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Section 1: 8-K (8-K)

Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

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

Date of Report (Date of earliest event reported):
January 30, 2019

Commission File No. 0-19341

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

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

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

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

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

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

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

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

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

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







INFORMATION TO BE INCLUDED IN THE REPORT

ITEM 2.02. Results of Operations and Financial Condition.

On January 30, 2019, BOK Financial Corporation (“BOK Financial”) issued a press release announcing its financial results for the three months and year ended December 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 January 30, 2019, in connection with issuance of the Press Release, BOK Financial released financial information related to the three months and year ended December 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 January 30, 2019, titled "BOK Financial Reports Quarterly Earnings of $108 million or $1.50 Per Share, Record Annual Earnings of $446 million or $6.62 Per Share" and Financial Information for the Three Months and Year Ended December 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: January 30, 2019



(Back To Top)

Section 2: EX-99 (EXHIBIT 99)

Exhibit



396544166_image0a01a01a01a17.jpg
 
Exhibit 99(a)


NASD: BOKF

BOK Financial Reports Quarterly Earnings of $108 million or $1.50 Per Share
Record Annual Earnings of $446 million or $6.63 Per Share

CEO Commentary
Steven G. Bradshaw, president, and chief executive officer, stated, “Another strong quarter was the capstone on a record year for BOK Financial. This quarter, and all throughout the year, we saw growth in net interest margin and net interest income, combined with strong, broad-based, loan growth. This year’s outstanding loan production, led by our specialty lines of business like Energy, Healthcare and Commercial Real Estate, fueled the largest annual revenues in the history of the company. While we benefited from a healthy economy and stable credit environment in 2018, the key driver for our expanding earnings leverage was our success at maintaining expense discipline throughout the year. I couldn’t be more proud of the hard work and dedication of every single one of our employees.”

Bradshaw continued, “2018 also brought the largest acquisition in company history, CoBiz Financial. Integration is well underway, and we are already capitalizing on our opportunities in Colorado and Arizona - two important growth markets. I am excited for what CoBiz adds to our organization, and I am as confident in our business prospects today as I have been in years. Though there are some market headwinds that many will point to as potential roadblocks for the financial industry, I have full faith in our diversified approach to driving shareholder value. We believe we are well-positioned to continue to grow revenues and energize earnings growth in 2019.”
Fourth Quarter 2018 Financial Highlights
Fourth Quarter 2018 Business Segment Highlights
Net income was $108.5 million or $1.50 per diluted share for the fourth quarter of 2018 and $117.3 million and $1.79 per diluted share for the third quarter of 2018. The fourth quarter included a 15 cent per share reduction as a result of CoBiz closing and integrations costs. The third quarter included an 18 cent per share addition from a client asset management fee. The Company also issued 7.2 million shares in the fourth quarter to fund the CoBiz Financial acquisition.
Net interest revenue totaled $285.7 million, up $44.8 million. CoBiz added $43.1 million. Net interest margin increased to 3.40 percent from 3.21 percent.
Fees and commissions revenue totaled $160.1 million, a decrease of $6.1 million or 4 percent.
Operating expense increased $32.0 million or 13 percent to $284.6 million, including $14.5 million of closing and integration costs. CoBiz added $29.7 million of operating costs.
A $9.0 million provision for credit losses was recorded in the fourth quarter of 2018. The combined allowance for credit losses totaled $209 million or 0.97 percent of outstanding loans and 1.12 percent of outstanding loans, excluding acquired loans.
Period-end loans increased $3.3 billion. Excluding $2.9 billion of acquired loans, period-end loans increased $393 million or 2 percent.
The Company repurchased 525,000 shares at an average price of $85.82 per share.


 
Commercial Banking
Contributed $84.6 million to net income, consistent with the prior quarter. Increased net interest revenue was offset by increased net charge-offs.
Net interest revenue was $148 million, an increase of $3.2 million.
Average loans increased $307 million or 2 percent.

Consumer Banking
Contributed $2.7 million to net income, a decrease of$5.6 million compared to the third quarter. Interest rate volatility affected the effectiveness of our mortgage servicing rights hedging strategy.
Net interest revenue increased $2.3 million or 6 percent.
Fees and commissions revenue decreased $1.2 million or 3 percent while operating expenses decreased $1.9 million or 4 percent.

Wealth Management
Contributed $17.5 million to net income, a decrease of $11.6 million compared to the prior quarter. The third quarter included a $15.4 million fee earned on the sale of client assets.
Net interest revenue remained consistent compared to the prior quarter at $29.3 million.
Average loans grew $9.0 million or 1 percent.
Assets under management or administration were $76.3 billion at December 31, 2018 compared to $77.6 billion at September 30, 2018. Fiduciary assets totaled $44.8 billion at December 31, 2018 and $45.6 billion at September 30, 2018.

1



Net Interest Revenue
Net interest revenue was $285.7 million for the fourth quarter of 2018, a $44.8 million increase over the third quarter of 2018. The CoBiz acquisition added $43.1 million to net interest revenue, including $6.4 million of net purchase accounting discount accretion.
Net interest margin was 3.40 percent for the fourth quarter of 2018, up 19 basis points over the third quarter of 2018. The yield on average earning assets was 4.33 percent, a 29 basis point increase. The yield on the loan portfolio was 5.09 percent, up 29 basis points including 12 basis points from net purchase accounting discount accretion. The remaining 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 September. The yield on the available for sale securities portfolio increased 14 basis points to 2.51 percent. The yield on the trading securities portfolio was up 12 basis points.
Funding costs were 1.42 percent, up 17 basis points. The cost of interest-bearing deposits increased 10 basis points to 0.87 percent. The cost of other borrowed funds was up 29 basis points to 2.33 percent. The benefit to net interest margin from assets funded by non-interest liabilities increased to 49 basis points from 42 basis points in the third quarter of 2018.
Average earning assets increased $3.8 billion compared to the third quarter of 2018, primarily related to the CoBiz acquisition. Average loan balances were up $3.4 billion. Trading securities balances increased $167 million and interest-bearing cash and cash equivalents balances decreased $126 million. Available for sale securities increased $576 million. Average interest-bearing deposit balances increased $1.8 billion compared to the third quarter of 2018 and borrowed funds increased $608 million.
Fees and Commissions Revenue
Fees and commissions revenue totaled $160.1 million for the fourth quarter of 2018, a decrease of $6.1 million due largely to a $15.4 million fee earned on the sale of client assets in the third quarter. CoBiz added $8.5 million to fees and commissions revenue in the fourth quarter of 2018. Excluding these items, fees and commissions revenue was consistent with the prior quarter.
Brokerage and trading revenue increased $1.6 million due primarily to customer risk management products.
Mortgage banking revenue decreased $1.7 million. Rising interest rates combined with seasonal production reductions and increased market competition decreased mortgage production volume by $137 million. Mortgage gain on sale margins decreased 11 basis points.


2



Operating Expense
Total operating expense was $284.6 million for the fourth quarter of 2018, an increase of $32.0 million compared to the third quarter of 2018. CoBiz closing and integration costs were $14.5 million in the fourth quarter of 2018. The following discussion excludes the impact of these costs.
Personnel expense increased $11.5 million including $19.3 million due to the addition of CoBiz operations. Incentive compensation expense decreased $10.8 million mainly due to changes in vesting assumptions related to the Company's earnings per share growth relative to a defined peer group.
Non-personnel expense increased $6.8 million. The fourth quarter included $10.4 million related to CoBiz operations. Excluding this impact, non-personnel expense decreased $3.6 million or 3 percent. Data processing and communications expense decreased $4.1 million, primarily due to impairment of a software license in the third quarter. Insurance expense decreased $2.0 million due to the elimination of a large bank deposit insurance surcharge assessed by the FDIC. The fourth quarter included a $2.8 million contribution to the BOKF Foundation.

Income Taxes

The effective tax rate for the fourth quarter is less than 16 percent, nearly 7 percentage points lower than usual. The 2017 tax returns were finalized in the fourth quarter. This resolved several uncertainties caused by last year's Tax Cuts and Jobs Act. Resolution of these uncertainties and other routine adjustments reduced tax expense for the quarter by $8.6 million. This is a single-quarter impact and the tax rate will revert to a 22-23 percent level.
Loans, Deposits and Capital
Loans
Outstanding loans were $21.7 billion at December 31, 2018, up $3.3 billion over September 30, 2018. Excluding $2.9 billion of loans, net of fair value adjustments, added by the CoBiz acquisition, loans were up $393 million or 2 percent. Loan growth continued to be focused in commercial and commercial real estate. The fluctuation discussion following excludes acquired loans.
Outstanding commercial loan balances grew by $230 million or 2 percent over September 30, 2018. Energy loan balances were up $275 million, consistent with our ongoing support and commitment to the oil and gas industry. Other commercial and industrial loans were up $125 million. Service sector loans increased $50 million and healthcare sector loans increased by $47 million. This growth was partially offset by a $182 million decrease in wholesale/retail sector loans and an $82 million decrease in manufacturing sector loans.
Commercial real estate loan balances continued to grow, up $122 million or 3 percent over September 30, 2018. Loans secured by office buildings increased $79 million and loans secured by multifamily residential properties increased $40 million.

3



Deposits
Period-end deposits totaled $25.3 billion at December 31, 2018, a $3.6 billion increase compared to September 30, 2018, including $3.3 billion related to CoBiz. Demand deposit balances increased $1.4 billion, interest-bearing transaction account balances increased $2.2 billion and time deposit balances increased by $38 million.
Capital
The company's common equity Tier 1 capital ratio was 10.92 percent at December 31, 2018. In addition, the company's Tier 1 capital ratio was 10.92 percent, total capital ratio was 12.50 percent, and leverage ratio was 8.96 percent at December 31, 2018. At September 30, 2018, the company's 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.
The company's tangible common equity ratio, a non-GAAP measure, was 8.82 percent at December 31, 2018 and 9.55 percent at September 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 $267 million or 1.23 percent of outstanding loans and repossessed assets at December 31, 2018, compared to $261 million or 1.42 percent at September 30, 2018. Nonperforming assets that are not guaranteed by U.S. government agencies totaled $174 million or 0.81 percent of outstanding loans and repossessed assets (excluding those guaranteed by U.S. government agencies) at December 31, 2018, compared to $170 million or 0.93 percent at September 30, 2018. The CoBiz acquisition added $18 million to nonperforming assets during the fourth quarter, net of fair value adjustments.
Nonaccruing loans were $163 million or 0.75 percent of outstanding loans at December 31, 2018. Nonaccruing commercial loans totaled $100 million or 0.73 percent of outstanding commercial loans. Nonaccruing commercial real estate loans totaled $22 million or 0.45 percent of outstanding commercial real estate loans. Nonaccruing residential mortgage loans totaled $42 million or 1.86 percent of outstanding residential mortgage loans.
Excluding CoBiz, nonaccruing loans decreased $2.2 million from September 30, 2018. Wholesale/retail sector loans decreased $8.6 million, energy loans decreased $7.5 million and healthcare sector loans decreased $4.6 million. These decreases were partially offset by a $20 million increase in nonaccruing retail sector loans. New nonaccruing loans identified in the fourth quarter totaled $44 million, offset by $31 million in payments received and $15 million in charge-offs.
Potential problem loans, which are defined as performing loans that, based on known information, cause management concern as to the borrowers' ability to continue to perform, totaled $215 million at December 31, compared to $176 million at September 30. The increase was primarily due to the addition of $65 million of acquired potential problem loans. Potential problem loans from the legacy BOKF portfolio decreased $26 million.

4



Net charge-offs were $12.3 million or 0.23 percent of average loans on an annualized basis for fourth quarter of 2018, compared to $9.0 million or 0.20 percent of average loans on an annualized basis for the third quarter of 2018. Net charge-offs were 0.18 percent of average loans over the last four quarters. Net charge-offs for the fourth quarter were primarily related to a single wholesale/retail sector borrower and a single energy production borrower, both of which had previously been identified as impaired and appropriately reserved. Gross charge-offs were $14.5 million for the fourth quarter compared to $11.1 million for the previous quarter. Recoveries totaled $2.2 million for the fourth quarter of 2018 and $2.1 million for the third quarter of 2018.
Based on an evaluation of all credit factors, including overall loan portfolio growth, changes in nonaccruing and potential problem loans and net charge-offs, the company determined that a $9.0 million provision for credit losses was appropriate for the fourth quarter of 2018. The company recorded $4.0 million provision for credit losses in the third quarter of 2018.

The combined allowance for credit losses totaled $209 million or 0.97 percent of outstanding loans and 134 percent of nonaccruing loans at December 31, excluding residential mortgage loans guaranteed by U.S. government agencies. Excluding loans from the CoBiz acquisition, which are measured at acquisition-date fair value, the combined allowance for loan losses was 1.12 percent of outstanding loans and 146 percent of nonaccruing loans at December 31. The allowance for loan losses was $207 million and the accrual for off-balance sheet credit losses was $1.8 million. At September 30, the combined allowance for credit losses was $213 million or 1.16 percent of outstanding loans and 146 percent of nonaccruing loans, excluding 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.
Securities and Derivatives
The fair value of the available for sale securities portfolio totaled $8.9 billion at December 31, 2018, a $785 million increase compared to September 30, 2018. At December 31, 2018, the available for sale securities portfolio consisted primarily of $5.8 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $3.0 billion of commercial mortgage-backed securities fully backed by U.S. government agencies. At December 31, 2018, the available for sale securities portfolio had a net unrealized loss of $95 million compared to a $217 million net unrealized loss at September 30, 2018.
Trading securities increased $344 million to $2.0 billion during the fourth quarter of 2018 as a result of the company providing continued liquidity to its core client base of mortgage originators. 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 $11.7 million during the fourth quarter of 2018, including a $24.2 million decrease in the fair value of mortgage servicing rights, a $11.9 million increase in the fair value of securities and derivative contracts held as an economic hedge, and $695 thousand of related net interest revenue largely driven by a 60 basis point drop in the primary mortgage interest rate in the last two months of the fourth quarter.
The fair value of mortgage servicing rights increased by $6.0 million during the third quarter of 2018. The fair value of securities and interest rate derivative contracts held as an economic hedge of mortgage servicing rights decreased by $7.2 million. Related net interest revenue was $1.1 million during the third quarter of 2018.

Commercial Banking
Net income for Commercial Banking was $84.6 million for the fourth quarter of 2018, consistent with the third quarter of 2018. Increased net interest revenue was offset by increased net charge-offs.
Average loan balances increased $307 million or 2 percent, largely due to increases in energy and commercial real estate loans. Average customer deposits were $8.4 billion, a decrease of $240 million or 3 percent, mostly due to the energy and real estate sectors. The fourth quarter of 2018 saw a shift in the deposit mix with demand deposit balances declining $330 million and interest-bearing transaction deposits increasing $95 million.
Both fees and commissions revenue and operating expenses were consistent with the third quarter of 2018. There has been continued success in leading syndicated loan transactions, which has led to a record year for syndication revenue.

Consumer Banking
Net income from Consumer Banking was $2.7 million in the fourth quarter of 2018, a decrease of $5.6 million or 67 percent. The net economic cost of the changes in fair value of mortgage servicing rights and related economic hedges was $11.7 million for the fourth quarter of 2018 compared to $156 thousand for the third quarter of 2018.
Net interest revenue from Consumer Banking activities increased $2.3 million. Average loans increased $26 million or 2 percent over the third quarter of 2018. Average deposits decreased $38 million or 1 percent due to a seasonal reduction in mortgage escrow accounts related to annual property tax payments.
Revenues from mortgage banking activities decreased $1.6 million from the prior quarter due to rising interest rates, increased market competition and seasonal production decreases. Mortgage production volume declined 21 percent compared to the prior quarter. Operating expenses decreased $1.9 million as expenses are reduced to align with lower mortgage production.

Wealth Management
Net income for Wealth Management decreased $11.6 million to $17.5 million during the fourth quarter of 2018. This decrease included an after tax benefit of $11.5 million as a result of a fee earned on the sale of client assets in the third quarter. Excluding this fee, fiduciary and asset management fees produced relatively consistent results compared to the third quarter of 2018.
Average loans increased $9 million or 1 percent to $1.4 billion. Average deposits were stable at $5.5 billion. Assets under management or administration were $76.3 billion at December 31, 2018 compared to $77.6 billion at September 30, 2018. Fiduciary assets totaled $44.8 billion at December 31, 2018 and $45.6 billion at September 30, 2018.

5



Conference Call and Webcast

The company will hold a conference call at 9 a.m. Central time on Wednesday, January 30, 2019 to discuss the financial results with investors. The live audio webcast and presentation slides will be available on the company’s website at www.bokf.com. The conference call can also be accessed by dialing 1-201-689-8471. A conference call and webcast replay will also be available shortly after conclusion of the live call at www.bokf.com or by dialing 1-412-317-6671 and referencing conference ID # 13686207.

About BOK Financial Corporation
BOK Financial Corporation is a $38 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, CoBiz Bank, BOK Financial Securities, Inc. and The Milestone Group, Inc. BOKF, NA operates TransFund, Cavanal Hill Investment Management, BOK Financial Asset Management, Inc. and seven banking divisions: Bank of Albuquerque, Bank of Arizona, Bank of Arkansas, Mobank, Bank of Oklahoma, Bank of Texas and Colorado State Bank and Trust. Through its subsidiaries, the company provides commercial and consumer banking, investment and trust services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.
The company will continue to evaluate critical assumptions and estimates, such as the appropriateness of the allowance for credit losses and asset impairment as of December 31, 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

6



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.


7

Exhibit 99(b)

BALANCE SHEETS -- UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
 
Dec. 31, 2018
 
Sept. 30, 2018
 
Dec. 31, 2017
ASSETS
 
 
 
 
 
Cash and due from banks
$
741,749

 
$
815,458

 
$
602,510

Interest-bearing cash and cash equivalents
401,675

 
430,789

 
1,714,544

Trading securities
1,956,923

 
1,613,400

 
462,676

Investment securities
355,187

 
374,039

 
461,793

Available for sale securities
8,857,120

 
8,072,014

 
8,321,578

Fair value option securities
283,235

 
452,150

 
755,054

Restricted equity securities
344,447

 
311,189

 
320,189

Residential mortgage loans held for sale
149,221

 
175,866

 
221,378

Loans:
 
 
 
 
 
Commercial
13,636,078

 
11,576,101

 
10,733,975

Commercial real estate
4,764,813

 
3,804,675

 
3,479,987

Residential mortgage
2,230,033

 
1,971,742

 
1,973,686

Personal
1,025,806

 
996,941

 
965,776

Total loans
21,656,730

 
18,349,459

 
17,153,424

Allowance for loan losses
(207,457
)
 
(210,569
)
 
(230,682
)
Loans, net of allowance
21,449,273

 
18,138,890

 
16,922,742

Premises and equipment, net
330,033

 
327,129

 
317,335

Receivables
204,960

 
277,738

 
178,800

Goodwill
1,049,263

 
447,430

 
447,430

Intangible assets, net
134,849

 
33,370

 
28,658

Mortgage servicing rights
259,254

 
284,673

 
252,867

Real estate and other repossessed assets, net
17,487

 
24,515

 
28,437

Derivative contracts, net
320,929

 
349,481

 
220,502

Cash surrender value of bank-owned life insurance
381,608

 
323,628

 
316,498

Receivable on unsettled securities sales
336,400

 
421,313

 
340,077

Other assets
446,891

 
416,792

 
359,092

TOTAL ASSETS
$
38,020,504

 
$
33,289,864

 
$
32,272,160

 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
Deposits:
 
 
 
 
 
Demand
$
10,414,592

 
$
9,063,623

 
$
9,243,338

Interest-bearing transaction
12,206,576

 
9,990,219

 
10,250,393

Savings
529,215

 
502,601

 
469,158

Time
2,113,380

 
2,075,846

 
2,098,416

Total deposits
25,263,763

 
21,632,289

 
22,061,305

Funds purchased and repurchase agreements
1,018,411

 
790,741

 
574,963

Other borrowings
6,124,390

 
6,025,483

 
5,134,897

Subordinated debentures
275,913

 
144,707

 
144,677

Accrued interest, taxes and expense
192,826

 
231,592

 
164,895

Due on unsettled securities purchases
156,370

 
414,283

 
338,745

Derivative contracts, net
362,306

 
252,387

 
171,963

Other liabilities
183,480

 
172,622

 
162,381

TOTAL LIABILITIES
33,577,459

 
29,664,104

 
28,753,826

Shareholders' equity:
 
 
 
 
 
Capital, surplus and retained earnings
4,504,694

 
3,777,394

 
3,531,541

Accumulated other comprehensive loss
(72,585
)
 
(162,362
)
 
(36,174
)
TOTAL SHAREHOLDERS' EQUITY
4,432,109

 
3,615,032

 
3,495,367

Non-controlling interests
10,936

 
10,728

 
22,967

TOTAL EQUITY
4,443,045

 
3,625,760

 
3,518,334

TOTAL LIABILITIES AND EQUITY
$
38,020,504

 
$
33,289,864

 
$
32,272,160



8



AVERAGE BALANCE SHEETS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands)
 
Three Months Ended
 
Dec. 31, 2018
 
Sept. 30, 2018
 
June 30, 2018
 
Mar. 31, 2018
 
Dec. 31, 2017
ASSETS
 
 
 
 
 
 
 
 
 
Interest-bearing cash and cash equivalents
$
563,132

 
$
688,872

 
$
1,673,387

 
$
2,059,517

 
$
1,976,395

Trading securities
1,929,601

 
1,762,794

 
1,482,302

 
933,404

 
560,321

Investment securities
364,737

 
379,566

 
399,088

 
441,207

 
462,869

Available for sale securities
8,704,963

 
8,129,214

 
8,163,142

 
8,236,938

 
8,435,916

Fair value option securities
277,575

 
469,398

 
487,192

 
626,251

 
792,647

Restricted equity securities
362,729

 
328,842

 
348,546

 
349,176

 
337,673

Residential mortgage loans held for sale
179,553

 
207,488

 
218,600

 
199,380

 
257,927

Loans:
 
 
 
 
 
 
 
 
 
Commercial
13,587,344

 
11,484,200

 
11,189,899

 
10,871,569

 
10,751,235

Commercial real estate
4,747,784

 
3,774,470

 
3,660,166

 
3,491,335

 
3,485,583

Residential mortgage
2,222,063

 
1,956,089

 
1,915,015

 
1,937,198

 
1,976,860

Personal
1,022,140

 
989,026

 
986,162

 
961,379

 
967,329

Total loans
21,579,331

 
18,203,785

 
17,751,242

 
17,261,481

 
17,181,007

Allowance for loan losses
(209,613
)
 
(214,160
)
 
(222,856
)
 
(228,996
)
 
(246,143
)
Total loans, net
21,369,718

 
17,989,625

 
17,528,386

 
17,032,485

 
16,934,864

Total earning assets
33,752,008

 
29,955,799

 
30,300,643

 
29,878,358

 
29,758,612

Cash and due from banks
731,700

 
578,905

 
571,333

 
564,585

 
576,737

Derivative contracts, net
299,319

 
294,126

 
318,375

 
278,694

 
292,961

Cash surrender value of bank-owned life insurance
379,893

 
322,038

 
319,507

 
317,334

 
315,034

Receivable on unsettled securities sales
799,548

 
768,785

 
618,240

 
998,803

 
821,275

Other assets
2,423,275

 
1,776,164

 
1,777,937

 
1,687,178

 
1,687,496

TOTAL ASSETS
$
38,385,743

 
$
33,695,817

 
$
33,906,035

 
$
33,724,952

 
$
33,452,115

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
 
 
Demand
$
10,648,683

 
$
9,325,002

 
$
9,223,327

 
$
9,151,272

 
$
9,417,351

Interest-bearing transaction
11,773,651

 
10,010,031

 
10,189,354

 
10,344,469

 
10,142,744

Savings
526,275

 
503,821

 
503,671

 
480,110

 
466,496

Time
2,146,786

 
2,097,441

 
2,138,880

 
2,151,044

 
2,134,469

Total deposits
25,095,395

 
21,936,295

 
22,055,232

 
22,126,895

 
22,161,060

Funds purchased and repurchase agreements
1,205,568

 
1,193,583

 
593,250

 
532,412

 
488,330

Other borrowings
6,361,141

 
5,765,440

 
6,497,020

 
6,326,967

 
6,209,903

Subordinated debentures
276,378

 
144,702

 
144,692

 
144,682

 
144,673

Derivative contracts, net
268,848

 
185,029

 
235,543

 
223,373

 
288,408

Due on unsettled securities purchases
493,887

 
544,263

 
527,804

 
558,898

 
332,155

Other liabilities
341,438

 
311,605

 
340,322

 
333,151

 
312,196

TOTAL LIABILITIES
34,042,655

 
30,080,917

 
30,393,863

 
30,246,378

 
29,936,725

Total equity
4,343,088

 
3,614,900

 
3,512,172

 
3,478,574

 
3,515,390

TOTAL LIABILITIES AND EQUITY
$
38,385,743

 
$
33,695,817

 
$
33,906,035

 
$
33,724,952

 
$
33,452,115



9



STATEMENTS OF EARNINGS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except per share data)
 
Three Months Ended
 
Year Ended
 
Dec. 31,
 
Dec. 31,
 
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
Interest revenue
$
365,592

 
$
255,767

 
$
1,228,426

 
$
972,751

Interest expense
79,906

 
38,904

 
243,559

 
131,050

Net interest revenue
285,686

 
216,863

 
984,867

 
841,701

Provision for credit losses
9,000

 
(7,000
)
 
8,000

 
(7,000
)
Net interest revenue after provision for credit losses
276,686

 
223,863

 
976,867

 
848,701

Other operating revenue:
 
 
 
 
 
 
 
Brokerage and trading revenue
28,101

 
33,045

 
108,323

 
131,601

Transaction card revenue1
20,664

 
20,028

 
84,025

 
81,143

Fiduciary and asset management revenue
43,665

 
41,773

 
184,703

 
162,889

Deposit service charges and fees
29,393

 
27,679

 
112,153

 
112,079

Mortgage banking revenue
21,880

 
24,362

 
97,787

 
104,719

Other revenue
16,430

 
11,013

 
56,651

 
49,959

Total fees and commissions
160,133

 
157,900

 
643,642

 
642,390

Other gains (losses), net
(8,331
)
 
1,301

 
(2,731
)
 
11,213

Gain (loss) on derivatives, net
11,167

 
(3,045
)
 
(422
)
 
779

Loss on fair value option securities, net
(282
)
 
(4,238
)
 
(25,572
)
 
(2,733
)
Change in fair value of mortgage servicing rights
(24,233
)
 
5,898

 
4,668

 
172

Gain (loss) on available for sale securities, net
(1,999
)
 
(488
)
 
(2,801
)
 
4,428

Total other operating revenue
136,455

 
157,328

 
616,784

 
656,249

Other operating expense:
 
 
 
 
 
 
 
Personnel
160,706

 
145,329

 
583,131

 
573,408

Business promotion
9,207

 
7,317

 
30,523

 
28,877

Charitable contributions to BOKF Foundation
2,846

 
2,000

 
2,846

 
2,000

Professional fees and services
20,712

 
15,344

 
59,099

 
51,067

Net occupancy and equipment
27,780

 
22,403

 
97,981

 
86,477

Insurance
4,248

 
6,555

 
23,318

 
19,653

Data processing and communications1
27,575

 
28,903

 
114,796

 
108,125

Printing, postage and supplies
5,232

 
3,781

 
17,169

 
15,689

Net losses and operating expenses of repossessed assets
2,581

 
340

 
17,052

 
9,687

Amortization of intangible assets
5,331

 
1,430

 
9,620

 
6,779

Mortgage banking costs
11,518

 
14,331

 
46,298

 
52,856

Other expense
6,907

 
6,746

 
26,333

 
32,054

Total other operating expense
284,643

 
254,479

 
1,028,166

 
986,672

 
 
 
 
 
 
 
 
Net income before taxes
128,498

 
126,712

 
565,485

 
518,278

Federal and state income taxes
20,121

 
54,347

 
119,061

 
182,593

 
 
 
 
 
 
 
 
Net income
108,377

 
72,365

 
446,424

 
335,685

Net income (loss) attributable to non-controlling interests
(79
)
 
(127
)
 
778

 
1,041

Net income attributable to BOK Financial Corporation shareholders
$
108,456

 
$
72,492

 
$
445,646

 
$
334,644

 
 
 
 
 
 
 
 
Average shares outstanding:
 
 
 
 
 
 
 
Basic
71,808,029

 
64,793,005

 
66,628,640

 
64,745,364

Diluted
71,833,334

 
64,843,179

 
66,662,273

 
64,806,284

 
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
Basic
$
1.50

 
$
1.11

 
$
6.63

 
$
5.11

Diluted
$
1.50

 
$
1.11

 
$
6.63

 
$
5.11

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.


10



FINANCIAL HIGHLIGHTS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except ratio and share data)
 
Three Months Ended
 
Dec. 31, 2018
 
Sept. 30, 2018
 
June 30, 2018
 
Mar. 31, 2018
 
Dec. 31, 2017
Capital:
 
 
 
 
 
 
 
 
 
Period-end shareholders' equity
$
4,432,109

 
$
3,615,032

 
$
3,553,431

 
$
3,495,029

 
$
3,495,367

Risk weighted assets
$
30,741,989

 
$
27,398,072

 
$
27,004,559

 
$
26,025,660

 
$
25,733,711

Risk-based capital ratios:
 
 
 
 
 
 
 
 
 
Common equity tier 1
10.92
%
 
12.07
%
 
11.92
%
 
12.06
%
 
12.05
%
Tier 1
10.92
%
 
12.07
%
 
11.92
%
 
12.06
%
 
12.05
%
Total capital
12.50
%
 
13.37
%
 
13.26
%
 
13.49
%
 
13.54
%
Leverage ratio
8.96
%
 
9.90
%
 
9.57
%
 
9.40
%
 
9.31
%
Tangible common equity ratio1
8.82
%
 
9.55
%
 
9.21
%
 
9.18
%
 
9.50
%
 
 
 
 
 
 
 
 
 
 
Common stock:
 
 
 
 
 
 
 
 
 
Book value per share
$
61.45

 
$
55.25

 
$
54.30

 
$
53.39

 
$
53.45

Tangible book value per share
45.03

 
47.90

 
46.95

 
46.10

 
46.17

Market value per share:
 
 
 
 
 
 
 
 
 
High
$
98.29

 
$
105.22

 
$
106.65

 
$
107.00

 
$
93.97

Low
$
69.96

 
$
92.40

 
$
92.39

 
$
89.82

 
$
79.67

Cash dividends paid
$
35,977

 
$
32,591

 
$
29,340

 
$
29,342

 
$
29,328

Dividend payout ratio
33.17
%
 
27.79
%
 
25.65
%
 
27.80
%
 
40.46
%
Shares outstanding, net
72,122,932

 
65,434,258

 
65,439,090

 
65,459,505

 
65,394,937

Stock buy-back program:
 
 
 
 
 
 
 
 
 
Shares repurchased
525,000

 

 
8,257

 
82,583

 
80,000

Amount
$
45,057

 
$

 
$
824

 
$
7,584

 
$
7,403

Average price per share
$
85.82

 
$

 
$
99.84

 
$
91.83

 
$
92.54

 
 
 
 
 
 
 
 
 
 
Performance ratios (quarter annualized):
Return on average assets
1.12
%
 
1.38
%
 
1.35
%
 
1.27
%
 
0.86
%
Return on average equity
9.93
%
 
12.95
%
 
13.14
%
 
12.39
%
 
8.24
%
Net interest margin
3.40
%
 
3.21
%
 
3.17
%
 
2.99
%
 
2.97
%
Efficiency ratio3
63.24
%
 
61.59
%
 
61.76
%
 
64.93
%
 
66.07
%
 
 
 
 
 
 
 
 
 
 
Reconciliation of non-GAAP measures:
1      Tangible common equity ratio:
 
 
 
 
 
 
 
 
 
Total shareholders' equity
$
4,432,109

 
$
3,615,032

 
$
3,553,431

 
$
3,495,029

 
$
3,495,367

Less: Goodwill and intangible assets, net
1,184,112

 
480,800

 
481,366

 
477,088

 
476,088

Tangible common equity
$
3,247,997

 
$
3,134,232

 
$
3,072,065

 
$
3,017,941

 
$
3,019,279

 
 
 
 
 
 
 
 
 
 
Total assets
$
38,020,504

 
$
33,289,864

 
$
33,833,107

 
$
33,361,492

 
$
32,272,160

Less: Goodwill and intangible assets, net
1,184,112

 
480,800

 
481,366

 
477,088

 
476,088

Tangible assets
$
36,836,392

 
$
32,809,064

 
$
33,351,741

 
$
32,884,404

 
$
31,796,072

 
 
 
 
 
 
 
 
 
 
Tangible common equity ratio
8.82
%
 
9.55
%
 
9.21
%
 
9.18
%
 
9.50
%
 
 
 
 
 
 
 
 
 
 

11



FINANCIAL HIGHLIGHTS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except ratio and share data)
 
Three Months Ended
 
Dec. 31, 2018
 
Sept. 30, 2018
 
June 30, 2018
 
Mar. 31, 2018
 
Dec. 31, 2017
Other data:
 
 
 
 
 
 
 
 
 
Fiduciary assets
$
44,841,339

 
$
45,560,107

 
$
46,531,900

 
$
46,648,290

 
$
48,761,477

Tax equivalent interest
$
3,069

 
$
1,894

 
$
1,983

 
$
2,010

 
$
4,131

Net unrealized loss on available for sale securities
$
(95,271
)
 
$
(216,793
)
 
$
(180,602
)
 
$
(148,247
)
 
$
(47,497
)
 
 
 
 
 
 
 
 
 
 
Mortgage banking:
 
 
 
 
 
 
 
 
 
Mortgage production revenue
$
5,073

 
$
7,250

 
$
9,915

 
$
9,452

 
$
7,786

 
 
 
 
 
 
 
 
 
 
Mortgage loans funded for sale
$
497,353

 
$
651,076

 
$
773,910

 
$
664,958

 
$
840,080

Add: current period-end outstanding commitments
160,848

 
197,752

 
251,231

 
298,318

 
222,919

Less: prior period end outstanding commitments
197,752

 
251,231

 
298,318

 
222,919

 
334,337

Total mortgage production volume
$
460,449

 
$
597,597

 
$
726,823

 
$
740,357

 
$
728,662

 
 
 
 
 
 
 
 
 
 
Mortgage loan refinances to mortgage loans funded for sale
23
%
 
23
%
 
22
%
 
42
%
 
47
%
Gain on sale margin
1.10
%
 
1.21
%
 
1.36
%
 
1.28
%
 
1.07
%
 
 
 
 
 
 
 
 
 
 
Mortgage servicing revenue
$
16,807

 
$
16,286

 
$
16,431

 
$
16,573

 
$
16,576

Average outstanding principal balance of mortgage loans serviced for others
21,706,541

 
21,895,041

 
21,986,065

 
22,027,726

 
22,054,877

Average mortgage servicing revenue rates
0.31
%
 
0.30
%
 
0.30
%
 
0.31
%
 
0.30
%
 
 
 
 
 
 
 
 
 
 
Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on mortgage hedge derivative contracts, net
$
12,162

 
$
(2,843
)
 
$
(3,070
)
 
$
(5,698
)
 
$
(3,057
)
Loss on fair value option securities, net
(282
)
 
(4,385
)
 
(3,341
)
 
(17,564
)
 
(4,238
)
Gain (loss) on economic hedge of mortgage servicing rights
11,880

 
(7,228
)
 
(6,411
)
 
(23,262
)
 
(7,295
)
Gain (loss) on changes in fair value of mortgage servicing rights
(24,233
)
 
5,972

 
1,723

 
21,206

 
5,898

Loss on changes in fair value of mortgage servicing rights, net of economic hedges, included in other operating revenue
(12,353
)
 
(1,256
)
 
(4,688
)
 
(2,056
)
 
(1,397
)
Net interest revenue on fair value option securities2
695

 
1,100

 
1,203

 
1,800

 
2,656

Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges
$
(11,658
)
 
$
(156
)
 
$
(3,485
)
 
$
(256
)
 
$
1,259

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.


12



QUARTERLY EARNINGS TREND -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except ratio and per share data)
 
Three Months Ended
 
Dec. 31, 2018
 
Sept. 30, 2018
 
June 30, 2018
 
Mar. 31, 2018
 
Dec. 31, 2017
 
 
 
 
 
 
 
 
 
 
Interest revenue
$
365,592

 
$
303,247

 
$
294,180

 
$
265,407

 
$
255,767

Interest expense
79,906

 
62,364

 
55,618

 
45,671

 
38,904

Net interest revenue
285,686

 
240,883

 
238,562

 
219,736

 
216,863

Provision for credit losses
9,000

 
4,000

 

 
(5,000
)
 
(7,000
)
Net interest revenue after provision for credit losses
276,686

 
236,883

 
238,562

 
224,736

 
223,863

Other operating revenue:
 
 
 
 
 
 
 
 
 
Brokerage and trading revenue
28,101

 
23,086

 
26,488

 
30,648

 
33,045

Transaction card revenue1
20,664

 
21,396

 
20,975

 
20,990

 
20,028

Fiduciary and asset management revenue
43,665

 
57,514

 
41,692

 
41,832

 
41,773

Deposit service charges and fees
29,393

 
27,765

 
27,834

 
27,161

 
27,679

Mortgage banking revenue
21,880

 
23,536

 
26,346

 
26,025

 
24,362

Other revenue
16,430

 
12,968

 
13,996

 
13,257

 
11,013

Total fees and commissions
160,133

 
166,265

 
157,331

 
159,913

 
157,900

Other gains (losses), net
(8,331
)
 
2,686

 
4,505

 
(1,591
)
 
1,301

Gain (loss) on derivatives, net
11,167

 
(2,847
)
 
(3,057
)
 
(5,685
)
 
(3,045
)
Loss on fair value option securities, net
(282
)
 
(4,385
)
 
(3,341
)
 
(17,564
)
 
(4,238
)
Change in fair value of mortgage servicing rights
(24,233
)
 
5,972

 
1,723

 
21,206

 
5,898

Gain (loss) on available for sale securities, net
(1,999
)
 
250

 
(762
)
 
(290
)
 
(488
)
Total other operating revenue
136,455

 
167,941

 
156,399

 
155,989

 
157,328

Other operating expense:
 
 
 
 
 
 
 
 
 
Personnel
160,706

 
143,531

 
138,947

 
139,947

 
145,329

Business promotion
9,207

 
7,620

 
7,686

 
6,010

 
7,317

Charitable contributions to BOKF Foundation
2,846

 

 

 

 
2,000

Professional fees and services
20,712

 
13,209

 
14,978

 
10,200

 
15,344

Net occupancy and equipment
27,780

 
23,394

 
22,761

 
24,046

 
22,403

Insurance
4,248

 
6,232

 
6,245

 
6,593

 
6,555

Data processing and communications1
27,575

 
31,665

 
27,739

 
27,817

 
28,903

Printing, postage and supplies
5,232

 
3,837

 
4,011

 
4,089

 
3,781

Net losses (gains) and operating expenses of repossessed assets
2,581

 
4,044

 
2,722

 
7,705

 
340

Amortization of intangible assets
5,331

 
1,603

 
1,386

 
1,300

 
1,430

Mortgage banking costs
11,518

 
11,741

 
12,890

 
10,149

 
14,331

Other expense
6,907

 
5,741

 
7,111

 
6,574

 
6,746

Total other operating expense
284,643

 
252,617

 
246,476

 
244,430

 
254,479

Net income before taxes
128,498

 
152,207

 
148,485

 
136,295

 
126,712

Federal and state income taxes
20,121

 
34,662

 
33,330

 
30,948

 
54,347

Net income
108,377

 
117,545

 
115,155

 
105,347

 
72,365

Net income (loss) attributable to non-controlling interests
(79
)
 
289

 
783

 
(215
)
 
(127
)
Net income attributable to BOK Financial Corporation shareholders
$
108,456

 
$
117,256

 
$
114,372

 
$
105,562

 
$
72,492

 
 
 
 
 
 
 
 
 
 
Average shares outstanding:
 
 
 
 
 
 
 
 
 
Basic
71,808,029

 
64,901,095

 
64,901,975

 
64,847,334

 
64,793,005

Diluted
71,833,334

 
64,934,351

 
64,937,226

 
64,888,033

 
64,843,179

Net income per share:
 
 
 
 
 
 
 
 
 
Basic
$
1.50

 
$
1.79

 
$
1.75

 
$
1.61

 
$
1.11

Diluted
$
1.50

 
$
1.79

 
$
1.75

 
$
1.61

 
$
1.11

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.

13



LOANS TREND -- UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
 
 
Dec. 31, 2018
 
Sept. 30, 2018
 
June 30, 2018
 
Mar. 31, 2018
 
Dec. 31, 2017
Commercial:
 
 
 
 
 
 
 
 
 
 
Energy
 
$
3,590,333

 
$
3,294,867

 
$
3,147,219

 
$
2,969,618

 
$
2,930,156

Services
 
3,252,146

 
2,597,711

 
2,510,445

 
2,481,754

 
2,522,025

Healthcare
 
2,733,537

 
2,370,455

 
2,285,732

 
2,289,779

 
2,243,487

Wholesale/retail
 
1,621,158

 
1,650,729

 
1,699,554

 
1,531,576

 
1,471,256

Public finance
 
876,336

 
491,597

 
507,629

 
522,274

 
541,775

Manufacturing
 
730,521

 
660,582

 
647,816

 
559,695

 
496,774

Other commercial and industrial
 
832,047

 
510,160

 
550,644

 
564,971

 
528,502

Total commercial
 
13,636,078

 
11,576,101

 
11,349,039

 
10,919,667

 
10,733,975

 
 
 
 
 
 
 
 
 
 
 
Commercial real estate:
 
 

 
 

 
 

 
 

 
 

Multifamily
 
1,288,065

 
1,120,166

 
1,056,984

 
1,008,903

 
980,017

Office
 
1,072,920

 
824,829

 
820,127

 
737,144

 
831,770

Retail
 
919,082

 
759,423

 
768,024

 
750,396

 
691,532

Industrial
 
778,106

 
696,774

 
653,384

 
613,608

 
573,014

Residential construction and land development
 
148,584

 
101,872

 
118,999

 
117,458

 
117,245

Other commercial real estate
 
558,056

 
301,611

 
294,702

 
279,273

 
286,409

Total commercial real estate
 
4,764,813

 
3,804,675

 
3,712,220

 
3,506,782

 
3,479,987

 
 
 
 
 
 
 
 
 
 
 
Residential mortgage:
 
 

 
 

 
 

 
 

 
 

Permanent mortgage
 
1,320,165

 
1,094,926

 
1,068,412

 
1,047,785

 
1,043,435

Permanent mortgages guaranteed by U.S. government agencies
 
190,866

 
180,718

 
169,653

 
177,880

 
197,506

Home equity
 
719,002

 
696,098

 
704,185

 
720,104

 
732,745

Total residential mortgage
 
2,230,033

 
1,971,742

 
1,942,250

 
1,945,769

 
1,973,686

 
 
 
 
 
 
 
 
 
 
 
Personal
 
1,025,806

 
996,941

 
1,000,187

 
965,632

 
965,776

 
 
 
 
 
 
 
 
 
 
 
Total
 
$
21,656,730

 
$
18,349,459

 
$
18,003,696

 
$
17,337,850

 
$
17,153,424


14



LOANS BY PRINCIPAL MARKET AREA -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands)
 
Dec. 31, 2018
 
Sept. 30, 2018
 
June 30, 2018
 
Mar. 31, 2018
 
Dec. 31, 2017
 
 
 
 
 
 
 
 
 
 
Oklahoma:
 
 
 
 
 
 
 
 
 
Commercial
$
3,491,117

 
$
3,609,109

 
$
3,465,407

 
$
3,265,013

 
$
3,238,720

Commercial real estate
700,756

 
651,315

 
662,665

 
668,031

 
682,037

Residential mortgage
1,440,566

 
1,429,843

 
1,403,658

 
1,419,281

 
1,435,432

Personal
375,543

 
376,201

 
362,846

 
353,128

 
342,212

Total Oklahoma
6,007,982

 
6,066,468

 
5,894,576

 
5,705,453

 
5,698,401

 
 
 
 
 
 
 
 
 
 
Texas:
 
 
 
 
 
 
 
 
 
Commercial
5,438,133

 
5,115,646

 
4,922,451

 
4,715,841

 
4,520,401

Commercial real estate
1,341,783

 
1,354,679

 
1,336,101

 
1,254,421

 
1,261,864

Residential mortgage
266,805

 
253,265

 
243,400

 
229,761

 
233,675

Personal
394,743

 
381,452

 
394,021

 
363,608

 
375,084

Total Texas
7,441,464

 
7,105,042

 
6,895,973

 
6,563,631

 
6,391,024

 
 
 
 
 
 
 
 
 
 
New Mexico: