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Section 1: 8-K (8-K)

Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

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

Date of Report (Date of earliest event reported):
April 24, 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 April 24, 2019, BOK Financial Corporation (“BOK Financial”) issued a press release announcing its financial results for the three months ended March 31, 2019 (“Press Release”). The full text of the Press Release is attached as Exhibit 99(a) to this report and is incorporated herein by reference. On April 24, 2019, in connection with issuance of the Press Release, BOK Financial released financial information related to the three months ended March 31, 2019 (“Financial Information”), which includes certain historical financial information relating to BOK Financial. The Financial Information is attached as Exhibit 99(b) to this report and is incorporated herein by reference.


ITEM 9.01. Financial Statements and Exhibits.

(a)
Exhibits

99
Text of Press Release, dated April 24, 2019, titled "BOK Financial Reports Quarterly Earnings of $111 million or $1.54 Per Share" and Financial Information for the Three Months Ended March 31, 2019.
  


Signature

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


BOK FINANCIAL CORPORATION




By: /s/ Steven E. Nell            
Steven E. Nell
Executive Vice President
Chief Financial Officer
Date: April 24, 2019



(Back To Top)

Section 2: EX-99 (EXHIBIT 99)

Exhibit



397630677_image0a01a01a01a19.jpg
 
Exhibit 99(a)


NASD: BOKF

BOK Financial Reports Quarterly Earnings of $111 million or $1.54 Per Share

CEO Commentary
Steven G. Bradshaw, president and chief executive officer, stated, “The first quarter was a great start to the year for BOK Financial, with continued growth in our loan portfolio led by our specialty lines of business, and re-energized activity in our brokerage and trading and mortgage businesses. These drivers, combined with diligent expense management, helped us maintain the growth trend established with our record year in 2018. The economy across the BOK Financial footprint is strong and the credit environment remains benign with no trouble spots on the horizon. We are optimistic about prospects for continued earnings growth through the remainder of 2019.”

Bradshaw added, "We are proud to have completed the last steps of the CoBiz systems integration this quarter and look forward to the cost savings and revenue growth envisioned when we announced the deal a mere ten months ago. As I've said previously, I believe the combination of CoBiz and BOK Financial creates the premier commercial bank in Colorado and Arizona and I look forward to our success in these markets for the balance of 2019 and beyond."
First Quarter 2019 Financial Highlights
First Quarter 2019 Business Segment Highlights
Net income was $110.6 million or $1.54 per diluted share for the first quarter of 2019 and $108.5 million and $1.50 per diluted share for the fourth quarter of 2018. The first quarter included a 13 cent per share reduction as a result of CoBiz integration costs and the fourth quarter included a 15 cent per share reduction.

Net interest revenue totaled $278.1 million, a decrease of $7.6 million. Net interest margin decreased to 3.30 percent from 3.40 percent.

Fees and commissions revenue totaled $160.6 million, consistent with the fourth quarter of 2018.

Operating expense was relatively consistent at $287.2 million. The first quarter of 2019 included $12.7 million of integration costs, while the fourth quarter of 2018 included $14.5 million.

An $8.0 million provision for credit losses was recorded in the first quarter of 2019. The combined allowance for credit losses totaled $207 million or 0.95 percent of outstanding loans compared to $209 million or 0.97 percent in the previous quarter.

Average loans increased $187 million and period-end loans increased $102 million to $21.8 billion.

The Company repurchased 705,609 shares at an average price of $85.85 per share.




 
Commercial Banking

Contributed $86.1 million to net income, an increase of $1.6 million over the prior quarter. Net interest revenue increased by $3.3 million to $151.6 million. This was partially offset by decreased fee revenue.
Operating expenses decreased $1.5 million, split relatively evenly between personnel and non-personnel expenses.
Average loans grew $364 million to $16.0 billion.

Consumer Banking

Contributed $15.6 million to net income, an increase of $12.8 million compared to the fourth quarter. Net interest revenue increased $9.7 million. Operating expense decreased $2.6 million.
Implemented the strategic decision to exit our online lead buying business, HomeDirect, to focus on our in-house channel that provides higher margins and allows us to build long-term client relationships.

Wealth Management

Contributed $23.7 million to net income, an increase of $6.2 million compared to the prior quarter. Fees and commission revenue increased $5.6 million largely due to an increase in brokerage and trading revenue.
Assets under management or administration were $78.9 billion at March 31, 2019 compared to $76.3 billion at December 31, 2018. Fiduciary assets totaled $46.4 billion at March 31, 2019 and $44.8 billion at December 31, 2018.

1



Net Interest Revenue
Net interest revenue was $278.1 million for the first quarter of 2019, a $7.6 million decrease compared to the fourth quarter of 2018. Net interest margin was 3.30 percent for the first quarter of 2019, down 10 basis points compared to the previous quarter. A decrease in average non–interest bearing demand deposits and an increase in average trading securities and related receivables combined to decrease net interest revenue and to compress the net interest margin.

The decrease in non–interest bearing demand deposits appears to have been driven primarily by seasonal factors along with commercial customers putting their cash to use.
Due to the nature of the trading activity, much of the revenue associated with average trading assets is recognized as brokerage and trading revenue, rather than interest income, while all of the related funding costs remain in interest expense.
The yield on average earning assets was 4.46 percent, a 13 basis point increase. The yield on the loan portfolio was 5.26 percent, up 17 basis points primarily due to increases in short-term market interest rates. The yield on the available for sale securities portfolio increased 6 basis points to 2.57 percent. The yield on the trading securities portfolio was down 22 basis points.
Funding costs were 1.66 percent, up 24 basis points. The cost of interest-bearing deposits increased 17 basis points to 1.04 percent. The cost of other borrowed funds was up 21 basis points to 2.54 percent. The benefit to net interest margin from assets funded by non-interest liabilities was relatively unchanged at 50 basis points.
Average earning assets increased $675 million compared to the fourth quarter of 2018. Average loan balances were up $187 million. Available for sale securities increased $178 million. Fair value option securities balances increased $317 million. Trading securities balances increased $39 million. Average borrowed funds increased $1.5 billion and average interest-bearing deposit balances increased $180 million compared to the fourth quarter of 2018. In addition, receivables from unsettled securities sales, primarily related to our U.S. agency residential mortgage back trading operations, were up $425 million. Growth in these non-interest bearing receivables was funded by increased borrowings.
Fees and Commissions Revenue
Fees and commissions revenue totaled $160.6 million for the first quarter of 2019, consistent with the fourth quarter of 2018.
Brokerage and trading revenue increased $3.5 million due to increased trading volumes. Lower mortgage interest rates have led to an increase in mortgage applications, which has positively affected mortgage banking revenue. Mortgage banking revenue increased $2.0 million over the fourth quarter of 2018. Mortgage gain on sale margins increased 18 basis points.
Other revenue decreased $3.6 million, primarily due to a decrease in revenue earned on certain repossessed assets compared to the fourth quarter of 2018. In addition, service charges were reduced by $1.2 million, primarily due to two less days in the quarter compared to the fourth quarter of 2018.



2



Operating Expense
Total operating expense was $287.2 million for the first quarter of 2019, relatively consistent with the fourth quarter of 2018. CoBiz integration costs were $12.7 million in the first quarter of 2019 compared to $14.5 million in the fourth quarter of 2018. The following discussion excludes the impact of these costs.
Personnel expense increased $10.9 million. Personnel expenses related to CoBiz operations decreased $2.0 million compared to the prior quarter. Incentive compensation expense increased $9.6 million mainly due to changes in vesting assumptions related to the Company's earnings per share growth relative to a defined peer group. Employee benefits increased $1.9 million due to a seasonal increase in payroll taxes partially offset by a decrease in health care costs.
Non-personnel expense decreased $6.6 million. The fourth quarter of 2018 included a $2.8 million charitable donation to the BOKF Foundation. In addition, business promotion expense decreased $1.7 million and mortgage banking costs decreased $1.6 million, both due to seasonality. Professional fees and services decreased $1.0 million. These decreases were partially offset by an increase in data processing and communications expense of $3.0 million.
Loans, Deposits and Capital
Loans
Outstanding loans were $21.8 billion at March 31, 2019, up $102 million over December 31, 2018. Growth in outstanding commercial loan balances was partially offset by a decrease in commercial real estate loans.
Outstanding commercial loan balances grew by $326 million or 2 percent over December 31, 2018. Energy loan balances were up $115 million, consistent with our ongoing support and commitment to the oil and gas industry. Healthcare sector loans increased by $117 million and wholesale/retail sector loans increased $86 million. This growth was partially offset by a $31 million decrease in other commercial and industrial loans.
Commercial real estate loan balances decreased $164 million or 3 percent compared to December 31, 2018 due to a cycle of pay-downs; however, commitment volume remains strong. Loans secured by multifamily residential properties decreased $78 million. Loans secured by office buildings decreased $40 million and loans secured by retail facilities decreased $28 million.
Deposits
Period-end deposits totaled $25.3 billion at March 31, 2019, a $68 million increase compared to December 31, 2018. Demand deposit balances decreased $318 million. Interest-bearing transaction account balances increased $270 million. Time deposit balances increased by $85 million.

3



Capital
The company's common equity Tier 1 capital ratio was 10.71 percent at March 31, 2019. In addition, the company's Tier 1 capital ratio was 10.71 percent, total capital ratio was 12.24 percent, and leverage ratio was 8.76 percent at March 31, 2019. At December 31, 2018, the company's common equity Tier 1 capital ratio was 10.92 percent, Tier 1 capital ratio was 10.92 percent, total capital ratio was 12.50 percent, and leverage ratio was 8.96 percent.
The company's tangible common equity ratio, a non-GAAP measure, was 8.64 percent at March 31, 2019 and 8.82 percent at December 31, 2018. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on available for sale securities. The company has elected to exclude unrealized gains and losses from available for sale securities from its calculation of Tier 1 capital for regulatory capital purposes, consistent with the treatment under the previous capital rules.
Credit Quality
Nonperforming assets totaled $262 million or 1.20 percent of outstanding loans and repossessed assets at March 31, 2019, compared to $267 million or 1.23 percent at December 31, 2018. Nonperforming assets that are not guaranteed by U.S. government agencies totaled $163 million or 0.75 percent of outstanding loans and repossessed assets at March 31, 2019, compared to $174 million or 0.81 percent at December 31, 2018.
Nonaccruing loans were $153 million or 0.70 percent of outstanding loans at March 31, 2019. Nonaccruing commercial loans totaled $90 million or 0.65 percent of outstanding commercial loans. Nonaccruing commercial real estate loans totaled $22 million or 0.47 percent of outstanding commercial real estate loans. Nonaccruing residential mortgage loans totaled $40 million or 1.84 percent of outstanding residential mortgage loans.
Nonaccruing loans decreased $11 million from December 31, 2018, primarily due to a $12 million decrease in energy loans. Healthcare sector loans increased $2.2 million. New nonaccruing loans identified in the first quarter totaled $27 million, offset by $22 million in payments received and $12 million in charge-offs.
Potential problem loans, which are defined as performing loans that, based on known information, cause management concern as to the borrowers' ability to continue to perform, totaled $169 million at March 31, compared to $215 million at December 31. The decrease was primarily due to a $24 million decrease in healthcare sector loans, a $7.5 million decrease in permanent residential mortgage loans and a $5.3 million decrease in energy loans.
Net charge-offs were $10.1 million or 0.19 percent of average loans on an annualized basis for the first quarter of 2019, compared to $12.3 million or 0.23 percent of average loans on an annualized basis for the fourth quarter of 2018. Net charge-offs were 0.23 percent of average loans over the last four quarters. Net charge-offs for the first quarter were primarily related to a single energy production borrower and a single healthcare borrower, both of which had previously been identified as impaired and appropriately reserved. Gross charge-offs were $11.8 million for the first quarter compared to $14.5 million for the previous quarter. Recoveries totaled $1.7 million for the first quarter of 2019 and $2.2 million for the fourth quarter of 2018.

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 an $8.0 million provision for credit losses was appropriate for the first quarter of 2019. The company recorded a $9.0 million provision for credit losses in the fourth quarter of 2018.

The combined allowance for credit losses totaled $207 million or 0.95 percent of outstanding loans and 142 percent of nonaccruing loans at March 31, 2019, excluding residential mortgage loans guaranteed by U.S. government agencies. Excluding loans acquired in the CoBiz acquisition, which are measured at acquisition-date fair value, the combined allowance for loan losses was 1.09 percent of outstanding loans and 159 percent of nonaccruing loans at March 31, 2019 compared to 1.12 percent of outstanding loans and 146 percent of nonaccruing loans at December 31, 2018. The allowance for loan losses was $205 million and the accrual for off-balance sheet credit losses was $1.8 million. At December 31, 2018, the combined allowance for credit losses was $209 million or 0.97 percent of outstanding loans and 134 percent of nonaccruing loans, excluding loans guaranteed by U.S. government agencies. The allowance for loan losses was $207 million and the accrual for off-balance sheet credit losses was $1.8 million.
Securities and Derivatives
The fair value of the available for sale securities portfolio totaled $9.0 billion at March 31, 2019, a $168 million increase compared to December 31, 2018. At March 31, 2019, the available for sale securities portfolio consisted primarily of $6.0 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $2.9 billion of commercial mortgage-backed securities fully backed by U.S. government agencies. At March 31, 2019, the available for sale securities portfolio had a net unrealized loss of $2.6 million compared to a $95 million net unrealized loss at December 31, 2018.
Trading securities increased $183 million to $2.1 billion during the first quarter of 2019. The company holds an inventory of securities, predominately composed of U.S. agency residential mortgage-backed securities, in support of sales to a variety of customers, including banks, corporations, insurance companies, money managers, and others.
The company also maintains a portfolio of residential mortgage-backed securities issued by U.S. government agencies and interest rate derivative contracts as an economic hedge of the changes in the fair value of our mortgage servicing rights.
The net economic cost of the changes in fair value of mortgage servicing rights and related economic hedges was $5.4 million during the first quarter of 2019, including a $20.7 million decrease in the fair value of mortgage servicing rights, a $14.1 million increase in the fair value of securities and derivative contracts held as an economic hedge, and $1.1 million of related net interest revenue.

Commercial Banking
Net income for Commercial Banking was $86.1 million for the first quarter of 2019, an increase of $1.6 million over the fourth quarter of 2018. Increased net interest revenue was partially offset by decreased fee revenue.
Average loans increased $364 million or 2 percent. Average customer deposits were $8.3 billion, a decrease of $131 million or 2 percent. We continue to see a shift in the deposit mix with demand deposit balances declining $411 million and interest-bearing transaction deposits increasing $277 million.
Operating revenue decreased $1.8 million, partially offset by a decrease in operating expenses of $1.5 million.

Consumer Banking
Net income from Consumer Banking was $15.6 million in the first quarter of 2019, an increase of $12.8 million.
Net interest revenue from Consumer Banking activities increased $9.7 million, primarily due to increased yields on deposits sold to our Funds Management unit as consumer deposits are more valuable in a rising rate environment. In addition, lower recent interest rates have spurred mortgage application volume in the first quarter of 2019. Average loans and average deposits were both relatively consistent with the fourth quarter of 2018.
Revenues from mortgage banking activities increased $1.9 million over the prior quarter due to lower interest rates. Mortgage production volume increased $153 million or 33 percent and gain on sale margins climbed to 1.28 percent from 1.10 percent. Deposit service charges declined $1.6 million due to two less days in the quarter compared to the previous quarter.
Operating expenses decreased $2.6 million. A $4.1 million decrease in non-personnel expenses was partially offset by an increase of $1.6 million in personnel expenses. In the first quarter of 2019, we made the decision to exit our lower margin online lead buying business, HomeDirect, to focus on our core competency of developing complete, long-term relationships with our clients.
The net economic cost of the changes in fair value of mortgage servicing rights and related economic hedges was $5.4 million for the first quarter of 2019 compared to $11.7 million for the fourth quarter of 2018.


Wealth Management
Net income for Wealth Management increased $6.2 million to $23.7 million during the first quarter of 2019. While fiduciary fees and commissions remained consistent with the fourth quarter of 2018, we saw an increase of $6.4 million in brokerage and trading revenue. This increase was partially offset by a decrease in interest received on trading securities and increase in funding costs. Operating expenses decreased $3.0 million, including $2.0 million related to personnel expenses and $1.1 million related to other operating expenses. Personnel expenses decreased primarily due to retention incentives accrued in the fourth quarter.
Average loans were stable at $1.4 billion. Average deposits increased $176 million to $5.7 billion, primarily due to an increase in interest-bearing transaction account balances. Assets under management or administration were $78.9 billion at March 31, 2019 compared to $76.3 billion at December 31, 2018. Fiduciary assets totaled $46.4 billion at March 31, 2019 and $44.8 billion at December 31, 2018.

5



Conference Call and Webcast

The company will hold a conference call at 9 a.m. Central time on Wednesday, April 24, 2019 to discuss the financial results with investors. The live audio webcast and presentation slides will be available on the company’s website at www.bokf.com. The conference call can also be accessed by dialing 1-201-689-8471. A conference call and webcast replay will also be available shortly after conclusion of the live call at www.bokf.com or by dialing 1-412-317-6671 and referencing conference ID # 13689382.

About BOK Financial Corporation
BOK Financial Corporation is a $40 billion regional financial services company headquartered in Tulsa, Oklahoma with $79 billion in assets under management and administration. The company's stock is publicly traded on NASDAQ under the Global Select market listings (BOKF). BOK Financial Corporation's holdings include BOKF, NA; BOK Financial Securities, Inc., The Milestone Group, Inc., CoBiz Wealth, LLC and BOK Financial Insurance, Inc. BOKF, NA operates TransFund, Cavanal Hill Investment Management and BOK Financial Asset Management, Inc. BOKF, NA operates banking divisions across eight states as: Bank of Albuquerque; Bank of Arkansas; Bank of Oklahoma; Bank of Texas; BOK Financial in Colorado and Arizona; and Mobank in Kansas and Missouri; as well as having limited purpose offices in Nebraska, Milwaukee and Connecticut. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment, trust and insurance services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.
The company will continue to evaluate critical assumptions and estimates, such as the appropriateness of the allowance for credit losses and asset impairment as of March 31, 2019 through the date its financial statements are filed with the Securities and Exchange Commission and will adjust amounts reported if necessary.
This news release contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial, the financial services industry and the economy generally. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “plans,” “projects,” “will,” “intends,” variations of such words and similar expressions are intended to identify such forward-looking statements. Management judgments relating to and discussion of the provision and allowance for credit losses, allowance for uncertain tax positions, accruals for loss contingencies and valuation of mortgage servicing rights involve judgments as to expected events and are inherently forward-looking statements. Assessments that BOK Financial's acquisitions, including its latest acquisition of CoBiz Financial, Inc., and other growth endeavors will be profitable are necessary statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what is expected, implied or forecasted in such forward-looking statements. Internal and external factors that might cause such a difference include, but are not limited to changes in commodity prices, interest rates and interest rate relationships, inflation, demand for products and services, the degree of competition by traditional and nontraditional competitors, changes in banking regulations, tax laws, prices, levies and assessments, the impact of technological advances, and trends in customer behavior as well as their ability to repay loans. There may also be difficulties and delays in integrating CoBiz Financial Inc.'s business or fully realizing cost savings and other benefits including, but

6



not limited to, business disruption and customer acceptance of BOK Financial Corporation's products and services. BOK Financial and its affiliates undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.


7

Exhibit 99(b)

BALANCE SHEETS -- UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
 
Mar. 31, 2019
 
Dec. 31, 2018
ASSETS
 
 
 
Cash and due from banks
$
718,297

 
$
741,749

Interest-bearing cash and cash equivalents
564,404

 
401,675

Trading securities
2,140,326

 
1,956,923

Investment securities
331,466

 
355,187

Available for sale securities
9,025,198

 
8,857,120

Fair value option securities
707,994

 
283,235

Restricted equity securities
376,429

 
344,447

Residential mortgage loans held for sale
160,157

 
149,221

Loans:
 
 
 
Commercial
13,961,975

 
13,636,078

Commercial real estate
4,600,651

 
4,764,813

Residential mortgage
2,192,620

 
2,230,033

Personal
1,003,734

 
1,025,806

Total loans
21,758,980

 
21,656,730

Allowance for loan losses
(205,340
)
 
(207,457
)
Loans, net of allowance
21,553,640

 
21,449,273

Premises and equipment, net
468,293

 
330,033

Receivables
224,887

 
204,960

Goodwill
1,048,091

 
1,049,263

Intangible assets, net
129,482

 
134,849

Mortgage servicing rights
238,193

 
259,254

Real estate and other repossessed assets, net
17,139

 
17,487

Derivative contracts, net
359,223

 
320,929

Cash surrender value of bank-owned life insurance
384,174

 
381,608

Receivable on unsettled securities sales
966,455

 
336,400

Other assets
469,114

 
446,891

TOTAL ASSETS
$
39,882,962

 
$
38,020,504

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Deposits:
 
 
 
Demand
$
10,096,552

 
$
10,414,592

Interest-bearing transaction
12,476,977

 
12,206,576

Savings
559,884

 
529,215

Time
2,198,389

 
2,113,380

Total deposits
25,331,802

 
25,263,763

Funds purchased and repurchase agreements
1,439,673

 
1,018,411

Other borrowings
7,341,093

 
6,124,390

Subordinated debentures
275,880

 
275,913

Accrued interest, taxes and expense
173,434

 
192,826

Due on unsettled securities purchases
186,401

 
156,370

Derivative contracts, net
299,698

 
362,306

Other liabilities
303,272

 
183,480

TOTAL LIABILITIES
35,351,253

 
33,577,459

Shareholders' equity:
 
 
 
Capital, surplus and retained earnings
4,526,404

 
4,504,694

Accumulated other comprehensive loss
(3,531
)
 
(72,585
)
TOTAL SHAREHOLDERS' EQUITY
4,522,873

 
4,432,109

Non-controlling interests
8,836

 
10,936

TOTAL EQUITY
4,531,709

 
4,443,045

TOTAL LIABILITIES AND EQUITY
$
39,882,962

 
$
38,020,504



8



AVERAGE BALANCE SHEETS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands)
 
Three Months Ended
 
Mar. 31, 2019
 
Dec. 31, 2018
 
Sept. 30, 2018
 
June 30, 2018
 
Mar. 31, 2018
ASSETS
 
 
 
 
 
 
 
 
 
Interest-bearing cash and cash equivalents
$
537,903

 
$
563,132

 
$
688,872

 
$
1,673,387

 
$
2,059,517

Trading securities
1,968,399

 
1,929,601

 
1,762,794

 
1,482,302

 
933,404

Investment securities
343,282

 
364,737

 
379,566

 
399,088

 
441,207

Available for sale securities
8,883,054

 
8,704,963

 
8,129,214

 
8,163,142

 
8,236,938

Fair value option securities
594,349

 
277,575

 
469,398

 
487,192

 
626,251

Restricted equity securities
395,432

 
362,729

 
328,842

 
348,546

 
349,176

Residential mortgage loans held for sale
145,040

 
179,553

 
207,488

 
218,600

 
199,380

Loans:
 
 
 
 
 
 
 
 
 
Commercial
13,966,521

 
13,587,344

 
11,484,200

 
11,189,899

 
10,871,569

Commercial real estate
4,602,149

 
4,747,784

 
3,774,470

 
3,660,166

 
3,491,335

Residential mortgage
2,193,334

 
2,222,063

 
1,956,089

 
1,915,015

 
1,937,198

Personal
1,004,061

 
1,022,140

 
989,026

 
986,162

 
961,379

Total loans
21,766,065

 
21,579,331

 
18,203,785

 
17,751,242

 
17,261,481

Allowance for loan losses
(206,092
)
 
(209,613
)
 
(214,160
)
 
(222,856
)
 
(228,996
)
Total loans, net
21,559,973

 
21,369,718

 
17,989,625

 
17,528,386

 
17,032,485

Total earning assets
34,427,432

 
33,752,008

 
29,955,799

 
30,300,643

 
29,878,358

Cash and due from banks
705,411

 
731,700

 
578,905

 
571,333

 
564,585

Derivative contracts, net
262,927

 
299,319

 
294,126

 
318,375

 
278,694

Cash surrender value of bank-owned life insurance
382,538

 
379,893

 
322,038

 
319,507

 
317,334

Receivable on unsettled securities sales
1,224,700

 
799,548

 
768,785

 
618,240

 
998,803

Other assets
2,669,673

 
2,423,275

 
1,776,164

 
1,777,937

 
1,687,178

TOTAL ASSETS
$
39,672,681

 
$
38,385,743

 
$
33,695,817

 
$
33,906,035

 
$
33,724,952

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
 
 
Demand
$
9,988,088

 
$
10,648,683

 
$
9,325,002

 
$
9,223,327

 
$
9,151,272

Interest-bearing transaction
11,931,539

 
11,773,651

 
10,010,031

 
10,189,354

 
10,344,469

Savings
541,575

 
526,275

 
503,821

 
503,671

 
480,110

Time
2,153,277

 
2,146,786

 
2,097,441

 
2,138,880

 
2,151,044

Total deposits
24,614,479

 
25,095,395

 
21,936,295

 
22,055,232

 
22,126,895

Funds purchased and repurchase agreements
2,033,036

 
1,205,568

 
1,193,583

 
593,250

 
532,412

Other borrowings
7,040,279

 
6,361,141

 
5,765,440

 
6,497,020

 
6,326,967

Subordinated debentures
275,882

 
276,378

 
144,702

 
144,692

 
144,682

Derivative contracts, net
273,786

 
268,848

 
185,029

 
235,543

 
223,373

Due on unsettled securities purchases
453,937

 
493,887

 
544,263

 
527,804

 
558,898

Other liabilities
501,788

 
341,438

 
311,605

 
340,322

 
333,151

TOTAL LIABILITIES
35,193,187

 
34,042,655

 
30,080,917

 
30,393,863

 
30,246,378

Total equity
4,479,494

 
4,343,088

 
3,614,900

 
3,512,172

 
3,478,574

TOTAL LIABILITIES AND EQUITY
$
39,672,681

 
$
38,385,743

 
$
33,695,817

 
$
33,906,035

 
$
33,724,952



9



STATEMENTS OF EARNINGS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except per share data)
 
Three Months Ended
 
March 31,
 
2019
 
2018
 
 
 
 
Interest revenue
$
376,074

 
$
265,407

Interest expense
97,972

 
45,671

Net interest revenue
278,102

 
219,736

Provision for credit losses
8,000

 
(5,000
)
Net interest revenue after provision for credit losses
270,102

 
224,736

Other operating revenue:
 
 
 
Brokerage and trading revenue
31,617

 
30,648

Transaction card revenue
20,738

 
20,990

Fiduciary and asset management revenue
43,358

 
41,832

Deposit service charges and fees
28,243

 
27,161

Mortgage banking revenue
23,834

 
26,025

Other revenue
12,762

 
12,958

Total fees and commissions
160,552

 
159,614

Other gains (losses), net
2,976

 
(1,292
)
Gain (loss) on derivatives, net
4,667

 
(5,685
)
Gain (loss) on fair value option securities, net
9,665

 
(17,564
)
Change in fair value of mortgage servicing rights
(20,666
)
 
21,206

Gain (loss) on available for sale securities, net
76

 
(290
)
Total other operating revenue
157,270

 
155,989

Other operating expense:
 
 
 
Personnel
169,228

 
139,947

Business promotion
7,874

 
6,010

Professional fees and services
16,139

 
10,200

Net occupancy and equipment
29,521

 
24,046

Insurance
4,839

 
6,593

Data processing and communications
31,449

 
27,817

Printing, postage and supplies
4,885

 
4,089

Net losses and operating expenses of repossessed assets
1,996

 
7,705

Amortization of intangible assets
5,191

 
1,300

Mortgage banking costs
9,906

 
10,149

Other expense
6,129

 
6,574

Total other operating expense
287,157

 
244,430

 
 
 
 
Net income before taxes
140,215

 
136,295

Federal and state income taxes
29,950

 
30,948

 
 
 
 
Net income
110,265

 
105,347

Net loss attributable to non-controlling interests
(347
)
 
(215
)
Net income attributable to BOK Financial Corporation shareholders
$
110,612

 
$
105,562

 
 
 
 
Average shares outstanding:
 
 
 
Basic
71,387,070

 
64,847,334

Diluted
71,404,388

 
64,888,033

 
 
 
 
Net income per share:
 
 
 
Basic
$
1.54

 
$
1.61

Diluted
$
1.54

 
$
1.61




10



FINANCIAL HIGHLIGHTS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except ratio and share data)
 
Three Months Ended
 
Mar. 31, 2019
 
Dec. 31, 2018
 
Sept. 30, 2018
 
June 30, 2018
 
Mar. 31, 2018
Capital:
 
 
 
 
 
 
 
 
 
Period-end shareholders' equity
$
4,522,873

 
$
4,432,109

 
$
3,615,032

 
$
3,553,431

 
$
3,495,029

Risk weighted assets
$
31,601,558

 
$
30,742,295

 
$
27,398,072

 
$
27,004,559

 
$
26,025,660

Risk-based capital ratios:
 
 
 
 
 
 
 
 
 
Common equity tier 1
10.71
%
 
10.92
%
 
12.07
%
 
11.92
%
 
12.06
%
Tier 1
10.71
%
 
10.92
%
 
12.07
%
 
11.92
%
 
12.06
%
Total capital
12.24
%
 
12.50
%
 
13.37
%
 
13.26
%
 
13.49
%
Leverage ratio
8.76
%
 
8.96
%
 
9.90
%
 
9.57
%
 
9.40
%
Tangible common equity ratio1
8.64
%
 
8.82
%
 
9.55
%
 
9.21
%
 
9.18
%
 
 
 
 
 
 
 
 
 
 
Common stock:
 
 
 
 
 
 
 
 
 
Book value per share
$
63.30

 
$
61.45

 
$
55.25

 
$
54.30

 
$
53.39

Tangible book value per share
46.82

 
45.03

 
47.90

 
46.95

 
46.10

Market value per share:
 
 
 
 
 
 
 
 
 
High
$
93.72

 
$
98.29

 
$
105.22

 
$
106.65

 
$
107.00

Low
$
72.11

 
$
69.96

 
$
92.40

 
$
92.39

 
$
89.82

Cash dividends paid
$
35,885

 
$
35,977

 
$
32,591

 
$
29,340

 
$
29,342

Dividend payout ratio
32.44
%
 
33.17
%
 
27.79
%
 
25.65
%
 
27.80
%
Shares outstanding, net
71,449,982

 
72,122,932

 
65,434,258

 
65,439,090

 
65,459,505

Stock buy-back program:
 
 
 
 
 
 
 
 
 
Shares repurchased
705,609

 
525,000

 

 
8,257

 
82,583

Amount
$
60,577

 
$
45,057

 
$

 
$
824

 
$
7,584

Average price per share
$
85.85

 
$
85.82

 
$

 
$
99.84

 
$
91.83

 
 
 
 
 
 
 
 
 
 
Performance ratios (quarter annualized):
Return on average assets
1.13
%
 
1.12
%
 
1.38
%
 
1.35
%
 
1.27
%
Return on average equity
10.04
%
 
9.93
%
 
12.95
%
 
13.14
%
 
12.39
%
Net interest margin
3.30
%
 
3.40
%
 
3.21
%
 
3.17
%
 
2.99
%
Efficiency ratio
64.80
%
 
63.25
%
 
61.60
%
 
61.77
%
 
64.98
%
 
 
 
 
 
 
 
 
 
 
Reconciliation of non-GAAP measures:
1      Tangible common equity ratio:
 
 
 
 
 
 
 
 
 
Total shareholders' equity
$
4,522,873

 
$
4,432,109

 
$
3,615,032

 
$
3,553,431

 
$
3,495,029

Less: Goodwill and intangible assets, net
1,177,573

 
1,184,112

 
480,800

 
481,366

 
477,088

Tangible common equity
$
3,345,300

 
$
3,247,997

 
$
3,134,232

 
$
3,072,065

 
$
3,017,941

 
 
 
 
 
 
 
 
 
 
Total assets
$
39,882,962

 
$
38,020,504

 
$
33,289,864

 
$
33,833,107

 
$
33,361,492

Less: Goodwill and intangible assets, net
1,177,573

 
1,184,112

 
480,800

 
481,366

 
477,088

Tangible assets
$
38,705,389

 
$
36,836,392

 
$
32,809,064

 
$
33,351,741

 
$
32,884,404

 
 
 
 
 
 
 
 
 
 
Tangible common equity ratio
8.64
%
 
8.82
%
 
9.55
%
 
9.21
%
 
9.18
%
 
 
 
 
 
 
 
 
 
 

11



FINANCIAL HIGHLIGHTS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except ratio and share data)
 
Three Months Ended
 
Mar. 31, 2019
 
Dec. 31, 2018
 
Sept. 30, 2018
 
June 30, 2018
 
Mar. 31, 2018
Other data:
 
 
 
 
 
 
 
 
 
Fiduciary assets
$
46,401,149

 
$
44,841,339

 
$
45,560,107

 
$
46,531,900

 
$
46,648,290

Tax equivalent interest
$
3,148

 
$
3,067

 
$
1,894

 
$
1,983

 
$
2,010

Net unrealized loss on available for sale securities
$
(2,609
)
 
$
(95,271
)
 
$
(216,793
)
 
$
(180,602
)
 
$
(148,247
)
 
 
 
 
 
 
 
 
 
 
Mortgage banking:
 
 
 
 
 
 
 
 
 
Mortgage production revenue
$
7,868

 
$
5,073

 
$
7,250

 
$
9,915

 
$
9,452

 
 
 
 
 
 
 
 
 
 
Mortgage loans funded for sale
$
510,527

 
$
497,353

 
$
651,076

 
$
773,910

 
$
664,958

Add: current period-end outstanding commitments
263,434

 
160,848

 
197,752

 
251,231

 
298,318

Less: prior period end outstanding commitments
160,848

 
197,752

 
251,231

 
298,318

 
222,919

Total mortgage production volume
$
613,113

 
$
460,449

 
$
597,597

 
$
726,823

 
$
740,357

 
 
 
 
 
 
 
 
 
 
Mortgage loan refinances to mortgage loans funded for sale
30
%
 
23
%
 
23
%
 
22
%
 
42
%
Gain on sale margin
1.28
%
 
1.10
%
 
1.21
%
 
1.36
%
 
1.28
%
 
 
 
 
 
 
 
 
 
 
Mortgage servicing revenue
$
15,966

 
$
16,807

 
$
16,286

 
$
16,431

 
$
16,573

Average outstanding principal balance of mortgage loans serviced for others
21,581,835

 
21,706,541

 
21,895,041

 
21,986,065

 
22,027,726

Average mortgage servicing revenue rates
0.30
%
 
0.31
%
 
0.30
%
 
0.30
%
 
0.31
%
 
 
 
 
 
 
 
 
 
 
Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on mortgage hedge derivative contracts, net
$
4,432

 
$
12,162

 
$
(2,843
)
 
$
(3,070
)
 
$
(5,698
)
Gain (loss) on fair value option securities, net
9,665

 
(282
)
 
(4,385
)
 
(3,341
)
 
(17,564
)
Gain (loss) on economic hedge of mortgage servicing rights
14,097

 
11,880

 
(7,228
)
 
(6,411
)
 
(23,262
)
Gain (loss) on changes in fair value of mortgage servicing rights
(20,666
)
 
(24,233
)
 
5,972

 
1,723

 
21,206

Loss on changes in fair value of mortgage servicing rights, net of economic hedges, included in other operating revenue
(6,569
)
 
(12,353
)
 
(1,256
)
 
(4,688
)
 
(2,056
)
Net interest revenue on fair value option securities2
1,129

 
695

 
1,100

 
1,203

 
1,800

Total economic cost of changes in the fair value of mortgage servicing rights, net of economic hedges
$
(5,440
)
 
$
(11,658
)
 
$
(156
)
 
$
(3,485
)
 
$
(256
)
2  
Actual interest earned on fair value option securities less internal transfer-priced cost of funds.



12



QUARTERLY EARNINGS TREND -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except ratio and per share data)
 
Three Months Ended
 
Mar. 31, 2019
 
Dec. 31, 2018
 
Sept. 30, 2018
 
June 30, 2018
 
Mar. 31, 2018
 
 
 
 
 
 
 
 
 
 
Interest revenue
$
376,074

 
$
365,592

 
$
303,247

 
$
294,180

 
$
265,407

Interest expense
97,972

 
79,906

 
62,364

 
55,618

 
45,671

Net interest revenue
278,102

 
285,686

 
240,883

 
238,562

 
219,736

Provision for credit losses
8,000

 
9,000

 
4,000

 

 
(5,000
)
Net interest revenue after provision for credit losses
270,102

 
276,686

 
236,883

 
238,562

 
224,736

Other operating revenue:
 
 
 
 
 
 
 
 
 
Brokerage and trading revenue
31,617

 
28,101

 
23,086

 
26,488

 
30,648

Transaction card revenue
20,738

 
20,664

 
21,396

 
20,975

 
20,990

Fiduciary and asset management revenue
43,358

 
43,665

 
57,514

 
41,692

 
41,832

Deposit service charges and fees
28,243

 
29,393

 
27,765

 
27,834

 
27,161

Mortgage banking revenue
23,834

 
21,880

 
23,536

 
26,346

 
26,025

Other revenue
12,762

 
16,404

 
12,900

 
13,923

 
12,958

Total fees and commissions
160,552

 
160,107

 
166,197

 
157,258

 
159,614

Other gains (losses), net
2,976

 
(8,305
)
 
2,754

 
4,578

 
(1,292
)
Gain (loss) on derivatives, net
4,667

 
11,167

 
(2,847
)
 
(3,057
)
 
(5,685
)
Gain (loss) on fair value option securities, net
9,665

 
(282
)
 
(4,385
)
 
(3,341
)
 
(17,564
)
Change in fair value of mortgage servicing rights
(20,666
)
 
(24,233
)
 
5,972

 
1,723

 
21,206

Gain (loss) on available for sale securities, net
76

 
(1,999
)
 
250

 
(762
)
 
(290
)
Total other operating revenue
157,270

 
136,455

 
167,941

 
156,399

 
155,989

Other operating expense:
 
 
 
 
 
 
 
 
 
Personnel
169,228

 
160,706

 
143,531

 
138,947

 
139,947

Business promotion
7,874

 
9,207

 
7,620

 
7,686

 
6,010

Charitable contributions to BOKF Foundation

 
2,846

 

 

 

Professional fees and services
16,139

 
20,712

 
13,209

 
14,978

 
10,200

Net occupancy and equipment
29,521

 
27,780

 
23,394

 
22,761

 
24,046

Insurance
4,839

 
4,248

 
6,232

 
6,245

 
6,593

Data processing and communications
31,449

 
27,575

 
31,665

 
27,739

 
27,817

Printing, postage and supplies
4,885

 
5,232

 
3,837

 
4,011

 
4,089

Net losses and operating expenses of repossessed assets
1,996

 
2,581

 
4,044

 
2,722

 
7,705

Amortization of intangible assets
5,191

 
5,331

 
1,603

 
1,386

 
1,300

Mortgage banking costs
9,906

 
11,518

 
11,741

 
12,890

 
10,149

Other expense
6,129

 
6,907

 
5,741

 
7,111

 
6,574

Total other operating expense
287,157

 
284,643

 
252,617

 
246,476

 
244,430

Net income before taxes
140,215

 
128,498

 
152,207

 
148,485

 
136,295

Federal and state income taxes
29,950

 
20,121

 
34,662

 
33,330

 
30,948

Net income
110,265

 
108,377

 
117,545

 
115,155

 
105,347

Net income (loss) attributable to non-controlling interests
(347
)
 
(79
)
 
289

 
783

 
(215
)
Net income attributable to BOK Financial Corporation shareholders
$
110,612

 
$
108,456

 
$
117,256

 
$
114,372

 
$
105,562

 
 
 
 
 
 
 
 
 
 
Average shares outstanding:
 
 
 
 
 
 
 
 
 
Basic
71,387,070

 
71,808,029

 
64,901,095

 
64,901,975

 
64,847,334

Diluted
71,404,388

 
71,833,334

 
64,934,351

 
64,937,226

 
64,888,033

Net income per share:
 
 
 
 
 
 
 
 
 
Basic
$
1.54

 
$
1.50

 
$
1.79

 
$
1.75

 
$
1.61

Diluted
$
1.54

 
$
1.50

 
$
1.79

 
$
1.75

 
$
1.61


13



LOANS TREND -- UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
 
 
Mar. 31, 2019
 
Dec. 31, 2018
 
Sept. 30, 2018
 
June 30, 2018
 
Mar. 31, 2018
Commercial:
 
 
 
 
 
 
 
 
 
 
Energy
 
$
3,705,099

 
$
3,590,333

 
$
3,294,867

 
$
3,147,219

 
$
2,969,618

Services
 
3,287,563

 
3,258,192

 
2,603,862

 
2,516,676

 
2,488,065

Healthcare
 
2,915,885

 
2,799,277

 
2,437,323

 
2,353,722

 
2,359,928

Wholesale/retail
 
1,706,900

 
1,621,158

 
1,650,729

 
1,699,554

 
1,531,576

Public finance
 
803,083

 
804,550

 
418,578

 
433,408

 
445,814

Manufacturing
 
742,374

 
730,521

 
660,582

 
647,816

 
559,695

Other commercial and industrial
 
801,071

 
832,047

 
510,160

 
550,644

 
564,971

Total commercial
 
13,961,975

 
13,636,078

 
11,576,101

 
11,349,039

 
10,919,667

 
 
 
 
 
 
 
 
 
 
 
Commercial real estate:
 
 

 
 

 
 

 
 

 
 

Multifamily
 
1,210,358

 
1,288,065

 
1,120,166

 
1,056,984

 
1,008,903

Office
 
1,033,158

 
1,072,920

 
824,829

 
820,127

 
737,144

Retail
 
890,685

 
919,082

 
759,423

 
768,024

 
750,396

Industrial
 
767,757

 
778,106

 
696,774

 
653,384

 
613,608

Residential construction and land development
 
149,686

 
148,584

 
101,872

 
118,999

 
117,458

Other commercial real estate
 
549,007

 
558,056

 
301,611

 
294,702

 
279,273

Total commercial real estate
 
4,600,651

 
4,764,813

 
3,804,675

 
3,712,220

 
3,506,782

 
 
 
 
 
 
 
 
 
 
 
Residential mortgage:
 
 

 
 

 
 

 
 

 
 

Permanent mortgage
 
1,098,481

 
1,122,610

 
1,094,926

 
1,068,412

 
1,047,785

Permanent mortgages guaranteed by U.S. government agencies
 
193,308

 
190,866

 
180,718

 
169,653

 
177,880

Home equity
 
900,831

 
916,557

 
696,098

 
704,185

 
720,104

Total residential mortgage
 
2,192,620

 
2,230,033

 
1,971,742

 
1,942,250

 
1,945,769

 
 
 
 
 
 
 
 
 
 
 
Personal
 
1,003,734

 
1,025,806

 
996,941

 
1,000,187

 
965,632

 
 
 
 
 
 
 
 
 
 
 
Total
 
$
21,758,980

 
$
21,656,730

 
$
18,349,459

 
$
18,003,696

 
$
17,337,850


14



LOANS BY PRINCIPAL MARKET AREA -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands)
 
Mar. 31, 2019
 
Dec. 31, 2018
 
Sept. 30, 2018
 
June 30, 2018
 
Mar. 31, 2018
 
 
 
 
 
 
 
 
 
 
Oklahoma:
 
 
 
 
 
 
 
 
 
Commercial
$
3,551,054

 
$
3,491,117

 
$
3,609,109

 
$
3,465,407

 
$
3,265,013

Commercial real estate
665,190

 
700,756

 
651,315

 
662,665

 
668,031

Residential mortgage
1,417,381

 
1,440,566

 
1,429,843

 
1,403,658

 
1,419,281

Personal
374,807

 
375,543

 
376,201

 
362,846

 
353,128

Total Oklahoma
6,008,432

 
6,007,982

 
6,066,468

 
5,894,576

 
5,705,453

 
 
 
 
 
 
 
 
 
 
Texas:
 
 
 
 
 
 
 
 
 
Commercial
5,754,018

 
5,438,133

 
5,115,646

 
4,922,451

 
4,715,841

Commercial real estate
1,344,810

 
1,341,783

 
1,354,679

 
1,336,101

 
1,254,421

Residential mortgage
265,927

 
266,805

 
253,265

 
243,400

 
229,761

Personal
396,794

 
394,743

 
381,452

 
394,021

 
363,608

Total Texas
7,761,549

 
7,441,464

 
7,105,042

 
6,895,973

 
6,563,631

 
 
 
 
 
 
 
 
 
 
New Mexico:
 
 
 
 
 
 
 
 
 
Commercial
342,915

 
340,489

 
325,048

 
305,167

 
315,701

Commercial real estate
371,416

 
383,670

 
392,494

 
386,878

 
348,485

Residential mortgage
85,326

 
87,346

 
88,110

 
90,581

 
93,490

Personal
11,065

 
10,662

 
11,659

 
11,107

 
11,667

Total New Mexico
810,722

 
822,167

 
817,311

 
793,733

 
769,343

 
 
 
 
 
 
 
 
 
 
Arkansas:
 
 
 
 
 
 
 
 
 
Commercial
79,286

 
111,338

 
102,237

 
93,217

 
94,430

Commercial real estate
142,551

 
141,898

 
106,701

 
90,807

 
88,700

Residential mortgage
7,731

 
7,537

 
7,278

 
6,927

 
7,033

Personal
11,550

 
11,955

 
12,126

 
12,331

 
9,916

Total Arkansas
241,118

 
272,728

 
228,342

 
203,282

 
200,079

 
 
 
 
 
 
 
 
 
 
Colorado:
 
 
 
 
 
 
 
 
 
Commercial
2,231,703

 
2,275,069

 
1,132,500

 
1,165,721

 
1,180,655

Commercial real estate
957,348

 
963,575

 
354,543

 
267,065

 
210,801

Residential mortgage
241,722

 
251,849

 
68,694

 
64,839

 
64,530

Personal
65,812

 
72,916

 
56,999

 
60,504

 
63,118

Total Colorado
3,496,585

 
3,563,409

 
1,612,736

 
1,558,129

 
1,519,104

 
 
 
 
 
 
 
 
 
 
Arizona:
 
 
 
 
 
 
 
 
 
Commercial
1,335,140

 
1,320,139

 
621,658

 
681,852

 
624,106

Commercial real estate
791,466

 
889,903

 
666,562

 
710,784

 
672,319

Residential mortgage
98,973

 
97,959

 
44,659

 
47,010

 
39,227

Personal
61,875

 
68,546

 
67,280

 
65,541

 
57,023

Total Arizona
2,287,454

 
2,376,547

 
1,400,159

 
1,505,187

 
1,392,675

 
 
 
 
 
 
 
 
 
 
Kansas/Missouri:
 
 
 
 
 
 
 
 
 
Commercial
667,859

 
659,793

 
669,903

 
715,224

 
723,921

Commercial real estate
327,870

 
343,228

 
278,381

 
257,920

 
264,025

Residential mortgage
75,560

 
77,971

 
79,893

 
85,835

 
92,447

Personal
81,831

 
91,441

 
91,224

 
93,837

 
107,172

Total Kansas/Missouri
1,153,120

 
1,172,433

 
1,119,401

 
1,152,816

 
1,187,565