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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):
October 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 October 24, 2018, BOK Financial Corporation (“BOK Financial”) issued a press release announcing its financial results for the three and nine months ended September 30, 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 October 24, 2018, in connection with issuance of the Press Release, BOK Financial released financial information related to the three and nine months ended September 30, 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 October 24, 2018, titled "BOK Financial Reports Record Quarterly Earnings of $117 million or $1.79 Per Share" and Financial Information for the Three and Nine Months Ended September 30, 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: October 24, 2018



(Back To Top)

Section 2: EX-99 (EXHIBIT 99)

Exhibit



395457779_image0a01a01a01a15.jpg
 
Exhibit 99(a)


NASD: BOKF

BOK Financial Reports Record Quarterly Earnings of $117 million or $1.79 Per Share

CEO Commentary
Steven G. Bradshaw, president, and chief executive officer, stated, “This is yet another record quarter for BOK Financial, with continued growth in both our loan portfolio and net interest revenue. We added $346 million in new loan production to last quarter’s record loan growth. The competitive ability and scale of our wealth management business allowed us to earn a $15 million fee in client asset management. These factors, combined with a stable credit environment and diligent expense management, cause us to see earnings leverage continuing.”
 
Bradshaw added, “We are proud to have closed our acquisition of CoBiz Financial on October 1st in record time, in part due to our strong community engagement track record and Outstanding CRA rating. We welcome CoBiz employees into our organization and look forward to many great things to come. The combination of CoBiz and BOK Financial creates the premier commercial bank in Colorado and Arizona, and we are excited to see how it helps drive earnings into 2019 and beyond."
Third Quarter 2018 Financial Highlights
Third Quarter 2018 Business Segment Highlights
Net income was $117.3 million and $1.79 per diluted share for the third quarter of 2018, including 18 cents per share from a client asset management fee. Net income was $114.4 million and $1.75 per diluted share for the second quarter of 2018.
Net interest revenue totaled $240.9 million, up $2.3 million compared to the second quarter of 2018.
Net interest margin increased to 3.21 percent from 3.17 percent. Net interest margin grew 11 basis points excluding recoveries of foregone interest on nonaccruing loans from the previous quarter.
Fees and commissions revenue totaled $167.5 million, an increase of $9.7 million or 6 percent compared to the previous quarter, led by an increase in trust fees and commissions.
Operating expense increased $6.1 million or 2 percent to $252.6 million. Personnel expense increased $4.6 million and non-personnel expense increased $1.6 million.
A $4.0 million provision for credit losses was recorded in the third quarter of 2018. Net charge-offs were $9.0 million in the third quarter compared to $10.5 million in the previous quarter.
Combined allowance for credit losses totaled $213 million or 1.16 percent of outstanding loans compared to $218 million or 1.21 percent of outstanding loans in the previous quarter.
Average loans increased $453 million while period-end loans increased $346 million to $18.3 billion.
Common equity Tier 1 capital ratio was 12.07 percent, Tier 1 capital ratio was 12.07 percent, total capital ratio was 13.37 percent and leverage ratio was 9.90 percent.

 
Commercial Banking
Contributed $85.0 million to net income, down $2.6 million or 3 percent compared to the prior quarter.
Net interest revenue remained consistent compared to the second quarter of 2018 at $145 million.
Fees and commissions revenue decreased $3.5 million or 8 percent and operating expenses increased $1.7 million or 3 percent.
Average loans increased $421 million or 3 percent.

Consumer Banking
Contributed $9.2 million to net income, up $3.1 million, primarily due to improved hedge performance related to mortgage servicing rights.
Net interest revenue increased $820 thousand or 2 percent.
Fees and commissions revenue decreased $2.3 million or 5 percent and operating expenses decreased $2.7 million or 5 percent.

Wealth Management
Contributed $29.3 million to net income, up 44 percent compared to the prior quarter.
Net interest revenue remained consistent compared to the prior quarter at $29.4 million.
Fees and commissions revenue increased $13.1 million or 19 percent due to a fee earned from the sale of client assets in the third quarter of 2018 while operating expenses increased only 1 percent.
Average loans grew $26.6 million or 2 percent.
Assets under management or administration were $77.6 billion at September 30, 2018 compared to $78.9 billion at June 30, 2018. Fiduciary assets totaled $45.6 billion at September 30, 2018 and $46.5 billion at June 30, 2018.

1



Net Interest Revenue
Net interest revenue was $240.9 million for the third quarter of 2018, a $2.3 million increase over the second quarter of 2018. Recoveries of foregone interest on nonaccruing loans added $5.3 million to net interest revenue or 7 basis points to net interest margin in the previous quarter. Excluding this impact, net interest margin was 3.21 percent for the third quarter of 2018, up 11 basis points over the second quarter of 2018. The Company reduced excess cash balances held at the Federal Reserve funded by borrowings from the Federal Home Loan Banks. The spread narrowed at the end of the second quarter and was no longer contributing to net interest revenue, which resulted in a 10 basis point improvement to net interest margin in the third quarter of 2018.
Excluding the impact of interest recoveries, the yield on average earning assets was 4.04 percent, a 20 basis point increase, and the yield on the loan portfolio was 4.80 percent up 12 basis points. This increase is due primarily to an increase in short-term market interest rates related to the Federal Reserve's 25 basis point rate increase in June. The yield on the available for sale securities portfolio increased 7 basis points to 2.37 percent. The yield on the trading securities portfolio was up 35 basis points.
Funding costs were 1.25 percent, up 14 basis points. The cost of interest-bearing deposits increased 11 basis points to 0.77 percent. The cost of other borrowed funds was up 20 basis points to 2.04 percent. The benefit to net interest margin from assets funded by non-interest liabilities increased to 42 basis points from 37 basis points in the second quarter of 2018.
Average earning assets decreased $345 million compared to the second quarter of 2018. Average loan balances grew by $453 million. Trading securities balances increased $280 million. Average interest-bearing cash and cash equivalents balances decreased $985 million. Average available for sale securities decreased $34 million. Average interest-bearing deposit balances decreased $221 million compared to the second quarter of 2018. The average balance of borrowed funds decreased $131 million.
Fees and Commissions Revenue
Fees and commissions revenue totaled $167.5 million for the third quarter of 2018, an increase of $9.7 million or 6 percent over the second quarter of 2018. A fee earned in the sale of client assets added $15.4 million to trust fees and commissions in the third quarter.
Rising interest rates have slowed the origination of mortgage loans and related investment products leading to compressed margins. This has adversely affected both our trading revenue as well as our mortgage banking revenue. Brokerage and trading revenue decreased $3.4 million and mortgage banking revenue decreased $2.8 million compared to the second quarter of 2018.


2



Operating Expense
Total operating expense was $252.6 million for the third quarter of 2018, an increase of $6.1 million or 2 percent compared to the second quarter of 2018.
Personnel expense increased $4.6 million, primarily due to an increase in incentive compensation expense of $6.0 million. Share-based compensation expense was $3.9 million in the third quarter of 2018 and a negative $1.4 million in the previous quarter. Changes in assumptions for the number of performance-based awards that will ultimately vest reduced share-based compensation expense by $4.3 million in the second quarter of 2018. Employee benefits expense decreased $1.5 million compared to the second quarter of 2018, primarily due to a seasonal decrease in payroll taxes.
Non-personnel expense increased $1.6 million. Data processing and communications expense increased $3.9 million, primarily due to impairment of a software license. Net losses and operating expenses of repossessed assets increased $1.3 million as a result of a write down on a healthcare property.
Professional fees and services expense decreased $1.8 million, primarily due to seasonal wealth management tax service fees in the second quarter of 2018. Other expense and mortgage banking costs decreased due to lower loss contingency accruals.
Loans, Deposits and Capital
Loans
Outstanding loans were $18.3 billion at September 30, 2018, up $346 million or 1.9 percent over June 30, 2018, primarily due to continued growth in commercial and commercial real estate loans.
Outstanding commercial loan balances grew by $227 million or 2 percent over June 30, 2018. Energy loan balances were up $148 million, consistent with our ongoing support and commitment to the oil and gas industry. Healthcare sector loans increased by $84 million. The healthcare lending group celebrated their 5 year anniversary as a distinct line of business and continues to be a driver of our core loan growth. Service sector loans increased $73 million. This growth was partially offset by a $49 million decrease in wholesale/retail sector loans and a $41 million decrease in other commercial and industrial loans.
Commercial real estate loan balances continued to grow, up $92 million or 2 percent over June 30, 2018. Multifamily residential loan balances were up $63 million. Loans secured by industrial properties grew by $43 million. Construction and land development loans decreased $17 million.
Deposits
Period-end deposits totaled $21.6 billion at September 30, 2018, a $537 million decrease compared to June 30, 2018. Demand deposit balances decreased $310 million, interest-bearing transaction account balances decreased $174 million and time deposit balances decreased by $52 million.

3



Capital
The company's common equity Tier 1 capital ratio was 12.07 percent at September 30, 2018. In addition, the company's Tier 1 capital ratio was 12.07 percent, total capital ratio was 13.37 percent, and leverage ratio was 9.90 percent at September 30, 2018. At June 30, 2018, the company's common equity Tier 1 capital ratio was 11.92 percent, Tier 1 capital ratio was 11.92 percent, total capital ratio was 13.26 percent, and leverage ratio was 9.57 percent.
The company's tangible common equity ratio, a non-GAAP measure, was 9.55 percent at September 30, 2018 and 9.21 percent at June 30, 2018. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on available for sale securities. The company has elected to exclude unrealized gains and losses from available for sale securities from its calculation of Tier 1 capital for regulatory capital purposes, consistent with the treatment under the previous capital rules.
Credit Quality
Nonperforming assets totaled $261 million or 1.42 percent of outstanding loans and repossessed assets at September 30, 2018, compared to $269 million or 1.49 percent at June 30, 2018. Nonperforming assets that are not guaranteed by U.S. government agencies totaled $170 million or 0.93 percent of outstanding loans and repossessed assets (excluding those guaranteed by U.S. government agencies) at September 30, 2018, down from $186 million or 1.04 percent at June 30, 2018.
Nonaccruing loans were $153 million or 0.83 percent of outstanding loans at September 30, 2018, compared to $166 million or 0.92 percent of outstanding loans at June 30, 2018. The decrease in nonaccruing loans was primarily due to a $12 million decrease in energy loans and a $4.8 million decrease in wholesale/retail sector loans, partially offset by a $6.2 million increase in manufacturing sector loans. New nonaccruing loans identified in the third quarter totaled $20 million, offset by $20 million in payments received, $11 million in charge-offs, and $1.6 million in foreclosures and repossessions. At September 30, 2018, nonaccruing commercial loans totaled $109 million or 0.95 percent of outstanding commercial loans, nonaccruing commercial real estate loans totaled $1.3 million or 0.03 percent of outstanding commercial real estate loans, and nonaccruing residential mortgage loans totaled $42 million or 2.13 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 $176 million at September 30, compared to $140 million at June 30. The increase largely resulted from commercial real estate loans secured by retail facilities, energy sector and services sector loans.
The company had net charge-offs of $9.0 million or 0.20 percent of average loans on an annualized basis for third quarter of 2018, compared to net charge-offs of $10.5 million or 0.24 percent of average loans on an annualized basis for the second quarter of 2018. Net charge-offs were 0.18 percent of average loans over the last four quarters. Net charge-offs for the third quarter were primarily related to a single energy production borrower and single wholesale/retail sector borrower, both of which had previously been identified as impaired and appropriately reserved. Gross charge-offs were $11.1 million for the third quarter compared to $15.1 million for the previous quarter. Recoveries totaled $2.1 million for the third quarter of 2018 and $4.6 million for the second quarter of 2018.

4



Based on an evaluation of all credit factors, including overall loan portfolio growth, changes in nonaccruing and potential problem loans and net charge-offs, the company determined that a $4.0 million provision for credit losses was appropriate for the third quarter of 2018. The company recorded no provision for credit losses in the second quarter of 2018.
The combined allowance for credit losses totaled $213 million or 1.16 percent of outstanding loans and 146 percent of nonaccruing loans at September 30, 2018, excluding residential mortgage loans guaranteed by U.S. government agencies. The allowance for loan losses was $211 million and the accrual for off-balance sheet credit losses was $2.0 million. At June 30, 2018, the combined allowance for credit losses was $218 million or 1.21 percent of outstanding loans and 138 percent of nonaccruing loans, excluding loans guaranteed by U.S. government agencies. The allowance for loan losses was $215 million and the accrual for off-balance sheet credit losses was $2.4 million.

Commercial Banking
Net income for Commercial Banking was $85.0 million for the third quarter of 2018, a decrease of $2.6 million compared to the second quarter of 2018. Second quarter earnings included $5.3 million in interest recoveries on nonaccrual loans. Excluding the impact of interest recoveries, growth in net interest revenue was driven by strong growth in loan balances and improved loan yields. This growth was partially offset by a modest increase in our internal cost of funds allocation.
Average loan balances increased $421 million or 3 percent, largely impacted by energy, commercial real estate, service and other commercial and industrial loans. Average customer deposits were $8.6 billion, an increase of $254 million or 3 percent, mostly due to energy, real estate, and general commercial and industrial deposits.
Fees and commissions revenue decreased $3.5 million or 8 percent as a result of reduced customer hedging revenue and the timing of closing loan syndication transactions after an exceptionally strong second quarter. Expense growth outpaced revenue growth primarily due to an increase in incentive compensation as a result of continued loan growth as well as a $1.7 million write down of a repossessed property in the third quarter.

Consumer Banking
Net income from Consumer Banking was $9.2 million in the third quarter of 2018, an increase of $3.1 million or 50 percent. The net economic cost of the changes in fair value of mortgage servicing rights and related economic hedges was $156 thousand for the third quarter of 2018 compared to $3.5 million for the second quarter of 2018.
Revenues from mortgage banking activities decreased $2.8 million from the prior quarter. Continued rising interest rates and increased market competition slowed origination activity, which declined 16 percent compared to the prior quarter. Efforts to right size current capacity have resulted in personnel expense savings of $1.7 million from the previous quarter.
Net interest revenue from Consumer Banking activities increased $820 thousand while deposit service charges and fees increased $588 thousand over the second quarter of 2018. The introduction of a new time deposit product as well as interest rate increases on existing money market products have positively impacted runoff trends.

5



Average consumer loans and deposits remained relatively consistent compared to the prior quarter at $1.7 billion and $6.6 billion, respectively.

Wealth Management
Net income for Wealth Management increased $9.0 million to $29.3 million during the third quarter of 2018. This increase included an after tax benefit of $11.5 million as a result of a fee earned on the sale of client assets. Excluding this fee, fiduciary and asset management fees produced relatively consistent results compared to the second quarter of 2018.
Average loans increased $27 million or 2 percent to $1.4 billion. Average deposits decreased $343 million or 6 percent, primarily due to client migrations to investments. Assets under management decreased $1.2 billion or 1.6 percent to $77.6 billion at September 30, 2018.
Brokerage and trading revenue decreased $1.7 million or 8 percent compared to the second quarter of 2018 due to a decreased demand in investment products related to rising interest rates and slowing mortgage production.

6



Conference Call and Webcast

The company will hold a conference call at 9 a.m. Central time on Wednesday, October 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 conference ID # 13683709.

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 September 30, 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, including its latest acquisition of CoBiz Financial, Inc., and other growth endeavors will be profitable are necessary statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what is expected, implied or forecasted in such forward-looking statements. Internal and external factors that might cause such a difference include, but are not limited to changes in commodity prices, interest rates and interest rate relationships, inflation, demand for products and services, the degree of competition by traditional and nontraditional competitors, changes in banking regulations, tax laws, prices, levies and assessments, the impact of technological advances, and trends in customer behavior as well as their ability to repay loans. There may also be difficulties and delays in integrating CoBiz Financial Inc.'s business or fully realizing cost savings and other benefits including, but not limited to, business disruption and customer acceptance of BOK Financial Corporation's products and

7



services. BOK Financial and its affiliates undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.


8

Exhibit 99(b)

BALANCE SHEETS -- UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
 
Sept. 30, 2018
 
June 30, 2018
 
Sept. 30, 2017
ASSETS
 
 
 
 
 
Cash and due from banks
$
815,458

 
$
585,801

 
$
547,203

Interest-bearing cash and cash equivalents
430,789

 
872,999

 
1,926,779

Trading securities
1,613,400

 
1,909,615

 
614,117

Investment securities
374,039

 
392,013

 
466,562

Available for sale debt securities
8,072,014

 
8,162,866

 
8,383,199

Fair value option securities
452,150

 
482,227

 
819,531

Restricted equity securities
311,189

 
347,721

 
347,542

Residential mortgage loans held for sale
175,866

 
223,301

 
275,643

Loans:
 
 
 
 
 
Commercial
11,576,101

 
11,349,039

 
10,795,934

Commercial real estate
3,804,675

 
3,712,220

 
3,518,142

Residential mortgage
1,971,742

 
1,942,250

 
1,945,750

Personal
996,941

 
1,000,187

 
947,008

Total loans
18,349,459

 
18,003,696

 
17,206,834

Allowance for loan losses
(210,569
)
 
(215,142
)
 
(247,703
)
Loans, net of allowance
18,138,890

 
17,788,554

 
16,959,131

Premises and equipment, net
327,129

 
320,810

 
320,060

Receivables
277,738

 
212,893

 
173,990

Goodwill
447,430

 
453,093

 
446,697

Intangible assets, net
33,370

 
28,273

 
39,013

Mortgage servicing rights
284,673

 
278,719

 
245,858

Real estate and other repossessed assets, net
24,515

 
27,891

 
32,535

Derivative contracts, net
349,481

 
373,373

 
352,559

Cash surrender value of bank-owned life insurance
323,628

 
321,024

 
314,201

Receivable on unsettled securities sales
421,313

 
604,552

 
370,486

Other assets
416,792

 
447,382

 
370,409

TOTAL ASSETS
$
33,289,864

 
$
33,833,107

 
$
33,005,515

 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
Deposits:
 
 
 
 
 
Demand
$
9,063,623

 
$
9,373,959

 
$
9,185,481

Interest-bearing transaction
9,990,219

 
10,164,099

 
10,025,084

Savings
502,601

 
503,474

 
465,225

Time
2,075,846

 
2,127,732

 
2,172,289

Total deposits
21,632,289

 
22,169,264

 
21,848,079

Funds purchased and repurchase agreements
790,741

 
880,027

 
390,545

Other borrowings
6,025,483

 
5,929,445

 
6,241,275

Subordinated debentures
144,707

 
144,697

 
144,668

Accrued interest, taxes and expense
231,592

 
160,568

 
152,029

Due on unsettled securities purchases
414,283

 
571,034

 
176,498

Derivative contracts, net
252,387

 
234,856

 
336,327

Other liabilities
172,622

 
167,171

 
201,655

TOTAL LIABILITIES
29,664,104

 
30,257,062

 
29,491,076

Shareholders' equity:
 
 
 
 
 
Capital, surplus and retained earnings
3,777,394

 
3,688,736

 
3,482,057

Accumulated other comprehensive gain (loss)
(162,362
)
 
(135,305
)
 
6,757

TOTAL SHAREHOLDERS' EQUITY
3,615,032

 
3,553,431

 
3,488,814

Non-controlling interests
10,728

 
22,614

 
25,625

TOTAL EQUITY
3,625,760

 
3,576,045

 
3,514,439

TOTAL LIABILITIES AND EQUITY
$
33,289,864

 
$
33,833,107

 
$
33,005,515



9



AVERAGE BALANCE SHEETS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands)
 
Three Months Ended
 
Sept. 30, 2018
 
June 30, 2018
 
Mar. 31, 2018
 
Dec. 31, 2017
 
Sept. 30, 2017
ASSETS
 
 
 
 
 
 
 
 
 
Interest-bearing cash and cash equivalents
$
688,872

 
$
1,673,387

 
$
2,059,517

 
$
1,976,395

 
$
1,965,645

Trading securities
1,762,794

 
1,482,302

 
933,404

 
560,321

 
491,613

Investment securities
379,566

 
399,088

 
441,207

 
462,869

 
475,705

Available for sale debt securities
8,129,214

 
8,163,142

 
8,236,938

 
8,435,916

 
8,428,353

Fair value option securities
469,398

 
487,192

 
626,251

 
792,647

 
684,571

Restricted equity securities
328,842

 
348,546

 
349,176

 
337,673

 
328,677

Residential mortgage loans held for sale
207,488

 
218,600

 
199,380

 
257,927

 
256,343

Loans:
 
 
 
 
 
 
 
 
 
Commercial
11,484,200

 
11,189,899

 
10,871,569

 
10,751,235

 
10,827,198

Commercial real estate
3,774,470

 
3,660,166

 
3,491,335

 
3,485,583

 
3,528,330

Residential mortgage
1,956,089

 
1,915,015

 
1,937,198

 
1,976,860

 
1,951,385

Personal
989,026

 
986,162

 
961,379

 
967,329

 
949,750

Total loans
18,203,785

 
17,751,242

 
17,261,481

 
17,181,007

 
17,256,663

Allowance for loan losses
(214,160
)
 
(222,856
)
 
(228,996
)
 
(246,143
)
 
(250,590
)
Total loans, net
17,989,625

 
17,528,386

 
17,032,485

 
16,934,864

 
17,006,073

Total earning assets
29,955,799

 
30,300,643

 
29,878,358

 
29,758,612

 
29,636,980

Cash and due from banks
578,905

 
571,333

 
564,585

 
576,737

 
546,653

Derivative contracts, net
294,126

 
318,375

 
278,694

 
292,961

 
238,583

Cash surrender value of bank-owned life insurance
322,038

 
319,507

 
317,334

 
315,034

 
313,079

Receivable on unsettled securities sales
768,785

 
618,240

 
998,803

 
821,275

 
608,412

Other assets
1,776,164

 
1,777,937

 
1,687,178

 
1,687,496

 
1,664,463

TOTAL ASSETS
$
33,695,817

 
$
33,906,035

 
$
33,724,952

 
$
33,452,115

 
$
33,008,170

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
 
 
Demand
$
9,325,002

 
$
9,223,327

 
$
9,151,272

 
$
9,417,351

 
$
9,389,849

Interest-bearing transaction
10,010,031

 
10,189,354

 
10,344,469

 
10,142,744

 
10,088,522

Savings
503,821

 
503,671

 
480,110

 
466,496

 
464,130

Time
2,097,441

 
2,138,880

 
2,151,044

 
2,134,469

 
2,176,820

Total deposits
21,936,295

 
22,055,232

 
22,126,895

 
22,161,060

 
22,119,321

Funds purchased and repurchase agreements
1,193,583

 
593,250

 
532,412

 
488,330

 
411,286

Other borrowings
5,765,440

 
6,497,020

 
6,326,967

 
6,209,903

 
6,162,641

Subordinated debentures
144,702

 
144,692

 
144,682

 
144,673

 
144,663

Derivative contracts, net
185,029

 
235,543

 
223,373

 
288,408

 
221,371

Due on unsettled securities purchases
544,263

 
527,804

 
558,898

 
332,155

 
145,977

Other liabilities
311,605

 
340,322

 
333,151

 
312,196

 
318,270

TOTAL LIABILITIES
30,080,917

 
30,393,863

 
30,246,378

 
29,936,725

 
29,523,529

Total equity
3,614,900

 
3,512,172

 
3,478,574

 
3,515,390

 
3,484,641

TOTAL LIABILITIES AND EQUITY
$
33,695,817

 
$
33,906,035

 
$
33,724,952

 
$
33,452,115

 
$
33,008,170



10



STATEMENTS OF EARNINGS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except per share data)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
Interest revenue
$
303,247

 
$
255,413

 
$
862,834

 
$
716,984

Interest expense
62,364

 
36,961

 
163,653

 
92,146

Net interest revenue
240,883

 
218,452

 
699,181

 
624,838

Provision for credit losses
4,000

 

 
(1,000
)
 

Net interest revenue after provision for credit losses
236,883

 
218,452

 
700,181

 
624,838

Other operating revenue:
 
 
 
 
 
 
 
Brokerage and trading revenue
23,086

 
33,169

 
80,222

 
98,556

Transaction card revenue1
21,396

 
22,929

 
63,361

 
61,115

Fiduciary and asset management revenue
57,514

 
40,687

 
141,045

 
121,126

Deposit service charges and fees
27,765

 
28,191

 
82,753

 
84,390

Mortgage banking revenue
23,536

 
24,890

 
75,907

 
80,357

Other revenue
14,213

 
13,670

 
41,061

 
40,406

Total fees and commissions
167,510

 
163,536

 
484,349

 
485,950

Other gains (losses), net
1,441

 
(1,283
)
 
4,760

 
8,452

Gain (loss) on derivatives, net
(2,847
)
 
1,033

 
(11,589
)
 
3,824

Gain (loss) on fair value option securities, net
(4,385
)
 
661

 
(25,290
)
 
1,505

Change in fair value of mortgage servicing rights
5,972

 
(639
)
 
28,901

 
(5,726
)
Gain (loss) on available for sale securities, net
250

 
2,487

 
(802
)
 
4,916

Total other operating revenue
167,941

 
165,795

 
480,329

 
498,921

Other operating expense:
 
 
 
 
 
 
 
Personnel
143,531

 
147,910

 
422,425

 
428,079

Business promotion
7,620

 
7,105

 
21,316

 
21,560

Professional fees and services
13,209

 
11,887

 
38,387

 
35,723

Net occupancy and equipment
23,394

 
21,325

 
70,201

 
64,074

Insurance
6,232

 
6,005

 
19,070

 
13,098

Data processing and communications1
31,665

 
27,412

 
87,221

 
79,222

Printing, postage and supplies
3,837

 
3,917

 
11,937

 
11,908

Net losses and operating expenses of repossessed assets
4,044

 
6,071

 
14,471

 
9,347

Amortization of intangible assets
1,603

 
1,744

 
4,289

 
5,349

Mortgage banking costs
11,741

 
13,450

 
34,780

 
38,525

Other expense
5,741

 
9,193

 
19,426

 
25,308

Total other operating expense
252,617

 
256,019

 
743,523

 
732,193

 
 
 
 
 
 
 
 
Net income before taxes
152,207

 
128,228

 
436,987

 
391,566

Federal and state income taxes
34,662

 
42,438

 
98,940

 
128,246

 
 
 
 
 
 
 
 
Net income
117,545

 
85,790

 
338,047

 
263,320

Net income attributable to non-controlling interests
289

 
141

 
857

 
1,168

Net income attributable to BOK Financial Corporation shareholders
$
117,256

 
$
85,649

 
$
337,190

 
$
262,152

 
 
 
 
 
 
 
 
Average shares outstanding:
 
 
 
 
 
 
 
Basic
64,901,095

 
64,742,822

 
64,883,319

 
64,729,391

Diluted
64,934,351

 
64,805,172

 
64,919,728

 
64,793,893

 
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
Basic
$
1.79

 
$
1.31

 
$
5.15

 
$
4.01

Diluted
$
1.79

 
$
1.31

 
$
5.15

 
$
4.00

1  
Non-GAAP measure to net interchange charges for periods prior to 2018 between transaction card revenue and data processing and communications expense. This measure has no effect on net income or earnings per share.


11



FINANCIAL HIGHLIGHTS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except ratio and share data)
 
Three Months Ended
 
Sept. 30, 2018
 
June 30, 2018
 
Mar. 31, 2018
 
Dec. 31, 2017
 
Sept. 30, 2017
Capital:
 
 
 
 
 
 
 
 
 
Period-end shareholders' equity
$
3,615,032

 
$
3,553,431

 
$
3,495,029

 
$
3,495,367

 
$
3,488,814

Risk weighted assets
$
27,398,072

 
$
27,004,559

 
$
26,025,660

 
$
25,733,711

 
$
25,409,728

Risk-based capital ratios:
 
 
 
 
 
 
 
 
 
Common equity tier 1
12.07
%
 
11.92
%
 
12.06
%
 
12.05
%
 
11.90
%
Tier 1
12.07
%
 
11.92
%
 
12.06
%
 
12.05
%
 
11.90
%
Total capital
13.37
%
 
13.26
%
 
13.49
%
 
13.54
%
 
13.47
%
Leverage ratio
9.90
%
 
9.57
%
 
9.40
%
 
9.31
%
 
9.30
%
Tangible common equity ratio1
9.55
%
 
9.21
%
 
9.18
%
 
9.50
%
 
9.23
%
 
 
 
 
 
 
 
 
 
 
Common stock:
 
 
 
 
 
 
 
 
 
Book value per share
$
55.25

 
$
54.30

 
$
53.39

 
$
53.45

 
$
53.30

Tangible book value per share
47.90

 
46.95

 
46.10

 
46.17

 
45.88

Market value per share:
 
 
 
 
 
 
 
 
 
High
$
105.22

 
$
106.65

 
$
107.00

 
$
93.97

 
$
90.69

Low
$
92.40

 
$
92.39

 
$
89.82

 
$
79.67

 
$
77.10

Cash dividends paid
$
32,591

 
$
29,340

 
$
29,342

 
$
29,328

 
$
28,655

Dividend payout ratio
27.79
%
 
25.65
%
 
27.80
%
 
40.46
%
 
33.46
%
Shares outstanding, net
65,434,258

 
65,439,090

 
65,459,505

 
65,394,937

 
65,456,786

Stock buy-back program:
 
 
 
 
 
 
 
 
 
Shares repurchased

 
8,257

 
82,583

 
80,000

 

Amount
$

 
$
824

 
$
7,584

 
$
7,403

 
$

Average price per share
$

 
$
99.84

 
$
91.83

 
$
92.54

 
$

 
 
 
 
 
 
 
 
 
 
Performance ratios (quarter annualized):
Return on average assets
1.38
%
 
1.35
%
 
1.27
%
 
0.86
%
 
1.03
%
Return on average equity
12.95
%
 
13.14
%
 
12.39
%
 
8.24
%
 
9.83
%
Net interest margin
3.21
%
 
3.17
%
 
2.99
%
 
2.97
%
 
3.01
%
Efficiency ratio3
61.41
%
 
61.68
%
 
65.09
%
 
66.07
%
 
65.92
%
 
 
 
 
 
 
 
 
 
 
Reconciliation of non-GAAP measures:
1      Tangible common equity ratio:
 
 
 
 
 
 
 
 
 
Total shareholders' equity
$
3,615,032

 
$
3,553,431

 
$
3,495,029

 
$
3,495,367

 
$
3,488,814

Less: Goodwill and intangible assets, net
480,800

 
481,366

 
477,088

 
476,088

 
485,710

Tangible common equity
$
3,134,232

 
$
3,072,065

 
$
3,017,941

 
$
3,019,279

 
$
3,003,104

 
 
 
 
 
 
 
 
 
 
Total assets
$
33,289,864

 
$
33,833,107

 
$
33,361,492

 
$
32,272,160

 
$
33,005,515

Less: Goodwill and intangible assets, net
480,800

 
481,366

 
477,088

 
476,088

 
485,710

Tangible assets
$
32,809,064

 
$
33,351,741

 
$
32,884,404

 
$
31,796,072

 
$
32,519,805

 
 
 
 
 
 
 
 
 
 
Tangible common equity ratio
9.55
%
 
9.21
%
 
9.18
%
 
9.50
%
 
9.23
%
 
 
 
 
 
 
 
 
 
 

12



FINANCIAL HIGHLIGHTS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except ratio and share data)
 
Three Months Ended
 
Sept. 30, 2018
 
June 30, 2018
 
Mar. 31, 2018
 
Dec. 31, 2017
 
Sept. 30, 2017
Other data:
 
 
 
 
 
 
 
 
 
Fiduciary assets
$
45,560,107

 
$
46,531,900

 
$
46,648,290

 
$
48,761,477

 
$
45,177,185

Tax equivalent interest
$
1,894

 
$
1,983

 
$
2,010

 
$
4,131

 
$
4,314

Net unrealized gain (loss) on available for sale securities
$
(216,793
)
 
$
(180,602
)
 
$
(148,247
)
 
$
(47,497
)
 
$
14,061

 
 
 
 
 
 
 
 
 
 
Mortgage banking:
 
 
 
 
 
 
 
 
 
Mortgage production revenue
$
7,250

 
$
9,915

 
$
9,452

 
$
7,786

 
$
8,329

 
 
 
 
 
 
 
 
 
 
Mortgage loans funded for sale
$
651,076

 
$
773,910

 
$
664,958

 
$
840,080

 
$
832,796

Add: current period-end outstanding commitments
197,752

 
251,231

 
298,318

 
222,919

 
334,337

Less: prior period end outstanding commitments
251,231

 
298,318

 
222,919

 
334,337

 
362,088

Total mortgage production volume
$
597,597

 
$
726,823

 
$
740,357

 
$
728,662

 
$
805,045

 
 
 
 
 
 
 
 
 
 
Mortgage loan refinances to mortgage loans funded for sale
23
%
 
22
%
 
42
%
 
47
%
 
38
%
Gain on sale margin
1.21
%
 
1.36
%
 
1.28
%
 
1.07
%
 
1.03
%
 
 
 
 
 
 
 
 
 
 
Mortgage servicing revenue
$
16,286

 
$
16,431

 
$
16,573

 
$
16,576

 
$
16,561

Average outstanding principal balance of mortgage loans serviced for others
21,895,041

 
21,986,065

 
22,027,726

 
22,054,877

 
22,079,177

Average mortgage servicing revenue rates
0.30
%
 
0.30
%
 
0.31
%
 
0.30
%
 
0.30
%
 
 
 
 
 
 
 
 
 
 
Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on mortgage hedge derivative contracts, net
$
(2,843
)
 
$
(3,070
)
 
$
(5,698
)
 
$
(3,057
)
 
$
1,025

Gain (loss) on fair value option securities, net
(4,385
)
 
(3,341
)
 
(17,564
)
 
(4,238
)
 
661

Gain (loss) on economic hedge of mortgage servicing rights
(7,228
)
 
(6,411
)
 
(23,262
)
 
(7,295
)
 
1,686

Gain (loss) on changes in fair value of mortgage servicing rights
5,972

 
1,723

 
21,206

 
5,898

 
(639
)
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges, included in other operating revenue
(1,256
)
 
(4,688
)
 
(2,056
)
 
(1,397
)
 
1,047

Net interest revenue on fair value option securities2
1,100

 
1,203

 
1,800

 
2,656

 
2,543

Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges
$
(156
)
 
$
(3,485
)
 
$
(256
)
 
$
1,259

 
$
3,590

2  
Actual interest earned on fair value option securities less internal transfer-priced cost of funds.
3 
Periods prior to 2018 are shown on a comparable basis to net interchange charges between transaction card revenue and data processing and communications expense.


13



QUARTERLY EARNINGS TREND -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except ratio and per share data)
 
Three Months Ended
 
Sept. 30, 2018
 
June 30, 2018
 
Mar. 31, 2018
 
Dec. 31, 2017
 
Sept. 30, 2017
 
 
 
 
 
 
 
 
 
 
Interest revenue
$
303,247

 
$
294,180

 
$
265,407

 
$
255,767

 
$
255,413

Interest expense
62,364

 
55,618

 
45,671

 
38,904

 
36,961

Net interest revenue
240,883

 
238,562

 
219,736

 
216,863

 
218,452

Provision for credit losses
4,000

 

 
(5,000
)
 
(7,000
)
 

Net interest revenue after provision for credit losses
236,883

 
238,562

 
224,736

 
223,863

 
218,452

Other operating revenue:
 
 
 
 
 
 
 
 
 
Brokerage and trading revenue
23,086

 
26,488

 
30,648

 
33,045

 
33,169

Transaction card revenue1
21,396

 
20,975

 
20,990

 
20,028

 
22,929

Fiduciary and asset management revenue
57,514

 
41,699

 
41,832

 
41,767

 
40,687

Deposit service charges and fees
27,765

 
27,827

 
27,161

 
27,685

 
28,191

Mortgage banking revenue
23,536

 
26,346

 
26,025

 
24,362

 
24,890

Other revenue
14,213

 
14,518

 
12,330

 
11,762

 
13,670

Total fees and commissions
167,510

 
157,853

 
158,986

 
158,649

 
163,536

Other gains (losses), net
1,441

 
3,983

 
(664
)
 
552

 
(1,283
)
Gain (loss) on derivatives, net
(2,847
)
 
(3,057
)
 
(5,685
)
 
(3,045
)
 
1,033

Gain (loss) on fair value option securities, net
(4,385
)
 
(3,341
)
 
(17,564
)
 
(4,238
)
 
661

Change in fair value of mortgage servicing rights
5,972

 
1,723

 
21,206

 
5,898

 
(639
)
Gain (loss) on available for sale securities, net
250

 
(762
)
 
(290
)
 
(488
)
 
2,487

Total other operating revenue
167,941

 
156,399

 
155,989

 
157,328

 
165,795

Other operating expense:
 
 
 
 
 
 
 
 
 
Personnel
143,531

 
138,947

 
139,947

 
145,329

 
147,910

Business promotion
7,620

 
7,686

 
6,010

 
7,317

 
7,105

Charitable contributions to BOKF Foundation

 

 

 
2,000

 

Professional fees and services
13,209

 
14,978

 
10,200

 
15,344

 
11,887

Net occupancy and equipment
23,394

 
22,761

 
24,046

 
22,403

 
21,325

Insurance
6,232

 
6,245

 
6,593

 
6,555

 
6,005

Data processing and communications1
31,665

 
27,739

 
27,817

 
28,903

 
27,412

Printing, postage and supplies
3,837

 
4,011

 
4,089

 
3,781

 
3,917

Net losses (gains) and operating expenses of repossessed assets
4,044

 
2,722

 
7,705

 
340

 
6,071

Amortization of intangible assets
1,603

 
1,386

 
1,300

 
1,430

 
1,744

Mortgage banking costs
11,741

 
12,890

 
10,149

 
14,331

 
13,450

Other expense
5,741

 
7,111

 
6,574

 
6,746

 
9,193

Total other operating expense
252,617

 
246,476

 
244,430

 
254,479

 
256,019

Net income before taxes
152,207

 
148,485

 
136,295

 
126,712

 
128,228

Federal and state income taxes
34,662

 
33,330

 
30,948

 
54,347

 
42,438

Net income
117,545

 
115,155

 
105,347

 
72,365

 
85,790

Net income (loss) attributable to non-controlling interests
289

 
783

 
(215
)
 
(127
)
 
141

Net income attributable to BOK Financial Corporation shareholders
$
117,256

 
$
114,372

 
$
105,562

 
$
72,492

 
$
85,649

 
 
 
 
 
 
 
 
 
 
Average shares outstanding:
 
 
 
 
 
 
 
 
 
Basic
64,901,095

 
64,901,975

 
64,847,334

 
64,793,005

 
64,742,822

Diluted
64,934,351

 
64,937,226

 
64,888,033

 
64,843,179

 
64,805,172

Net income per share:
 
 
 
 
 
 
 
 
 
Basic
$
1.79

 
$
1.75

 
$
1.61

 
$
1.11

 
$
1.31

Diluted
$
1.79

 
$
1.75

 
$
1.61

 
$
1.11

 
$
1.31

1  
Non-GAAP measure to net interchange charges for periods prior to 2018 between transaction card revenue and data processing and communications expense. This measure has no effect on net income or earnings per share.

14



LOANS TREND -- UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
 
 
Sept. 30, 2018
 
June 30, 2018
 
Mar. 31, 2018
 
Dec. 31, 2017
 
Sept. 30, 2017
Commercial:
 
 
 
 
 
 
 
 
 
 
Energy
 
$
3,294,867

 
$
3,147,219

 
$
2,969,618

 
$
2,930,156

 
$
2,867,981

Services
 
3,017,311

 
2,944,499

 
2,928,294

 
2,986,949

 
2,967,513

Healthcare
 
2,437,323

 
2,353,722

 
2,359,928

 
2,314,753

 
2,239,451

Wholesale/retail
 
1,650,729

 
1,699,554

 
1,531,576

 
1,471,256

 
1,658,098

Manufacturing
 
660,582

 
647,816

 
559,695

 
496,774

 
519,446

Other commercial and industrial
 
515,289

 
556,229

 
570,556

 
534,087

 
543,445

Total commercial
 
11,576,101

 
11,349,039

 
10,919,667

 
10,733,975

 
10,795,934

 
 
 
 
 
 
 
 
 
 
 
Commercial real estate:
 
 

 
 

 
 

 
 

 
 

Multifamily
 
1,120,166

 
1,056,984

 
1,008,903

 
980,017

 
999,009

Office
 
824,829

 
820,127

 
737,144

 
831,770

 
797,089

Retail
 
759,423

 
768,024

 
750,396

 
691,532

 
725,865

Industrial
 
696,774

 
653,384

 
613,608

 
573,014

 
591,080

Residential construction and land development
 
101,872

 
118,999

 
117,458

 
117,245

 
112,102

Other commercial real estate
 
301,611

 
294,702

 
279,273

 
286,409

 
292,997

Total commercial real estate
 
3,804,675

 
3,712,220

 
3,506,782

 
3,479,987

 
3,518,142

 
 
 
 
 
 
 
 
 
 
 
Residential mortgage:
 
 

 
 

 
 

 
 

 
 

Permanent mortgage
 
1,094,926

 
1,068,412

 
1,047,785

 
1,043,435

 
1,013,965

Permanent mortgages guaranteed by U.S. government agencies
 
180,718

 
169,653

 
177,880

 
197,506

 
187,370

Home equity
 
696,098

 
704,185

 
720,104

 
732,745

 
744,415

Total residential mortgage
 
1,971,742

 
1,942,250

 
1,945,769

 
1,973,686

 
1,945,750

 
 
 
 
 
 
 
 
 
 
 
Personal
 
996,941

 
1,000,187

 
965,632

 
965,776

 
947,008

 
 
 
 
 
 
 
 
 
 
 
Total
 
$
18,349,459

 
$
18,003,696

 
$
17,337,850

 
$
17,153,424

 
$
17,206,834


15



LOANS BY PRINCIPAL MARKET AREA -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands)
 
Sept. 30, 2018
 
June 30, 2018
 
Mar. 31, 2018
 
Dec. 31, 2017
 
Sept. 30, 2017
 
 
 
 
 
 
 
 
 
 
Oklahoma:
 
 
 
 
 
 
 
 
 
Commercial
$
3,609,109

 
$
3,465,407

 
$
3,265,013

 
$
3,238,720

 
$
3,408,973

Commercial real estate
651,315

 
662,665

 
668,031

 
682,037

 
712,915

Residential mortgage
1,429,843

 
1,403,658

 
1,419,281

 
1,435,432

 
1,405,900

Personal
376,201

 
362,846

 
353,128

 
342,212

 
322,320

Total Oklahoma
6,066,468

 
5,894,576

 
5,705,453

 
5,698,401

 
5,850,108

 
 
 
 
 
 
 
 
 
 
Texas:
 
 
 
 
 
 
 
 
 
Commercial
5,115,646

 
4,922,451

 
4,715,841

 
4,520,401

 
4,434,595

Commercial real estate
1,354,679

 
1,336,101

 
1,254,421

 
1,261,864

 
1,236,702

Residential mortgage
253,265

 
243,400

 
229,761

 
233,675

 
229,993

Personal
381,452

 
394,021

 
363,608

 
375,084

 
375,173

Total Texas
7,105,042

 
6,895,973

 
6,563,631

 
6,391,024

 
6,276,463

 
 
 
 
 
 
 
 
 
 
New Mexico:
 
 
 
 
 
 
 
 
 
Commercial
325,048

 
305,167

 
315,701

 
343,296

 
367,747

Commercial real estate
392,494

 
386,878

 
348,485

 
341,282

 
319,208

Residential mortgage
88,110

 
90,581

 
93,490

 
98,018

 
101,983

Personal
11,659

 
11,107

 
11,667

 
11,721

 
12,953

Total New Mexico
817,311