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Section 1: 8-K (8-K)

Document
false0000875357 0000875357 2019-10-23 2019-10-23


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

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

Date of Report (Date of earliest event reported):
October 23, 2019

Commission File No. 0-19341

BOK FINANCIAL CORP ET AL
(Exact name of registrant as specified in its charter)

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

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

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

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

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

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

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

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

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







INFORMATION TO BE INCLUDED IN THE REPORT

ITEM 2.02. Results of Operations and Financial Condition.

On October 23, 2019, BOK Financial Corporation (“BOK Financial”) issued a press release announcing its financial results for the three and nine months ended September 30, 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 October 23, 2019, in connection with issuance of the Press Release, BOK Financial released financial information related to the three and nine months ended September 30, 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
  
101        Interactive Data Files.

Signature

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


BOK FINANCIAL CORPORATION




By: /s/ Steven E. Nell            
Steven E. Nell
Executive Vice President
Chief Financial Officer
Date: October 23, 2019



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Section 2: EX-99 (EXHIBIT 99)

Exhibit



400568082_image0a01a01a01a28.jpg
 
Exhibit 99(a)


NASD: BOKF

BOK Financial Reports Record Earnings for Second Straight Quarter
$142 million or $2.00 Per Share in the Third Quarter

CEO Commentary
“The third quarter was the second-consecutive record quarter for BOK Financial,” said Steven G. Bradshaw, president and chief executive officer. “It was a quarter that really illustrated the value of having an optimum balance between our banking and fee service businesses. This balance benefits our clients in a meaningful way as we are able to serve a broader spectrum of their needs, while reducing earnings volatility for shareholders. Our results suggest that our entire team is executing at a very high level.”
Bradshaw continued, “This counter-cyclical strength, combined with continued expense management and sound credit underwriting discipline, positions us well for the remainder of 2019 and into 2020.”
Third Quarter 2019 Financial Highlights
Third Quarter 2019 Business Segment Highlights
Net income was $142.2 million or $2.00 per diluted share for the third quarter of 2019 and $137.6 million or $1.93 per diluted share for the second quarter of 2019.
Net interest revenue totaled $279.1 million, a decrease of $6.3 million. Net interest margin was 3.01 percent compared to 3.30 percent in the second quarter of 2019. Falling interest rates compressed the net interest margin by 9 basis points.
Fees and commissions revenue totaled $186.1 million, an increase of $10.0 million. Falling interest rates led to growth in brokerage and trading revenue and mortgage banking revenue.
Operating expense increased $2.2 million to $279.3 million. Personnel expense increased $2.2 million while non-personnel expense was consistent with the second quarter of 2019.
A $12.0 million provision for credit losses was recorded in the third quarter of 2019. The combined allowance for credit losses totaled $206 million or 0.92 percent of outstanding loans compared to $204 million or 0.92 percent in the previous quarter.
Average loans increased $409 million to $22.4 billion. Period-end loans increased $30 million to $22.3 billion. Average deposits increased $538 million to $25.7 billion. Period-end deposits increased $862 million.
Income tax expense decreased $5.2 million during the third quarter primarily due to completion of 2018 tax filings and tax credit projects.





 
Commercial Banking
Contributed $101.6 million to net income, a decrease of $5.4 million compared to the prior quarter. Net interest revenue decreased by $5.5 million. Fee revenue increased $5.1 million, offset by an increase in operating expense of $5.7 million.
Average loans grew by $414 million and average deposits increased $109 million.

Consumer Banking
Contributed $16.6 million to net income, consistent with the second quarter. Net interest revenue decreased $4.3 million, fee revenue increased $2.6 million and operating expense increased $2.0 million.
The recent decrease in mortgage interest rates continues to drive mortgage origination activity. Mortgage production volume increased $102 million to $913 million and gain on sale margin increased 5 basis points to 1.51 percent.

Wealth Management
Contributed $23.2 million to net income, a decrease of $2.3 million compared to the prior quarter. Net interest revenue decreased $3.9 million, fees and commissions revenue increased $3.5 million and operating expense increased $2.2 million.
Assets under management or administration were $80.8 billion at September 30, 2019 compared to $81.8 billion at June 30, 2019. Fiduciary assets totaled $49.3 billion at September 30, 2019 and $49.3 billion at June 30, 2019.

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Net Interest Revenue
Net interest revenue was $279.1 million for the third quarter of 2019, a $6.3 million decrease compared to the second quarter of 2019. Discount accretion on acquired loans totaled $10.9 million for the third quarter and $13.4 million for the second quarter. Recoveries of foregone interest on nonaccruing loans added $3.4 million to the second quarter of 2019.
Average earning assets increased $2.3 billion compared to the second quarter of 2019. Available for sale securities increased $1.3 billion during the third quarter as the balance sheet was repositioned to reduce the Company's exposure to further interest rate decreases. Fair value option securities balances, which we use as an economic hedge against changes in the fair value of mortgage servicing rights, increased $655 million. Average loan balances were up $409 million. Growth in average earning assets was largely funded by a $2.0 billion increase in borrowed funds and a $662 million increase in interest-bearing deposits.
Net interest margin was 3.01 percent compared to 3.30 percent in the previous quarter. Net interest margin was reduced 9 basis points due to available for sale securities expansion and 4 basis points due to the increase in the fair value hedge portfolio. In addition, lower foregone interest recoveries and discount accretion reduced net interest margin by 7 basis points. Falling interest rates compressed the net interest margin by an additional 9 basis points.
Excluding interest recoveries, the yield on average earning assets was 4.25 percent, a 22 basis point decrease from the second quarter. The loan portfolio yield was 5.12 percent, down 21 basis points. The yield on the available for sale securities portfolio decreased 3 basis points to 2.60 percent.
Funding costs were 1.68 percent, down 2 basis points. The cost of interest-bearing deposits increased 4 basis points to 1.17 percent. The cost of other borrowed funds was down 22 basis points to 2.31 percent. The benefit to net interest margin from assets funded by non-interest liabilities decreased 5 basis points to 44 basis points.
Fees and Commissions Revenue
Fees and commissions revenue totaled $186.1 million for the third quarter of 2019, an increase of $10.0 million over the second quarter of 2019.
Brokerage and trading revenue increased $3.3 million primarily due to higher trading volume and loan syndication activity. Mortgage banking revenue increased $2.0 million. A continued decline in primary mortgage interest rates increased mortgage loan production. Mortgage production volume increased $102 million and the gain on sale margin increased 5 basis points over the second quarter of 2019.
Other revenue increased $5.2 million. This increase is largely due to the combination of an increase in repossessed asset revenue from a certain set of oil and gas properties, which is offset by an increase in related operating expenses, a business insurance credit, and other timing variances.
Fiduciary and asset management revenue decreased $1.4 million compared to the second quarter of 2019, primarily due to seasonal tax fees earned in the second quarter.

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Operating Expense
Total operating expense was $279.3 million for the third quarter of 2019, an increase of $2.2 million over the second quarter of 2019.
Personnel expense increased $2.2 million. Incentive compensation increased $5.5 million led by an increase in cash based incentive compensation primarily due to increased sales activities in wealth management and commercial banking. Increased incentive compensation was partially offset by a decrease in regular compensation of $1.2 million and employee benefits of $2.0 million. Employee benefits expense was down largely due to a seasonal decrease in payroll taxes.
Non-personnel expense was largely unchanged in total compared to the second quarter of 2019. Mortgage banking costs increased $3.4 million primarily due to an increase in amortization of mortgage servicing rights as lower interest rates drive an increase in prepayment speeds. In addition, data processing and communications expense increased $2.2 million. Net losses and expenses of repossessed assets increased $1.1 million.
Insurance expense decreased $2.2 million, other expense decreased $1.9 million, and business promotion expense decreased $1.3 million, all following higher activity in the second quarter of 2019 largely related to the CoBiz acquisition.

Income Taxes

The effective tax rate was 18.6 percent for the third quarter of 2019, down from 21.4 percent for the second quarter of 2019.  Tax expense for the third quarter of 2019 included $5.2 million of benefits related to completion of 2018 tax returns for the Company and CoBiz, and the finalization of tax credit projects.
Loans, Deposits and Capital
Loans
Outstanding loans were $22.3 billion at September 30, 2019, up $30 million over June 30, 2019. Growth in commercial and personal loans was partially offset by a decrease in commercial real estate and residential mortgage loans.
Outstanding commercial loan balances grew by $88 million or 1 percent over June 30, 2019. Energy loan balances were up $193 million. Healthcare loans increased $106 million and wholesale/retail sector loans increased $55 million. Other commercial and industrial loans decreased $110 million, manufacturing loans decreased $63 million and public finance loans decreased by $51 million.
Commercial real estate loan balances decreased $84 million or 2 percent compared to June 30, 2019. Loans secured by industrial properties increased $45 million. Loans secured by multifamily residential properties increased $24 million. Other real estate loans decreased $79 million. Loans secured by office buildings decreased $42 million and loans secured by retail properties decreased $26 million.

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Deposits
Period-end deposits totaled $26.2 billion at September 30, 2019, an $862 million increase over June 30, 2019. Interest-bearing transaction account balances grew by $670 million and demand deposit balances increased $177 million. Average deposits were $25.7 billion at September 30, 2019, an increase of $538 million compared to June 30, 2019. Total interest-bearing transaction deposits increased $619 million, partially offset by a decrease in demand deposits of $124 million.
Capital
The company's common equity Tier 1 capital ratio was 11.06 percent at September 30, 2019. In addition, the company's Tier 1 capital ratio was 11.06 percent, total capital ratio was 12.56 percent, and leverage ratio was 8.41 percent at September 30, 2019. At June 30, 2019, the company's common equity Tier 1 capital ratio was 10.84 percent, Tier 1 capital ratio was 10.84 percent, total capital ratio was 12.34 percent, and leverage ratio was 8.75 percent.
The company's tangible common equity ratio, a non-GAAP measure, was 8.72 percent at September 30, 2019 and 8.69 percent at June 30, 2019. 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.

The company repurchased 336,713 shares at an average price of $77.03 per share in the third quarter of 2019 and 250,000 shares at an average price of $80.50 in the second quarter of 2019.
Credit Quality
Nonperforming assets totaled $286 million or 1.28 percent of outstanding loans and repossessed assets at September 30, 2019, compared to $297 million or 1.33 percent at June 30, 2019. Nonperforming assets that are not guaranteed by U.S. government agencies totaled $187 million or 0.85 percent of outstanding loans and repossessed assets at September 30, 2019, compared to $194 million or 0.88 percent at June 30, 2019.
Nonaccruing loans were $172 million or 0.77 percent of outstanding loans at September 30, 2019. Nonaccruing commercial loans totaled $112 million or 0.77 percent of outstanding commercial loans. Nonaccruing commercial real estate loans totaled $23 million or 0.50 percent of outstanding commercial real estate loans. Nonaccruing residential mortgage loans totaled $37 million or 1.76 percent of outstanding residential mortgage loans.
Nonaccruing loans decreased $11 million from June 30, 2019, primarily due to a $15 million decrease in other commercial and industrial loans and a $10 million decrease in healthcare sector loans. Nonaccruing energy loans increased $17 million. New nonaccruing loans identified in the third quarter totaled $36 million, offset by $28 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 $143 million at September 30, compared to $161 million at June 30. The decrease largely resulted from energy,

4



wholesale/retail sector and other commercial and industrial loans, partially offset by an increase in services and healthcare sector loans.
Net charge-offs were $10.6 million or 0.19 percent of average loans on an annualized basis for the third quarter of 2019, compared to $7.7 million or 0.14 percent of average loans on an annualized basis for the second quarter of 2019. Net charge-offs were 0.21 percent of average loans over the last four quarters. Gross charge-offs were $11.7 million for the third quarter compared to $13.2 million for the previous quarter. Recoveries totaled $1.1 million for the third quarter of 2019 and $5.5 million for the second quarter of 2019.
Based on an evaluation of all credit factors, including growth in the originated loan portfolio, changes in nonaccruing and potential problem loans and net charge-offs, the company determined that a $12.0 million provision for credit losses was appropriate for the third quarter of 2019. The company recorded a $5.0 million provision for credit losses in the second quarter of 2019.

The combined allowance for credit losses totaled $206 million or 0.92 percent of outstanding loans and 124 percent of nonaccruing loans at September 30, 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 1.02 percent of outstanding loans and 130 percent of nonaccruing loans at September 30, 2019 compared to 1.03 percent of outstanding loans and 126 percent of nonaccruing loans at June 30, 2019. The allowance for loan losses was $204 million and the accrual for off-balance sheet credit losses was $1.4 million. At June 30, 2019, the combined allowance for credit losses was $204 million or 0.92 percent of outstanding loans and 115 percent of nonaccruing loans, excluding loans guaranteed by U.S. government agencies. The allowance for loan losses was $203 million and the accrual for off-balance sheet credit losses was $1.9 million.
Securities and Derivatives
The fair value of the available for sale securities portfolio totaled $11.0 billion at September 30, 2019, a $510 million increase compared to June 30, 2019. At September 30, 2019, the available for sale securities portfolio consisted primarily of $7.7 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $3.2 billion of commercial mortgage-backed securities fully backed by U.S. government agencies. At September 30, 2019, the available for sale securities portfolio had a net unrealized gain of $178 million compared to $132 million at June 30, 2019.
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. This portfolio of fair value option securities increased $678 million to $1.8 billion at September 30, 2019.
The net economic cost of the changes in fair value of mortgage servicing rights and related economic hedges was $3.0 million during the third quarter of 2019, including a $12.6 million decrease in the fair value of mortgage servicing rights, an $8.3 million increase in the fair value of securities and derivative contracts held as an economic hedge, and $1.2 million of related net interest revenue.


5



Commercial Banking
Net income for Commercial Banking was $101.6 million for the third quarter of 2019, a decrease of $5.4 million compared to the second quarter of 2019.
Net interest revenue decreased $5.5 million largely as a result of a decrease in interest recoveries on loans paired with a change in the mix of deposits from non-interest bearing to interest bearing. Average loans increased $414 million or 2 percent while average customer deposits increased $109 million or 1 percent.
Fees and commissions revenue increased $5.1 million over the second quarter of 2019. Loan syndication revenue increased $1.9 million based on the timing of completed transactions. Operating expense increased $5.7 million. Personnel expense increased $1.4 million primarily due to incentive compensation related to syndication activity. Non-personnel expense increased $4.3 million. Other revenue increased $3.3 million, offset by an increase in repossession expense of $2.4 million, largely due to expenses related to repossessed assets on certain oil and gas properties.

Consumer Banking
Net income from Consumer Banking was $16.6 million in the third quarter of 2019, consistent with the second quarter of 2019.
Net interest revenue from Consumer Banking activities decreased $4.3 million largely due to decrease in the yield on deposits sold to our Funds Management unit. Average loans decreased $23 million or 1 percent and average deposits were relatively consistent with the previous quarter.
Revenues from mortgage banking activities increased $2.0 million over the prior quarter due to lower interest rates which have led to an increase in mortgage production and improved gain on sale margin.
Operating expenses increased $2.0 million. Mortgage banking costs increased $3.4 million related to increased payoffs as mortgage interest rates declined during the quarter. This increase was partially offset by a decrease in business promotion expense and personnel expense.

Wealth Management
Net income for Wealth Management decreased $2.3 million to $23.2 million during the third quarter of 2019.
Net interest revenue decreased $3.9 million primarily due to a change in deposit mix to interest bearing deposits along with an increase in unsettled securities receivables. Brokerage and trading revenue increased $3.0 million due to higher trading activity and volumes as a result of interest rate changes. Operating expenses increased $2.2 million, largely related to an increase in incentive compensation.
Average loans increased $23 million to $1.7 billion. Average deposits increased $369 million to $6.6 billion, primarily due to an increase in interest-bearing transaction account balances. Assets under management or administration were $80.8 billion at September 30, 2019 compared to $81.8 billion at June 30, 2019. Fiduciary assets totaled $49.3 billion at September 30, 2019 and $49.3 billion at June 30, 2019.

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Conference Call and Webcast

The company will hold a conference call at 9 a.m. Central time on Wednesday, October 23, 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 # 13695151.

About BOK Financial Corporation
BOK Financial Corporation is a $43 billion regional financial services company headquartered in Tulsa, Oklahoma with $81 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., BOK Financial Private Wealth, Inc. 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 September 30, 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

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


8

Exhibit 99(b)

BALANCE SHEETS -- UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
 
Sept. 30, 2019
 
June 30, 2019
ASSETS
 
 
 
Cash and due from banks
$
761,130

 
$
739,109

Interest-bearing cash and cash equivalents
465,458

 
596,382

Trading securities
1,675,212

 
1,900,395

Investment securities
304,224

 
327,677

Available for sale securities
11,024,551

 
10,514,414

Fair value option securities
1,816,398

 
1,138,819

Restricted equity securities
479,018

 
461,017

Residential mortgage loans held for sale
282,487

 
193,570

Loans:
 
 
 
Commercial
14,424,625

 
14,336,908

Commercial real estate
4,626,057

 
4,710,033

Residential mortgage
2,117,303

 
2,170,822

Personal
1,117,382

 
1,037,889

Total loans
22,285,367

 
22,255,652

Allowance for loan losses
(204,432
)
 
(202,534
)
Loans, net of allowance
22,080,935

 
22,053,118

Premises and equipment, net
516,597

 
468,368

Receivables
219,420

 
213,608

Goodwill
1,048,091

 
1,048,091

Intangible assets, net
124,320

 
124,473

Mortgage servicing rights
193,661

 
208,308

Real estate and other repossessed assets, net
21,026

 
16,940

Derivative contracts, net
352,019

 
415,221

Cash surrender value of bank-owned life insurance
387,035

 
384,193

Receivable on unsettled securities sales
904,630

 
583,421

Other assets
470,993

 
505,949

TOTAL ASSETS
$
43,127,205

 
$
41,893,073

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Deposits:
 
 
 
Demand
$
9,844,397

 
$
9,667,557

Interest-bearing transaction
13,521,545

 
12,851,943

Savings
557,593

 
557,683

Time
2,243,541

 
2,227,938

Total deposits
26,167,076

 
25,305,121

Funds purchased and repurchase agreements
3,413,051

 
2,331,947

Other borrowings
6,822,334

 
7,823,809

Subordinated debentures
275,909

 
275,892

Accrued interest, taxes and expense
218,775

 
181,413

Due on unsettled securities purchases
703,448

 
565,268

Derivative contracts, net
336,791

 
381,454

Other liabilities
352,156

 
309,694

TOTAL LIABILITIES
38,289,540

 
37,174,598

Shareholders' equity:
 
 
 
Capital, surplus and retained earnings
4,695,263

 
4,610,869

Accumulated other comprehensive gain
133,753

 
98,569

TOTAL SHAREHOLDERS' EQUITY
4,829,016

 
4,709,438

Non-controlling interests
8,649

 
9,037

TOTAL EQUITY
4,837,665

 
4,718,475

TOTAL LIABILITIES AND EQUITY
$
43,127,205

 
$
41,893,073



9



AVERAGE BALANCE SHEETS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands)
 
Three Months Ended
 
Sept. 30, 2019
 
June 30, 2019
 
Mar. 31, 2019
 
Dec. 31, 2018
 
Sept. 30, 2018
ASSETS
 
 
 
 
 
 
 
 
 
Interest-bearing cash and cash equivalents
$
500,823

 
$
535,491

 
$
537,903

 
$
563,132

 
$
688,872

Trading securities
1,696,568

 
1,757,335

 
1,968,399

 
1,929,601

 
1,762,794

Investment securities
308,090

 
328,482

 
343,282

 
364,737

 
379,566

Available for sale securities
10,747,439

 
9,435,668

 
8,883,054

 
8,704,963

 
8,129,214

Fair value option securities
1,553,879

 
898,772

 
594,349

 
277,575

 
469,398

Restricted equity securities
476,781

 
413,812

 
395,432

 
362,729

 
328,842

Residential mortgage loans held for sale
203,319

 
192,102

 
145,040

 
179,553

 
207,488

Loans:
 
 
 
 
 
 
 
 
 
Commercial
14,507,185

 
14,175,057

 
13,966,521

 
13,587,344

 
11,484,200

Commercial real estate
4,652,534

 
4,656,861

 
4,602,149

 
4,747,784

 
3,774,470

Residential mortgage
2,129,421

 
2,146,315

 
2,193,334

 
2,222,063

 
1,956,089

Personal
1,123,778

 
1,026,172

 
1,004,061

 
1,022,140

 
989,026

Total loans
22,412,918

 
22,004,405

 
21,766,065

 
21,579,331

 
18,203,785

Allowance for loan losses
(201,714
)
 
(205,532
)
 
(206,092
)
 
(209,613
)
 
(214,160
)
Total loans, net
22,211,204

 
21,798,873

 
21,559,973

 
21,369,718

 
17,989,625

Total earning assets
37,698,103

 
35,360,535

 
34,427,432

 
33,752,008

 
29,955,799

Cash and due from banks
717,338

 
703,294

 
705,411

 
731,700

 
578,905

Derivative contracts, net
331,834

 
328,802

 
262,927

 
299,319

 
294,126

Cash surrender value of bank-owned life insurance
385,190

 
384,974

 
382,538

 
379,893

 
322,038

Receivable on unsettled securities sales
1,742,794

 
1,437,462

 
1,224,700

 
799,548

 
768,785

Other assets
2,705,089

 
2,629,710

 
2,669,673

 
2,423,275

 
1,776,164

TOTAL ASSETS
$
43,580,348

 
$
40,844,777

 
$
39,672,681

 
$
38,385,743

 
$
33,695,817

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
 
 
Demand
$
9,759,710

 
$
9,883,965

 
$
9,988,088

 
$
10,648,683

 
$
9,325,002

Interest-bearing transaction
13,131,542

 
12,512,282

 
11,931,539

 
11,773,651

 
10,010,031

Savings
557,122

 
558,738

 
541,575

 
526,275

 
503,821

Time
2,251,800

 
2,207,391

 
2,153,277

 
2,146,786

 
2,097,441

Total deposits
25,700,174

 
25,162,376

 
24,614,479

 
25,095,395

 
21,936,295

Funds purchased and repurchase agreements
3,106,163

 
2,066,950

 
2,033,036

 
1,205,568

 
1,193,583

Other borrowings
8,125,023

 
7,175,617

 
7,040,279

 
6,361,141

 
5,765,440

Subordinated debentures
275,900

 
275,887

 
275,882

 
276,378

 
144,702

Derivative contracts, net
300,051

 
283,484

 
273,786

 
268,848

 
185,029

Due on unsettled securities purchases
745,893

 
821,688

 
453,937

 
493,887

 
544,263

Other liabilities
547,144

 
460,732

 
501,788

 
341,438

 
311,605

TOTAL LIABILITIES
38,800,348

 
36,246,734

 
35,193,187

 
34,042,655

 
30,080,917

Total equity
4,780,000

 
4,598,043

 
4,479,494

 
4,343,088

 
3,614,900

TOTAL LIABILITIES AND EQUITY
$
43,580,348

 
$
40,844,777

 
$
39,672,681

 
$
38,385,743

 
$
33,695,817



10



STATEMENTS OF EARNINGS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except per share data)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Interest revenue
$
395,207

 
$
303,247

 
$
1,162,101

 
$
862,834

Interest expense
116,111

 
62,364

 
319,471

 
163,653

Net interest revenue
279,096

 
240,883

 
842,630

 
699,181

Provision for credit losses
12,000

 
4,000

 
25,000

 
(1,000
)
Net interest revenue after provision for credit losses
267,096

 
236,883

 
817,630

 
700,181

Other operating revenue:
 
 
 
 
 
 
 
Brokerage and trading revenue
43,840

 
23,086

 
115,983

 
80,222

Transaction card revenue
22,015

 
21,396

 
64,668

 
63,361

Fiduciary and asset management revenue
43,621

 
57,514

 
132,004

 
141,038

Deposit service charges and fees
28,837

 
27,765

 
85,154

 
82,760

Mortgage banking revenue
30,180

 
23,536

 
82,145

 
75,907

Other revenue
17,626

 
12,900

 
42,825

 
39,781

Total fees and commissions
186,119

 
166,197

 
522,779

 
483,069

Other gains, net
4,544

 
2,754

 
11,000

 
6,040

Gain (loss) on derivatives, net
3,778

 
(2,847
)
 
19,595

 
(11,589
)
Gain (loss) on fair value option securities, net
4,597

 
(4,385
)
 
24,115

 
(25,290
)
Change in fair value of mortgage servicing rights
(12,593
)
 
5,972

 
(62,814
)
 
28,901

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

 
250

 
1,110

 
(802
)
Total other operating revenue
186,450

 
167,941

 
515,785

 
480,329

Other operating expense:
 
 
 
 
 
 
 
Personnel
162,573

 
143,531

 
492,143

 
422,425

Business promotion
8,859

 
7,620

 
26,875

 
21,316

Charitable contributions to BOKF Foundation

 

 
1,000

 

Professional fees and services
12,312

 
13,209

 
41,453

 
38,387

Net occupancy and equipment
27,558

 
23,394

 
83,959

 
70,201

Insurance
4,220

 
6,232

 
15,513

 
19,070

Data processing and communications
31,915

 
31,665

 
93,099

 
87,221

Printing, postage and supplies
3,825

 
3,837

 
12,817

 
11,937

Net losses and operating expenses of repossessed assets
1,728

 
4,044

 
4,304

 
14,471

Amortization of intangible assets
5,064

 
1,603

 
15,393

 
4,289

Mortgage banking costs
14,975

 
11,741

 
36,426

 
34,780

Other expense
6,263

 
5,741

 
20,604

 
19,426

Total other operating expense
279,292

 
252,617

 
843,586

 
743,523

 
 
 
 
 
 
 
 
Net income before taxes
174,254

 
152,207

 
489,829

 
436,987

Federal and state income taxes
32,396

 
34,662

 
99,926

 
98,940

 
 
 
 
 
 
 
 
Net income
141,858

 
117,545

 
389,903

 
338,047

Net income (loss) attributable to non-controlling interests
(373
)
 
289

 
(503
)
 
857

Net income attributable to BOK Financial Corporation shareholders
$
142,231

 
$
117,256

 
$
390,406

 
$
337,190

 
 
 
 
 
 
 
 
Average shares outstanding:
 
 
 
 
 
 
 
Basic
70,596,307

 
64,901,095

 
70,953,544

 
64,883,319

Diluted
70,609,924

 
64,934,351

 
70,968,845

 
64,919,728

 
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
Basic
$
2.00

 
$
1.79

 
$
5.47

 
$
5.15

Diluted
$
2.00

 
$
1.79

 
$
5.47

 
$
5.15




11



FINANCIAL HIGHLIGHTS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except ratio and share data)
 
Three Months Ended
 
Sept. 30, 2019
 
June 30, 2019
 
Mar. 31, 2019
 
Dec. 31, 2018
 
Sept. 30, 2018
Capital:
 
 
 
 
 
 
 
 
 
Period-end shareholders' equity
$
4,829,016

 
$
4,709,438

 
$
4,522,873

 
$
4,432,109

 
$
3,615,032

Risk weighted assets
$
32,159,139

 
$
32,040,741

 
$
31,601,558

 
$
30,742,295

 
$
27,398,072

Risk-based capital ratios:
 
 
 
 
 
 
 
 
 
Common equity tier 1
11.06
%
 
10.84
%
 
10.71
%
 
10.92
%
 
12.07
%
Tier 1
11.06
%
 
10.84
%
 
10.71
%
 
10.92
%
 
12.07
%
Total capital
12.56
%
 
12.34
%
 
12.24
%
 
12.50
%
 
13.37
%
Leverage ratio
8.41
%
 
8.75
%
 
8.76
%
 
8.96
%
 
9.90
%
Tangible common equity ratio1
8.72
%
 
8.69
%
 
8.64
%
 
8.82
%
 
9.55
%
 
 
 
 
 
 
 
 
 
 
Common stock:
 
 
 
 
 
 
 
 
 
Book value per share
$
68.15

 
$
66.15

 
$
63.30

 
$
61.45

 
$
55.25

Tangible book value per share
51.60

 
49.68

 
46.82

 
45.03

 
47.90

Market value per share:
 
 
 
 
 
 
 
 
 
High
$
84.35

 
$
88.17

 
$
93.72

 
$
98.29

 
$
105.22

Low
$
72.96

 
$
72.60

 
$
72.11

 
$
69.96

 
$
92.40

Cash dividends paid
$
35,472

 
$
35,631

 
$
35,885

 
$
35,977

 
$
32,591

Dividend payout ratio
24.94
%
 
25.90
%
 
32.44
%
 
33.17
%
 
27.79
%
Shares outstanding, net
70,858,010

 
71,193,770

 
71,449,982

 
72,122,932

 
65,434,258

Stock buy-back program:
 
 
 
 
 
 
 
 
 
Shares repurchased
336,713

 
250,000

 
705,609

 
525,000

 

Amount
$
25,937

 
$
20,125

 
$
60,577

 
$
45,057

 
$

Average price per share
$
77.03

 
$
80.50

 
$
85.85

 
$
85.82

 
$

 
 
 
 
 
 
 
 
 
 
Performance ratios (quarter annualized):
Return on average assets
1.29
%
 
1.35
%
 
1.13
%
 
1.12
%
 
1.38
%
Return on average equity
11.83
%
 
12.02
%
 
10.04
%
 
9.93
%
 
12.95
%
Net interest margin
3.01
%
 
3.30
%
 
3.30
%
 
3.40
%
 
3.21
%
Efficiency ratio
59.31
%
 
59.51
%
 
64.80
%
 
63.25
%
 
61.60
%
 
 
 
 
 
 
 
 
 
 
Reconciliation of non-GAAP measures:
1      Tangible common equity ratio:
 
 
 
 
 
 
 
 
 
Total shareholders' equity
$
4,829,016

 
$
4,709,438

 
$
4,522,873

 
$
4,432,109

 
$
3,615,032

Less: Goodwill and intangible assets, net
1,172,411

 
1,172,564

 
1,177,573

 
1,184,112

 
480,800

Tangible common equity
$
3,656,605

 
$
3,536,874

 
$
3,345,300

 
$
3,247,997

 
$
3,134,232

 
 
 
 
 
 
 
 
 
 
Total assets
$
43,127,205

 
$
41,893,073

 
$
39,882,962

 
$
38,020,504

 
$
33,289,864

Less: Goodwill and intangible assets, net
1,172,411

 
1,172,564

 
1,177,573

 
1,184,112

 
480,800

Tangible assets
$
41,954,794

 
$
40,720,509

 
$
38,705,389

 
$
36,836,392

 
$
32,809,064

 
 
 
 
 
 
 
 
 
 
Tangible common equity ratio
8.72
%
 
8.69
%
 
8.64
%
 
8.82
%
 
9.55
%
 
 
 
 
 
 
 
 
 
 

12



FINANCIAL HIGHLIGHTS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except ratio and share data)
 
Three Months Ended
 
Sept. 30, 2019
 
June 30, 2019
 
Mar. 31, 2019
 
Dec. 31, 2018
 
Sept. 30, 2018
Other data:
 
 
 
 
 
 
 
 
 
Tax equivalent interest
$
2,936

 
$
3,481

 
$
2,529

 
$
3,067

 
$
1,894

Net unrealized gain (loss) on available for sale securities
$
178,060

 
$
131,780

 
$
(2,609
)
 
$
(95,271
)
 
$
(216,793
)
 
 
 
 
 
 
 
 
 
 
Mortgage banking:
 
 
 
 
 
 
 
 
 
Mortgage production revenue
$
13,814

 
$
11,869

 
$
7,868

 
$
5,073

 
$
7,250

 
 
 
 
 
 
 
 
 
 
Mortgage loans funded for sale
$
877,280

 
$
729,841

 
$
510,527

 
$
497,353

 
$
651,076

Add: current period-end outstanding commitments
379,377

 
344,087

 
263,434

 
160,848

 
197,752

Less: prior period end outstanding commitments
344,087

 
263,434

 
160,848

 
197,752

 
251,231

Total mortgage production volume
$
912,570

 
$
810,494

 
$
613,113

 
$
460,449

 
$
597,597

 
 
 
 
 
 
 
 
 
 
Mortgage loan refinances to mortgage loans funded for sale
56
%
 
31
%
 
30
%
 
23
%
 
23
%
Gain on sale margin
1.51
%
 
1.46
%
 
1.28
%
 
1.10
%
 
1.21
%
 
 
 
 
 
 
 
 
 
 
Mortgage servicing revenue
$
16,366

 
$
16,262

 
$
15,966

 
$
16,807

 
$
16,286

Average outstanding principal balance of mortgage loans serviced for others
21,172,874

 
21,418,690

 
21,581,835

 
21,706,541

 
21,895,041

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
$
3,742

 
$
11,128

 
$
4,432

 
$
12,162

 
$
(2,843
)
Gain (loss) on fair value option securities, net
4,597

 
9,853

 
9,665

 
(282
)
 
(4,385
)
Gain (loss) on economic hedge of mortgage servicing rights
8,339

 
20,981

 
14,097

 
11,880

 
(7,228
)
Gain (loss) on changes in fair value of mortgage servicing rights
(12,593
)
 
(29,555
)
 
(20,666
)
 
(24,233
)
 
5,972

Loss on changes in fair value of mortgage servicing rights, net of economic hedges, included in other operating revenue
(4,254
)
 
(8,574
)
 
(6,569
)
 
(12,353
)
 
(1,256
)
Net interest revenue on fair value option securities2
1,245

 
1,296

 
1,129

 
695

 
1,100

Total economic cost of changes in the fair value of mortgage servicing rights, net of economic hedges
$
(3,009
)
 
$
(7,278
)
 
$
(5,440
)
 
$
(11,658
)
 
$
(156
)
2  
Actual interest earned on fair value option securities less internal transfer-priced cost of funds.



13



QUARTERLY EARNINGS TREND -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except ratio and per share data)
 
Three Months Ended
 
Sept. 30, 2019
 
June 30, 2019
 
Mar. 31, 2019
 
Dec. 31, 2018
 
Sept. 30, 2018
 
 
 
 
 
 
 
 
 
 
Interest revenue
$
395,207

 
$
390,820

 
$
376,074

 
$
365,592

 
$
303,247

Interest expense
116,111

 
105,388

 
97,972

 
79,906

 
62,364

Net interest revenue
279,096

 
285,432

 
278,102

 
285,686

 
240,883

Provision for credit losses
12,000

 
5,000

 
8,000

 
9,000

 
4,000

Net interest revenue after provision for credit losses
267,096

 
280,432

 
270,102

 
276,686

 
236,883

Other operating revenue:
 
 
 
 
 
 
 
 
 
Brokerage and trading revenue
43,840

 
40,526

 
31,617

 
28,101

 
23,086

Transaction card revenue
22,015

 
21,915

 
20,738

 
20,664

 
21,396

Fiduciary and asset management revenue
43,621

 
45,025

 
43,358

 
43,665

 
57,514

Deposit service charges and fees
28,837

 
28,074

 
28,243

 
29,393

 
27,765

Mortgage banking revenue
30,180

 
28,131

 
23,834

 
21,880

 
23,536

Other revenue
17,626

 
12,437

 
12,762

 
16,404

 
12,900

Total fees and commissions
186,119

 
176,108

 
160,552

 
160,107

 
166,197

Other gains (losses), net
4,544

 
3,480

 
2,976

 
(8,305
)
 
2,754

Gain (loss) on derivatives, net
3,778

 
11,150

 
4,667

 
11,167

 
(2,847
)
Gain (loss) on fair value option securities, net
4,597

 
9,853

 
9,665

 
(282
)
 
(4,385
)
Change in fair value of mortgage servicing rights
(12,593
)
 
(29,555
)
 
(20,666
)
 
(24,233
)
 
5,972

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

 
1,029

 
76

 
(1,999
)
 
250

Total other operating revenue
186,450

 
172,065

 
157,270

 
136,455

 
167,941

Other operating expense:
 
 
 
 
 
 
 
 
 
Personnel
162,573

 
160,342

 
169,228

 
160,706

 
143,531

Business promotion
8,859

 
10,142

 
7,874

 
9,207

 
7,620

Charitable contributions to BOKF Foundation

 
1,000

 

 
2,846

 

Professional fees and services
12,312

 
13,002

 
16,139

 
20,712

 
13,209

Net occupancy and equipment
27,558

 
26,880

 
29,521

 
27,780

 
23,394

Insurance
4,220

 
6,454

 
4,839

 
4,248

 
6,232

Data processing and communications
31,915

 
29,735

 
31,449

 
27,575

 
31,665

Printing, postage and supplies
3,825

 
4,107

 
4,885

 
5,232

 
3,837

Net losses and operating expenses of repossessed assets
1,728

 
580

 
1,996

 
2,581

 
4,044

Amortization of intangible assets
5,064

 
5,138

 
5,191

 
5,331

 
1,603

Mortgage banking costs
14,975

 
11,545

 
9,906

 
11,518

 
11,741

Other expense
6,263

 
8,212

 
6,129

 
6,907

 
5,741

Total other operating expense
279,292

 
277,137

 
287,157

 
284,643

 
252,617

Net income before taxes
174,254

 
175,360

 
140,215

 
128,498

 
152,207

Federal and state income taxes
32,396

 
37,580

 
29,950

 
20,121

 
34,662

Net income
141,858

 
137,780

 
110,265

 
108,377

 
117,545

Net income (loss) attributable to non-controlling interests
(373
)
 
217

 
(347
)
 
(79
)
 
289

Net income attributable to BOK Financial Corporation shareholders
$
142,231

 
$
137,563

 
$
110,612

 
$
108,456

 
$
117,256

 
 
 
 
 
 
 
 
 
 
Average shares outstanding:
 
 
 
 
 
 
 
 
 
Basic
70,596,307

 
70,887,063

 
71,387,070

 
71,808,029

 
64,901,095

Diluted
70,609,924

 
70,902,033

 
71,404,388

 
71,833,334

 
64,934,351

Net income per share:
 
 
 
 
 
 
 
 
 
Basic
$
2.00

 
$
1.93

 
$
1.54

 
$
1.50

 
$
1.79

Diluted
$
2.00

 
$
1.93

 
$
1.54

 
$
1.50

 
$
1.79


14



LOANS TREND -- UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
 
 
Sept. 30, 2019
 
June 30, 2019
 
Mar. 31, 2019
 
Dec. 31, 2018
 
Sept. 30, 2018
Commercial:
 
 
 
 
 
 
 
 
 
 
Energy
 
$
4,114,269

 
$
3,921,353

 
$
3,705,099

 
$
3,590,333

 
$
3,294,867

Services
 
3,266,249

 
3,309,458

 
3,287,563

 
3,258,192

 
2,603,862

Healthcare
 
3,032,968

 
2,926,510

 
2,915,885

 
2,799,277

 
2,437,323

Wholesale/retail
 
1,848,617

 
1,793,118

 
1,706,900

 
1,621,158

 
1,650,729

Public finance
 
744,840

 
795,659

 
803,083

 
804,550

 
418,578

Manufacturing
 
698,408

 
761,357

 
742,374

 
730,521

 
660,582

Other commercial and industrial
 
719,274

 
829,453

 
801,071

 
832,047

 
510,160

Total commercial
 
14,424,625

 
14,336,908

 
13,961,975

 
13,636,078

 
11,576,101

 
 
 
 
 
 
 
 
 
 
 
Commercial real estate:
 
 

 
 

 
 

 
 

 
 

Multifamily
 
1,324,839

 
1,300,372

 
1,210,358

 
1,288,065

 
1,120,166

Office
 
1,014,275

 
1,056,306

 
1,033,158

 
1,072,920

 
824,829

Retail
 
799,169

 
825,399

 
890,685

 
919,082

 
759,423

Industrial
 
873,536

 
828,569

 
767,757

 
778,106

 
696,774

Residential construction and land development
 
135,361

 
141,509

 
149,686

 
148,584

 
101,872

Other commercial real estate
 
478,877

 
557,878

 
549,007

 
558,056

 
301,611

Total commercial real estate
 
4,626,057

 
4,710,033

 
4,600,651

 
4,764,813

 
3,804,675

 
 
 
 
 
 
 
 
 
 
 
Residential mortgage:
 
 

 
 

 
 

 
 

 
 

Permanent mortgage
 
1,066,460

 
1,088,370

 
1,098,481

 
1,122,610

 
1,094,926

Permanent mortgages guaranteed by U.S. government agencies
 
191,764

 
195,373

 
193,308

 
190,866

 
180,718

Home equity
 
859,079

 
887,079

 
900,831

 
916,557

 
696,098

Total residential mortgage
 
2,117,303

 
2,170,822

 
2,192,620

 
2,230,033

 
1,971,742

 
 
 
 
 
 
 
 
 
 
 
Personal
 
1,117,382

 
1,037,889

 
1,003,734

 
1,025,806

 
996,941

 
 
 
 
 
 
 
 
 
 
 
Total
 
$
22,285,367

 
$
22,255,652

 
$
21,758,980

 
$
21,656,730

 
$
18,349,459


15



LOANS BY PRINCIPAL MARKET AREA -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands)
 
Sept. 30, 2019
 
June 30, 2019
 
Mar. 31, 2019
 
Dec. 31, 2018
 
Sept. 30, 2018
 
 
 
 
 
 
 
 
 
 
Oklahoma:
 
 
 
 
 
 
 
 
 
Commercial
$
3,690,100

 
$
3,762,234

 
$
3,551,054

 
$
3,491,117

 
$
3,609,109

Commercial real estate
679,786

 
717,970

 
665,190

 
700,756

 
651,315

Residential mortgage
1,370,452

 
1,403,398

 
1,417,381

 
1,440,566

 
1,429,843

Personal
383,246

 
382,764

 
374,807

 
375,543

 
376,201

Total Oklahoma
6,123,584

 
6,266,366

 
6,008,432

 
6,007,982

 
6,066,468

 
 
 
 
 
 
 
 
 
 
Texas:
 
 
 
 
 
 
 
 
 
Commercial
6,220,227

 
5,877,265

 
5,754,018

 
5,438,133

 
5,115,646

Commercial real estate
1,292,116

 
1,341,609

 
1,344,810

 
1,341,783

 
1,354,679

Residential mortgage
273,931

 
272,878

 
265,927

 
266,805

 
253,265

Personal
475,430

 
400,585

 
396,794

 
394,743

 
381,452

Total Texas
8,261,704

 
7,892,337

 
7,761,549

 
7,441,464

 
7,105,042

 
 
 
 
 
 
 
 
 
 
New Mexico:
 
 
 
 
 
 
 
 
 
Commercial
335,409

 
350,520

 
342,915

 
340,489

 
325,048

Commercial real estate
374,331

 
385,058

 
371,416

 
383,670

 
392,494

Residential mortgage
81,383

 
82,390

 
85,326

 
87,346

 
88,110

Personal
10,887

 
10,236

 
11,065

 
10,662

 
11,659

Total New Mexico
802,010

 
828,204

 
810,722

 
822,167

 
817,311

 
 
 
 
 
 
 
 
 
 
Arkansas: