CEO Commentary
Steven G. Bradshaw, president and chief executive officer,
stated, “The first quarter was a great start to the year for BOK
Financial, with continued growth in our loan portfolio led by our
specialty lines of business, and re-energized activity in our
brokerage and trading and mortgage businesses. These drivers,
combined with diligent expense management, helped us maintain the
growth trend established with our record year in 2018. The economy
across the BOK Financial footprint is strong and the credit
environment remains benign with no trouble spots on the horizon. We
are optimistic about prospects for continued earnings growth
through the remainder of 2019.”
Bradshaw added, "We are proud to have completed the last steps
of the CoBiz systems integration this quarter and look forward to
the cost savings and revenue growth envisioned when we announced
the deal a mere ten months ago. As I've said previously, I believe
the combination of CoBiz and BOK Financial creates the premier
commercial bank in Colorado and Arizona and I look forward to our
success in these markets for the balance of 2019 and beyond."
First Quarter 2019 Financial Highlights
- Net income was $110.6 million or $1.54 per diluted share for
the first quarter of 2019 and $108.5 million and $1.50 per diluted
share for the fourth quarter of 2018. The first quarter included a
13 cent per share reduction as a result of CoBiz integration costs
and the fourth quarter included a 15 cent per share
reduction.
- Net interest revenue totaled $278.1 million, a decrease of $7.6
million. Net interest margin decreased to 3.30 percent from 3.40
percent.
- Fees and commissions revenue totaled $160.6 million, consistent
with the fourth quarter of 2018.
- Operating expense was relatively consistent at $287.2 million.
The first quarter of 2019 included $12.7 million of integration
costs, while the fourth quarter of 2018 included $14.5
million.
- An $8.0 million provision for credit losses was recorded in the
first quarter of 2019. The combined allowance for credit losses
totaled $207 million or 0.95 percent of outstanding loans compared
to $209 million or 0.97 percent in the previous quarter.
- Average loans increased $187 million and period-end loans
increased $102 million to $21.8 billion.
- The Company repurchased 705,609 shares at an average price of
$85.85 per share.
First Quarter 2019 Business Segment
Highlights
Commercial Banking
- Contributed $86.1 million to net income, an increase of $1.6
million over the prior quarter. Net interest revenue increased by
$3.3 million to $151.6 million. This was partially offset by
decreased fee revenue.Operating expenses decreased $1.5 million,
split relatively evenly between personnel and non-personnel
expenses.
- Average loans grew $364 million to $16.0 billion.
Consumer Banking
- Contributed $15.6 million to net income, an increase of $12.8
million compared to the fourth quarter. Net interest revenue
increased $9.7 million. Operating expense decreased $2.6
million.
- Implemented the strategic decision to exit our online lead
buying business, HomeDirect, to focus on our in-house channel that
provides higher margins and allows us to build long-term client
relationships.
Wealth Management
- Contributed $23.7 million to net income, an increase of $6.2
million compared to the prior quarter. Fees and commission revenue
increased $5.6 million largely due to an increase in brokerage and
trading revenue.
- Assets under management or administration were $78.9 billion at
March 31, 2019 compared to $76.3 billion at December 31,
2018. Fiduciary assets totaled $46.4 billion at March 31, 2019
and $44.8 billion at December 31, 2018.
Net Interest Revenue
Net interest revenue was $278.1 million for the first quarter of
2019, a $7.6 million decrease compared to the fourth quarter of
2018. Net interest margin was 3.30 percent for the first quarter of
2019, down 10 basis points compared to the previous quarter. A
decrease in average non-interest bearing demand deposits and an
increase in average trading securities and related receivables
combined to decrease net interest revenue and to compress the net
interest margin.
The decrease in non-interest bearing demand deposits appears to
have been driven primarily by seasonal factors along with
commercial customers putting their cash to use.
Due to the nature of the trading activity, much of the revenue
associated with average trading assets is recognized as brokerage
and trading revenue, rather than interest income, while all of the
related funding costs remain in interest expense.
The yield on average earning assets was 4.46 percent, a 13 basis
point increase. The yield on the loan portfolio was 5.26 percent,
up 17 basis points primarily due to increases in short-term market
interest rates. The yield on the available for sale securities
portfolio increased 6 basis points to 2.57 percent. The yield on
the trading securities portfolio was down 22 basis points.
Funding costs were 1.66 percent, up 24 basis points. The cost of
interest-bearing deposits increased 17 basis points to 1.04
percent. The cost of other borrowed funds was up 21 basis points to
2.54 percent. The benefit to net interest margin from assets funded
by non-interest liabilities was relatively unchanged at 50 basis
points.
Average earning assets increased $675 million compared to the
fourth quarter of 2018. Average loan balances were up $187 million.
Available for sale securities increased $178 million. Fair value
option securities balances increased $317 million. Trading
securities balances increased $39 million. Average borrowed funds
increased $1.5 billion and average interest-bearing deposit
balances increased $180 million compared to the fourth quarter of
2018. In addition, receivables from unsettled securities sales,
primarily related to our U.S. agency residential mortgage back
trading operations, were up $425 million. Growth in these
non-interest bearing receivables was funded by increased
borrowings.
Fees and Commissions Revenue
Fees and commissions revenue totaled $160.6 million for the
first quarter of 2019, consistent with the fourth quarter of
2018.
Brokerage and trading revenue increased $3.5 million due to
increased trading volumes. Lower mortgage interest rates have led
to an increase in mortgage applications, which has positively
affected mortgage banking revenue. Mortgage banking revenue
increased $2.0 million over the fourth quarter of 2018. Mortgage
gain on sale margins increased 18 basis points.
Other revenue decreased $3.6 million, primarily due to a
decrease in revenue earned on certain repossessed assets compared
to the fourth quarter of 2018. In addition, service charges were
reduced by $1.2 million, primarily due to two less days in the
quarter compared to the fourth quarter of 2018.
Operating Expense
Total operating expense was $287.2 million for the first quarter
of 2019, relatively consistent with the fourth quarter of 2018.
CoBiz integration costs were $12.7 million in the first quarter of
2019 compared to $14.5 million in the fourth quarter of 2018. The
following discussion excludes the impact of these costs.
Personnel expense increased $10.9 million. Personnel expenses
related to CoBiz operations decreased $2.0 million compared to the
prior quarter. Incentive compensation expense increased $9.6
million mainly due to changes in vesting assumptions related to the
Company's earnings per share growth relative to a defined peer
group. Employee benefits increased $1.9 million due to a seasonal
increase in payroll taxes partially offset by a decrease in health
care costs.
Non-personnel expense decreased $6.6 million. The fourth quarter
of 2018 included a $2.8 million charitable donation to the BOKF
Foundation. In addition, business promotion expense decreased $1.7
million and mortgage banking costs decreased $1.6 million, both due
to seasonality. Professional fees and services decreased $1.0
million. These decreases were partially offset by an increase in
data processing and communications expense of $3.0 million.
Loans, Deposits and Capital
Loans
Outstanding loans were $21.8 billion at March 31, 2019, up
$102 million over December 31, 2018. Growth in outstanding
commercial loan balances was partially offset by a decrease in
commercial real estate loans.Loans
Outstanding commercial loan balances grew by $326 million or 2
percent over December 31, 2018. Energy loan balances were up
$115 million, consistent with our ongoing support and commitment to
the oil and gas industry. Healthcare sector loans increased by $117
million and wholesale/retail sector loans increased $86 million.
This growth was partially offset by a $31 million decrease in other
commercial and industrial loans.
Commercial real estate loan balances decreased $164 million or 3
percent compared to December 31, 2018 due to a cycle of
pay-downs; however, commitment volume remains strong. Loans secured
by multifamily residential properties decreased $78 million. Loans
secured by office buildings decreased $40 million and loans secured
by retail facilities decreased $28 million.
Deposits
Period-end deposits totaled $25.3 billion at March 31,
2019, a $68 million increase compared to December 31, 2018.
Demand deposit balances decreased $318 million. Interest-bearing
transaction account balances increased $270 million. Time deposit
balances increased by $85 million.
Capital
The company's common equity Tier 1 capital ratio was 10.71
percent at March 31, 2019. In addition, the company's Tier 1
capital ratio was 10.71 percent, total capital ratio was 12.24
percent, and leverage ratio was 8.76 percent at March 31,
2019. At December 31, 2018, the company's common equity Tier 1
capital ratio was 10.92 percent, Tier 1 capital ratio was 10.92
percent, total capital ratio was 12.50 percent, and leverage ratio
was 8.96 percent.
The company's tangible common equity ratio, a non-GAAP measure,
was 8.64 percent at March 31, 2019 and 8.82 percent at
December 31, 2018. 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 $262 million or 1.20 percent of
outstanding loans and repossessed assets at March 31, 2019,
compared to $267 million or 1.23 percent at December 31, 2018.
Nonperforming assets that are not guaranteed by U.S. government
agencies totaled $163 million or 0.75 percent of outstanding loans
and repossessed assets at March 31, 2019, compared to $174
million or 0.81 percent at December 31, 2018.
Nonaccruing loans were $153 million or 0.70 percent of
outstanding loans at March 31, 2019. Nonaccruing commercial
loans totaled $90 million or 0.65 percent of outstanding commercial
loans. Nonaccruing commercial real estate loans totaled $22
million or 0.47 percent of outstanding commercial real estate
loans. Nonaccruing residential mortgage loans totaled $40 million
or 1.84 percent of outstanding residential mortgage loans.
Nonaccruing loans decreased $11 million from December 31,
2018, primarily due to a $12 million decrease in energy loans.
Healthcare sector loans increased $2.2 million. New nonaccruing
loans identified in the first quarter totaled $27 million, offset
by $22 million in payments received and $12 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 $169 million
at March 31, compared to $215 million at December 31. The
decrease was primarily due to a $24 million decrease in healthcare
sector loans, a $7.5 million decrease in permanent residential
mortgage loans and a $5.3 million decrease in energy loans.
Net charge-offs were $10.1 million or 0.19 percent of average
loans on an annualized basis for the first quarter of 2019,
compared to $12.3 million or 0.23 percent of average loans on an
annualized basis for the fourth quarter of 2018. Net charge-offs
were 0.23 percent of average loans over the last four quarters. Net
charge-offs for the first quarter were primarily related to a
single energy production borrower and a single healthcare borrower,
both of which had previously been identified as impaired and
appropriately reserved. Gross charge-offs were $11.8 million for
the first quarter compared to $14.5 million for the previous
quarter. Recoveries totaled $1.7 million for the first quarter of
2019 and $2.2 million for the fourth quarter of 2018.
Based on an evaluation of all credit factors, including overall
loan portfolio growth, changes in nonaccruing and potential problem
loans and net charge-offs, the company determined that an $8.0
million provision for credit losses was appropriate for the first
quarter of 2019. The company recorded a $9.0 million provision for
credit losses in the fourth quarter of 2018.
The combined allowance for credit losses totaled $207 million or
0.95 percent of outstanding loans and 142 percent of nonaccruing
loans at March 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 1.09 percent of
outstanding loans and 159 percent of nonaccruing loans at
March 31, 2019 compared to 1.12 percent of outstanding loans
and 146 percent of nonaccruing loans at December 31, 2018. The
allowance for loan losses was $205 million and the accrual for
off-balance sheet credit losses was $1.8 million. At
December 31, 2018, the combined allowance for credit losses
was $209 million or 0.97 percent of outstanding loans and 134
percent of nonaccruing loans, excluding loans guaranteed by U.S.
government agencies. The allowance for loan losses was $207 million
and the accrual for off-balance sheet credit losses was $1.8
million.
Securities and Derivatives
The fair value of the available for sale securities portfolio
totaled $9.0 billion at March 31, 2019, a $168 million
increase compared to December 31, 2018. At March 31,
2019, the available for sale securities portfolio consisted
primarily of $6.0 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, 2019, the available for sale
securities portfolio had a net unrealized loss of $2.6 million
compared to a $95 million net unrealized loss at December 31,
2018.
Trading securities increased $183 million to $2.1 billion during
the first quarter of 2019. The company holds an inventory of
securities, predominately composed of U.S. agency residential
mortgage-backed securities, in support of sales to a variety of
customers, including banks, corporations, insurance companies,
money managers, and others.
The company also maintains a portfolio of residential
mortgage-backed securities issued by U.S. government agencies and
interest rate derivative contracts as an economic hedge of the
changes in the fair value of our mortgage servicing rights.
The net economic cost of the changes in fair value of mortgage
servicing rights and related economic hedges was $5.4 million
during the first quarter of 2019, including a $20.7 million
decrease in the fair value of mortgage servicing rights, a $14.1
million increase in the fair value of securities and derivative
contracts held as an economic hedge, and $1.1 million of related
net interest revenue.
Commercial Banking
Net income for Commercial Banking was $86.1 million for the
first quarter of 2019, an increase of $1.6 million over the fourth
quarter of 2018. Increased net interest revenue was partially
offset by decreased fee revenue.
Average loans increased $364 million or 2 percent. Average
customer deposits were $8.3 billion, a decrease of $131 million or
2 percent. We continue to see a shift in the deposit mix with
demand deposit balances declining $411 million and interest-bearing
transaction deposits increasing $277 million.
Operating revenue decreased $1.8 million, partially offset by a
decrease in operating expenses of $1.5 million.
Consumer Banking
Net income from Consumer Banking was $15.6 million in the first
quarter of 2019, an increase of $12.8 million.
Net interest revenue from Consumer Banking activities increased
$9.7 million, primarily due to increased yields on deposits sold to
our Funds Management unit as consumer deposits are more valuable in
a rising rate environment. In addition, lower recent interest rates
have spurred mortgage application volume in the first quarter of
2019. Average loans and average deposits were both relatively
consistent with the fourth quarter of 2018.
Revenues from mortgage banking activities increased $1.9 million
over the prior quarter due to lower interest rates. Mortgage
production volume increased $153 million or 33 percent and gain on
sale margins climbed to 1.28 percent from 1.10 percent. Deposit
service charges declined $1.6 million due to two less days in the
quarter compared to the previous quarter.
Operating expenses decreased $2.6 million. A $4.1 million
decrease in non-personnel expenses was partially offset by an
increase of $1.6 million in personnel expenses. In the first
quarter of 2019, we made the decision to exit our lower margin
online lead buying business, HomeDirect, to focus on our core
competency of developing complete, long-term relationships with our
clients.
The net economic cost of the changes in fair value of mortgage
servicing rights and related economic hedges was $5.4 million for
the first quarter of 2019 compared to $11.7 million for the fourth
quarter of 2018.
Wealth Management
Net income for Wealth Management increased $6.2 million to $23.7
million during the first quarter of 2019. While fiduciary fees and
commissions remained consistent with the fourth quarter of 2018, we
saw an increase of $6.4 million in brokerage and trading revenue.
This increase was partially offset by a decrease in interest
received on trading securities and increase in funding costs.
Operating expenses decreased $3.0 million, including $2.0 million
related to personnel expenses and $1.1 million related to other
operating expenses. Personnel expenses decreased primarily due to
retention incentives accrued in the fourth quarter.
Average loans were stable at $1.4 billion. Average deposits
increased $176 million to $5.7 billion, primarily due to an
increase in interest-bearing transaction account balances. Assets
under management or administration were $78.9 billion at
March 31, 2019 compared to $76.3 billion at December 31,
2018. Fiduciary assets totaled $46.4 billion at March 31, 2019
and $44.8 billion at December 31, 2018.
Conference Call and Webcast
The company will hold a conference call at 9 a.m. Central time
on Wednesday, April 24, 2019 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 # 13689382.
About BOK Financial Corporation
BOK Financial Corporation is a $40 billion regional financial
services company headquartered in Tulsa, Oklahoma with $79 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., The Milestone Group, Inc.,
CoBiz Wealth, LLC 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
Arkansas; Bank of Oklahoma; Bank of Texas; BOK Financial in
Colorado and Arizona; and Mobank in 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 March 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. There may also be difficulties and delays in
integrating CoBiz Financial Inc.'s business or fully realizing cost
savings and other benefits including, but not limited to, business
disruption and customer acceptance of BOK Financial Corporation's
products and services. 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) |
|
Mar. 31, 2019 |
|
Dec. 31, 2018 |
ASSETS |
|
|
|
Cash and due from
banks |
$ |
718,297 |
|
|
$ |
741,749 |
|
Interest-bearing cash
and cash equivalents |
564,404 |
|
|
401,675 |
|
Trading securities |
2,140,326 |
|
|
1,956,923 |
|
Investment
securities |
331,466 |
|
|
355,187 |
|
Available for sale
securities |
9,025,198 |
|
|
8,857,120 |
|
Fair value option
securities |
707,994 |
|
|
283,235 |
|
Restricted equity
securities |
376,429 |
|
|
344,447 |
|
Residential mortgage
loans held for sale |
160,157 |
|
|
149,221 |
|
Loans: |
|
|
|
Commercial |
13,961,975 |
|
|
13,636,078 |
|
Commercial real estate |
4,600,651 |
|
|
4,764,813 |
|
Residential mortgage |
2,192,620 |
|
|
2,230,033 |
|
Personal |
1,003,734 |
|
|
1,025,806 |
|
Total loans |
21,758,980 |
|
|
21,656,730 |
|
Allowance
for loan losses |
(205,340 |
) |
|
(207,457 |
) |
Loans, net of
allowance |
21,553,640 |
|
|
21,449,273 |
|
Premises and equipment,
net |
468,293 |
|
|
330,033 |
|
Receivables |
224,887 |
|
|
204,960 |
|
Goodwill |
1,048,091 |
|
|
1,049,263 |
|
Intangible assets,
net |
129,482 |
|
|
134,849 |
|
Mortgage servicing
rights |
238,193 |
|
|
259,254 |
|
Real estate and other
repossessed assets, net |
17,139 |
|
|
17,487 |
|
Derivative contracts,
net |
359,223 |
|
|
320,929 |
|
Cash surrender value of
bank-owned life insurance |
384,174 |
|
|
381,608 |
|
Receivable on unsettled
securities sales |
966,455 |
|
|
336,400 |
|
Other
assets |
469,114 |
|
|
446,891 |
|
TOTAL ASSETS |
$ |
39,882,962 |
|
|
$ |
38,020,504 |
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
Deposits: |
|
|
|
Demand |
$ |
10,096,552 |
|
|
$ |
10,414,592 |
|
Interest-bearing transaction |
12,476,977 |
|
|
12,206,576 |
|
Savings |
559,884 |
|
|
529,215 |
|
Time |
2,198,389 |
|
|
2,113,380 |
|
Total deposits |
25,331,802 |
|
|
25,263,763 |
|
Funds purchased and
repurchase agreements |
1,439,673 |
|
|
1,018,411 |
|
Other borrowings |
7,341,093 |
|
|
6,124,390 |
|
Subordinated
debentures |
275,880 |
|
|
275,913 |
|
Accrued interest, taxes
and expense |
173,434 |
|
|
192,826 |
|
Due on unsettled
securities purchases |
186,401 |
|
|
156,370 |
|
Derivative contracts,
net |
299,698 |
|
|
362,306 |
|
Other
liabilities |
303,272 |
|
|
183,480 |
|
TOTAL LIABILITIES |
35,351,253 |
|
|
33,577,459 |
|
Shareholders'
equity: |
|
|
|
Capital,
surplus and retained earnings |
4,526,404 |
|
|
4,504,694 |
|
Accumulated other comprehensive loss |
(3,531 |
) |
|
(72,585 |
) |
TOTAL SHAREHOLDERS'
EQUITY |
4,522,873 |
|
|
4,432,109 |
|
Non-controlling interests |
8,836 |
|
|
10,936 |
|
TOTAL
EQUITY |
4,531,709 |
|
|
4,443,045 |
|
TOTAL LIABILITIES AND EQUITY |
$ |
39,882,962 |
|
|
$ |
38,020,504 |
|
AVERAGE BALANCE SHEETS -- UNAUDITEDBOK
FINANCIAL CORPORATION(in thousands) |
|
Three Months Ended |
|
Mar. 31, 2019 |
|
Dec. 31, 2018 |
|
Sept. 30, 2018 |
|
June 30, 2018 |
|
Mar. 31, 2018 |
ASSETS |
|
|
|
|
|
|
|
|
|
Interest-bearing cash
and cash equivalents |
$ |
537,903 |
|
|
$ |
563,132 |
|
|
$ |
688,872 |
|
|
$ |
1,673,387 |
|
|
$ |
2,059,517 |
|
Trading securities |
1,968,399 |
|
|
1,929,601 |
|
|
1,762,794 |
|
|
1,482,302 |
|
|
933,404 |
|
Investment
securities |
343,282 |
|
|
364,737 |
|
|
379,566 |
|
|
399,088 |
|
|
441,207 |
|
Available for sale
securities |
8,883,054 |
|
|
8,704,963 |
|
|
8,129,214 |
|
|
8,163,142 |
|
|
8,236,938 |
|
Fair value option
securities |
594,349 |
|
|
277,575 |
|
|
469,398 |
|
|
487,192 |
|
|
626,251 |
|
Restricted equity
securities |
395,432 |
|
|
362,729 |
|
|
328,842 |
|
|
348,546 |
|
|
349,176 |
|
Residential mortgage
loans held for sale |
145,040 |
|
|
179,553 |
|
|
207,488 |
|
|
218,600 |
|
|
199,380 |
|
Loans: |
|
|
|
|
|
|
|
|
|
Commercial |
13,966,521 |
|
|
13,587,344 |
|
|
11,484,200 |
|
|
11,189,899 |
|
|
10,871,569 |
|
Commercial real estate |
4,602,149 |
|
|
4,747,784 |
|
|
3,774,470 |
|
|
3,660,166 |
|
|
3,491,335 |
|
Residential mortgage |
2,193,334 |
|
|
2,222,063 |
|
|
1,956,089 |
|
|
1,915,015 |
|
|
1,937,198 |
|
Personal |
1,004,061 |
|
|
1,022,140 |
|
|
989,026 |
|
|
986,162 |
|
|
961,379 |
|
Total loans |
21,766,065 |
|
|
21,579,331 |
|
|
18,203,785 |
|
|
17,751,242 |
|
|
17,261,481 |
|
Allowance
for loan losses |
(206,092 |
) |
|
(209,613 |
) |
|
(214,160 |
) |
|
(222,856 |
) |
|
(228,996 |
) |
Total
loans, net |
21,559,973 |
|
|
21,369,718 |
|
|
17,989,625 |
|
|
17,528,386 |
|
|
17,032,485 |
|
Total earning
assets |
34,427,432 |
|
|
33,752,008 |
|
|
29,955,799 |
|
|
30,300,643 |
|
|
29,878,358 |
|
Cash and due from
banks |
705,411 |
|
|
731,700 |
|
|
578,905 |
|
|
571,333 |
|
|
564,585 |
|
Derivative contracts,
net |
262,927 |
|
|
299,319 |
|
|
294,126 |
|
|
318,375 |
|
|
278,694 |
|
Cash surrender value of
bank-owned life insurance |
382,538 |
|
|
379,893 |
|
|
322,038 |
|
|
319,507 |
|
|
317,334 |
|
Receivable on unsettled
securities sales |
1,224,700 |
|
|
799,548 |
|
|
768,785 |
|
|
618,240 |
|
|
998,803 |
|
Other
assets |
2,669,673 |
|
|
2,423,275 |
|
|
1,776,164 |
|
|
1,777,937 |
|
|
1,687,178 |
|
TOTAL ASSETS |
$ |
39,672,681 |
|
|
$ |
38,385,743 |
|
|
$ |
33,695,817 |
|
|
$ |
33,906,035 |
|
|
$ |
33,724,952 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
Demand |
$ |
9,988,088 |
|
|
$ |
10,648,683 |
|
|
$ |
9,325,002 |
|
|
$ |
9,223,327 |
|
|
$ |
9,151,272 |
|
Interest-bearing transaction |
11,931,539 |
|
|
11,773,651 |
|
|
10,010,031 |
|
|
10,189,354 |
|
|
10,344,469 |
|
Savings |
541,575 |
|
|
526,275 |
|
|
503,821 |
|
|
503,671 |
|
|
480,110 |
|
Time |
2,153,277 |
|
|
2,146,786 |
|
|
2,097,441 |
|
|
2,138,880 |
|
|
2,151,044 |
|
Total deposits |
24,614,479 |
|
|
25,095,395 |
|
|
21,936,295 |
|
|
22,055,232 |
|
|
22,126,895 |
|
Funds purchased and
repurchase agreements |
2,033,036 |
|
|
1,205,568 |
|
|
1,193,583 |
|
|
593,250 |
|
|
532,412 |
|
Other borrowings |
7,040,279 |
|
|
6,361,141 |
|
|
5,765,440 |
|
|
6,497,020 |
|
|
6,326,967 |
|
Subordinated
debentures |
275,882 |
|
|
276,378 |
|
|
144,702 |
|
|
144,692 |
|
|
144,682 |
|
Derivative contracts,
net |
273,786 |
|
|
268,848 |
|
|
185,029 |
|
|
235,543 |
|
|
223,373 |
|
Due on unsettled
securities purchases |
453,937 |
|
|
493,887 |
|
|
544,263 |
|
|
527,804 |
|
|
558,898 |
|
Other
liabilities |
501,788 |
|
|
341,438 |
|
|
311,605 |
|
|
340,322 |
|
|
333,151 |
|
TOTAL LIABILITIES |
35,193,187 |
|
|
34,042,655 |
|
|
30,080,917 |
|
|
30,393,863 |
|
|
30,246,378 |
|
Total
equity |
4,479,494 |
|
|
4,343,088 |
|
|
3,614,900 |
|
|
3,512,172 |
|
|
3,478,574 |
|
TOTAL LIABILITIES AND EQUITY |
$ |
39,672,681 |
|
|
$ |
38,385,743 |
|
|
$ |
33,695,817 |
|
|
$ |
33,906,035 |
|
|
$ |
33,724,952 |
|
STATEMENTS OF EARNINGS -- UNAUDITEDBOK
FINANCIAL CORPORATION(in thousands, except per share
data) |
|
Three Months Ended |
|
March 31, |
|
2019 |
|
2018 |
|
|
|
|
Interest revenue |
$ |
376,074 |
|
|
$ |
265,407 |
|
Interest
expense |
97,972 |
|
|
45,671 |
|
Net interest
revenue |
278,102 |
|
|
219,736 |
|
Provision for credit
losses |
8,000 |
|
|
(5,000 |
) |
Net interest revenue after provision for credit
losses |
270,102 |
|
|
224,736 |
|
Other operating
revenue: |
|
|
|
Brokerage
and trading revenue |
31,617 |
|
|
30,648 |
|
Transaction card revenue |
20,738 |
|
|
20,990 |
|
Fiduciary
and asset management revenue |
43,358 |
|
|
41,832 |
|
Deposit
service charges and fees |
28,243 |
|
|
27,161 |
|
Mortgage
banking revenue |
23,834 |
|
|
26,025 |
|
Other revenue |
12,762 |
|
|
12,958 |
|
Total fees and commissions |
160,552 |
|
|
159,614 |
|
Other
gains (losses), net |
2,976 |
|
|
(1,292 |
) |
Gain
(loss) on derivatives, net |
4,667 |
|
|
(5,685 |
) |
Gain
(loss) on fair value option securities, net |
9,665 |
|
|
(17,564 |
) |
Change in
fair value of mortgage servicing rights |
(20,666 |
) |
|
21,206 |
|
Gain (loss) on available for sale securities, net |
76 |
|
|
(290 |
) |
Total other
operating revenue |
157,270 |
|
|
155,989 |
|
Other operating
expense: |
|
|
|
Personnel |
169,228 |
|
|
139,947 |
|
Business
promotion |
7,874 |
|
|
6,010 |
|
Professional fees and services |
16,139 |
|
|
10,200 |
|
Net
occupancy and equipment |
29,521 |
|
|
24,046 |
|
Insurance |
4,839 |
|
|
6,593 |
|
Data
processing and communications |
31,449 |
|
|
27,817 |
|
Printing,
postage and supplies |
4,885 |
|
|
4,089 |
|
Net
losses and operating expenses of repossessed assets |
1,996 |
|
|
7,705 |
|
Amortization of intangible assets |
5,191 |
|
|
1,300 |
|
Mortgage
banking costs |
9,906 |
|
|
10,149 |
|
Other expense |
6,129 |
|
|
6,574 |
|
Total other
operating expense |
287,157 |
|
|
244,430 |
|
|
|
|
|
Net income
before taxes |
140,215 |
|
|
136,295 |
|
Federal
and state income taxes |
29,950 |
|
|
30,948 |
|
|
|
|
|
Net
income |
110,265 |
|
|
105,347 |
|
Net loss
attributable to non-controlling interests |
(347 |
) |
|
(215 |
) |
Net income attributable to BOK Financial Corporation
shareholders |
$ |
110,612 |
|
|
$ |
105,562 |
|
|
|
|
|
Average shares
outstanding: |
|
|
|
Basic |
71,387,070 |
|
|
64,847,334 |
|
Diluted |
71,404,388 |
|
|
64,888,033 |
|
|
|
|
|
Net income per
share: |
|
|
|
Basic |
$ |
1.54 |
|
|
$ |
1.61 |
|
Diluted |
$ |
1.54 |
|
|
$ |
1.61 |
|
FINANCIAL HIGHLIGHTS -- UNAUDITEDBOK
FINANCIAL CORPORATION(in thousands, except ratio and share
data) |
|
Three Months Ended |
|
Mar. 31, 2019 |
|
Dec. 31, 2018 |
|
Sept. 30, 2018 |
|
June 30, 2018 |
|
Mar. 31, 2018 |
Capital: |
|
|
|
|
|
|
|
|
|
Period-end shareholders'
equity |
$ |
4,522,873 |
|
|
$ |
4,432,109 |
|
|
$ |
3,615,032 |
|
|
$ |
3,553,431 |
|
|
$ |
3,495,029 |
|
Risk
weighted assets |
$ |
31,601,558 |
|
|
$ |
30,742,295 |
|
|
$ |
27,398,072 |
|
|
$ |
27,004,559 |
|
|
$ |
26,025,660 |
|
Risk-based capital ratios: |
|
|
|
|
|
|
|
|
|
Common
equity tier 1 |
10.71 |
% |
|
10.92 |
% |
|
12.07 |
% |
|
11.92 |
% |
|
12.06 |
% |
Tier
1 |
10.71 |
% |
|
10.92 |
% |
|
12.07 |
% |
|
11.92 |
% |
|
12.06 |
% |
Total
capital |
12.24 |
% |
|
12.50 |
% |
|
13.37 |
% |
|
13.26 |
% |
|
13.49 |
% |
Leverage
ratio |
8.76 |
% |
|
8.96 |
% |
|
9.90 |
% |
|
9.57 |
% |
|
9.40 |
% |
Tangible
common equity ratio1 |
8.64 |
% |
|
8.82 |
% |
|
9.55 |
% |
|
9.21 |
% |
|
9.18 |
% |
|
|
|
|
|
|
|
|
|
|
Common
stock: |
|
|
|
|
|
|
|
|
|
Book
value per share |
$ |
63.30 |
|
|
$ |
61.45 |
|
|
$ |
55.25 |
|
|
$ |
54.30 |
|
|
$ |
53.39 |
|
Tangible
book value per share |
46.82 |
|
|
45.03 |
|
|
47.90 |
|
|
46.95 |
|
|
46.10 |
|
Market
value per share: |
|
|
|
|
|
|
|
|
|
High |
$ |
93.72 |
|
|
$ |
98.29 |
|
|
$ |
105.22 |
|
|
$ |
106.65 |
|
|
$ |
107.00 |
|
Low |
$ |
72.11 |
|
|
$ |
69.96 |
|
|
$ |
92.40 |
|
|
$ |
92.39 |
|
|
$ |
89.82 |
|
Cash
dividends paid |
$ |
35,885 |
|
|
$ |
35,977 |
|
|
$ |
32,591 |
|
|
$ |
29,340 |
|
|
$ |
29,342 |
|
Dividend
payout ratio |
32.44 |
% |
|
33.17 |
% |
|
27.79 |
% |
|
25.65 |
% |
|
27.80 |
% |
Shares
outstanding, net |
71,449,982 |
|
|
72,122,932 |
|
|
65,434,258 |
|
|
65,439,090 |
|
|
65,459,505 |
|
Stock
buy-back program: |
|
|
|
|
|
|
|
|
|
Shares
repurchased |
705,609 |
|
|
525,000 |
|
|
— |
|
|
8,257 |
|
|
82,583 |
|
Amount |
$ |
60,577 |
|
|
$ |
45,057 |
|
|
$ |
— |
|
|
$ |
824 |
|
|
$ |
7,584 |
|
Average price per share |
$ |
85.85 |
|
|
$ |
85.82 |
|
|
$ |
— |
|
|
$ |
99.84 |
|
|
$ |
91.83 |
|
|
|
|
|
|
|
|
|
|
|
Performance ratios (quarter annualized): |
Return on
average assets |
1.13 |
% |
|
1.12 |
% |
|
1.38 |
% |
|
1.35 |
% |
|
1.27 |
% |
Return on
average equity |
10.04 |
% |
|
9.93 |
% |
|
12.95 |
% |
|
13.14 |
% |
|
12.39 |
% |
Net
interest margin |
3.30 |
% |
|
3.40 |
% |
|
3.21 |
% |
|
3.17 |
% |
|
2.99 |
% |
Efficiency ratio |
64.80 |
% |
|
63.25 |
% |
|
61.60 |
% |
|
61.77 |
% |
|
64.98 |
% |
|
|
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP measures: |
1 Tangible common
equity ratio: |
|
|
|
|
|
|
|
|
|
Total
shareholders' equity |
$ |
4,522,873 |
|
|
$ |
4,432,109 |
|
|
$ |
3,615,032 |
|
|
$ |
3,553,431 |
|
|
$ |
3,495,029 |
|
Less: Goodwill and intangible assets, net |
1,177,573 |
|
|
1,184,112 |
|
|
480,800 |
|
|
481,366 |
|
|
477,088 |
|
Tangible common equity |
$ |
3,345,300 |
|
|
$ |
3,247,997 |
|
|
$ |
3,134,232 |
|
|
$ |
3,072,065 |
|
|
$ |
3,017,941 |
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
39,882,962 |
|
|
$ |
38,020,504 |
|
|
$ |
33,289,864 |
|
|
$ |
33,833,107 |
|
|
$ |
33,361,492 |
|
Less: Goodwill and intangible assets, net |
1,177,573 |
|
|
1,184,112 |
|
|
480,800 |
|
|
481,366 |
|
|
477,088 |
|
Tangible assets |
$ |
38,705,389 |
|
|
$ |
36,836,392 |
|
|
$ |
32,809,064 |
|
|
$ |
33,351,741 |
|
|
$ |
32,884,404 |
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity ratio |
8.64 |
% |
|
8.82 |
% |
|
9.55 |
% |
|
9.21 |
% |
|
9.18 |
% |
|
|
|
|
|
|
|
|
|
|
Other
data: |
|
|
|
|
|
|
|
|
|
Fiduciary
assets |
$ |
46,401,149 |
|
|
$ |
44,841,339 |
|
|
$ |
45,560,107 |
|
|
$ |
46,531,900 |
|
|
$ |
46,648,290 |
|
Tax
equivalent interest |
$ |
3,148 |
|
|
$ |
3,067 |
|
|
$ |
1,894 |
|
|
$ |
1,983 |
|
|
$ |
2,010 |
|
Net
unrealized loss on available for sale securities |
$ |
(2,609 |
) |
|
$ |
(95,271 |
) |
|
$ |
(216,793 |
) |
|
$ |
(180,602 |
) |
|
$ |
(148,247 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage
banking: |
|
|
|
|
|
|
|
|
|
Mortgage
production revenue |
$ |
7,868 |
|
|
$ |
5,073 |
|
|
$ |
7,250 |
|
|
$ |
9,915 |
|
|
$ |
9,452 |
|
|
|
|
|
|
|
|
|
|
|
Mortgage
loans funded for sale |
$ |
510,527 |
|
|
$ |
497,353 |
|
|
$ |
651,076 |
|
|
$ |
773,910 |
|
|
$ |
664,958 |
|
Add:
current period-end outstanding commitments |
263,434 |
|
|
160,848 |
|
|
197,752 |
|
|
251,231 |
|
|
298,318 |
|
Less:
prior period end outstanding commitments |
160,848 |
|
|
197,752 |
|
|
251,231 |
|
|
298,318 |
|
|
222,919 |
|
Total mortgage production volume |
$ |
613,113 |
|
|
$ |
460,449 |
|
|
$ |
597,597 |
|
|
$ |
726,823 |
|
|
$ |
740,357 |
|
|
|
|
|
|
|
|
|
|
|
Mortgage
loan refinances to mortgage loans funded for sale |
30 |
% |
|
23 |
% |
|
23 |
% |
|
22 |
% |
|
42 |
% |
Gain on
sale margin |
1.28 |
% |
|
1.10 |
% |
|
1.21 |
% |
|
1.36 |
% |
|
1.28 |
% |
|
|
|
|
|
|
|
|
|
|
Mortgage
servicing revenue |
$ |
15,966 |
|
|
$ |
16,807 |
|
|
$ |
16,286 |
|
|
$ |
16,431 |
|
|
$ |
16,573 |
|
Average
outstanding principal balance of mortgage loans serviced for
others |
21,581,835 |
|
|
21,706,541 |
|
|
21,895,041 |
|
|
21,986,065 |
|
|
22,027,726 |
|
Average
mortgage servicing revenue rates |
0.30 |
% |
|
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 |
$ |
4,432 |
|
|
$ |
12,162 |
|
|
$ |
(2,843 |
) |
|
$ |
(3,070 |
) |
|
$ |
(5,698 |
) |
Gain (loss) on fair value option securities, net |
9,665 |
|
|
(282 |
) |
|
(4,385 |
) |
|
(3,341 |
) |
|
(17,564 |
) |
Gain
(loss) on economic hedge of mortgage servicing rights |
14,097 |
|
|
11,880 |
|
|
(7,228 |
) |
|
(6,411 |
) |
|
(23,262 |
) |
Gain (loss) on changes in fair value of mortgage servicing
rights |
(20,666 |
) |
|
(24,233 |
) |
|
5,972 |
|
|
1,723 |
|
|
21,206 |
|
Loss on
changes in fair value of mortgage servicing rights, net of economic
hedges, included in other operating revenue |
(6,569 |
) |
|
(12,353 |
) |
|
(1,256 |
) |
|
(4,688 |
) |
|
(2,056 |
) |
Net interest revenue on fair value option securities2 |
1,129 |
|
|
695 |
|
|
1,100 |
|
|
1,203 |
|
|
1,800 |
|
Total economic cost of changes in the fair value of mortgage
servicing rights, net of economic hedges |
$ |
(5,440 |
) |
|
$ |
(11,658 |
) |
|
$ |
(156 |
) |
|
$ |
(3,485 |
) |
|
$ |
(256 |
) |
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 |
|
Mar. 31, 2019 |
|
Dec. 31, 2018 |
|
Sept. 30, 2018 |
|
June 30, 2018 |
|
Mar. 31, 2018 |
|
|
|
|
|
|
|
|
|
|
Interest revenue |
$ |
376,074 |
|
|
$ |
365,592 |
|
|
$ |
303,247 |
|
|
$ |
294,180 |
|
|
$ |
265,407 |
|
Interest
expense |
97,972 |
|
|
79,906 |
|
|
62,364 |
|
|
55,618 |
|
|
45,671 |
|
Net interest
revenue |
278,102 |
|
|
285,686 |
|
|
240,883 |
|
|
238,562 |
|
|
219,736 |
|
Provision
for credit losses |
8,000 |
|
|
9,000 |
|
|
4,000 |
|
|
— |
|
|
(5,000 |
) |
Net interest
revenue after provision for credit losses |
270,102 |
|
|
276,686 |
|
|
236,883 |
|
|
238,562 |
|
|
224,736 |
|
Other operating
revenue: |
|
|
|
|
|
|
|
|
|
Brokerage
and trading revenue |
31,617 |
|
|
28,101 |
|
|
23,086 |
|
|
26,488 |
|
|
30,648 |
|
Transaction card revenue |
20,738 |
|
|
20,664 |
|
|
21,396 |
|
|
20,975 |
|
|
20,990 |
|
Fiduciary
and asset management revenue |
43,358 |
|
|
43,665 |
|
|
57,514 |
|
|
41,692 |
|
|
41,832 |
|
Deposit
service charges and fees |
28,243 |
|
|
29,393 |
|
|
27,765 |
|
|
27,834 |
|
|
27,161 |
|
Mortgage
banking revenue |
23,834 |
|
|
21,880 |
|
|
23,536 |
|
|
26,346 |
|
|
26,025 |
|
Other revenue |
12,762 |
|
|
16,404 |
|
|
12,900 |
|
|
13,923 |
|
|
12,958 |
|
Total fees and commissions |
160,552 |
|
|
160,107 |
|
|
166,197 |
|
|
157,258 |
|
|
159,614 |
|
Other
gains (losses), net |
2,976 |
|
|
(8,305 |
) |
|
2,754 |
|
|
4,578 |
|
|
(1,292 |
) |
Gain
(loss) on derivatives, net |
4,667 |
|
|
11,167 |
|
|
(2,847 |
) |
|
(3,057 |
) |
|
(5,685 |
) |
Gain
(loss) on fair value option securities, net |
9,665 |
|
|
(282 |
) |
|
(4,385 |
) |
|
(3,341 |
) |
|
(17,564 |
) |
Change in
fair value of mortgage servicing rights |
(20,666 |
) |
|
(24,233 |
) |
|
5,972 |
|
|
1,723 |
|
|
21,206 |
|
Gain (loss) on available for sale securities, net |
76 |
|
|
(1,999 |
) |
|
250 |
|
|
(762 |
) |
|
(290 |
) |
Total other
operating revenue |
157,270 |
|
|
136,455 |
|
|
167,941 |
|
|
156,399 |
|
|
155,989 |
|
Other operating
expense: |
|
|
|
|
|
|
|
|
|
Personnel |
169,228 |
|
|
160,706 |
|
|
143,531 |
|
|
138,947 |
|
|
139,947 |
|
Business
promotion |
7,874 |
|
|
9,207 |
|
|
7,620 |
|
|
7,686 |
|
|
6,010 |
|
Charitable contributions to BOKF Foundation |
— |
|
|
2,846 |
|
|
— |
|
|
— |
|
|
— |
|
Professional fees and services |
16,139 |
|
|
20,712 |
|
|
13,209 |
|
|
14,978 |
|
|
10,200 |
|
Net
occupancy and equipment |
29,521 |
|
|
27,780 |
|
|
23,394 |
|
|
22,761 |
|
|
24,046 |
|
Insurance |
4,839 |
|
|
4,248 |
|
|
6,232 |
|
|
6,245 |
|
|
6,593 |
|
Data
processing and communications |
31,449 |
|
|
27,575 |
|
|
31,665 |
|
|
27,739 |
|
|
27,817 |
|
Printing,
postage and supplies |
4,885 |
|
|
5,232 |
|
|
3,837 |
|
|
4,011 |
|
|
4,089 |
|
Net
losses and operating expenses of repossessed assets |
1,996 |
|
|
2,581 |
|
|
4,044 |
|
|
2,722 |
|
|
7,705 |
|
Amortization of intangible assets |
5,191 |
|
|
5,331 |
|
|
1,603 |
|
|
1,386 |
|
|
1,300 |
|
Mortgage
banking costs |
9,906 |
|
|
11,518 |
|
|
11,741 |
|
|
12,890 |
|
|
10,149 |
|
Other expense |
6,129 |
|
|
6,907 |
|
|
5,741 |
|
|
7,111 |
|
|
6,574 |
|
Total other
operating expense |
287,157 |
|
|
284,643 |
|
|
252,617 |
|
|
246,476 |
|
|
244,430 |
|
Net income
before taxes |
140,215 |
|
|
128,498 |
|
|
152,207 |
|
|
148,485 |
|
|
136,295 |
|
Federal
and state income taxes |
29,950 |
|
|
20,121 |
|
|
34,662 |
|
|
33,330 |
|
|
30,948 |
|
Net
income |
110,265 |
|
|
108,377 |
|
|
117,545 |
|
|
115,155 |
|
|
105,347 |
|
Net
income (loss) attributable to non-controlling interests |
(347 |
) |
|
(79 |
) |
|
289 |
|
|
783 |
|
|
(215 |
) |
Net income attributable to BOK Financial Corporation
shareholders |
$ |
110,612 |
|
|
$ |
108,456 |
|
|
$ |
117,256 |
|
|
$ |
114,372 |
|
|
$ |
105,562 |
|
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
71,387,070 |
|
|
71,808,029 |
|
|
64,901,095 |
|
|
64,901,975 |
|
|
64,847,334 |
|
Diluted |
71,404,388 |
|
|
71,833,334 |
|
|
64,934,351 |
|
|
64,937,226 |
|
|
64,888,033 |
|
Net income per
share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.54 |
|
|
$ |
1.50 |
|
|
$ |
1.79 |
|
|
$ |
1.75 |
|
|
$ |
1.61 |
|
Diluted |
$ |
1.54 |
|
|
$ |
1.50 |
|
|
$ |
1.79 |
|
|
$ |
1.75 |
|
|
$ |
1.61 |
|
LOANS
TREND -- UNAUDITEDBOK FINANCIAL
CORPORATION(In thousands) |
|
|
Mar. 31, 2019 |
|
Dec. 31, 2018 |
|
Sept. 30, 2018 |
|
June 30, 2018 |
|
Mar. 31, 2018 |
Commercial: |
|
|
|
|
|
|
|
|
|
|
Energy |
|
$ |
3,705,099 |
|
|
$ |
3,590,333 |
|
|
$ |
3,294,867 |
|
|
$ |
3,147,219 |
|
|
$ |
2,969,618 |
|
Services |
|
3,287,563 |
|
|
3,258,192 |
|
|
2,603,862 |
|
|
2,516,676 |
|
|
2,488,065 |
|
Healthcare |
|
2,915,885 |
|
|
2,799,277 |
|
|
2,437,323 |
|
|
2,353,722 |
|
|
2,359,928 |
|
Wholesale/retail |
|
1,706,900 |
|
|
1,621,158 |
|
|
1,650,729 |
|
|
1,699,554 |
|
|
1,531,576 |
|
Public
finance |
|
803,083 |
|
|
804,550 |
|
|
418,578 |
|
|
433,408 |
|
|
445,814 |
|
Manufacturing |
|
742,374 |
|
|
730,521 |
|
|
660,582 |
|
|
647,816 |
|
|
559,695 |
|
Other
commercial and industrial |
|
801,071 |
|
|
832,047 |
|
|
510,160 |
|
|
550,644 |
|
|
564,971 |
|
Total commercial |
|
13,961,975 |
|
|
13,636,078 |
|
|
11,576,101 |
|
|
11,349,039 |
|
|
10,919,667 |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate: |
|
|
|
|
|
|
|
|
|
|
Multifamily |
|
1,210,358 |
|
|
1,288,065 |
|
|
1,120,166 |
|
|
1,056,984 |
|
|
1,008,903 |
|
Office |
|
1,033,158 |
|
|
1,072,920 |
|
|
824,829 |
|
|
820,127 |
|
|
737,144 |
|
Retail |
|
890,685 |
|
|
919,082 |
|
|
759,423 |
|
|
768,024 |
|
|
750,396 |
|
Industrial |
|
767,757 |
|
|
778,106 |
|
|
696,774 |
|
|
653,384 |
|
|
613,608 |
|
Residential construction and land development |
|
149,686 |
|
|
148,584 |
|
|
101,872 |
|
|
118,999 |
|
|
117,458 |
|
Other
commercial real estate |
|
549,007 |
|
|
558,056 |
|
|
301,611 |
|
|
294,702 |
|
|
279,273 |
|
Total commercial real estate |
|
4,600,651 |
|
|
4,764,813 |
|
|
3,804,675 |
|
|
3,712,220 |
|
|
3,506,782 |
|
|
|
|
|
|
|
|
|
|
|
|
Residential
mortgage: |
|
|
|
|
|
|
|
|
|
|
Permanent
mortgage |
|
1,098,481 |
|
|
1,122,610 |
|
|
1,094,926 |
|
|
1,068,412 |
|
|
1,047,785 |
|
Permanent
mortgages guaranteed by U.S. government agencies |
|
193,308 |
|
|
190,866 |
|
|
180,718 |
|
|
169,653 |
|
|
177,880 |
|
Home
equity |
|
900,831 |
|
|
916,557 |
|
|
696,098 |
|
|
704,185 |
|
|
720,104 |
|
Total residential mortgage |
|
2,192,620 |
|
|
2,230,033 |
|
|
1,971,742 |
|
|
1,942,250 |
|
|
1,945,769 |
|
|
|
|
|
|
|
|
|
|
|
|
Personal |
|
1,003,734 |
|
|
1,025,806 |
|
|
996,941 |
|
|
1,000,187 |
|
|
965,632 |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
21,758,980 |
|
|
$ |
21,656,730 |
|
|
$ |
18,349,459 |
|
|
$ |
18,003,696 |
|
|
$ |
17,337,850 |
|
LOANS
BY PRINCIPAL MARKET AREA -- UNAUDITEDBOK FINANCIAL
CORPORATION(in thousands) |
|
Mar. 31, 2019 |
|
Dec. 31, 2018 |
|
Sept. 30, 2018 |
|
June 30, 2018 |
|
Mar. 31, 2018 |
|
|
|
|
|
|
|
|
|
|
Oklahoma: |
|
|
|
|
|
|
|
|
|
Commercial |
$ |
3,551,054 |
|
|
$ |
3,491,117 |
|
|
$ |
3,609,109 |
|
|
$ |
3,465,407 |
|
|
$ |
3,265,013 |
|
Commercial real estate |
665,190 |
|
|
700,756 |
|
|
651,315 |
|
|
662,665 |
|
|
668,031 |
|
Residential mortgage |
1,417,381 |
|
|
1,440,566 |
|
|
1,429,843 |
|
|
1,403,658 |
|
|
1,419,281 |
|
Personal |
374,807 |
|
|
375,543 |
|
|
376,201 |
|
|
362,846 |
|
|
353,128 |
|
Total Oklahoma |
6,008,432 |
|
|
6,007,982 |
|
|
6,066,468 |
|
|
5,894,576 |
|
|
5,705,453 |
|
|
|
|
|
|
|
|
|
|
|
Texas: |
|
|
|
|
|
|
|
|
|
Commercial |
5,754,018 |
|
|
5,438,133 |
|
|
5,115,646 |
|
|
4,922,451 |
|
|
4,715,841 |
|
Commercial real estate |
1,344,810 |
|
|
1,341,783 |
|
|
1,354,679 |
|
|
1,336,101 |
|
|
1,254,421 |
|
Residential mortgage |
265,927 |
|
|
266,805 |
|
|
253,265 |
|
|
243,400 |
|
|
229,761 |
|
Personal |
396,794 |
|
|
394,743 |
|
|
381,452 |
|
|
394,021 |
|
|
363,608 |
|
Total Texas |
7,761,549 |
|
|
7,441,464 |
|
|
7,105,042 |
|
|
6,895,973 |
|
|
6,563,631 |
|
|
|
|
|
|
|
|
|
|
|
New Mexico: |
|
|
|
|
|
|
|
|
|
Commercial |
342,915 |
|
|
340,489 |
|
|
325,048 |
|
|
305,167 |
|
|
315,701 |
|
Commercial real estate |
371,416 |
|
|
383,670 |
|
|
392,494 |
|
|
386,878 |
|
|
348,485 |
|
Residential mortgage |
85,326 |
|
|
87,346 |
|
|
88,110 |
|
|
90,581 |
|
|
93,490 |
|
Personal |
11,065 |
|
|
10,662 |
|
|
11,659 |
|
|
11,107 |
|
|
11,667 |
|
Total New Mexico |
810,722 |
|
|
822,167 |
|
|
817,311 |
|
|
793,733 |
|
|
769,343 |
|
|
|
|
|
|
|
|
|
|
|
Arkansas: |
|
|
|
|
|
|
|
|
|
Commercial |
79,286 |
|
|
111,338 |
|
|
102,237 |
|
|
93,217 |
|
|
94,430 |
|
Commercial real estate |
142,551 |
|
|
141,898 |
|
|
106,701 |
|
|
90,807 |
|
|
88,700 |
|
Residential mortgage |
7,731 |
|
|
7,537 |
|
|
7,278 |
|
|
6,927 |
|
|
7,033 |
|
Personal |
11,550 |
|
|
11,955 |
|
|
12,126 |
|
|
12,331 |
|
|
9,916 |
|
Total Arkansas |
241,118 |
|
|
272,728 |
|
|
228,342 |
|
|
203,282 |
|
|
200,079 |
|
|
|
|
|
|
|
|
|
|
|
Colorado: |
|
|
|
|
|
|
|
|
|
Commercial |
2,231,703 |
|
|
2,275,069 |
|
|
1,132,500 |
|
|
1,165,721 |
|
|
1,180,655 |
|
Commercial real estate |
957,348 |
|
|
963,575 |
|
|
354,543 |
|
|
267,065 |
|
|
210,801 |
|
Residential mortgage |
241,722 |
|
|
251,849 |
|
|
68,694 |
|
|
64,839 |
|
|
64,530 |
|
Personal |
65,812 |
|
|
72,916 |
|
|
56,999 |
|
|
60,504 |
|
|
63,118 |
|
Total Colorado |
3,496,585 |
|
|
3,563,409 |
|
|
1,612,736 |
|
|
1,558,129 |
|
|
1,519,104 |
|
|
|
|
|
|
|
|
|
|
|
Arizona: |
|
|
|
|
|
|
|
|
|
Commercial |
1,335,140 |
|
|
1,320,139 |
|
|
621,658 |
|
|
681,852 |
|
|
624,106 |
|
Commercial real estate |
791,466 |
|
|
889,903 |
|
|
666,562 |
|
|
710,784 |
|
|
672,319 |
|
Residential mortgage |
98,973 |
|
|
97,959 |
|
|
44,659 |
|
|
47,010 |
|
|
39,227 |
|
Personal |
61,875 |
|
|
68,546 |
|
|
67,280 |
|
|
65,541 |
|
|
57,023 |
|
Total Arizona |
2,287,454 |
|
|
2,376,547 |
|
|
1,400,159 |
|
|
1,505,187 |
|
|
1,392,675 |
|
|
|
|
|
|
|
|
|
|
|
Kansas/Missouri: |
|
|
|
|
|
|
|
|
|
Commercial |
667,859 |
|
|
659,793 |
|
|
669,903 |
|
|
715,224 |
|
|
723,921 |
|
Commercial real estate |
327,870 |
|
|
343,228 |
|
|
278,381 |
|
|
257,920 |
|
|
264,025 |
|
Residential mortgage |
75,560 |
|
|
77,971 |
|
|
79,893 |
|
|
85,835 |
|
|
92,447 |
|
Personal |
81,831 |
|
|
91,441 |
|
|
91,224 |
|
|
93,837 |
|
|
107,172 |
|
Total Kansas/Missouri |
1,153,120 |
|
|
1,172,433 |
|
|
1,119,401 |
|
|
1,152,816 |
|
|
1,187,565 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL
BOK FINANCIAL |
$ |
21,758,980 |
|
|
$ |
21,656,730 |
|
|
$ |
18,349,459 |
|
|
$ |
18,003,696 |
|
|
$ |
17,337,850 |
|
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) |
|
Mar. 31, 2019 |
|
Dec. 31, 2018 |
|
Sept. 30, 2018 |
|
June 30, 2018 |
|
Mar. 31, 2018 |
Oklahoma: |
|
|
|
|
|
|
|
|
|
Demand |
$ |
3,432,239 |
|
|
$ |
3,610,593 |
|
|
$ |
3,564,307 |
|
|
$ |
3,867,934 |
|
|
$ |
4,201,843 |
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
Transaction |
6,542,548 |
|
|
6,445,831 |
|
|
6,010,972 |
|
|
5,968,459 |
|
|
6,051,301 |
|
Savings |
309,875 |
|
|
288,210 |
|
|
288,080 |
|
|
289,202 |
|
|
289,351 |
|
Time |
1,217,371 |
|
|
1,118,643 |
|
|
1,128,810 |
|
|
1,207,471 |
|
|
1,203,534 |
|
Total interest-bearing |
8,069,794 |
|
|
7,852,684 |
|
|
7,427,862 |
|
|
7,465,132 |
|
|
7,544,186 |
|
Total
Oklahoma |
11,502,033 |
|
|
11,463,277 |
|
|
10,992,169 |
|
|
11,333,066 |
|
|
11,746,029 |
|
|
|
|
|
|
|
|
|
|
|
Texas: |
|
|
|
|
|
|
|
|
|
Demand |
2,966,743 |
|
|
3,291,433 |
|
|
3,357,669 |
|
|
3,321,980 |
|
|
3,019,483 |
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
Transaction |
2,385,305 |
|
|
2,295,169 |
|
|
2,182,114 |
|
|
2,169,155 |
|
|
2,208,892 |
|
Savings |
101,849 |
|
|
99,624 |
|
|
97,909 |
|
|
97,809 |
|
|
98,852 |
|
Time |
419,269 |
|
|
423,880 |
|
|
453,119 |
|
|
445,500 |
|
|
475,967 |
|
Total interest-bearing |
2,906,423 |
|
|
2,818,673 |
|
|
2,733,142 |
|
|
2,712,464 |
|
|
2,783,711 |
|
Total
Texas |
5,873,166 |
|
|
6,110,106 |
|
|
6,090,811 |
|
|
6,034,444 |
|
|
5,803,194 |
|
|
|
|
|
|
|
|
|
|
|
New Mexico: |
|
|
|
|
|
|
|
|
|
Demand |
662,362 |
|
|
691,692 |
|
|
722,188 |
|
|
770,974 |
|
|
695,060 |
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
Transaction |
573,203 |
|
|
571,347 |
|
|
593,760 |
|
|
586,593 |
|
|
555,414 |
|
Savings |
61,497 |
|
|
58,194 |
|
|
57,794 |
|
|
59,415 |
|
|
60,596 |
|
Time |
228,212 |
|
|
224,515 |
|
|
221,513 |
|
|
212,689 |
|
|
216,306 |
|
Total interest-bearing |
862,912 |
|
|
854,056 |
|
|
873,067 |
|
|
858,697 |
|
|
832,316 |
|
Total New
Mexico |
1,525,274 |
|
|
1,545,748 |
|
|
1,595,255 |
|
|
1,629,671 |
|
|
1,527,376 |
|
|
|
|
|
|
|
|
|
|
|
Arkansas: |
|
|
|
|
|
|
|
|
|
Demand |
31,624 |
|
|
36,800 |
|
|
36,579 |
|
|
39,896 |
|
|
35,291 |
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
Transaction |
147,964 |
|
|
91,593 |
|
|
128,001 |
|
|
143,298 |
|
|
94,206 |
|
Savings |
1,785 |
|
|
1,632 |
|
|
1,826 |
|
|
1,885 |
|
|
1,960 |
|
Time |
8,321 |
|
|
8,726 |
|
|
10,214 |
|
|
10,771 |
|
|
11,878 |
|
Total interest-bearing |
158,070 |
|
|
101,951 |
|
|
140,041 |
|
|
155,954 |
|
|
108,044 |
|
Total
Arkansas |
189,694 |
|
|
138,751 |
|
|
176,620 |
|
|
195,850 |
|
|
143,335 |
|
|
|
|
|
|
|
|
|
|
|
Colorado: |
|
|
|
|
|
|
|
|
|
Demand |
1,897,547 |
|
|
1,658,473 |
|
|
593,442 |
|
|
529,912 |
|
|
521,963 |
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
Transaction |
1,844,632 |
|
|
1,899,203 |
|
|
622,520 |
|
|
701,362 |
|
|
687,785 |
|
Savings |
58,919 |
|
|
57,289 |
|
|
40,308 |
|
|
38,176 |
|
|
37,232 |
|
Time |
261,235 |
|
|
274,877 |
|
|
217,628 |
|
|
208,049 |
|
|
215,330 |
|
Total interest-bearing |
2,164,786 |
|
|
2,231,369 |
|
|
880,456 |
|
|
947,587 |
|
|
940,347 |
|
Total Colorado |
4,062,333 |
|
|
3,889,842 |
|
|
1,473,898 |
|
|
1,477,499 |
|
|
1,462,310 |
|
|
|
|
|
|
|
|
|
|
|
Arizona: |
|
|
|
|
|
|
|
|
|
Demand |
695,238 |
|
|
707,402 |
|
|
365,878 |
|
|
383,627 |
|
|
326,581 |
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
Transaction |
621,735 |
|
|
575,567 |
|
|
130,105 |
|
|
193,687 |
|
|
247,926 |
|
Savings |
12,144 |
|
|
10,545 |
|
|
3,559 |
|
|
3,935 |
|
|
4,116 |
|
Time |
44,004 |
|
|
43,051 |
|
|
23,927 |
|
|
22,447 |
|
|
21,009 |
|
Total interest-bearing |
677,883 |
|
|
629,163 |
|
|
157,591 |
|
|
220,069 |
|
|
273,051 |
|
Total
Arizona |
1,373,121 |
|
|
1,336,565 |
|
|
523,469 |
|
|
603,696 |
|
|
599,632 |
|
|
|
|
|
|
|
|
|
|
|
Kansas/Missouri: |
|
|
|
|
|
|
|
|
|
Demand |
410,799 |
|
|
418,199 |
|
|
423,560 |
|
|
459,636 |
|
|
505,802 |
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
Transaction |
361,590 |
|
|
327,866 |
|
|
322,747 |
|
|
401,545 |
|
|
381,447 |
|
Savings |
13,815 |
|
|
13,721 |
|
|
13,125 |
|
|
13,052 |
|
|
13,845 |
|
Time |
19,977 |
|
|
19,688 |
|
|
20,635 |
|
|
20,805 |
|
|
22,230 |
|
Total interest-bearing |
395,382 |
|
|
361,275 |
|
|
356,507 |
|
|
435,402 |
|
|
417,522 |
|
Total
Kansas/Missouri |
806,181 |
|
|
779,474 |
|
|
780,067 |
|
|
895,038 |
|
|
923,324 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL
BOK FINANCIAL |
$ |
25,331,802 |
|
|
$ |
25,263,763 |
|
|
$ |
21,632,289 |
|
|
$ |
22,169,264 |
|
|
$ |
22,205,200 |
|
NET
INTEREST MARGIN TREND -- UNAUDITEDBOK FINANCIAL
CORPORATION |
|
Three Months Ended |
|
Mar. 31, 2019 |
|
Dec. 31, 2018 |
|
Sept. 30, 2018 |
|
June 30, 2018 |
|
Mar. 31, 2018 |
|
|
|
|
|
|
|
|
|
|
TAX-EQUIVALENT ASSETS
YIELDS |
|
|
|
|
|
|
|
|
|
Interest-bearing cash
and cash equivalents |
2.56 |
% |
|
2.23 |
% |
|
1.98 |
% |
|
1.86 |
% |
|
1.57 |
% |
Trading securities |
3.88 |
% |
|
4.10 |
% |
|
3.98 |
% |
|
3.63 |
% |
|
3.40 |
% |
Investment
securities |
5.22 |
% |
|
4.26 |
% |
|
4.06 |
% |
|
3.95 |
% |
|
3.78 |
% |
Available for sale
securities |
2.57 |
% |
|
2.51 |
% |
|
2.37 |
% |
|
2.30 |
% |
|
2.23 |
% |
Fair value option
securities |
3.62 |
% |
|
3.56 |
% |
|
3.25 |
% |
|
3.16 |
% |
|
2.95 |
% |
Restricted equity
securities |
6.42 |
% |
|
6.39 |
% |
|
6.36 |
% |
|
6.21 |
% |
|
5.86 |
% |
Residential mortgage
loans held for sale |
4.58 |
% |
|
4.00 |
% |
|
4.27 |
% |
|
4.28 |
% |
|
3.71 |
% |
Loans |
5.26 |
% |
|
5.09 |
% |
|
4.80 |
% |
|
4.80 |
% |
|
4.45 |
% |
Allowance
for loan losses |
|
|
|
|
|
|
|
|
|
Loans, net of
allowance |
5.31 |
% |
|
5.14 |
% |
|
4.86 |
% |
|
4.86 |
% |
|
4.51 |
% |
Total
tax-equivalent yield on earning assets |
4.46 |
% |
|
4.33 |
% |
|
4.04 |
% |
|
3.91 |
% |
|
3.61 |
% |
|
|
|
|
|
|
|
|
|
|
COST OF
INTEREST-BEARING LIABILITIES |
|
|
|
|
|
|
|
|
Interest-bearing
deposits: |
|
|
|
|
|
|
|
|
|
Interest-bearing
transaction |
0.94 |
% |
|
0.79 |
% |
|
0.67 |
% |
|
0.55 |
% |
|
0.45 |
% |
Savings |
0.12 |
% |
|
0.11 |
% |
|
0.09 |
% |
|
0.08 |
% |
|
0.07 |
% |
Time |
1.80 |
% |
|
1.54 |
% |
|
1.40 |
% |
|
1.29 |
% |
|
1.25 |
% |
Total interest-bearing
deposits |
1.04 |
% |
|
0.87 |
% |
|
0.77 |
% |
|
0.66 |
% |
|
0.57 |
% |
Funds purchased and
repurchase agreements |
2.07 |
% |
|
1.36 |
% |
|
1.25 |
% |
|
0.53 |
% |
|
0.40 |
% |
Other borrowings |
2.68 |
% |
|
2.51 |
% |
|
2.20 |
% |
|
1.96 |
% |
|
1.60 |
% |
Subordinated debt |
5.51 |
% |
|
5.38 |
% |
|
5.55 |
% |
|
5.67 |
% |
|
5.61 |
% |
Total cost of interest-bearing liabilities |
1.66 |
% |
|
1.42 |
% |
|
1.25 |
% |
|
1.11 |
% |
|
0.93 |
% |
Tax-equivalent net
interest revenue spread |
2.80 |
% |
|
2.91 |
% |
|
2.79 |
% |
|
2.80 |
% |
|
2.68 |
% |
Effect of
noninterest-bearing funding sources and other |
0.50 |
% |
|
0.49 |
% |
|
0.42 |
% |
|
0.37 |
% |
|
0.31 |
% |
Tax-equivalent net interest margin |
3.30 |
% |
|
3.40 |
% |
|
3.21 |
% |
|
3.17 |
% |
|
2.99 |
% |
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 |
|
Mar. 31, 2019 |
|
Dec. 31, 2018 |
|
Sept. 30, 2018 |
|
June 30, 2018 |
|
Mar. 31, 2018 |
Nonperforming
assets: |
|
|
|
|
|
|
|
|
|
Nonaccruing loans: |
|
|
|
|
|
|
|
|
|
Commercial |
$ |
90,358 |
|
|
$ |
99,841 |
|
|
$ |
109,490 |
|
|
$ |
120,978 |
|
|
$ |
131,460 |
|
Commercial real estate |
21,508 |
|
|
21,621 |
|
|
1,316 |
|
|
1,996 |
|
|
2,470 |
|
Residential mortgage |
40,409 |
|
|
41,555 |
|
|
41,917 |
|
|
42,343 |
|
|
45,794 |
|
Personal |
302 |
|
|
230 |
|
|
269 |
|
|
340 |
|
|
340 |
|
Total
nonaccruing loans |
152,577 |
|
|
163,247 |
|
|
152,992 |
|
|
165,657 |
|
|
180,064 |
|
Accruing
renegotiated loans guaranteed by U.S. government agencies |
91,787 |
|
|
86,428 |
|
|
83,347 |
|
|
75,374 |
|
|
74,418 |
|
Real estate and other repossessed assets |
17,139 |
|
|
17,487 |
|
|
24,515 |
|
|
27,891 |
|
|
23,652 |
|
Total
nonperforming assets |
$ |
261,503 |
|
|
$ |
267,162 |
|
|
$ |
260,854 |
|
|
$ |
268,922 |
|
|
$ |
278,134 |
|
Total
nonperforming assets excluding those guaranteed by U.S. government
agencies |
$ |
162,770 |
|
|
$ |
173,602 |
|
|
$ |
169,717 |
|
|
$ |
185,981 |
|
|
$ |
194,833 |
|
|
|
|
|
|
|
|
|
|
|
Nonaccruing loans by
loan class: |
|
|
|
|
|
|
|
|
|
Commercial: |
|
|
|
|
|
|
|
|
|
Energy |
$ |
35,332 |
|
|
$ |
47,494 |
|
|
$ |
54,033 |
|
|
$ |
65,597 |
|
|
$ |
89,942 |
|
Services |
9,555 |
|
|
8,567 |
|
|
4,097 |
|
|
4,377 |
|
|
2,109 |
|
Healthcare |
18,768 |
|
|
16,538 |
|
|
15,704 |
|
|
16,125 |
|
|
15,342 |
|
Manufacturing |
9,548 |
|
|
8,919 |
|
|
9,202 |
|
|
2,991 |
|
|
3,002 |
|
Wholesale/retail |
1,425 |
|
|
1,316 |
|
|
9,249 |
|
|
14,095 |
|
|
2,564 |
|
Public
finance |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other commercial and industrial |
15,730 |
|
|
17,007 |
|
|
17,205 |
|
|
17,793 |
|
|
18,501 |
|
Total commercial |
90,358 |
|
|
99,841 |
|
|
109,490 |
|
|
120,978 |
|
|
131,460 |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
Retail |
20,159 |
|
|
20,279 |
|
|
777 |
|
|
1,068 |
|
|
264 |
|
Residential construction and land development |
350 |
|
|
350 |
|
|
350 |
|
|
350 |
|
|
1,613 |
|
Multifamily |
— |
|
|
301 |
|
|
— |
|
|
— |
|
|
— |
|
Office |
855 |
|
|
— |
|
|
— |
|
|
275 |
|
|
275 |
|
Industrial |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other commercial real estate |
144 |
|
|
691 |
|
|
189 |
|
|
303 |
|
|
318 |
|
Total commercial real estate |
21,508 |
|
|
21,621 |
|
|
1,316 |
|
|
1,996 |
|
|
2,470 |
|
Residential mortgage: |
|
|
|
|
|
|
|
|
|
Permanent
mortgage |
22,937 |
|
|
23,951 |
|
|
22,855 |
|
|
23,105 |
|
|
24,578 |
|
Permanent
mortgage guaranteed by U.S. government agencies |
6,946 |
|
|
7,132 |
|
|
7,790 |
|
|
7,567 |
|
|
8,883 |
|
Home equity |
10,526 |
|
|
10,472 |
|
|
11,272 |
|
|
11,671 |
|
|
12,333 |
|
Total residential mortgage |
40,409 |
|
|
41,555 |
|
|
41,917 |
|
|
42,343 |
|
|
45,794 |
|
Personal |
302 |
|
|
230 |
|
|
269 |
|
|
340 |
|
|
340 |
|
Total
nonaccruing loans |
$ |
152,577 |
|
|
$ |
163,247 |
|
|
$ |
152,992 |
|
|
$ |
165,657 |
|
|
$ |
180,064 |
|
|
|
|
|
|
|
|
|
|
|
Performing loans 90
days past due1 |
$ |
610 |
|
|
$ |
1,338 |
|
|
$ |
518 |
|
|
$ |
879 |
|
|
$ |
90 |
|
|
|
|
|
|
|
|
|
|
|
Gross charge-offs |
$ |
11,775 |
|
|
$ |
14,515 |
|
|
$ |
11,073 |
|
|
$ |
15,105 |
|
|
$ |
2,890 |
|
Recoveries |
(1,689 |
) |
|
(2,168 |
) |
|
(2,092 |
) |
|
(4,578 |
) |
|
(1,576 |
) |
Net charge-offs |
$ |
10,086 |
|
|
$ |
12,347 |
|
|
$ |
8,981 |
|
|
$ |
10,527 |
|
|
$ |
1,314 |
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses |
$ |
8,000 |
|
|
$ |
9,000 |
|
|
$ |
4,000 |
|
|
$ |
— |
|
|
$ |
(5,000 |
) |
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses to period end loans |
0.94 |
% |
|
0.96 |
% |
|
1.15 |
% |
|
1.19 |
% |
|
1.29 |
% |
Combined allowance for
credit losses to period end loans |
0.95 |
% |
|
0.97 |
% |
|
1.16 |
% |
|
1.21 |
% |
|
1.32 |
% |
Nonperforming assets to
period end loans and repossessed assets |
1.20 |
% |
|
1.23 |
% |
|
1.42 |
% |
|
1.49 |
% |
|
1.60 |
% |
Net charge-offs
(annualized) to average loans |
0.19 |
% |
|
0.23 |
% |
|
0.20 |
% |
|
0.24 |
% |
|
0.03 |
% |
Allowance for loan
losses to nonaccruing loans1 |
141.00 |
% |
|
132.89 |
% |
|
145.02 |
% |
|
136.09 |
% |
|
130.84 |
% |
Combined allowance for
credit losses to nonaccruing loans1 |
142.25 |
% |
|
134.03 |
% |
|
146.41 |
% |
|
137.63 |
% |
|
133.25 |
% |
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 |
|
Mar. 31, 2019 |
|
Dec. 31, 2018 |
|
Mar. 31, 2018 |
|
1Q19 vs 4Q18 |
|
1Q19 vs 1Q18 |
Net interest
revenue |
|
$ |
151,647 |
|
|
$ |
148,359 |
|
|
$ |
132,071 |
|
|
2.2 |
% |
|
14.8 |
% |
Fees and commissions
revenue |
|
38,046 |
|
|
39,667 |
|
|
40,017 |
|
|
(4.1 |
)% |
|
(4.9 |
)% |
Other operating
expense |
|
50,177 |
|
|
51,628 |
|
|
48,370 |
|
|
(2.8 |
)% |
|
3.7 |
% |
Corporate expense
allocations |
|
10,148 |
|
|
9,112 |
|
|
10,603 |
|
|
11.4 |
% |
|
(4.3 |
)% |
Net income |
|
86,143 |
|
|
84,588 |
|
|
79,247 |
|
|
1.8 |
% |
|
8.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
19,931,964 |
|
|
19,341,927 |
|
|
17,793,820 |
|
|
3.1 |
% |
|
12.0 |
% |
Average loans |
|
15,992,749 |
|
|
15,628,731 |
|
|
14,426,750 |
|
|
2.3 |
% |
|
10.9 |
% |
Average deposits |
|
8,261,543 |
|
|
8,393,016 |
|
|
8,664,452 |
|
|
(1.6 |
)% |
|
(4.7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
Consumer
Banking |
|
|
|
|
|
|
|
|
|
|
Net interest
revenue |
|
$ |
51,102 |
|
|
$ |
41,364 |
|
|
$ |
36,977 |
|
|
23.5 |
% |
|
38.2 |
% |
Fees and commissions
revenue |
|
42,821 |
|
|
42,839 |
|
|
44,963 |
|
|
— |
% |
|
(4.8 |
)% |
Other operating
expense |
|
53,506 |
|
|
56,081 |
|
|
54,695 |
|
|
(4.6 |
)% |
|
(2.2 |
)% |
Corporate expense
allocations |
|
11,883 |
|
|
11,098 |
|
|
11,188 |
|
|
7.1 |
% |
|
6.2 |
% |
Net income |
|
15,584 |
|
|
2,741 |
|
|
9,374 |
|
|
468.6 |
% |
|
66.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
8,371,683 |
|
|
8,071,978 |
|
|
8,468,101 |
|
|
3.7 |
% |
|
(1.1 |
)% |
Average loans |
|
1,750,642 |
|
|
1,745,642 |
|
|
1,746,136 |
|
|
0.3 |
% |
|
0.3 |
% |
Average deposits |
|
6,544,665 |
|
|
6,542,188 |
|
|
6,538,096 |
|
|
— |
% |
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
Wealth
Management |
|
|
|
|
|
|
|
|
|
|
Net interest
revenue |
|
$ |
28,256 |
|
|
$ |
29,292 |
|
|
$ |
25,339 |
|
|
(3.5 |
)% |
|
11.5 |
% |
Fees and commissions
revenue |
|
73,256 |
|
|
67,607 |
|
|
74,807 |
|
|
8.4 |
% |
|
(2.1 |
)% |
Other operating
expense |
|
61,507 |
|
|
64,549 |
|
|
64,942 |
|
|
(4.7 |
)% |
|
(5.3 |
)% |
Corporate expense
allocations |
|
8,360 |
|
|
8,828 |
|
|
8,815 |
|
|
(5.3 |
)% |
|
(5.2 |
)% |
Net income |
|
23,719 |
|
|
17,472 |
|
|
19,609 |
|
|
35.8 |
% |
|
21.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
9,312,154 |
|
|
8,687,234 |
|
|
8,095,794 |
|
|
7.2 |
% |
|
15.0 |
% |
Average loans |
|
1,448,718 |
|
|
1,448,805 |
|
|
1,389,926 |
|
|
— |
% |
|
4.2 |
% |
Average deposits |
|
5,659,771 |
|
|
5,483,455 |
|
|
5,662,470 |
|
|
3.2 |
% |
|
— |
% |
Fiduciary assets |
|
46,401,149 |
|
|
44,841,339 |
|
|
46,648,290 |
|
|
3.5 |
% |
|
(0.5 |
)% |
Assets under management
or administration |
|
78,852,284 |
|
|
76,279,777 |
|
|
78,878,989 |
|
|
3.4 |
% |
|
— |
% |
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