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Section 1: 8-K (8-K)

Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
January 24, 2018

Commission File No. 0-19341

BOK FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)

Oklahoma
 
73-1373454
(State or other jurisdiction
of Incorporation or Organization)
 
(IRS Employer
Identification No.)
 
 
 
Bank of Oklahoma Tower
 
 
Boston Avenue at Second Street
 
 
Tulsa, Oklahoma
 
74192
(Address of Principal Executive Offices)
 
(Zip Code)
 
(918) 588-6000
(Registrant’s telephone number, including area code)

N/A
___________________________________________
(Former name or former address, if changes since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

|_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
¨ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨







INFORMATION TO BE INCLUDED IN THE REPORT

ITEM 2.02. Results of Operations and Financial Condition.

On January 24, 2018, BOK Financial Corporation (“BOK Financial”) issued a press release announcing its financial results for the three months and year ended December 31, 2017 (“Press Release”). The full text of the Press Release is attached as Exhibit 99(a) to this report and is incorporated herein by reference. On January 24, 2018, in connection with issuance of the Press Release, BOK Financial released financial information related to the three months and year ended December 31, 2017 (“Financial Information”), which includes certain historical financial information relating to BOK Financial. The Financial Information is attached as Exhibit 99(b) to this report and is incorporated herein by reference.


ITEM 9.01. Financial Statements and Exhibits.

(a)
Exhibits

99
Text of Press Release, dated January 24, 2018 titled "BOK Financial Reports 2017 Fourth Quarter and Full Year Results" and Financial Information for the Three Months and Year Ended December 31, 2017.
  


Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


BOK FINANCIAL CORPORATION




By: /s/ Steven E. Nell
Steven E. Nell
Executive Vice President
Chief Financial Officer
Date: January 24, 2018



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Section 2: EX-99 (EXHIBIT 99)

Exhibit


Exhibit 99 (a)
391876348_bokfinanciala11.jpg

NASD: BOKF


For Further Information Contact:
Joseph Crivelli
Investor Relations
(918) 595-3027

BOK Financial Reports 2017 Fourth Quarter and Full Year Results
TULSA, Okla. (Wednesday, January 24, 2018) - BOK Financial Corporation reported net income of $334.6 million or $5.11 per diluted share for the year ended December 31, 2017. Net income for the year ended December 31, 2016 was $232.7 million or $3.53 per diluted share.
Net income for fourth quarter of 2017 totaled $72.5 million or $1.11 per diluted share compared to $85.6 million or $1.31 per diluted share for the third quarter of 2017 and $50.0 million or $0.76 per diluted share for the fourth quarter of 2016.

The Tax Cuts and Jobs Act ("the Act") signed into law on December 22, 2017 resulted in an $11.7 million or $0.18 per share reduction in net income for the fourth quarter. A decrease in the federal corporate tax rate from 35% to 21% required us to revalue deferred tax assets and liabilities. Provisions of the Act also limit the deductibility of certain other expenses.

Steven G. Bradshaw, president and chief executive officer, stated, “The fourth quarter wrapped up a very strong year for BOK Financial, in which we delivered our strongest earnings performance in the past five years. While we benefited from a healthy interest rate environment, the key to earnings leverage was maintaining expense discipline throughout the year. In addition, the benign credit environment combined with our strong underwriting minimized credit costs during the year. Finally, our wealth management business delivered record financial results in 2017 and surpassed $80 billion of assets under management and administration for the first time in company history, leading our diverse set of fee based businesses.”
 
Bradshaw continued, “Now that we have clarity on tax reform and healthcare, we believe the stage is set for stronger loan growth in 2018. In the fourth quarter our healthcare business grew at its strongest pace in over a year, and we are already seeing an increase in client loan demand in our commercial and industrial business. In addition, energy banking continues to benefit from the company’s long-term commitment to our energy borrowers, and our private banking division remains among our fastest-growing lending segments.”
 

1



The write-down of our deferred tax asset was necessitated by expected lower future tax rates and negatively impacted fourth quarter earnings. However, we believe the passage of tax reform will be beneficial to economic growth across our footprint, drive increased loan demand in many of our businesses, and provide a material benefit to future profitability,” Bradshaw concluded.

Fourth Quarter 2017 Highlights
Net interest revenue totaled $216.9 million for the fourth quarter of 2017, compared to $218.5 million for the third quarter of 2017. Net interest margin was 2.97 percent, compared to 3.01 percent in the third quarter of 2017. Recoveries of foregone interest on nonaccruing loans added $4.7 million and 6 basis points to net interest margin in the third quarter. Average earning assets increased $122 million over the prior quarter.
Fees and commissions revenue totaled $168.2 million for the fourth quarter of 2017, compared to $173.5 million for the third quarter of 2017. Transaction card revenue decreased $3.3 million and other revenue decreased $1.9 million. Fiduciary and asset management revenue grew $1.1 million.
Operating expense was $264.0 million for the fourth quarter, a $1.9 million decrease compared to the prior quarter. Personnel costs decreased $2.6 million, partially offset by a $634 thousand increase in non-personnel expense.
The Company recorded a $7.0 million negative provision for credit losses in the fourth quarter, due to continued improvement in credit metric trends. No provision for credit losses was recorded in the third quarter of 2017. The company had net charge-offs of $11.7 million or 27 basis points of average loans on an annualized basis in the fourth quarter of 2017, compared to net charge-offs of $3.4 million or 8 basis points of average loans on annualized basis in the third quarter. For the full year, net charge-offs were $16.0 million or 9 basis points of average loans in 2017 and $34.8 million or 21 basis points of average loans in 2016.
The combined allowance for credit losses totaled $234 million or 1.37 percent of outstanding loans at December 31, 2017, compared to $253 million or 1.47 percent of outstanding loans at September 30, 2017.
Nonperforming assets that are not guaranteed by U.S. government agencies totaled $207 million or 1.22 percent of outstanding loans and repossessed assets at December 31, 2017 compared to $249 million or 1.46 percent of outstanding loans and repossessed assets at September 30, 2017. The decrease in nonperforming assets was primarily due to nonaccruing energy, other commercial and industrial and healthcare sector loans.
Average loan balances were largely unchanged compared to the previous quarter. Growth in residential mortgage and personal loans was offset by decreased commercial and commercial real estate loan balances. Period-end outstanding loan balances were $17.2 billion at December 31, 2017, a $53 million decrease compared to September 30, 2017.
Average deposits were largely unchanged compared to the previous quarter. Growth in interest-bearing transaction and demand deposit account balances was partially offset by a decrease in time deposits. Period end deposits increased $213 million over September 30, 2017 to $22.1 billion at December 31, 2017.

2



The common equity Tier 1 capital ratio was 11.95 percent at December 31. In addition, the Company's Tier 1 capital ratio was 11.95 percent, total capital ratio was 13.43 percent and leverage ratio was 9.31 percent. At September 30, 2017, the common equity Tier 1 capital ratio was 11.90 percent, the Tier 1 capital ratio was 11.90 percent, total capital ratio was 13.47 percent and leverage ratio was 9.30 percent.
The company repurchased 80,000 common shares at an average price of $92.54 per share during the fourth quarter of 2017. No shares were repurchased during the third quarter of 2017.

Tax Cuts and Jobs Act
Fourth quarter and full year 2017 earnings included an $11.7 million or $0.18 per diluted share charge as a result of the Tax Cuts and Jobs Act which was signed into law on December 22, 2017. The write-down of net deferred tax assets from a federal and state statutory tax rate of 38.9 percent to 25.5 percent totaled $9.5 million, including $6.4 million of deferred tax assets related to unrealized losses on available for sale securities. In addition, the charge included $2.2 million to write-off deferred tax assets related to the compensation of certain executive officers that will no longer be deductible.
We currently expect that the federal and state effective tax rate for 2018 will be between 22 percent and 23 percent, compared to 33.8 percent for 2017, excluding the tax effects of equity compensation arrangements and similar discrete items.
Net Interest Revenue
Net interest revenue was $216.9 million for the fourth quarter of 2017, a decrease of $1.6 million compared to the third quarter of 2017.
Net interest margin was 2.97 percent for the fourth quarter of 2017, compared to 3.01 percent for the third quarter of 2017. Recoveries of foregone interest primarily related to nonaccruing energy loans added $4.7 million to net interest revenue and 6 basis points to net interest margin for the third quarter. Excluding the impact of interest recoveries in the third quarter, the yield on average earning assets was 3.49 percent, a 5 basis point increase over the prior quarter and the yield on the loan portfolio increased 9 basis points to 4.29 percent. The yield on the available for sale securities portfolio increased 4 basis points to 2.21 percent. Funding costs were 0.79 percent, up 4 basis points. The cost of interest-bearing deposits increased 3 basis points to 0.48 percent as market pricing pressure remained relatively subdued. The cost of other borrowed funds was up 5 basis points to 1.28 percent.
Average earning assets increased $122 million during the fourth quarter of 2017. Fair value option securities held as an economic hedge of our mortgage servicing rights increased $108 million. Average trading securities balances increased $69 million. This growth was partially offset by a $76 million decrease in average loan balances primarily due to lower commercial and commercial real estate balances, partially offset by growth in residential mortgage and personal loans. Average interest-bearing deposits increased $14 million over the third quarter of 2017. The average balance of borrowed funds increased $124 million.

3



Fees and Commissions Revenue
Fees and commissions revenue totaled $168.2 million for the fourth quarter of 2017, a $5.3 million decrease compared to the third quarter of 2017.
Fiduciary and asset management revenue grew $1.1 million or 3 percent over the third quarter of 2017. Total assets under management or in custody totaled $81.8 billion, up 5 percent since September 30 due to a combination of net cash inflows and higher asset valuation.
Mortgage banking revenue totaled $24.4 million, unchanged from the previous quarter. Production volume was down 9 percent from the previous quarter due primarily to the effect of higher interest rates. The impact of decreased production volume on revenue was offset by improved pricing margin.
Transaction card revenue decreased $3.3 million compared to the third quarter of 2017 primarily due to a customer early termination fee received in the third quarter. Additionally, other revenue decreased $1.9 million primarily as a result of the sale of a consolidated merchant banking investment. Other expense also decreased as a result of the sale.
Operating Expenses
Total operating expenses were $264.0 million for the fourth quarter of 2017, a decrease of $1.9 million compared to the third quarter of 2017.
Personnel costs decreased $2.6 million compared to the previous quarter. Employee benefits expense decreased $1.8 million primarily due to lower pension costs. Regular salary expense decreased $798 thousand while incentive compensation expense remained relatively flat.
Non-personnel expense increased $634 thousand over the third quarter of 2017. Professional fees increased $3.1 million primarily due to project costs related to the new online account opening product. The fourth quarter also included a $2.0 million contribution to the BOKF Foundation. Net losses and operating expenses of repossessed assets decreased $5.7 million. A $4.7 million write-down of a set of oil and gas properties was recognized in the third quarter.

4



Loans, Deposits and Capital
Loans
Outstanding loans were $17.2 billion at December 31, 2017, a $53 million decrease compared to September 30. Decreased commercial and commercial real estate loan balances were partially offset by growth in residential mortgage and personal loans.
Outstanding commercial loan balances decreased $62 million compared to September 30, 2017. Wholesale/retail sector loan balances decreased $187 million and manufacturing sector loan balances decreased $23 million. Healthcare sector loans grew by $75 million over the prior quarter and energy sector loans were up $62 million over September 30, 2017.
Unfunded energy loan commitments grew by $182 million in the fourth quarter to $2.9 billion. All other unfunded commercial loan commitments totaled $4.8 billion at December 31, 2017, largely unchanged compared to September 30, 2017.
Commercial real estate loans decreased by $38 million compared to September 30, 2017 due primarily to continued pay-down activity as borrowers took advantage of favorable long-term rates and refinanced into the permanent market. Retail sector loans decreased by $34 million, multifamily residential loans decreased by $19 million and loans secured by industrial facilities decreased by $18 million. Loans secured by office buildings increased $35 million. Unfunded commercial real estate loan commitments totaled $1.2 billion at December 31, 2017, a $112 million increase over September 30, 2017.
Residential mortgage loans grew by $28 million and personal loans were up $19 million over the prior quarter.
Deposits
Period-end deposits totaled $22.1 billion at December 31, 2017, a $213 million increase over September 30, 2017. Interest-bearing transaction account balances grew by $225 million and demand deposit balances increased $58 million, partially offset by a $74 million decrease in time deposits. Among the lines of business, Commercial Banking deposits increased $220 million and Wealth Management deposits increased $163 million, partially offset by a $147 million decrease in Consumer Banking deposits.
Capital
The company's common equity Tier 1 capital ratio was 11.95 percent at December 31, 2017. In addition, the Company's Tier 1 capital ratio was 11.95 percent, total capital ratio was 13.43 percent and leverage ratio was 9.31 percent at December 31, 2017. At September 30, 2017, the Company's common equity Tier 1 capital ratio was 11.90 percent, Tier 1 capital ratio was 11.90 percent, total capital ratio was 13.47 percent and leverage ratio was 9.30 percent.
The company's tangible common equity ratio, a non-GAAP measure, was 9.50 percent at December 31, 2017 and 9.23 percent at September 30, 2017. 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.

5



Credit Quality
Nonperforming assets totaled $290 million or 1.69 percent of outstanding loans and repossessed assets at December 31, 2017, down from $328 million or 1.90 percent of outstanding loans and repossessed assets at September 30, 2017. Nonperforming assets that are not guaranteed by U.S. government agencies totaled $207 million or 1.22 percent of outstanding loans and repossessed assets (excluding those guaranteed by U.S. government agencies) at December 31, 2017 and $249 million or 1.46 percent at September 30, 2017.
Nonaccruing loans totaled $188 million or 1.10 percent of outstanding loans at December 31, 2017, compared to $226 million or 1.31 percent of outstanding loans at September 30, 2017. New nonaccruing loans identified in the fourth quarter totaled $33 million, offset by $53 million in payments received, $14.7 million in charge-offs and $1.9 million in foreclosures and repossessions. At December 31, 2017, nonaccruing commercial loans totaled $137 million or 1.28 percent of outstanding commercial loans. Nonaccruing commercial real estate loans were only $2.9 million or 0.08 percent of outstanding commercial real estate loans. Nonaccruing residential mortgage loans not guaranteed by U.S. government agencies totaled $38 million or 2.15 percent of outstanding residential mortgage loans.
At December 31, 2017, approximately $51 million of nonaccruing loans required a specific allowance of $8.8 million. No specific allowance was necessary for the remaining $137 million of nonaccruing loans based on estimated cash flows or collateral value. At September 30, 2017, $90 million of nonaccruing loans required a specific allowance of $13 million and no specific allowance was necessary on the remaining $136 million of nonaccruing loans.
Potential problem loans, which are defined as performing loans that, based on known information, cause management concern as to the borrowers' ability to continue to perform, decreased to $241 million at December 31, 2017 from $285 million at September 30, 2017. This decrease largely resulted from energy loans, partially offset by an increase in services and healthcare sector loans.
The company had net charge-offs of $11.7 million or 27 basis points of average loans on an annualized basis for the fourth quarter of 2017, compared to net charge-offs of $3.4 million or 8 basis points of average loans on annualized basis for the third quarter of 2017. Gross charge-offs totaled $14.7 million for the fourth quarter, compared to $5.8 million for the previous quarter. Recoveries totaled $3.1 million for the fourth quarter of 2017 and $2.4 million for the third quarter of 2017.
After evaluating all credit factors, including continued improvement in nonaccruing and potential problem loans, the company determined that a $7.0 million negative provision for credit losses was appropriate during the fourth quarter of 2017. No provision for credit losses was recorded in the third quarter of 2017.
The combined allowance for credit losses totaled $234 million or 1.37 percent of outstanding loans and 131 percent of nonaccruing loans, excluding loans guaranteed by U.S. government agencies, at December 31, 2017. The allowance for loan losses was $231 million and the accrual for off-balance sheet credit losses was $3.7 million. At September 30, 2017, the combined allowance for credit losses was $253 million or 1.47 percent of outstanding loans and 117 percent of nonaccruing loans, excluding loans guaranteed by U.S. government agencies. The allowance for loan losses was $248 million and the accrual for off-balance sheet credit losses was $5.4 million.

6



Securities and Derivatives
The fair value of the available for sale securities portfolio totaled $8.3 billion at December 31, 2017 and $8.4 billion at September 30, 2017. At December 31, 2017, the available for sale portfolio consisted primarily of $5.3 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $2.8 billion of commercial mortgage-backed securities fully backed by U.S. government agencies.
The available for sale securities portfolio had a net unrealized loss of $47 million at December 31, 2017, compared to a net unrealized gain of $14 million at September 30, 2017. The increase in net unrealized loss was primarily due to an increase in interest rates during the fourth quarter.
The Company also maintains a portfolio of financial instruments consisting primarily of residential mortgage-backed securities issued by U.S. government agencies and interest rate derivative contracts held as an economic hedge of the changes in the fair value of our mortgage servicing rights.
The net economic benefit of the changes in fair value of mortgage servicing rights and related economic hedges was $1.3 million during the fourth quarter of 2017, including a $5.9 million increase in the fair value of mortgage servicing rights, a $7.3 million decrease in the fair value of securities and derivative contracts held as an economic hedge and $2.7 million of related net interest revenue.
The fair value of mortgage servicing rights, net of economic hedge, increased by $1.0 million in the third quarter. The fair value of securities and interest rate derivative contracts held as an economic hedge of mortgage servicing rights increased by $1.7 million. Related net interest revenue was $2.5 million during the third quarter of 2017.

7



Conference Call and Webcast

The Company will hold a conference call at 9 a.m. Central time on Wednesday, January 24, 2018 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 replay PIN number 13675236.

About BOK Financial Corporation
BOK Financial is a $32 billion regional financial services company based in Tulsa, Oklahoma. The Company's stock is publicly traded on NASDAQ under the Global Select market listings (symbol: BOKF). BOK Financial's holdings include BOKF, NA, BOK Financial Securities, Inc. and The Milestone Group, Inc. BOKF, NA operates TransFund, Cavanal Hill Investment Management, BOK Financial Asset Management, Inc. and seven banking divisions: Bank of Albuquerque, Bank of Arizona, Bank of Arkansas, Mobank, Bank of Oklahoma, Bank of Texas and Colorado State Bank and Trust. Through its subsidiaries, the Company provides commercial and consumer banking, investment and trust services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.
The Company will continue to evaluate critical assumptions and estimates, such as the appropriateness of the allowance for credit losses and asset impairment as of December 31, 2017 through the date its financial statements are filed with the Securities and Exchange Commission and will adjust amounts reported if necessary.
This news release contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial, the financial services industry and the economy generally. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “plans,” “projects,” “will,” “intends,” variations of such words and similar expressions are intended to identify such forward-looking statements. Management judgments relating to and discussion of the provision and allowance for credit losses, allowance for uncertain tax positions, accruals for loss contingencies and valuation of mortgage servicing rights involve judgments as to expected events and are inherently forward-looking statements. Assessments that BOK Financial's acquisitions and other growth endeavors will be profitable are necessary statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what is expected, implied or forecasted in such forward-looking statements. Internal and external factors that might cause such a difference include, but are not limited to changes in commodity prices, interest rates, interest rate relationships, demand for products and services, the degree of competition by traditional and nontraditional competitors, changes in banking regulations, tax laws, prices, levies and assessments, the impact of technological advances, and trends in customer behavior as well as their ability to repay loans. BOK Financial and its affiliates undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.

8

Exhibit 99 (b)

BALANCE SHEETS -- UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
 
 
Dec. 31, 2017
 
Sept. 30, 2017
 
Dec. 31, 2016
ASSETS
 
 
 
 
 
 
Cash and due from banks
 
$
602,510

 
$
547,203

 
$
620,846

Interest-bearing cash and cash equivalents
 
1,714,544

 
1,926,779

 
1,916,651

Trading securities
 
462,676

 
614,117

 
337,628

Investment securities
 
461,793

 
466,562

 
546,145

Available for sale securities
 
8,321,578

 
8,383,199

 
8,676,829

Fair value option securities
 
755,054

 
819,531

 
77,046

Restricted equity securities
 
320,189

 
347,542

 
307,240

Residential mortgage loans held for sale
 
221,378

 
275,643

 
301,897

Loans:
 
 
 
 
 
 
Commercial
 
10,733,975

 
10,795,934

 
10,390,824

Commercial real estate
 
3,479,987

 
3,518,142

 
3,809,046

Residential mortgage
 
1,973,686

 
1,945,750

 
1,949,832

Personal
 
965,776

 
947,008

 
839,958

Total loans
 
17,153,424

 
17,206,834

 
16,989,660

Allowance for loan losses
 
(230,682
)
 
(247,703
)
 
(246,159
)
Loans, net of allowance
 
16,922,742

 
16,959,131

 
16,743,501

Premises and equipment, net
 
317,335

 
320,060

 
325,849

Receivables
 
442,897

 
314,251

 
772,952

Goodwill
 
447,430

 
446,697

 
448,899

Intangible assets, net
 
28,658

 
39,013

 
46,931

Mortgage servicing rights, net
 
252,867

 
245,858

 
247,073

Real estate and other repossessed assets, net
 
28,437

 
32,535

 
44,287

Derivative contracts, net
 
220,502

 
352,559

 
689,872

Cash surrender value of bank-owned life insurance
 
316,498

 
314,201

 
308,430

Receivable on unsettled securities sales
 
75,980

 
230,225

 
7,188

Other assets
 
359,092

 
370,409

 
353,017

TOTAL ASSETS
 
$
32,272,160

 
$
33,005,515

 
$
32,772,281

 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
Demand
 
$
9,243,338

 
$
9,185,481

 
$
9,235,720

Interest-bearing transaction
 
10,250,393

 
10,025,084

 
10,865,105

Savings
 
469,158

 
465,225

 
425,470

Time
 
2,098,416

 
2,172,289

 
2,221,800

Total deposits
 
22,061,305

 
21,848,079

 
22,748,095

Funds purchased
 
58,628

 
62,356

 
57,929

Repurchase agreements
 
516,335

 
328,189

 
668,661

Other borrowings
 
5,134,897

 
6,241,275

 
4,846,072

Subordinated debentures
 
144,677

 
144,668

 
144,640

Accrued interest, taxes, and expense
 
164,895

 
152,029

 
146,704

Due on unsettled securities purchases
 
151,198

 
160,781

 
6,508

Derivative contracts, net
 
171,963

 
336,327

 
664,531

Other liabilities
 
349,928

 
217,372

 
182,784

TOTAL LIABILITIES
 
28,753,826

 
29,491,076

 
29,465,924

Shareholders' equity:
 
 
 
 
 
 
Capital, surplus and retained earnings
 
3,524,991

 
3,482,057

 
3,285,821

Accumulated other comprehensive income (loss)
 
(29,624
)
 
6,757

 
(10,967
)
TOTAL SHAREHOLDERS' EQUITY
 
3,495,367

 
3,488,814

 
3,274,854

Non-controlling interests
 
22,967

 
25,625

 
31,503

TOTAL EQUITY
 
3,518,334

 
3,514,439

 
3,306,357

TOTAL LIABILITIES AND EQUITY
 
$
32,272,160

 
$
33,005,515

 
$
32,772,281


9



AVERAGE BALANCE SHEETS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands)
 
Three Months Ended
 
Dec. 31, 2017
 
Sept. 30, 2017
 
June 30, 2017
 
Mar. 31, 2017
 
Dec. 31, 2016
ASSETS
 
 
 
 
 
 
 
 
 
Interest-bearing cash and cash equivalents
$
1,976,395

 
$
1,965,645

 
$
2,007,746

 
$
2,087,964

 
$
2,032,785

Trading securities
560,321

 
491,613

 
456,028

 
579,549

 
476,498

Investment securities
462,869

 
475,705

 
499,372

 
530,936

 
542,869

Available for sale securities
8,435,916

 
8,428,353

 
8,384,057

 
8,567,049

 
8,766,555

Fair value option securities
792,647

 
684,571

 
476,102

 
416,524

 
210,733

Restricted equity securities
337,673

 
328,677

 
295,743

 
312,498

 
334,114

Residential mortgage loans held for sale
257,927

 
256,343

 
245,401

 
220,325

 
345,066

Loans:
 
 
 
 
 
 
 
 
 
Commercial
10,751,235

 
10,827,198

 
10,604,456

 
10,414,579

 
10,228,095

Commercial real estate
3,485,583

 
3,528,330

 
3,676,976

 
3,903,850

 
3,749,393

Residential mortgage
1,976,860

 
1,951,385

 
1,933,091

 
1,962,759

 
1,919,296

Personal
967,329

 
949,750

 
915,010

 
854,637

 
826,804

Total loans
17,181,007

 
17,256,663

 
17,129,533

 
17,135,825

 
16,723,588

Allowance for loan losses
(246,143
)
 
(250,590
)
 
(251,632
)
 
(249,379
)
 
(246,977
)
Total loans, net
16,934,864

 
17,006,073

 
16,877,901

 
16,886,446

 
16,476,611

Total earning assets
29,758,612

 
29,636,980

 
29,242,350

 
29,601,291

 
29,185,231

Cash and due from banks
576,737

 
546,653

 
530,352

 
547,104

 
578,694

Derivative contracts, net
292,961

 
238,583

 
248,168

 
401,886

 
681,455

Cash surrender value of bank-owned life insurance
315,034

 
313,079

 
311,310

 
309,223

 
309,532

Receivable on unsettled securities sales
49,219

 
76,622

 
79,248

 
62,641

 
33,813

Other assets
2,459,552

 
2,196,253

 
1,957,143

 
2,032,844

 
2,172,351

TOTAL ASSETS
$
33,452,115

 
$
33,008,170

 
$
32,368,571

 
$
32,954,989

 
$
32,961,076

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
 
 
Demand
$
9,417,351

 
$
9,389,849

 
$
9,338,683

 
$
9,101,763

 
$
9,124,595

Interest-bearing transaction
10,142,744

 
10,088,522

 
10,087,640

 
10,567,475

 
9,980,132

Savings
466,496

 
464,130

 
461,586

 
441,254

 
421,654

Time
2,134,469

 
2,176,820

 
2,204,422

 
2,258,930

 
2,177,035

Total deposits
22,161,060

 
22,119,321

 
22,092,331

 
22,369,422

 
21,703,416

Funds purchased
63,713

 
49,774

 
63,263

 
55,508

 
62,004

Repurchase agreements
424,617

 
361,512

 
427,353

 
523,561

 
560,891

Other borrowings
6,209,903

 
6,162,641

 
5,572,031

 
5,737,955

 
6,072,150

Subordinated debentures
144,673

 
144,663

 
144,654

 
144,644

 
144,635

Derivative contracts, net
288,408

 
221,371

 
178,695

 
405,444

 
682,808

Due on unsettled securities purchases
218,684

 
145,155

 
157,438

 
91,529

 
77,575

Other liabilities
425,667

 
319,092

 
323,373

 
299,534

 
321,404

TOTAL LIABILITIES
29,936,725

 
29,523,529

 
28,959,138

 
29,627,597

 
29,624,883

Total equity
3,515,390

 
3,484,641

 
3,409,433

 
3,327,392

 
3,336,193

TOTAL LIABILITIES AND EQUITY
$
33,452,115

 
$
33,008,170

 
$
32,368,571

 
$
32,954,989

 
$
32,961,076


10



STATEMENTS OF EARNINGS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except per share data)
 
Three Months Ended
 
Year Ended
 
Dec. 31,
 
Dec. 31,
 
2017
 
2016
 
2017
 
2016
 
 
 
 
 
 
 
 
Interest revenue
$
255,767

 
$
215,737

 
$
972,751

 
$
829,117

Interest expense
38,904

 
21,539

 
131,050

 
81,889

Net interest revenue
216,863

 
194,198

 
841,701

 
747,228

Provision for credit losses
(7,000
)
 

 
(7,000
)
 
65,000

Net interest revenue after provision for credit losses
223,863

 
194,198

 
848,701

 
682,228

Other operating revenue:
 
 
 
 
 
 
 
Brokerage and trading revenue
33,045

 
28,500

 
131,601

 
138,377

Transaction card revenue1
29,536

 
29,682

 
119,988

 
116,452

Fiduciary and asset management revenue
41,767

 
34,535

 
162,893

 
135,477

Deposit service charges and fees1
27,685

 
28,204

 
112,075

 
111,499

Mortgage banking revenue
24,362

 
28,414

 
104,719

 
133,914

Other revenue
11,762

 
12,693

 
52,168

 
51,029

Total fees and commissions
168,157

 
162,028

 
683,444

 
686,748

Other gains (losses), net
552

 
(1,279
)
 
9,004

 
4,030

Gain (loss) on derivatives, net
(3,045
)
 
(35,815
)
 
779

 
(15,685
)
Loss on fair value option securities, net
(4,238
)
 
(20,922
)
 
(2,733
)
 
(10,555
)
Change in fair value of mortgage servicing rights
5,898

 
39,751

 
172

 
(2,193
)
Gain (loss) on available for sale securities, net
(488
)
 
(9
)
 
4,428

 
11,675

Total other operating revenue
166,836


143,754


695,094


674,020

Other operating expense:
 
 
 
 
 
 
 
Personnel
145,329

 
141,132

 
573,408

 
553,119

Business promotion
7,317

 
7,344

 
28,877

 
26,582

Charitable contributions to BOKF Foundation
2,000

 
2,000

 
2,000

 
2,000

Professional fees and services
15,344

 
16,828

 
51,067

 
56,783

Net occupancy and equipment
22,403

 
21,470

 
86,477

 
80,024

Insurance
6,555

 
8,705

 
19,653

 
32,489

Data processing and communications
38,411

 
33,691

 
146,970

 
131,841

Printing, postage and supplies
3,781

 
3,998

 
15,689

 
15,584

Net losses and operating expenses of repossessed assets
340

 
1,627

 
9,687

 
3,359

Amortization of intangible assets
1,430

 
1,558

 
6,779

 
6,862

Mortgage banking costs
14,331

 
17,348

 
52,856

 
61,387

Other expense
6,746

 
9,846

 
32,054

 
47,560

Total other operating expense
263,987

 
265,547

 
1,025,517

 
1,017,590

 
 
 
 
 
 
 
 
Net income before taxes
126,712

 
72,405

 
518,278

 
338,658

Federal and state income taxes
54,347

 
22,496

 
182,593

 
106,377

 
 
 
 
 
 
 
 
Net income
72,365

 
49,909

 
335,685

 
232,281

Net income (loss) attributable to non-controlling interests
(127
)
 
(117
)
 
1,041

 
(387
)
Net income attributable to BOK Financial Corporation shareholders
$
72,492

 
$
50,026

 
$
334,644

 
$
232,668

 
 
 
 
 
 
 
 
Average shares outstanding:
 
 
 
 
 
 
 
Basic
64,793,005

 
64,719,018

 
64,745,364

 
65,085,627

Diluted
64,843,179

 
64,787,728

 
64,806,284

 
65,143,898

 
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
Basic
$
1.11

2 
$
0.76

 
$
5.11

2.00 
$
3.53

Diluted
$
1.11

2 
$
0.76

 
$
5.11

2.00 
$
3.53

1 
Checkcard revenue was reclassified from transaction card revenue to deposit service charges and fees.
2 
EPS decreased $0.18 due to tax reform.

11



FINANCIAL HIGHLIGHTS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except ratio and share data)
 
Three Months Ended
 
Dec. 31, 2017
 
Sept. 30, 2017
 
June 30, 2017
 
Mar. 31, 2017
 
Dec. 31, 2016
Capital:
 
 
 
 
 
 
 
 
 
Period-end shareholders' equity
$
3,495,367

 
$
3,488,814

 
$
3,422,469

 
$
3,341,744

 
$
3,274,854

Risk weighted assets
$
25,733,711

 
$
25,409,728

 
$
25,130,802

 
$
24,901,019

 
$
25,274,848

Risk-based capital ratios:
 
 
 
 
 
 
 
 
 
Common equity tier 1
11.95
%
 
11.90
%
 
11.76
%
 
11.59
%
 
11.21
%
Tier 1
11.95
%
 
11.90
%
 
11.76
%
 
11.59
%
 
11.21
%
Total capital
13.43
%
 
13.47
%
 
13.36
%
 
13.25
%
 
12.81
%
Leverage ratio
9.31
%
 
9.30
%
 
9.27
%
 
8.89
%
 
8.72
%
Tangible common equity ratio1
9.50
%
 
9.23
%
 
9.24
%
 
8.88
%
 
8.61
%
 
 
 
 
 
 
 
 
 
 
Common stock:
 
 
 
 
 
 
 
 
 
Book value per share
$
53.45

 
$
53.30

 
$
52.32

 
$
51.09

 
$
50.12

Tangible book value per share
46.17

 
45.88

 
44.87

 
43.63

 
42.53

Market value per share:
 
 
 
 
 
 
 
 
 
High
$
93.97

 
$
90.69

 
$
88.31

 
$
85.25

 
$
85.00

Low
$
79.67

 
$
77.10

 
$
74.09

 
$
73.44

 
$
67.11

Cash dividends paid
$
29,328

 
$
28,655

 
$
28,652

 
$
28,646

 
$
28,860

Dividend payout ratio
40.46
%
 
33.46
%
 
32.50
%
 
32.42
%
 
57.69
%
Shares outstanding, net
65,394,937

 
65,456,786

 
65,416,403

 
65,408,019

 
65,337,432

 
 
 
 
 
 
 
 
 
 
Stock buy-back program:
 
 
 
 
 
 
 
 
 
Shares repurchased
80,000

 

 

 

 
700,000

Amount
$
7,403

 
$

 
$

 
$

 
$
49,021

Average price per share
$
92.54

 
$

 
$

 
$

 
$
70.03

 
 
 
 
 
 
 
 
 
 
Performance ratios (quarter annualized):
Return on average assets
0.86
%
 
1.03
%
 
1.09
%
 
1.09
%
 
0.60
%
Return on average equity
8.24
%
 
9.83
%
 
10.46
%
 
10.86
%
 
6.03
%
Net interest margin
2.97
%
 
3.01
%
 
2.89
%
 
2.81
%
 
2.69
%
Efficiency ratio
66.89
%
 
66.77
%
 
64.61
%
 
65.77
%
 
72.93
%
 
 
 
 
 
 
 
 
 
 
Reconciliation of non-GAAP measures:
1      Tangible common equity ratio:
 
 
 
 
 
 
 
 
 
Total shareholders' equity
$
3,495,367

 
$
3,488,814

 
$
3,422,469

 
$
3,341,744

 
$
3,274,854

Less: Goodwill and intangible assets, net
476,088

 
485,710

 
487,452

 
488,294

 
495,830

Tangible common equity
$
3,019,279

 
$
3,003,104

 
$
2,935,017

 
$
2,853,450

 
$
2,779,024

 
 
 
 
 
 
 
 
 
 
Total assets
$
32,272,160

 
$
33,005,515

 
$
32,263,532

 
$
32,628,932

 
$
32,772,281

Less: Goodwill and intangible assets, net
476,088

 
485,710

 
487,452

 
488,294

 
495,830

Tangible assets
$
31,796,072

 
$
32,519,805

 
$
31,776,080

 
$
32,140,638

 
$
32,276,451

 
 
 
 
 
 
 
 
 
 
Tangible common equity ratio
9.50
%
 
9.23
%
 
9.24
%
 
8.88
%
 
8.61
%
 
 
 
 
 
 
 
 
 
 

12



FINANCIAL HIGHLIGHTS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except ratio and share data)
 
Three Months Ended
 
Dec. 31, 2017
 
Sept. 30, 2017
 
June 30, 2017
 
Mar. 31, 2017
 
Dec. 31, 2016
Other data:
 
 
 
 
 
 
 
 
 
Fiduciary assets
$
48,761,477

 
$
45,177,185

 
$
45,089,153

 
$
44,992,920

 
$
42,378,053

Tax equivalent adjustment
$
4,131

 
$
4,314

 
$
4,330

 
$
4,428

 
$
4,389

Net unrealized gain (loss) on available for sale securities
$
(47,497
)
 
$
14,061

 
$
16,041

 
$
(5,537
)
 
$
(14,899
)
 
 
 
 
 
 
 
 
 
 
Mortgage banking:
 
 
 
 
 
 
 
 
 
Mortgage production revenue
$
7,786

 
$
8,329

 
$
13,840

 
$
8,543

 
$
11,937

Mortgage loans funded for sale
$
840,080

 
$
832,796

 
$
902,978

 
$
711,019

 
$
1,189,975

Add: current period-end outstanding commitments
222,919

 
334,337

 
362,088

 
381,732

 
318,359

Less: prior period end outstanding commitments
334,337

 
362,088

 
381,732

 
318,359

 
630,804

Total mortgage production volume
$
728,662


$
805,045


$
883,334


$
774,392


$
877,530

 
 
 
 
 
 
 
 
 
 
Mortgage loan refinances to mortgage loans funded for sale
47
%
 
38
%
 
33
%
 
44
%
 
63
%
Gain on sale margin
1.07
%

1.03
%

1.57
%

1.10
%

1.36
%
Mortgage servicing revenue
$
16,576

 
$
16,561

 
$
16,436

 
$
16,648

 
$
16,477

Average outstanding principal balance of mortgage loans serviced for others
22,054,877

 
22,079,177

 
22,055,127

 
22,006,295

 
21,924,552

Average mortgage servicing revenue rates
0.30
%
 
0.30
%
 
0.30
%
 
0.31
%
 
0.30
%
 
 
 
 
 
 
 
 
 
 
Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on mortgage hedge derivative contracts, net
$
(3,057
)
 
$
1,025

 
$
3,241

 
$
(528
)
 
$
(35,868
)
Gain (loss) on fair value option securities, net
(4,238
)
 
661

 
1,984

 
(1,140
)
 
(20,922
)
Gain (loss) on economic hedge of mortgage servicing rights
(7,295
)
 
1,686

 
5,225

 
(1,668
)
 
(56,790
)
Gain (loss) on changes in fair value of mortgage servicing rights
5,898

 
(639
)
 
(6,943
)
 
1,856

 
39,751

Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges, included in other operating revenue
(1,397
)
 
1,047

 
(1,718
)
 
188

 
(17,039
)
Net interest revenue on fair value option securities2
2,656

 
2,543

 
1,965

 
1,271

 
114

Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges
$
1,259


$
3,590


$
247


$
1,459


$
(16,925
)
2Actual interest earned on fair value option securities less internal transfer-priced cost of funds.

13



QUARTERLY EARNINGS TREND -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except ratio and per share data)
 
Three Months Ended
 
Dec. 31, 2017
 
Sept. 30, 2017
 
June 30, 2017
 
Mar. 31, 2017
 
Dec. 31, 2016
 
 
 
 
 
 
 
 
 
 
Interest revenue
$
255,767

 
$
255,413

 
$
235,181

 
$
226,390

 
$
215,737

Interest expense
38,904

 
36,961

 
29,977

 
25,208

 
21,539

Net interest revenue
216,863

 
218,452

 
205,204

 
201,182

 
194,198

Provision for credit losses
(7,000
)
 

 

 

 

Net interest revenue after provision for credit losses
223,863

 
218,452

 
205,204

 
201,182

 
194,198

Other operating revenue:
 
 
 
 
 
 
 
 
 
Brokerage and trading revenue
33,045

 
33,169

 
31,764

 
33,623

 
28,500

Transaction card revenue1
29,536

 
32,844

 
30,228

 
27,380

 
29,682

Fiduciary and asset management revenue
41,767

 
40,687

 
41,808

 
38,631

 
34,535

Deposit service charges and fees1
27,685

 
28,191

 
28,422

 
27,777

 
28,204

Mortgage banking revenue
24,362

 
24,890

 
30,276

 
25,191

 
28,414

Other revenue
11,762

 
13,670

 
14,984

 
11,752

 
12,693

Total fees and commissions
168,157

 
173,451

 
177,482

 
164,354

 
162,028

Other gains (losses), net
552

 
(1,283
)
 
6,108

 
3,627

 
(1,279
)
Gain (loss) on derivatives, net
(3,045
)
 
1,033

 
3,241

 
(450
)
 
(35,815
)
Gain (loss) on fair value option securities, net
(4,238
)
 
661

 
1,984

 
(1,140
)
 
(20,922
)
Change in fair value of mortgage servicing rights
5,898

 
(639
)
 
(6,943
)
 
1,856

 
39,751

Gain (loss) on available for sale securities, net
(488
)
 
2,487

 
380

 
2,049

 
(9
)
Total other operating revenue
166,836


175,710


182,252


170,296


143,754

Other operating expense:
 
 
 
 
 
 
 
 
 
Personnel
145,329

 
147,910

 
143,744

 
136,425

 
141,132

Business promotion
7,317

 
7,105

 
7,738

 
6,717

 
7,344

Contribution to BOKF Foundation
2,000

 

 

 

 
2,000

Professional fees and services
15,344

 
11,887

 
12,419

 
11,417

 
16,828

Net occupancy and equipment
22,403

 
21,325

 
21,125

 
21,624

 
21,470

Insurance
6,555

 
6,005

 
689

 
6,404

 
8,705

Data processing and communications
38,411

 
37,327

 
36,330

 
34,902

 
33,691

Printing, postage and supplies
3,781

 
3,917

 
4,140

 
3,851

 
3,998

Net losses and operating expenses of repossessed assets
340

 
6,071

 
2,267

 
1,009

 
1,627

Amortization of intangible assets
1,430

 
1,744

 
1,803

 
1,802

 
1,558

Mortgage banking costs
14,331

 
13,450

 
12,072

 
13,003

 
17,348

Other expense
6,746

 
9,193

 
8,558

 
7,557

 
9,846

Total other operating expense
263,987

 
265,934

 
250,885

 
244,711

 
265,547

Net income before taxes
126,712

 
128,228

 
136,571

 
126,767

 
72,405

Federal and state income taxes
54,347

 
42,438

 
47,705

 
38,103

 
22,496

Net income
72,365

 
85,790

 
88,866

 
88,664

 
49,909

Net income (loss) attributable to non-controlling interests
(127
)
 
141

 
719

 
308

 
(117
)
Net income attributable to BOK Financial Corporation shareholders
$
72,492

 
$
85,649

 
$
88,147

 
$
88,356

 
$
50,026

 
 
 
 
 
 
 
 
 
 
Average shares outstanding:
 
 
 
 
 
 
 
 
 
Basic
64,793,005

 
64,742,822

 
64,729,752

 
64,715,964

 
64,719,018

Diluted
64,843,179

 
64,805,172

 
64,793,134

 
64,783,737

 
64,787,728

Net income per share:
 
 
 
 
 
 
 
 
 
Basic
$
1.11

2.00 
$
1.31

 
$
1.35

 
$
1.35

 
$
0.76

Diluted
$
1.11

2.00 
$
1.31

 
$
1.35

 
$
1.35

 
$
0.76

1 
Checkcard revenue was reclassified from transaction card revenue to deposit service charges and fees.
2 
EPS decreased $0.18 due to tax reform.

14



LOANS TREND -- UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
 
 
Dec. 31, 2017
 
Sept. 30, 2017
 
June 30, 2017
 
Mar. 31, 2017
 
Dec. 31, 2016
Commercial:
 
 
 
 
 
 
 
 
 
 
Services
 
$
2,986,949

 
$
2,967,513

 
$
2,958,827

 
$
3,013,375

 
$
3,108,990

Energy
 
2,930,156

 
2,867,981

 
2,847,240

 
$
2,537,112

 
2,497,868

Healthcare
 
2,314,753

 
2,239,451

 
2,221,518

 
2,265,604

 
2,201,916

Wholesale/retail
 
1,471,256

 
1,658,098

 
1,543,695

 
1,506,243

 
1,576,818

Manufacturing
 
496,774

 
519,446

 
546,137

 
543,430

 
514,975

Other commercial and industrial
 
534,087

 
543,445

 
520,538

 
461,346

 
490,257

Total commercial
 
10,733,975

 
10,795,934

 
10,637,955

 
10,327,110

 
10,390,824

 
 
 
 
 
 
 
 
 
 
 
Commercial real estate:
 
 

 
 

 
 

 
 

 
 

Multifamily
 
980,017

 
999,009

 
952,380

 
922,991

 
903,272

Office
 
831,770

 
797,089

 
862,973

 
860,889

 
798,888

Retail
 
691,532

 
725,865

 
722,805

 
745,046

 
761,888

Industrial
 
573,014

 
591,080

 
693,635

 
871,463

 
871,749

Residential construction and land development
 
117,245

 
112,102

 
141,592

 
135,994

 
135,533

Other real estate
 
286,409

 
292,997

 
315,207

 
334,680

 
337,716

Total commercial real estate
 
3,479,987

 
3,518,142

 
3,688,592

 
3,871,063

 
3,809,046

 
 
 
 
 
 
 
 
 
 
 
Residential mortgage:
 
 

 
 

 
 

 
 

 
 

Permanent mortgage
 
1,043,435

 
1,013,965

 
989,040

 
977,743

 
1,006,820

Permanent mortgages guaranteed by U.S. government agencies
 
197,506

 
187,370

 
191,729

 
204,181

 
199,387

Home equity
 
732,745

 
744,415

 
758,429

 
764,350

 
743,625

Total residential mortgage
 
1,973,686

 
1,945,750

 
1,939,198

 
1,946,274

 
1,949,832

 
 
 
 
 
 
 
 
 
 
 
Personal
 
965,776

 
947,008

 
917,900

 
847,459

 
839,958

 
 
 
 
 
 
 
 
 
 
 
Total
 
$
17,153,424

 
$
17,206,834

 
$
17,183,645

 
$
16,991,906

 
$
16,989,660


15



LOANS BY PRINCIPAL MARKET AREA -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands)
 
Dec. 31, 2017
 
Sept. 30, 2017
 
June 30, 2017
 
Mar. 31, 2017
 
Dec. 31, 2016
 
 
 
 
 
 
 
 
 
 
Bank of Oklahoma:
 
 
 
 
 
 
 
 
 
    Commercial
$
3,238,720

 
$
3,408,973

 
$
3,369,967

 
$
3,189,183

 
$
3,370,259

    Commercial real estate
682,037

 
712,915

 
667,932

 
691,332

 
684,381

    Residential mortgage
1,435,432

 
1,405,900

 
1,398,021

 
1,404,054

 
1,407,197

    Personal
342,212

 
322,320

 
318,016

 
310,708

 
303,823

        Total Bank of Oklahoma
5,698,401

 
5,850,108

 
5,753,936

 
5,595,277

 
5,765,660

 
 
 
 
 
 
 
 
 
 
Bank of Texas:
 
 
 
 
 
 
 
 
 
    Commercial
4,520,401

 
4,434,595

 
4,339,634

 
4,148,316

 
4,022,455

    Commercial real estate
1,261,864

 
1,236,702

 
1,360,164

 
1,452,988

 
1,415,011

    Residential mortgage
233,675

 
229,993

 
232,074

 
231,647

 
233,981

    Personal
375,084

 
375,173

 
354,222

 
312,092

 
306,748

        Total Bank of Texas
6,391,024

 
6,276,463

 
6,286,094

 
6,145,043

 
5,978,195

 
 
 
 
 
 
 
 
 
 
Bank of Albuquerque:
 
 
 
 
 
 
 
 
 
    Commercial
343,296

 
367,747

 
369,370

 
407,403

 
399,256

    Commercial real estate
341,282

 
319,208

 
324,405

 
307,927

 
284,603

    Residential mortgage
98,018

 
101,983

 
103,849