$ |
5,754,018 |
|
|
$ |
5,438,133 |
|
Commercial real estate |
1,259,117 |
|
|
1,292,116 |
|
|
1,341,609 |
|
|
1,344,810 |
|
|
1,341,783 |
|
Residential mortgage |
268,282 |
|
|
273,931 |
|
|
272,878 |
|
|
265,927 |
|
|
266,805 |
|
Personal |
458,893 |
|
|
475,430 |
|
|
400,585 |
|
|
396,794 |
|
|
394,743 |
|
Total Texas |
8,161,186 |
|
|
8,261,704 |
|
|
7,892,337 |
|
|
7,761,549 |
|
|
7,441,464 |
|
|
|
|
|
|
|
|
|
|
|
Oklahoma: |
|
|
|
|
|
|
|
|
|
Commercial |
3,454,825 |
|
|
3,690,100 |
|
|
3,762,234 |
|
|
3,551,054 |
|
|
3,491,117 |
|
Commercial real estate |
631,026 |
|
|
679,786 |
|
|
717,970 |
|
|
665,190 |
|
|
700,756 |
|
Residential mortgage |
1,375,080 |
|
|
1,370,452 |
|
|
1,403,398 |
|
|
1,417,381 |
|
|
1,440,566 |
|
Personal |
479,784 |
|
|
383,246 |
|
|
382,764 |
|
|
374,807 |
|
|
375,543 |
|
Total Oklahoma |
5,940,715 |
|
|
6,123,584 |
|
|
6,266,366 |
|
|
6,008,432 |
|
|
6,007,982 |
|
|
|
|
|
|
|
|
|
|
|
Colorado: |
|
|
|
|
|
|
|
|
|
Commercial |
2,169,598 |
|
|
2,247,798 |
|
|
2,325,742 |
|
|
2,231,703 |
|
|
2,275,069 |
|
Commercial real estate |
927,826 |
|
|
975,066 |
|
|
1,023,410 |
|
|
957,348 |
|
|
963,575 |
|
Residential mortgage |
196,326 |
|
|
224,872 |
|
|
241,780 |
|
|
241,722 |
|
|
251,849 |
|
Personal |
80,613 |
|
|
78,733 |
|
|
72,537 |
|
|
65,812 |
|
|
72,916 |
|
Total Colorado |
3,374,363 |
|
|
3,526,469 |
|
|
3,663,469 |
|
|
3,496,585 |
|
|
3,563,409 |
|
|
|
|
|
|
|
|
|
|
|
Arizona: |
|
|
|
|
|
|
|
|
|
Commercial |
1,307,073 |
|
|
1,276,534 |
|
|
1,330,415 |
|
|
1,335,140 |
|
|
1,320,139 |
|
Commercial real estate |
728,832 |
|
|
771,425 |
|
|
761,243 |
|
|
791,466 |
|
|
889,903 |
|
Residential mortgage |
89,396 |
|
|
92,121 |
|
|
91,684 |
|
|
98,973 |
|
|
97,959 |
|
Personal |
97,143 |
|
|
78,694 |
|
|
76,335 |
|
|
61,875 |
|
|
68,546 |
|
Total Arizona |
2,222,444 |
|
|
2,218,774 |
|
|
2,259,677 |
|
|
2,287,454 |
|
|
2,376,547 |
|
|
|
|
|
|
|
|
|
|
|
Kansas/Missouri: |
|
|
|
|
|
|
|
|
|
Commercial |
527,872 |
|
|
566,969 |
|
|
602,836 |
|
|
667,859 |
|
|
659,793 |
|
Commercial real estate |
322,541 |
|
|
374,795 |
|
|
331,443 |
|
|
327,870 |
|
|
343,228 |
|
Residential mortgage |
66,771 |
|
|
67,035 |
|
|
71,229 |
|
|
75,560 |
|
|
77,971 |
|
Personal |
64,298 |
|
|
79,487 |
|
|
84,224 |
|
|
81,831 |
|
|
91,441 |
|
Total Kansas/Missouri |
981,482 |
|
|
1,088,286 |
|
|
1,089,732 |
|
|
1,153,120 |
|
|
1,172,433 |
|
|
|
|
|
|
|
|
|
|
|
New Mexico: |
|
|
|
|
|
|
|
|
|
Commercial |
305,320 |
|
|
335,409 |
|
|
350,520 |
|
|
342,915 |
|
|
340,489 |
|
Commercial real estate |
402,148 |
|
|
374,331 |
|
|
385,058 |
|
|
371,416 |
|
|
383,670 |
|
Residential mortgage |
80,325 |
|
|
81,383 |
|
|
82,390 |
|
|
85,326 |
|
|
87,346 |
|
Personal |
9,932 |
|
|
10,887 |
|
|
10,236 |
|
|
11,065 |
|
|
10,662 |
|
Total New Mexico |
797,725 |
|
|
802,010 |
|
|
828,204 |
|
|
810,722 |
|
|
822,167 |
|
|
|
|
|
|
|
|
|
|
|
Arkansas: |
|
|
|
|
|
|
|
|
|
Commercial |
92,068 |
|
|
87,588 |
|
|
87,896 |
|
|
79,286 |
|
|
111,338 |
|
Commercial real estate |
162,293 |
|
|
158,538 |
|
|
149,300 |
|
|
142,551 |
|
|
141,898 |
|
Residential mortgage |
7,992 |
|
|
7,509 |
|
|
7,463 |
|
|
7,731 |
|
|
7,537 |
|
Personal |
10,719 |
|
|
10,905 |
|
|
11,208 |
|
|
11,550 |
|
|
11,955 |
|
Total Arkansas |
273,072 |
|
|
264,540 |
|
|
255,867 |
|
|
241,118 |
|
|
272,728 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL
BOK FINANCIAL |
$ |
21,750,987 |
|
|
$ |
22,285,367 |
|
|
$ |
22,255,652 |
|
|
$ |
21,758,980 |
|
|
$ |
21,656,730 |
|
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) |
|
Dec. 31, 2019 |
|
Sept. 30, 2019 |
|
June 30, 2019 |
|
Mar. 31, 2019 |
|
Dec. 31, 2018 |
Oklahoma: |
|
|
|
|
|
|
|
|
|
Demand |
$ |
3,257,337 |
|
|
$ |
3,515,312 |
|
|
$ |
3,279,359 |
|
|
$ |
3,432,239 |
|
|
$ |
3,610,593 |
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
Transaction |
8,574,912 |
|
|
7,447,799 |
|
|
7,020,484 |
|
|
6,542,548 |
|
|
6,445,831 |
|
Savings |
306,194 |
|
|
308,103 |
|
|
307,785 |
|
|
309,875 |
|
|
288,210 |
|
Time |
1,125,446 |
|
|
1,198,170 |
|
|
1,253,804 |
|
|
1,217,371 |
|
|
1,118,643 |
|
Total interest-bearing |
10,006,552 |
|
|
8,954,072 |
|
|
8,582,073 |
|
|
8,069,794 |
|
|
7,852,684 |
|
Total
Oklahoma |
13,263,889 |
|
|
12,469,384 |
|
|
11,861,432 |
|
|
11,502,033 |
|
|
11,463,277 |
|
|
|
|
|
|
|
|
|
|
|
Texas: |
|
|
|
|
|
|
|
|
|
Demand |
2,766,379 |
|
|
2,870,429 |
|
|
2,974,005 |
|
|
2,966,743 |
|
|
3,291,433 |
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
Transaction |
2,912,302 |
|
|
2,589,511 |
|
|
2,453,619 |
|
|
2,385,305 |
|
|
2,295,169 |
|
Savings |
102,456 |
|
|
100,597 |
|
|
103,125 |
|
|
101,849 |
|
|
99,624 |
|
Time |
495,343 |
|
|
464,264 |
|
|
425,253 |
|
|
419,269 |
|
|
423,880 |
|
Total interest-bearing |
3,510,101 |
|
|
3,154,372 |
|
|
2,981,997 |
|
|
2,906,423 |
|
|
2,818,673 |
|
Total
Texas |
6,276,480 |
|
|
6,024,801 |
|
|
5,956,002 |
|
|
5,873,166 |
|
|
6,110,106 |
|
|
|
|
|
|
|
|
|
|
|
Colorado: |
|
|
|
|
|
|
|
|
|
Demand |
1,729,674 |
|
|
1,694,044 |
|
|
1,621,820 |
|
|
1,897,547 |
|
|
1,658,473 |
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
Transaction |
1,769,037 |
|
|
1,910,874 |
|
|
1,800,271 |
|
|
1,844,632 |
|
|
1,899,203 |
|
Savings |
53,307 |
|
|
60,107 |
|
|
57,263 |
|
|
58,919 |
|
|
57,289 |
|
Time |
283,517 |
|
|
273,622 |
|
|
246,198 |
|
|
261,235 |
|
|
274,877 |
|
Total interest-bearing |
2,105,861 |
|
|
2,244,603 |
|
|
2,103,732 |
|
|
2,164,786 |
|
|
2,231,369 |
|
Total
Colorado |
3,835,535 |
|
|
3,938,647 |
|
|
3,725,552 |
|
|
4,062,333 |
|
|
3,889,842 |
|
|
|
|
|
|
|
|
|
|
|
New Mexico: |
|
|
|
|
|
|
|
|
|
Demand |
623,722 |
|
|
645,698 |
|
|
630,861 |
|
|
662,362 |
|
|
691,692 |
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
Transaction |
558,493 |
|
|
539,260 |
|
|
557,881 |
|
|
573,203 |
|
|
571,347 |
|
Savings |
63,999 |
|
|
62,863 |
|
|
62,636 |
|
|
61,497 |
|
|
58,194 |
|
Time |
238,140 |
|
|
236,135 |
|
|
232,569 |
|
|
228,212 |
|
|
224,515 |
|
Total interest-bearing |
860,632 |
|
|
838,258 |
|
|
853,086 |
|
|
862,912 |
|
|
854,056 |
|
Total
New Mexico |
1,484,354 |
|
|
1,483,956 |
|
|
1,483,947 |
|
|
1,525,274 |
|
|
1,545,748 |
|
|
|
|
|
|
|
|
|
|
|
Arizona: |
|
|
|
|
|
|
|
|
|
Demand |
672,265 |
|
|
703,381 |
|
|
700,480 |
|
|
695,238 |
|
|
707,402 |
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
Transaction |
684,358 |
|
|
599,655 |
|
|
560,429 |
|
|
621,735 |
|
|
575,567 |
|
Savings |
10,314 |
|
|
12,487 |
|
|
11,966 |
|
|
12,144 |
|
|
10,545 |
|
Time |
49,676 |
|
|
44,347 |
|
|
43,099 |
|
|
44,004 |
|
|
43,051 |
|
Total interest-bearing |
744,348 |
|
|
656,489 |
|
|
615,494 |
|
|
677,883 |
|
|
629,163 |
|
Total Arizona |
1,416,613 |
|
|
1,359,870 |
|
|
1,315,974 |
|
|
1,373,121 |
|
|
1,336,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas/Missouri: |
|
|
|
|
|
|
|
|
|
Demand |
384,533 |
|
|
376,020 |
|
|
431,856 |
|
|
410,799 |
|
|
418,199 |
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
Transaction |
784,574 |
|
|
284,940 |
|
|
310,774 |
|
|
361,590 |
|
|
327,866 |
|
Savings |
12,169 |
|
|
11,689 |
|
|
13,125 |
|
|
13,815 |
|
|
13,721 |
|
Time |
17,877 |
|
|
19,126 |
|
|
19,205 |
|
|
19,977 |
|
|
19,688 |
|
Total interest-bearing |
814,620 |
|
|
315,755 |
|
|
343,104 |
|
|
395,382 |
|
|
361,275 |
|
Total
Kansas/Missouri |
1,199,153 |
|
|
691,775 |
|
|
774,960 |
|
|
806,181 |
|
|
779,474 |
|
|
|
|
|
|
|
|
|
|
|
Arkansas: |
|
|
|
|
|
|
|
|
|
Demand |
27,381 |
|
|
39,513 |
|
|
29,176 |
|
|
31,624 |
|
|
36,800 |
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
Transaction |
108,076 |
|
|
149,506 |
|
|
148,485 |
|
|
147,964 |
|
|
91,593 |
|
Savings |
1,837 |
|
|
1,747 |
|
|
1,783 |
|
|
1,785 |
|
|
1,632 |
|
Time |
7,850 |
|
|
7,877 |
|
|
7,810 |
|
|
8,321 |
|
|
8,726 |
|
Total interest-bearing |
117,763 |
|
|
159,130 |
|
|
158,078 |
|
|
158,070 |
|
|
101,951 |
|
Total
Arkansas |
145,144 |
|
|
198,643 |
|
|
187,254 |
|
|
189,694 |
|
|
138,751 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL
BOK FINANCIAL |
$ |
27,621,168 |
|
|
$ |
26,167,076 |
|
|
$ |
25,305,121 |
|
|
$ |
25,331,802 |
|
|
$ |
25,263,763 |
|
NET INTEREST
MARGIN TREND -- UNAUDITEDBOK FINANCIAL
CORPORATION |
|
Three Months Ended |
|
Dec. 31, 2019 |
|
Sept. 30, 2019 |
|
June 30, 2019 |
|
Mar. 31, 2019 |
|
Dec. 31, 2018 |
|
|
|
|
|
|
|
|
|
|
TAX-EQUIVALENT ASSETS
YIELDS |
|
|
|
|
|
|
|
|
|
Interest-bearing cash and cash
equivalents |
1.62% |
|
|
2.42% |
|
|
2.57% |
|
|
2.56% |
|
|
2.23% |
|
Trading securities |
3.19% |
|
|
3.49% |
|
|
3.59% |
|
|
3.88% |
|
|
4.10% |
|
Investment securities |
4.69% |
|
|
4.46% |
|
|
4.41% |
|
|
4.50% |
|
|
4.26% |
|
Available for sale
securities |
2.52% |
|
|
2.60% |
|
|
2.63% |
|
|
2.57% |
|
|
2.51% |
|
Fair value option
securities |
2.62% |
|
|
2.79% |
|
|
3.34% |
|
|
3.62% |
|
|
3.56% |
|
Restricted equity
securities |
5.37% |
|
|
6.34% |
|
|
6.30% |
|
|
6.42% |
|
|
6.39% |
|
Residential mortgage loans
held for sale |
3.55% |
|
|
3.73% |
|
|
3.65% |
|
|
4.58% |
|
|
4.00% |
|
Loans |
4.75% |
|
|
5.12% |
|
|
5.39% |
|
|
5.26% |
|
|
5.09% |
|
Allowance for loan losses |
|
|
|
|
|
|
|
|
|
Loans, net of allowance |
4.80% |
|
|
5.17% |
|
|
5.45% |
|
|
5.31% |
|
|
5.14% |
|
Total tax-equivalent
yield on earning assets |
3.93% |
|
|
4.25% |
|
|
4.51% |
|
|
4.46% |
|
|
4.33% |
|
|
|
|
|
|
|
|
|
|
|
COST OF
INTEREST-BEARING LIABILITIES |
|
|
|
|
|
|
|
|
Interest-bearing
deposits: |
|
|
|
|
|
|
|
|
|
Interest-bearing
transaction |
1.00% |
|
|
1.08% |
|
|
1.04% |
|
|
0.94% |
|
|
0.79% |
|
Savings |
0.11% |
|
|
0.14% |
|
|
0.12% |
|
|
0.12% |
|
|
0.11% |
|
Time |
1.94% |
|
|
1.94% |
|
|
1.90% |
|
|
1.80% |
|
|
1.54% |
|
Total interest-bearing
deposits |
1.09% |
|
|
1.17% |
|
|
1.13% |
|
|
1.04% |
|
|
0.87% |
|
Funds purchased and repurchase
agreements |
1.56% |
|
|
2.01% |
|
|
2.08% |
|
|
2.07% |
|
|
1.36% |
|
Other borrowings |
2.01% |
|
|
2.42% |
|
|
2.67% |
|
|
2.68% |
|
|
2.51% |
|
Subordinated debt |
5.40% |
|
|
5.48% |
|
|
5.53% |
|
|
5.51% |
|
|
5.38% |
|
Total cost of interest-bearing liabilities |
1.40% |
|
|
1.68% |
|
|
1.70% |
|
|
1.66% |
|
|
1.42% |
|
Tax-equivalent net interest
revenue spread |
2.53% |
|
|
2.57% |
|
|
2.81% |
|
|
2.80% |
|
|
2.91% |
|
Effect
of noninterest-bearing funding sources and other |
0.35% |
|
|
0.44% |
|
|
0.49% |
|
|
0.50% |
|
|
0.49% |
|
Tax-equivalent net interest margin |
2.88% |
|
|
3.01% |
|
|
3.30% |
|
|
3.30% |
|
|
3.40% |
|
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 |
|
Dec. 31, 2019 |
|
Sept. 30, 2019 |
|
June 30, 2019 |
|
Mar. 31, 2019 |
|
Dec. 31, 2018 |
Nonperforming assets: |
|
|
|
|
|
|
|
|
|
Nonaccruing loans: |
|
|
|
|
|
|
|
|
|
Commercial |
$ |
115,416 |
|
|
$ |
111,706 |
|
|
$ |
123,395 |
|
|
$ |
90,358 |
|
|
$ |
99,841 |
|
Commercial real estate |
27,626 |
|
|
23,185 |
|
|
21,670 |
|
|
21,508 |
|
|
21,621 |
|
Residential mortgage |
37,622 |
|
|
37,304 |
|
|
38,477 |
|
|
40,409 |
|
|
41,555 |
|
Personal |
287 |
|
|
271 |
|
|
237 |
|
|
302 |
|
|
230 |
|
Total nonaccruing loans |
180,951 |
|
|
172,466 |
|
|
183,779 |
|
|
152,577 |
|
|
163,247 |
|
Accruing renegotiated loans guaranteed by U.S. government
agencies |
92,452 |
|
|
92,718 |
|
|
95,989 |
|
|
91,787 |
|
|
86,428 |
|
Real estate and other repossessed assets |
20,359 |
|
|
21,026 |
|
|
16,940 |
|
|
17,139 |
|
|
17,487 |
|
Total
nonperforming assets |
$ |
293,762 |
|
|
$ |
286,210 |
|
|
$ |
296,708 |
|
|
$ |
261,503 |
|
|
$ |
267,162 |
|
Total
nonperforming assets excluding those guaranteed by U.S. government
agencies |
$ |
195,210 |
|
|
$ |
187,160 |
|
|
$ |
193,976 |
|
|
$ |
162,770 |
|
|
$ |
173,602 |
|
|
|
|
|
|
|
|
|
|
|
Nonaccruing loans by loan
class: |
|
|
|
|
|
|
|
|
|
Commercial: |
|
|
|
|
|
|
|
|
|
Energy |
$ |
91,722 |
|
|
$ |
88,894 |
|
|
$ |
71,632 |
|
|
$ |
35,332 |
|
|
$ |
47,494 |
|
Services |
7,483 |
|
|
6,119 |
|
|
10,087 |
|
|
9,555 |
|
|
8,567 |
|
Healthcare |
4,480 |
|
|
5,978 |
|
|
16,148 |
|
|
18,768 |
|
|
16,538 |
|
Manufacturing |
10,133 |
|
|
8,741 |
|
|
8,613 |
|
|
9,548 |
|
|
8,919 |
|
Wholesale/retail |
1,163 |
|
|
1,504 |
|
|
1,390 |
|
|
1,425 |
|
|
1,316 |
|
Public finance |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other commercial and industrial |
435 |
|
|
470 |
|
|
15,525 |
|
|
15,730 |
|
|
17,007 |
|
Total commercial |
115,416 |
|
|
111,706 |
|
|
123,395 |
|
|
90,358 |
|
|
99,841 |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
Retail |
18,868 |
|
|
20,132 |
|
|
20,057 |
|
|
20,159 |
|
|
20,279 |
|
Residential construction and land development |
350 |
|
|
350 |
|
|
350 |
|
|
350 |
|
|
350 |
|
Multifamily |
6,858 |
|
|
286 |
|
|
275 |
|
|
— |
|
|
301 |
|
Office |
— |
|
|
855 |
|
|
855 |
|
|
855 |
|
|
— |
|
Industrial |
909 |
|
|
909 |
|
|
— |
|
|
— |
|
|
— |
|
Other commercial real estate |
641 |
|
|
653 |
|
|
133 |
|
|
144 |
|
|
691 |
|
Total commercial real estate |
27,626 |
|
|
23,185 |
|
|
21,670 |
|
|
21,508 |
|
|
21,621 |
|
Residential mortgage: |
|
|
|
|
|
|
|
|
|
Permanent mortgage |
20,441 |
|
|
20,165 |
|
|
21,803 |
|
|
22,937 |
|
|
23,951 |
|
Permanent mortgage guaranteed by U.S. government agencies |
6,100 |
|
|
6,332 |
|
|
6,743 |
|
|
6,946 |
|
|
7,132 |
|
Home equity |
11,081 |
|
|
10,807 |
|
|
9,931 |
|
|
10,526 |
|
|
10,472 |
|
Total residential mortgage |
37,622 |
|
|
37,304 |
|
|
38,477 |
|
|
40,409 |
|
|
41,555 |
|
Personal |
287 |
|
|
271 |
|
|
237 |
|
|
302 |
|
|
230 |
|
Total
nonaccruing loans |
$ |
180,951 |
|
|
$ |
172,466 |
|
|
$ |
183,779 |
|
|
$ |
152,577 |
|
|
$ |
163,247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing loans 90 days past
due1 |
$ |
7,680 |
|
|
$ |
1,541 |
|
|
$ |
2,698 |
|
|
$ |
610 |
|
|
$ |
1,338 |
|
|
|
|
|
|
|
|
|
|
|
Gross charge-offs |
$ |
14,268 |
|
|
$ |
11,707 |
|
|
$ |
13,227 |
|
|
$ |
11,775 |
|
|
$ |
14,515 |
|
Recoveries |
(1,816 |
) |
|
(1,066 |
) |
|
(5,503 |
) |
|
(1,689 |
) |
|
(2,168 |
) |
Net charge-offs |
$ |
12,452 |
|
|
$ |
10,641 |
|
|
$ |
7,724 |
|
|
$ |
10,086 |
|
|
$ |
12,347 |
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses |
$ |
19,000 |
|
|
$ |
12,000 |
|
|
$ |
5,000 |
|
|
$ |
8,000 |
|
|
$ |
9,000 |
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to
period end loans |
0.97% |
|
|
0.92% |
|
|
0.91% |
|
|
0.94% |
|
|
0.96% |
|
Combined allowance for credit
losses to period end loans |
0.98% |
|
|
0.92% |
|
|
0.92% |
|
|
0.95% |
|
|
0.97% |
|
Nonperforming assets to period
end loans and repossessed assets |
1.35% |
|
|
1.28% |
|
|
1.33% |
|
|
1.20% |
|
|
1.23% |
|
Net charge-offs (annualized)
to average loans |
0.22% |
|
|
0.19% |
|
|
0.14% |
|
|
0.19% |
|
|
0.23% |
|
Allowance for loan losses to
nonaccruing loans1 |
120.54% |
|
|
123.05% |
|
|
114.40% |
|
|
141.00% |
|
|
132.89% |
|
Combined allowance for credit
losses to nonaccruing loans1 |
121.44% |
|
|
123.87% |
|
|
115.48% |
|
|
142.25% |
|
|
134.03% |
|
1 Excludes residential mortgage loans guaranteed by
agencies of the U.S. government.
SEGMENTS --
UNAUDITEDBOK FINANCIAL CORPORATION(in
thousands, except ratios) |
|
|
Three Months Ended |
|
Change |
Commercial
Banking |
|
Dec. 31, 2019 |
|
Sept. 30, 2019 |
|
Dec. 31, 2018 |
1 |
4Q19 vs 3Q19 |
|
4Q19 vs 4Q18 |
Net interest revenue |
|
$ |
162,232 |
|
|
$ |
178,955 |
|
|
$ |
147,314 |
|
|
(9.3)% |
|
|
10.1% |
|
Fees and commissions
revenue |
|
43,357 |
|
|
46,159 |
|
|
39,667 |
|
|
(6.1)% |
|
|
9.3% |
|
Other operating expense |
|
68,900 |
|
|
68,697 |
|
|
51,663 |
|
|
0.3% |
|
|
33.4% |
|
Corporate expense
allocations |
|
11,942 |
|
|
12,613 |
|
|
9,112 |
|
|
(5.3)% |
|
|
31.1% |
|
Net income |
|
81,732 |
|
|
100,675 |
|
|
83,783 |
|
|
(18.8)% |
|
|
(2.4)% |
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
24,345,447 |
|
|
23,973,067 |
|
|
19,341,921 |
|
|
1.6% |
|
|
25.9% |
|
Average loans |
|
19,100,101 |
|
|
19,226,347 |
|
|
15,628,731 |
|
|
(0.7)% |
|
|
22.2% |
|
Average deposits |
|
11,419,558 |
|
|
10,833,057 |
|
|
8,393,016 |
|
|
5.4% |
|
|
36.1% |
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
Banking |
|
|
|
|
|
|
|
|
|
|
Net interest revenue |
|
$ |
43,176 |
|
|
$ |
48,462 |
|
|
$ |
41,364 |
|
|
(10.9)% |
|
|
4.4% |
|
Fees and commissions
revenue |
|
44,884 |
|
|
51,460 |
|
|
42,840 |
|
|
(12.8)% |
|
|
4.8% |
|
Other operating expense |
|
59,702 |
|
|
59,699 |
|
|
56,346 |
|
|
— |
% |
|
6.0% |
|
Corporate expense
allocations |
|
11,798 |
|
|
11,776 |
|
|
11,114 |
|
|
0.2% |
|
|
6.2% |
|
Net income |
|
8,287 |
|
|
16,640 |
|
|
2,531 |
|
|
(50.2)% |
|
|
227.4% |
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
9,772,710 |
|
|
9,827,130 |
|
|
8,071,978 |
|
|
(0.6)% |
|
|
21.1% |
|
Average loans |
|
1,730,467 |
|
|
1,773,831 |
|
|
1,745,642 |
|
|
(2.4)% |
|
|
(0.9)% |
|
Average deposits |
|
6,974,453 |
|
|
6,983,018 |
|
|
6,542,188 |
|
|
(0.1)% |
|
|
6.6% |
|
|
|
|
|
|
|
|
|
|
|
|
Wealth
Management |
|
|
|
|
|
|
|
|
|
|
Net interest revenue |
|
$ |
21,826 |
|
|
$ |
23,066 |
|
|
$ |
28,949 |
|
|
(5.4)% |
|
|
(24.6)% |
|
Fees and commissions
revenue |
|
92,729 |
|
|
89,422 |
|
|
72,452 |
|
|
3.7% |
|
|
28.0% |
|
Other operating expense |
|
74,688 |
|
|
71,620 |
|
|
66,658 |
|
|
4.3% |
|
|
12.0% |
|
Corporate expense
allocations |
|
9,296 |
|
|
9,416 |
|
|
11,256 |
|
|
(1.3)% |
|
|
(17.4)% |
|
Net income |
|
22,863 |
|
|
23,205 |
|
|
17,447 |
|
|
(1.5)% |
|
|
31.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
11,225,213 |
|
|
10,391,225 |
|
|
8,694,289 |
|
|
8.0% |
|
|
29.1% |
|
Average loans |
|
1,667,278 |
|
|
1,671,102 |
|
|
1,448,805 |
|
|
(0.2)% |
|
|
15.1% |
|
Average deposits |
|
7,301,391 |
|
|
6,590,332 |
|
|
5,483,455 |
|
|
10.8% |
|
|
33.2% |
|
Fiduciary assets |
|
52,352,135 |
|
|
49,259,697 |
|
|
44,841,339 |
|
|
6.3% |
|
|
16.7% |
|
Assets under management or
administration |
|
82,740,961 |
|
|
80,796,949 |
|
|
76,279,777 |
|
|
2.4% |
|
|
8.5% |
|
1 Acquired assets and liabilities were allocated to
segments in the second quarter of 2019.
Contact:
Cody McAlesterVice President, Investor Relations918-595-3030
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