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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):
April 25, 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 April 25, 2018, BOK Financial Corporation (“BOK Financial”) issued a press release announcing its financial results for the three months ended March 31, 2018 (“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 April 25, 2018, in connection with issuance of the Press Release, BOK Financial released financial information related to the three months ended March 31, 2018 (“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 April 25, 2018, titled "BOK Financial Reports Quarterly Earnings of $106 million" and Financial Information for the Three Months Ended March 31, 2018.
  


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: April 25, 2018



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Section 2: EX-99 (EXHIBIT 99)

Exhibit


Exhibit 99 (a)
393171891_image0a01a01a01a11.jpg

NASD: BOKF


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

BOK Financial Reports Quarterly Earnings of $106 million

TULSA, Okla. (Wednesday, April 25, 2018) - BOK Financial Corporation reported net income of $105.6 million or $1.61 per diluted share for the first quarter of 2018. Net income was $72.5 million or $1.11 per diluted share for the fourth quarter of 2017 and $88.4 million or $1.35 per diluted share for the first quarter of 2017. Lower federal corporate income tax rates decreased income tax expense for the first quarter of 2018 by approximately $13.8 million. Accounting for the Tax Cuts and Jobs Act increased income tax expense for the fourth quarter of 2017 by $11.7 million.

Steven G. Bradshaw, president and chief executive officer, stated, “The entire company executed extremely well in the first quarter, resulting in one of the strongest quarters in company history. Loan growth accelerated, driven by growth in key lending businesses including energy, healthcare, commercial and industrial, and commercial real estate. We continued to benefit from the current interest rate environment and saw an additional uptick in net interest margin, which in conjunction with higher earning assets led to a significant increase in net interest revenue. Our fee–generating businesses benefited from higher gain–on–sale margins in the mortgage business, and our robust wealth management business surpassed $100 million in total revenue for the first time in company history. Finally, we continue to maintain expense discipline across the company, which has resulted in material earnings leverage and growth in pretax income.”

Bradshaw added, “The economy across the BOK Financial footprint is strong, the financial markets are healthy, and the credit environment remains benign with no trouble spots on the horizon. Accordingly, we are optimistic about prospects for continued earnings growth through the remainder of 2018.”

 First Quarter 2018 Highlights
Net interest revenue totaled $219.7 million for the first quarter of 2018, an increase of $2.9 million over the fourth quarter of 2017. Net interest margin increased to 2.99 percent for the first quarter of 2018 from 2.97 percent for the fourth quarter of 2017. Average earning assets grew by $120 million over the prior quarter.

1



Fees and commissions revenue totaled $159.0 million for the first quarter of 2018, largely unchanged compared to the fourth quarter of 2017 on a comparable presentation basis. Adoption of the new revenue recognition accounting standard in the first quarter of 2018 resulted in $9.5 million of interchange fees we pay to issuing banks being netted against transaction card revenue. Previously these costs were included in data processing and communications expense. Increased mortgage banking and transaction card revenue were offset by decreased brokerage and trading revenue.
Operating expense was $244.4 million for the first quarter of 2018, a $10.1 million decrease compared to the fourth quarter of 2017 on a comparable presentation basis. Personnel expense decreased $5.4 million, primarily due to decreased incentive compensation expense. Non-personnel expense decreased $4.7 million. Lower professional fees and services expense and mortgage banking expense were partially offset by a write-down of certain repossessed oil and gas properties.
Income tax expense was $30.9 million or 22.7 percent of net income before taxes for the first quarter of 2018 compared to $54.3 million or 42.9 percent for the fourth quarter of 2017. Beginning January 1, 2018, the Tax Cuts and Jobs Act decreased the corporate income tax rate from 35% to 21%. Accounting for the Act required us to revalue our deferred tax assets and liabilities in 2017. We anticipate our effective tax rate to be between 22 percent and 23 percent for 2018.
The Company recorded a $5.0 million negative provision for credit losses in the first quarter of 2018, due to improved credit metric trends. A $7.0 million negative provision for credit losses was recorded in the fourth quarter of 2017. The company had net charge-offs of $1.3 million or 0.03 percent of average loans on an annualized basis in the first quarter of 2018, compared to net charge-offs of $11.7 million or 0.27 percent of average loans on an annualized basis for the fourth quarter of 2017.
The combined allowance for credit losses totaled $228 million or 1.32 percent of outstanding loans at March 31, 2018, compared to $234 million or 1.37 percent of outstanding loans at December 31, 2017.
Nonperforming assets that are not guaranteed by U.S. government agencies totaled $195 million or 1.13 percent of outstanding loans and repossessed assets at March 31, 2018 and $207 million or 1.22 percent of outstanding loans and repossessed assets at December 31, 2017. In addition, potential problem loans decreased $19 million to $222 million at March 31, 2018.
Average loan balances grew by $80 million over the previous quarter, primarily due to growth in commercial loan balances. Period-end outstanding loan balances totaled $17.3 billion at March 31, 2018, a $184 million increase over December 31, 2017.
Average deposits were largely unchanged compared to the previous quarter. Average demand deposit balances decreased by $266 million, largely offset by a $202 million increase in interest-bearing transaction deposit balances. Period-end deposits were $22.2 billion at March 31, 2018, a $144 million increase over December 31, 2017.

2



The common equity Tier 1 capital ratio at March 31, 2018 was 12.06 percent. Other regulatory capital ratios were Tier 1 capital ratio, 12.06 percent, total capital ratio, 13.49 percent, and leverage ratio, 9.40 percent. At December 31, 2017, the common equity Tier 1 capital ratio was 12.05 percent, the Tier 1 capital ratio was 12.05 percent, total capital ratio was 13.54 percent, and leverage ratio was 9.31 percent.
The company paid a regular cash dividend of $29.3 million or $0.45 per common share during the first quarter of 2018. On April 24, 2018, the board of directors approved a quarterly cash dividend of $0.45 per common share payable on or about May 25, 2018 to shareholders of record as of May 11, 2018.
The company repurchased 82,583 common shares at an average price of $91.83 per share during the first quarter of 2018. The company repurchased 80,000 common shares at an average price of $92.54 per share during the fourth quarter of 2017.


3



Net Interest Revenue
Net interest revenue was $219.7 million for the first quarter of 2018, a $2.9 million increase over the fourth quarter of 2017.
Net interest margin was 2.99 percent for the first quarter of 2018, an increase of 2 basis points over the fourth quarter of 2017. Lower federal income tax rates which became effective on January 1, 2018 decreased net interest margin by approximately 3 basis points. The yield on average earning assets was 3.61 percent, an increase of 12 basis points over the prior quarter. The loan portfolio yield was 4.45 percent, up 16 basis points. The yield on the available for sale securities portfolio increased 2 basis points to 2.23 percent. The yield on interest-bearing cash and cash equivalents increased 30 basis points. Funding costs were 0.93 percent, up 14 basis points. The cost of interest-bearing deposits increased 9 basis points to 0.57 percent. The cost of other borrowed funds was up 22 basis points to 1.50 percent. The benefit to net interest margin from assets funded by non-interest liabilities increased to 31 basis points from 27 basis points in the fourth quarter of 2017.
Average earning assets increased $120 million over the first quarter of 2018. Trading securities balances increased $373 million. Average interest-bearing cash and cash equivalents balances were up $83 million. Average loan balances grew by $80 million. Available for sale securities decreased $199 million and fair value option securities held as an economic hedge of our mortgage servicing rights decreased $166 million. Average interest-bearing deposit balances increased $232 million over the fourth quarter of 2017. The average balance of borrowed funds increased $161 million.
Fees and Commissions Revenue
Fees and commissions revenue totaled $159.0 million for the first quarter of 2018. Excluding the netting impact from the implementation of the revenue recognition accounting standard, this is consistent with results from the fourth quarter of 2017.
Brokerage and trading revenue decreased $2.4 million compared to the fourth quarter of 2017 due primarily to the timing and volume of completed investment banking transactions. Many municipal and public school district customers completed offerings in the previous quarter in advance of tax law changes.
Mortgage banking revenue totaled $26.0 million for the first quarter of 2018, a $1.7 million increase compared to the fourth quarter of 2017. Revenue from mortgage loan production increased $1.7 million. Internal changes to better manage our loan production pipeline, improved values of originated servicing rights and an increase in delivery through the retail channel resulted in a 21 basis point increase in gain on sale margin. Loan production volume increased $12 million.


4



Operating Expense
Total operating expense was $244.4 million for the first quarter of 2018, a $10.0 million decrease compared to the fourth quarter of 2017 on a comparable presentation basis.
Personnel expense decreased $5.4 million. Incentive compensation expense decreased $10.6 million primarily due to changes in assumptions for performance compensation awards. The predominant factor used to measure performance for certain share-based and executive cash-based incentives, our earnings per share compared to peers, was impacted by tax reform. Our relative EPS growth was lower than anticipated once all peer data for 2017 became available. Employee benefits expense increased $3.0 million primarily due to a seasonal increase in payroll taxes partially offset by an overall decrease in employee healthcare costs. Regular compensation increased $2.2 million as merit increases were effective for most employees during the first quarter of 2018.
Non-personnel expense decreased $4.7 million. Professional fees and services expense decreased $5.1 million mainly due to expenses related to projects completed in the fourth quarter of 2017. Mortgage banking costs decreased $4.2 million primarily due to a $3.5 million decrease in accruals related to default servicing and loss mitigation costs on loans serviced for others. The fourth quarter also included a $2.0 million contribution to the BOKF Foundation.
Net losses and operating expenses of repossessed assets increased $7.4 million, primarily due to a $5.0 million write-down on a set of repossessed oil and gas properties based on an updated analysis of production data.
Loans, Deposits and Capital
Loans
Outstanding loans were $17.3 billion at March 31, 2018, up $184 million or 4% on an annualized basis over December 31, 2017, primarily due to growth in commercial loan balances during the quarter. Increased commercial real estate loan balances were offset by lower residential mortgage loan balances.
Outstanding commercial loan balances grew by $186 million or 7% on an annualized basis. Manufacturing sector loan balances were up $63 million. Wholesale/retail sector loan balances grew by $60 million. Healthcare sector loan balances increased $45 million. Energy loan balances grew by $39 million. Unfunded energy loan commitments increased $97 million over December 31, 2017 to $3.0 billion at March 31, 2018. Other commercial and industrial loans increased by $36 million. This growth was partially offset by a $59 million decrease in service sector loan balances.
Commercial real estate loan balances increased $27 million or 3% on an annualized basis. Loans secured by retail facilities were up $59 million. Loans secured by industrial properties grew by $41 million. Multifamily residential loans increased $29 million. This growth was partially offset by a $95 million decrease in loans secured by office buildings.

5



Deposits
Period-end deposits totaled $22.2 billion at March 31, 2018, a $144 million increase over December 31, 2017. Time deposit balances grew by $68 million and demand deposit balances increased $63 million. This growth was partially offset by a $23 million decrease in interest-bearing transaction account balances. Consumer Banking deposits were up $151 million and Wealth Management deposits grew by $149 million. Commercial Banking deposits decreased $49 million.
Capital
The company's common equity Tier 1 capital ratio was 12.06 percent at March 31, 2018. In addition, the company's Tier 1 capital ratio was 12.06 percent, total capital ratio was 13.49 percent and leverage ratio was 9.40 percent at March 31, 2018. At December 31, 2017, the company's common equity Tier 1 capital ratio was 12.05 percent, Tier 1 capital ratio was 12.05 percent, total capital ratio was 13.54 percent, and leverage ratio was 9.31 percent.
The company's tangible common equity ratio, a non-GAAP measure, was 9.18 percent at March 31, 2018 and 9.50 percent at December 31, 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, consistent with the treatment under the previous capital rules.

6



Credit Quality
Nonperforming assets totaled $278 million or 1.60 percent of outstanding loans and repossessed assets at March 31, 2018, down from $290 million or 1.69 percent at December 31, 2017. Nonperforming assets that are not guaranteed by U.S. government agencies totaled $195 million or 1.13 percent of outstanding loans and repossessed assets (excluding those guaranteed by U.S. government agencies) at March 31, 2018, compared to $207 million or 1.22 percent at December 31, 2017.
Nonaccruing loans totaled $180 million or 1.04 percent of outstanding loans at March 31, 2018, compared to $188 million or 1.10 percent of outstanding loans at December 31, 2017. The decrease in nonaccruing loans was primarily due to a $3.0 million decrease in manufacturing sector loans and a $2.3 million decrease in energy loans. New nonaccruing loans identified in the first quarter totaled $10 million, offset by $12 million in payments received, $2.9 million in charge-offs and $3.7 million in foreclosures and repossessions. At March 31, 2018, nonaccruing commercial loans totaled $131 million or 1.20 percent of outstanding commercial loans, nonaccruing commercial real estate loans totaled $2.5 million or 0.07 percent of outstanding commercial real estate loans and nonaccruing residential mortgage loans totaled $46 million or 2.35 percent of outstanding residential mortgage 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, totaled $222 million at March 31, down from $241 million at December 31. The decrease largely resulted from energy and healthcare sector loans, partially offset by an increase in wholesale/retail sector loans.
The company had net charge-offs of $1.3 million or 0.03 percent of average loans on an annualized basis for the first quarter of 2018, compared to net charge-offs of $11.7 million or 0.27 percent of average loans on an annualized basis for the fourth quarter of 2017. Gross charge-offs were $2.9 million for the first quarter, compared to $14.7 million for the previous quarter. Recoveries totaled $1.6 million for the first quarter of 2018 and $3.1 million for the fourth quarter of 2017.
Based on an evaluation of all credit factors, including changes in nonaccruing and potential problem loans, overall loan portfolio growth and net charge-offs, the company determined that a $5.0 million negative provision for credit losses was appropriate for the first quarter of 2018. The company had a $7.0 million negative provision for credit losses in the fourth quarter of 2017.
The combined allowance for credit losses totaled $228 million or 1.32 percent of outstanding loans and 133 percent of nonaccruing loans at March 31, 2018, excluding residential mortgage loans guaranteed by U.S. government agencies. The allowance for loan losses was $224 million and the accrual for off-balance sheet credit losses was $4.1 million. At December 31, 2017, the combined allowance for credit losses was $234 million or 1.37 percent of outstanding loans and 131 percent of nonaccruing loans, excluding loans guaranteed by U.S. government agencies. The allowance for loan losses was $231 million and the accrual for off-balance sheet credit losses was $3.7 million.

7



Securities and Derivatives
The fair value of the available for sale securities portfolio totaled $8.2 billion at March 31, 2018, a $72 million decrease compared to December 31, 2017. At March 31, 2018, the available for sale portfolio consisted primarily of $5.4 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $2.7 billion of commercial mortgage-backed securities fully backed by U.S. government agencies. At March 31, 2018, the available for sale securities portfolio had a net unrealized loss of $148 million compared to a $47 million net unrealized loss at December 31, 2017.
Trading securities increased $830 million to $1.3 billion during the first quarter of 2018 as a result of expanded relationships with mortgage loan originator clients. The company holds an inventory of trading 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 $256 thousand during the first quarter of 2018, including a $21.2 million increase in the fair value of mortgage servicing rights, a $23.3 million decrease in the fair value of securities and derivative contracts held as an economic hedge and $1.8 million of related net interest revenue.
The fair value of mortgage servicing rights increased by $5.9 million during the fourth quarter of 2017. The fair value of securities and interest rate derivative contracts held as an economic hedge of mortgage servicing rights decreased by $7.3 million. Related net interest revenue was $2.7 million during the fourth quarter of 2017.

8



Conference Call and Webcast

The company will hold a conference call at 9 a.m. Central time on Wednesday, April 25, 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 conference ID # 13678702.

About BOK Financial Corporation
BOK Financial Corporation is a $33 billion regional financial services company based in Tulsa, Oklahoma. The company's stock is publicly traded on NASDAQ under the Global Select market listings (symbol: BOKF). BOK Financial's holdings include BOKF, NA, BOK Financial Securities, Inc. and The Milestone Group, Inc. BOKF, NA operates TransFund, Cavanal Hill Investment Management, BOK Financial Asset Management, Inc. and seven banking divisions: Bank of Albuquerque, Bank of Arizona, Bank of Arkansas, Mobank, Bank of Oklahoma, Bank of Texas and Colorado State Bank and Trust. Through its subsidiaries, the company provides commercial and consumer banking, investment and trust services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.
The company will continue to evaluate critical assumptions and estimates, such as the appropriateness of the allowance for credit losses and asset impairment as of March 31, 2018 through the date its financial statements are filed with the Securities and Exchange Commission and will adjust amounts reported if necessary.
This news release contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial, the financial services industry and the economy generally. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “plans,” “projects,” “will,” “intends,” variations of such words and similar expressions are intended to identify such forward-looking statements. Management judgments relating to and discussion of the provision and allowance for credit losses, allowance for uncertain tax positions, accruals for loss contingencies and valuation of mortgage servicing rights involve judgments as to expected events and are inherently forward-looking statements. Assessments that BOK Financial's acquisitions and other growth endeavors will be profitable are necessary statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what is expected, implied or forecasted in such forward-looking statements. Internal and external factors that might cause such a difference include, but are not limited to changes in commodity prices, interest rates and interest rate relationships, demand for products and services, the degree of competition by traditional and nontraditional competitors, changes in banking regulations, tax laws, prices, levies and assessments, the impact of technological advances, and trends in customer behavior as well as their ability to repay loans. BOK Financial and its affiliates undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.

9

Exhibit 99 (b)

BALANCE SHEETS -- UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
 
March 31, 2018
 
Dec. 31, 2017
 
March 31, 2017
ASSETS
 
 
 
 
 
Cash and due from banks
$
544,534

 
$
602,510

 
$
546,575

Interest-bearing cash and cash equivalents
2,054,899

 
1,714,544

 
2,220,640

Trading securities
1,292,432

 
462,676

 
677,156

Investment securities
416,672

 
461,793

 
519,402

Available for sale debt securities
8,249,432

 
8,321,578

 
8,437,291

Fair value option securities
513,668

 
755,054

 
441,714

Restricted equity securities
338,552

 
320,189

 
283,936

Residential mortgage loans held for sale
225,190

 
221,378

 
248,707

Loans:
 
 
 
 
 
Commercial
10,919,667

 
10,733,975

 
10,327,110

Commercial real estate
3,506,782

 
3,479,987

 
3,871,063

Residential mortgage
1,945,769

 
1,973,686

 
1,946,274

Personal
965,632

 
965,776

 
847,459

Total loans
17,337,850

 
17,153,424

 
16,991,906

Allowance for loan losses
(223,967
)
 
(230,682
)
 
(248,710
)
Loans, net of allowance
17,113,883

 
16,922,742

 
16,743,196

Premises and equipment, net
314,347

 
317,335

 
325,546

Receivables
478,027

 
442,897

 
394,394

Goodwill
447,430

 
447,430

 
445,738

Intangible assets, net
29,658

 
28,658

 
42,556

Mortgage servicing rights
274,978

 
252,867

 
249,403

Real estate and other repossessed assets, net
23,652

 
28,437

 
42,726

Derivative contracts, net
286,687

 
220,502

 
304,727

Cash surrender value of bank-owned life insurance
318,661

 
316,498

 
310,537

Receivable on unsettled securities sales
3,638

 
75,980

 
9,921

Other assets
435,152

 
359,092

 
384,767

TOTAL ASSETS
$
33,361,492

 
$
32,272,160

 
$
32,628,932

 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
Deposits:
 
 
 
 
 
Demand
$
9,306,023

 
$
9,243,338

 
$
9,506,573

Interest-bearing transaction
10,226,971

 
10,250,393

 
10,359,214

Savings
505,952

 
469,158

 
465,724

Time
2,166,254

 
2,098,416

 
2,243,848

Total deposits
22,205,200

 
22,061,305

 
22,575,359

Funds purchased
130,561

 
58,628

 
47,629

Repurchase agreements
415,763

 
516,335

 
508,352

Other borrowings
5,727,025

 
5,134,897

 
5,238,947

Subordinated debentures
144,687

 
144,677

 
144,649

Accrued interest, taxes and expense
156,146

 
164,895

 
140,235

Due on unsettled securities purchases
94,424

 
151,198

 
137,069

Derivative contracts, net
233,202

 
171,963

 
276,422

Other liabilities
737,142

 
349,928

 
189,376

TOTAL LIABILITIES
29,844,150

 
28,753,826

 
29,258,038

Shareholders' equity:
 
 
 
 
 
Capital, surplus and retained earnings
3,606,220

 
3,531,541

 
3,346,965

Accumulated other comprehensive loss
(111,191
)
 
(36,174
)
 
(5,221
)
TOTAL SHAREHOLDERS' EQUITY
3,495,029

 
3,495,367

 
3,341,744

Non-controlling interests
22,313

 
22,967

 
29,150

TOTAL EQUITY
3,517,342

 
3,518,334

 
3,370,894

TOTAL LIABILITIES AND EQUITY
$
33,361,492

 
$
32,272,160

 
$
32,628,932


10



AVERAGE BALANCE SHEETS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands)
 
Three Months Ended
 
Mar. 31, 2018
 
Dec. 31, 2017
 
Sept. 30, 2017
 
June 30, 2017
 
Mar. 31, 2017
ASSETS
 
 
 
 
 
 
 
 
 
Interest-bearing cash and cash equivalents
$
2,059,517

 
$
1,976,395

 
$
1,965,645

 
$
2,007,746

 
$
2,087,964

Trading securities
933,404

 
560,321

 
491,613

 
456,028

 
579,549

Investment securities
441,207

 
462,869

 
475,705

 
499,372

 
530,936

Available for sale debt securities
8,236,938

 
8,435,916

 
8,428,353

 
8,384,057

 
8,567,049

Fair value option securities
626,251

 
792,647

 
684,571

 
476,102

 
416,524

Restricted equity securities
349,176

 
337,673

 
328,677

 
295,743

 
312,498

Residential mortgage loans held for sale
199,380

 
257,927

 
256,343

 
245,401

 
220,325

Loans:
 
 
 
 
 
 
 
 
 
Commercial
10,871,569

 
10,751,235

 
10,827,198

 
10,604,456

 
10,414,579

Commercial real estate
3,491,335

 
3,485,583

 
3,528,330

 
3,676,976

 
3,903,850

Residential mortgage
1,937,198

 
1,976,860

 
1,951,385

 
1,933,091

 
1,962,759

Personal
961,379

 
967,329

 
949,750

 
915,010

 
854,637

Total loans
17,261,481

 
17,181,007

 
17,256,663

 
17,129,533

 
17,135,825

Allowance for loan losses
(228,996
)
 
(246,143
)
 
(250,590
)
 
(251,632
)
 
(249,379
)
Total loans, net
17,032,485

 
16,934,864

 
17,006,073

 
16,877,901

 
16,886,446

Total earning assets
29,878,358

 
29,758,612

 
29,636,980

 
29,242,350

 
29,601,291

Cash and due from banks
564,585

 
576,737

 
546,653

 
530,352

 
547,104

Derivative contracts, net
278,694

 
292,961

 
238,583

 
248,168

 
401,886

Cash surrender value of bank-owned life insurance
317,334

 
315,034

 
313,079

 
311,310

 
309,223

Receivable on unsettled securities sales
51,549

 
49,219

 
76,622

 
79,248

 
62,641

Other assets
2,634,432

 
2,459,552

 
2,196,253

 
1,957,143

 
2,032,844

TOTAL ASSETS
$
33,724,952

 
$
33,452,115

 
$
33,008,170

 
$
32,368,571

 
$
32,954,989

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
 
 
Demand
$
9,151,272

 
$
9,417,351

 
$
9,389,849

 
$
9,338,683

 
$
9,101,763

Interest-bearing transaction
10,344,469

 
10,142,744

 
10,088,522

 
10,087,640

 
10,567,475

Savings
480,110

 
466,496

 
464,130

 
461,586

 
441,254

Time
2,151,044

 
2,134,469

 
2,176,820

 
2,204,422

 
2,258,930

Total deposits
22,126,895

 
22,161,060

 
22,119,321

 
22,092,331

 
22,369,422

Funds purchased
106,361

 
63,713

 
49,774

 
63,263

 
55,508

Repurchase agreements
426,051

 
424,617

 
361,512

 
427,353

 
523,561

Other borrowings
6,326,967

 
6,209,903

 
6,162,641

 
5,572,031

 
5,737,955

Subordinated debentures
144,682

 
144,673

 
144,663

 
144,654

 
144,644

Derivative contracts, net
223,373

 
288,408

 
221,371

 
178,695

 
405,444

Due on unsettled securities purchases
144,077

 
218,684

 
145,155

 
157,438

 
91,529

Other liabilities
747,972

 
425,667

 
319,092

 
323,373

 
299,534

TOTAL LIABILITIES
30,246,378

 
29,936,725

 
29,523,529

 
28,959,138

 
29,627,597

Total equity
3,478,574

 
3,515,390

 
3,484,641

 
3,409,433

 
3,327,392

TOTAL LIABILITIES AND EQUITY
$
33,724,952

 
$
33,452,115

 
$
33,008,170

 
$
32,368,571

 
$
32,954,989


11



STATEMENTS OF EARNINGS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except per share data)
 
Three Months Ended
 
March 31,
 
2018
 
2017
 
 
 
 
Interest revenue
$
265,407

 
$
226,390

Interest expense
45,671

 
25,208

Net interest revenue
219,736

 
201,182

Provision for credit losses
(5,000
)
 

Net interest revenue after provision for credit losses
224,736

 
201,182

Other operating revenue:
 
 
 
Brokerage and trading revenue
30,648

 
33,623

Transaction card revenue1
20,990

 
18,177

Fiduciary and asset management revenue
41,832

 
38,631

Deposit service charges and fees
27,161

 
27,777

Mortgage banking revenue
26,025

 
25,191

Other revenue
12,330

 
11,752

Total fees and commissions
158,986

 
155,151

Other gains (losses), net
(664
)
 
3,627

Gain (loss) on derivatives, net
(5,685
)
 
(450
)
Gain (loss) on fair value option securities, net
(17,564
)
 
(1,140
)
Change in fair value of mortgage servicing rights
21,206

 
1,856

Gain (loss) on available for sale securities, net
(290
)
 
2,049

Total other operating revenue
155,989

 
161,093

Other operating expense:
 
 
 
Personnel
139,947

 
136,425

Business promotion
6,010

 
6,717

Professional fees and services
10,200

 
11,417

Net occupancy and equipment
24,046

 
21,624

Insurance
6,593

 
6,404

Data processing and communications1
27,817

 
25,699

Printing, postage and supplies
4,089

 
3,851

Net losses and operating expenses of repossessed assets
7,705

 
1,009

Amortization of intangible assets
1,300

 
1,802

Mortgage banking costs
10,149

 
13,003

Other expense
6,574

 
7,557

Total other operating expense
244,430

 
235,508

 
 
 
 
Net income before taxes
136,295

 
126,767

Federal and state income taxes
30,948

 
38,103

 
 
 
 
Net income
105,347

 
88,664

Net income (loss) attributable to non-controlling interests
(215
)
 
308

Net income attributable to BOK Financial Corporation shareholders
$
105,562

 
$
88,356

 
 
 
 
Average shares outstanding:
 
 
 
Basic
64,847,334

 
64,715,964

Diluted
64,888,033

 
64,783,737

 
 
 
 
Net income per share:
 
 
 
Basic
$
1.61

 
$
1.35

Diluted
$
1.61

 
$
1.35

1 Non-GAAP measure to net interchange charges from prior quarters between transaction card revenue and data processing and communications expense. This measure has no effect on net income or earnings per share.


12



FINANCIAL HIGHLIGHTS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except ratio and share data)
 
Three Months Ended
 
Mar. 31, 2018
 
Dec. 31, 2017
 
Sept. 30, 2017
 
June 30, 2017
 
Mar. 31, 2017
Capital:
 
 
 
 
 
 
 
 
 
Period-end shareholders' equity
$
3,495,029

 
$
3,495,367

 
$
3,488,814

 
$
3,422,469

 
$
3,341,744

Risk weighted assets
$
26,025,660

 
$
25,733,711

 
$
25,409,728

 
$
25,130,802

 
$
24,901,019

Risk-based capital ratios:
 
 
 
 
 
 
 
 
 
Common equity tier 1
12.06
%
 
12.05
%
 
11.90
%
 
11.76
%
 
11.59
%
Tier 1
12.06
%
 
12.05
%
 
11.90
%
 
11.76
%
 
11.59
%
Total capital
13.49
%
 
13.54
%
 
13.47
%
 
13.36
%
 
13.25
%
Leverage ratio
9.40
%
 
9.31
%
 
9.30
%
 
9.27
%
 
8.89
%
Tangible common equity ratio1
9.18
%
 
9.50
%
 
9.23
%
 
9.24
%
 
8.88
%
 
 
 
 
 
 
 
 
 
 
Common stock:
 
 
 
 
 
 
 
 
 
Book value per share
$
53.39

 
$
53.45

 
$
53.30

 
$
52.32

 
$
51.09

Tangible book value per share
46.10

 
46.17

 
45.88

 
44.87

 
43.63

Market value per share:
 
 
 
 
 
 
 
 
 
High
$
107.00

 
$
93.97

 
$
90.69

 
$
88.31

 
$
85.25

Low
$
89.82

 
$
79.67

 
$
77.10

 
$
74.09

 
$
73.44

Cash dividends paid
$
29,342

 
$
29,328

 
$
28,655

 
$
28,652

 
$
28,646

Dividend payout ratio
27.80
%
 
40.46
%
 
33.46
%
 
32.50
%
 
32.42
%
Shares outstanding, net
65,459,505

 
65,394,937

 
65,456,786

 
65,416,403

 
65,408,019

Stock buy-back program:
 
 
 
 
 
 
 
 
 
Shares repurchased
82,583

 
80,000

 

 

 

Amount
$
7,584

 
$
7,403

 
$

 
$

 
$

Average price per share
$
91.83

 
$
92.54

 
$

 
$

 
$

 
 
 
 
 
 
 
 
 
 
Performance ratios (quarter annualized):
Return on average assets
1.27
%
 
0.86
%
 
1.03
%
 
1.09
%
 
1.09
%
Return on average equity
12.39
%
 
8.24
%
 
9.83
%
 
10.46
%
 
10.86
%
Net interest margin
2.99
%
 
2.97
%
 
3.01
%
 
2.89
%
 
2.81
%
Efficiency ratio3
65.09
%
 
66.07
%
 
65.92
%
 
63.66
%
 
64.90
%
 
 
 
 
 
 
 
 
 
 
Reconciliation of non-GAAP measures:
1      Tangible common equity ratio:
 
 
 
 
 
 
 
 
 
Total shareholders' equity
$
3,495,029

 
$
3,495,367

 
$
3,488,814

 
$
3,422,469

 
$
3,341,744

Less: Goodwill and intangible assets, net
477,088

 
476,088

 
485,710

 
487,452

 
488,294

Tangible common equity
$
3,017,941

 
$
3,019,279

 
$
3,003,104

 
$
2,935,017

 
$
2,853,450

 
 
 
 
 
 
 
 
 
 
Total assets
$
33,361,492

 
$
32,272,160

 
$
33,005,515

 
$
32,263,532

 
$
32,628,932

Less: Goodwill and intangible assets, net
477,088

 
476,088

 
485,710

 
487,452

 
488,294

Tangible assets
$
32,884,404

 
$
31,796,072

 
$
32,519,805

 
$
31,776,080

 
$
32,140,638

 
 
 
 
 
 
 
 
 
 
Tangible common equity ratio
9.18
%
 
9.50
%
 
9.23
%
 
9.24
%
 
8.88
%
 
 
 
 
 
 
 
 
 
 

13



FINANCIAL HIGHLIGHTS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except ratio and share data)
 
Three Months Ended
 
Mar. 31, 2018
 
Dec. 31, 2017
 
Sept. 30, 2017
 
June 30, 2017
 
Mar. 31, 2017
Other data:
 
 
 
 
 
 
 
 
 
Fiduciary assets
$
46,648,290

 
$
48,761,477

 
$
45,177,185

 
$
45,089,153

 
$
44,992,920

Tax equivalent interest
$
2,010

 
$
4,131

 
$
4,314

 
$
4,330

 
$
4,428

Net unrealized gain (loss) on available for sale securities
$
(148,247
)
 
$
(47,497
)
 
$
14,061

 
$
16,041

 
$
(5,537
)
 
 
 
 
 
 
 
 
 
 
Mortgage banking:
 
 
 
 
 
 
 
 
 
Mortgage production revenue
$
9,452

 
$
7,786

 
$
8,329

 
$
13,840

 
$
8,543

 
 
 
 
 
 
 
 
 
 
Mortgage loans funded for sale
$
664,958

 
$
840,080

 
$
832,796

 
$
902,978

 
$
711,019

Add: current period-end outstanding commitments
298,318

 
222,919

 
334,337

 
362,088

 
381,732

Less: prior period end outstanding commitments
222,919

 
334,337

 
362,088

 
381,732

 
318,359

Total mortgage production volume
$
740,357

 
$
728,662

 
$
805,045

 
$
883,334

 
$
774,392

 
 
 
 
 
 
 
 
 
 
Mortgage loan refinances to mortgage loans funded for sale
42
%
 
47
%
 
38
%
 
33
%
 
44
%
Gain on sale margin
1.28
%
 
1.07
%
 
1.03
%
 
1.57
%
 
1.10
%
 
 
 
 
 
 
 
 
 
 
Mortgage servicing revenue
$
16,573

 
$
16,576

 
$
16,561

 
$
16,436

 
$
16,648

Average outstanding principal balance of mortgage loans serviced for others
22,027,726

 
22,054,877

 
22,079,177

 
22,055,127

 
22,006,295

Average mortgage servicing revenue rates
0.31
%
 
0.30
%
 
0.30
%
 
0.30
%
 
0.31
%
 
 
 
 
 
 
 
 
 
 
Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on mortgage hedge derivative contracts, net
$
(5,698
)
 
$
(3,057
)
 
$
1,025

 
$
3,241

 
$
(528
)
Gain (loss) on fair value option securities, net
(17,564
)
 
(4,238
)
 
661

 
1,984

 
(1,140
)
Gain (loss) on economic hedge of mortgage servicing rights
(23,262
)
 
(7,295
)
 
1,686

 
5,225

 
(1,668
)
Gain (loss) on changes in fair value of mortgage servicing rights
21,206

 
5,898

 
(639
)
 
(6,943
)
 
1,856

Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges, included in other operating revenue
(2,056
)
 
(1,397
)
 
1,047

 
(1,718
)
 
188

Net interest revenue on fair value option securities2
1,800

 
2,656

 
2,543

 
1,965

 
1,271

Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges
$
(256
)
 
$
1,259

 
$
3,590

 
$
247

 
$
1,459

2  
Actual interest earned on fair value option securities less internal transfer-priced cost of funds.
3 
Prior periods shown on a comparable basis to net interchange charges between transaction card revenue and data processing and communications expense.

14



QUARTERLY EARNINGS TREND -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except ratio and per share data)
 
Three Months Ended
 
Mar. 31, 2018
 
Dec. 31, 2017
 
Sept. 30, 2017
 
June 30, 2017
 
Mar. 31, 2017
 
 
 
 
 
 
 
 
 
 
Interest revenue
$
265,407

 
$
255,767

 
$
255,413

 
$
235,181

 
$
226,390

Interest expense
45,671

 
38,904

 
36,961

 
29,977

 
25,208

Net interest revenue
219,736

 
216,863

 
218,452

 
205,204

 
201,182

Provision for credit losses
(5,000
)
 
(7,000
)
 

 

 

Net interest revenue after provision for credit losses
224,736

 
223,863

 
218,452

 
205,204

 
201,182

Other operating revenue:
 
 
 
 
 
 
 
 
 
Brokerage and trading revenue
30,648

 
33,045

 
33,169

 
31,764

 
33,623

Transaction card revenue1
20,990

 
20,028

 
22,929

 
20,009

 
18,177

Fiduciary and asset management revenue
41,832

 
41,767

 
40,687

 
41,808

 
38,631

Deposit service charges and fees
27,161

 
27,685

 
28,191

 
28,422

 
27,777

Mortgage banking revenue
26,025

 
24,362

 
24,890

 
30,276

 
25,191

Other revenue
12,330

 
11,762

 
13,670

 
14,984

 
11,752

Total fees and commissions
158,986

 
158,649

 
163,536

 
167,263

 
155,151

Other gains (losses), net
(664
)
 
552

 
(1,283
)
 
6,108

 
3,627

Gain (loss) on derivatives, net
(5,685
)
 
(3,045
)
 
1,033

 
3,241

 
(450
)
Gain (loss) on fair value option securities, net
(17,564
)
 
(4,238
)
 
661

 
1,984

 
(1,140
)
Change in fair value of mortgage servicing rights
21,206

 
5,898

 
(639
)
 
(6,943
)
 
1,856

Gain (loss) on available for sale securities, net
(290
)
 
(488
)
 
2,487

 
380

 
2,049

Total other operating revenue
155,989

 
157,328

 
165,795

 
172,033

 
161,093

Other operating expense:
 
 
 
 
 
 
 
 
 
Personnel
139,947

 
145,329

 
147,910

 
143,744

 
136,425

Business promotion
6,010

 
7,317

 
7,105

 
7,738

 
6,717

Charitable contributions to BOKF Foundation

 
2,000

 

 

 

Professional fees and services
10,200

 
15,344

 
11,887

 
12,419

 
11,417

Net occupancy and equipment
24,046

 
22,403

 
21,325

 
21,125

 
21,624

Insurance
6,593

 
6,555

 
6,005

 
689

 
6,404

Data processing and communications1
27,817

 
28,903

 
27,412

 
26,111

 
25,699

Printing, postage and supplies
4,089

 
3,781

 
3,917

 
4,140

 
3,851

Net losses (gains) and operating expenses of repossessed assets
7,705

 
340

 
6,071

 
2,267

 
1,009

Amortization of intangible assets
1,300

 
1,430

 
1,744

 
1,803

 
1,802

Mortgage banking costs
10,149

 
14,331

 
13,450

 
12,072

 
13,003

Other expense
6,574

 
6,746

 
9,193

 
8,558

 
7,557

Total other operating expense
244,430

 
254,479

 
256,019

 
240,666

 
235,508

Net income before taxes
136,295

 
126,712

 
128,228

 
136,571

 
126,767

Federal and state income taxes
30,948

 
54,347

 
42,438

 
47,705

 
38,103

Net income
105,347

 
72,365

 
85,790

 
88,866

 
88,664

Net income (loss) attributable to non-controlling interests
(215
)
 
(127
)
 
141

 
719

 
308

Net income attributable to BOK Financial Corporation shareholders
$
105,562

 
$
72,492

 
$
85,649

 
$
88,147

 
$
88,356

 
 
 
 
 
 
 
 
 
 
Average shares outstanding:
 
 
 
 
 
 
 
 
 
Basic
64,847,334

 
64,793,005

 
64,742,822

 
64,729,752

 
64,715,964

Diluted
64,888,033

 
64,843,179

 
64,805,172

 
64,793,134

 
64,783,737

Net income per share:
 
 
 
 
 
 
 
 
 
Basic
$
1.61

 
$
1.11

 
$
1.31

 
$
1.35

 
$
1.35

Diluted
$
1.61

 
$
1.11

 
$
1.31

 
$
1.35

 
$
1.35

1  
Non-GAAP measure to net interchange charges from prior quarters between transaction card revenue and data processing and communications expense. This measure has no effect on net income or earnings per share.

15



LOANS TREND -- UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
 
 
Mar. 31, 2018
 
Dec. 31, 2017
 
Sept. 30, 2017
 
June 30, 2017
 
Mar. 31, 2017
Commercial:
 
 
 
 
 
 
 
 
 
 
Energy
 
$
2,969,618

 
$
2,930,156

 
$
2,867,981

 
$
2,847,240

 
$
2,537,112

Services
 
2,928,294

 
2,986,949

 
2,967,513

 
2,958,827

 
3,013,375

Healthcare
 
2,359,928

 
2,314,753

 
2,239,451

 
2,221,518

 
2,265,604

Wholesale/retail
 
1,531,576

 
1,471,256

 
1,658,098

 
1,543,695

 
1,506,243

Manufacturing
 
559,695

 
496,774

 
519,446

 
546,137

 
543,430

Other commercial and industrial
 
570,556

 
534,087

 
543,445

 
520,538

 
461,346

Total commercial
 
10,919,667

 
10,733,975

 
10,795,934

 
10,637,955

 
10,327,110

 
 
 
 
 
 
 
 
 
 
 
Commercial real estate:
 
 

 
 

 
 

 
 

 
 

Multifamily
 
1,008,903

 
980,017

 
999,009

 
952,380

 
922,991

Retail
 
750,396

 
691,532

 
725,865

 
722,805

 
745,046

Office
 
737,144

 
831,770

 
797,089

 
862,973

 
860,889

Industrial
 
613,608

 
573,014

 
591,080

 
693,635

 
871,463

Residential construction and land development
 
117,458

 
117,245

 
112,102

 
141,592

 
135,994

Other commercial real estate
 
279,273

 
286,409

 
292,997

 
315,207

 
334,680

Total commercial real estate
 
3,506,782

 
3,479,987

 
3,518,142

 
3,688,592

 
3,871,063

 
 
 
 
 
 
 
 
 
 
 
Residential mortgage:
 
 

 
 

 
 

 
 

 
 

Permanent mortgage
 
1,047,785

 
1,043,435

 
1,013,965

 
989,040

 
977,743

Permanent mortgages guaranteed by U.S. government agencies
 
177,880

 
197,506

 
187,370

 
191,729

 
204,181

Home equity
 
720,104

 
732,745

 
744,415

 
758,429

 
764,350

Total residential mortgage
 
1,945,769

 
1,973,686

 
1,945,750

 
1,939,198

 
1,946,274

 
 
 
 
 
 
 
 
 
 
 
Personal
 
965,632

 
965,776

 
947,008

 
917,900

 
847,459

 
 
 
 
 
 
 
 
 
 
 
Total
 
$
17,337,850

 
$
17,153,424

 
$
17,206,834

 
$
17,183,645

 
$
16,991,906



16



LOANS BY PRINCIPAL MARKET AREA -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands)
 
Mar. 31, 2018
 
Dec. 31, 2017
 
Sept. 30, 2017
 
June 30, 2017
 
Mar. 31, 2017
 
 
 
 
 
 
 
 
 
 
Bank of Oklahoma:
 
 
 
 
 
 
 
 
 
Commercial
$
3,265,013

 
$
3,238,720

 
$
3,408,973

 
$
3,369,967

 
$
3,189,183

Commercial real estate
668,031

 
682,037

 
712,915

 
667,932

 
691,332

Residential mortgage
1,419,281

 
1,435,432

 
1,405,900

 
1,398,021

 
1,404,054

Personal
353,128

 
342,212

 
322,320

 
318,016

 
310,708

Total Bank of Oklahoma
5,705,453

 
5,698,401

 
5,850,108

 
5,753,936

 
5,595,277

 
 
 
 
 
 
 
 
 
 
Bank of Texas:
 
 
 
 
 
 
 
 
 
Commercial
4,715,841

 
4,520,401

 
4,434,595

 
4,339,634

 
4,148,316

Commercial real estate
1,254,421

 
1,261,864

 
1,236,702

 
1,360,164

 
1,452,988

Residential mortgage
229,761

 
233,675

 
229,993

 
232,074

 
231,647

Personal
363,608

 
375,084

 
375,173

 
354,222

 
312,092

Total Bank of Texas
6,563,631

 
6,391,024

 
6,276,463

 
6,286,094

 
6,145,043

 
 
 
 
 
 
 
 
 
 
Bank of Albuquerque:
 
 
 
 
 
 
 
 
 
Commercial
315,701

 
343,296

 
367,747

 
369,370

 
407,403

Commercial real estate
348,485

 
341,282

 
319,208

 
324,405

 
307,927

Residential mortgage
93,490

 
98,018

 
101,983

 
103,849

 
106,432

Personal
11,667

 
11,721

 
12,953

 
12,439

 
11,305

Total Bank of Albuquerque
769,343

 
794,317

 
801,891

 
810,063

 
833,067

 
 
 
 
 
 
 
 
 
 
Bank of Arkansas:
 
 
 
 
 
 
 
 
 
Commercial
94,430

 
95,644

 
91,051

 
85,020

 
88,010

Commercial real estate
88,700

 
87,393

 
80,917

 
73,943

 
74,469

Residential mortgage
7,033

 
6,596

 
6,318

 
6,395

 
6,829

Personal
9,916

 
9,992

 
10,388

 
11,993

 
6,279

Total Bank of Arkansas
200,079

 
199,625

 
188,674

 
177,351

 
175,587

 
 
 
 
 
 
 
 
 
 
Colorado State Bank & Trust:
 
 
 
 
 
 
 
 
 
Commercial
1,180,655

 
1,130,714

 
1,124,200

 
1,065,780

 
998,216

Commercial real estate
210,801

 
174,201

 
186,427

 
255,379

 
266,218

Residential mortgage
64,530

 
63,350

 
63,734

 
63,346

 
62,313

Personal
63,118

 
63,115

 
60,513

 
56,187

 
49,523

Total Colorado State Bank & Trust
1,519,104

 
1,431,380

 
1,434,874

 
1,440,692

 
1,376,270

 
 
 
 
 
 
 
 
 
 
Bank of Arizona:
 
 
 
 
 
 
 
 
 
Commercial
624,106

 
687,792

 
634,809

 
617,759

 
643,222

Commercial real estate
672,319

 
660,094

 
706,188

 
705,858

 
737,088

Residential mortgage
39,227

 
41,771

 
40,730

 
37,034

 
36,737

Personal
57,023

 
57,140

 
55,050

 
55,528

 
51,386

Total Bank of Arizona
1,392,675

 
1,446,797

 
1,436,777

 
1,416,179

 
1,468,433