BOK Financial Reports $55 Million First Quarter Earnings

Announces Increase in Cash Dividend
TULSA, Okla.--(Business Wire)--
BOK Financial Corporation (NASDAQ: BOKF)reported net income of $55.0 million or
$0.81 per diluted share for the first quarter of 2009, up $19.6 million or 55%
over the fourth quarter of 2008. Net income for the first quarter of 2008 was
$62.3 million or $0.92 per diluted share including after-tax gains from the sale
of Visa, Inc. Class B common stock and reversal of accrued contingent
liabilities related to Visa of $6.2 million or $0.09 per diluted share.

"BOK Financial is pleased to report a strong start to 2009 as we continue to
manage the challenges of the current recession," said President and CEO Stan
Lybarger. "Our solid capital and liquidity positions and diverse revenue sources
have allowed us to perform much better than the industry as a whole. This
prompted us to increase our quarterly cash dividend by 7% beginning in the
second quarter."

Highlights of the first quarter of 2009 included:

* Pre-tax net operating income, which we define as net interest revenue plus
fees and commissions revenue less operating expenses (excluding changes in the
fair value of mortgage servicing rights) was $123.6 million for the first
quarter of 2009, $128.4 million for the fourth quarter of 2008 and $109.3
million for the first quarter of 2008. Pre-tax net operating income is a measure
of the Company`s ongoing ability to generate earnings to absorb credit,
impairment and other losses.
* Net interest revenue totaled $169.8 million, down $6.6 million compared to the
fourth quarter of 2008 and up $22.7 million or 15% over the first quarter of
2008. Net interest margin was 3.47% for the first quarter of 2009, 3.57% for the
fourth quarter of 2008 (3.42% excluding the 15 basis point favorable LIBOR
spread, as previously disclosed) and 3.31% for the first quarter of 2008.
* Fees and commissions revenue totaled $121.5 million for the first quarter of
2009, $110.9 million for the fourth quarter of 2008 and $113.9 million for the
first quarter of 2008. Mortgage banking revenue grew $11.3 million or 156% over
the fourth quarter of 2008 driven by increased volume in refinancing due to
government initiatives to lower national mortgage interest rates.
* Other-than-temporary impairment charges reduced pre-tax income by $15.0
million in the first quarter of 2009 and $5.3 million in the first quarter of
2008. No other-than-temporary impairment charges were recognized in the fourth
quarter of 2008. Impairment charges were recognized for certain preferred stocks
and privately-issued mortgage-backed securities.
* Combined reserve for credit losses totaled $262 million or 2.07% of
outstanding loans at March 31, 2009, up from $248 million or 1.93% of
outstanding loans at December 31, 2008. Net loans charged off and provision for
credit losses were $31.9 million and $45.0 million, respectively for the first
quarter of 2009. Net loans charged off and provision for credit losses were
$33.7 million and $73.0 million, respectively, for the fourth quarter of 2008
and $8.9 million and $17.6 million, respectively, for the first quarter of 2008.

* Non-performing assets totaled $414 million or 3.26% of outstanding loans and
repossessed assets at March 31, 2009. Non-performing assets totaled $342 million
or 2.65% of outstanding loans and repossessed assets at December 31, 2008.
* Average deposit accounts totaled $14.9 billion for the first quarter of 2009,
up $756 million compared with average deposits for the fourth quarter of 2008.
Total period-end deposits were $15.3 billion at March 31, 2009.
* The Company`s Tier 1 and tangible common equity ratios were 9.76% and 6.84%,
respectively at March 31, 2009. Tier 1 and tangible common equity ratios were
9.42% and 6.64%, respectively, at December 31, 2008. The Company chose not to
participate in the U.S. Treasury`s TARP Capital Purchase Program.
* The Company paid a cash dividend of $15.0 million or $0.225 per common share
during the first quarter of 2009. On April 28, 2009, the board of directors
declared an increase in the cash dividend to $0.24 per common share payable on
or about May 29, 2009 to shareholders of record as of May 15, 2009.

Net Interest Revenue

Net interest revenue totaled $169.8 million, down $6.6 million compared to the
fourth quarter of 2008 and up $22.7 million or 15% over the first quarter of
2008. Net interest margin was 3.47% for the first quarter of 2009, 3.57% for the
fourth quarter of 2008 and 3.31% for the first quarter of 2008. As previously
disclosed, the decrease in the net interest margin from the fourth quarter of
2008 was primarily due to the spread between LIBOR and the federal funds rate
returning to a historically normal level. LIBOR is the basis for interest earned
on many of our loans and the federal funds rate is the basis for interest paid
on many interest-bearing liabilities. This spread positively impacted net
interest margin in the fourth quarter of 2008 by 15 basis points. Net interest
margin excluding the narrowed LIBOR / federal funds rate spread increased by 5
basis points over the fourth quarter of 2008.

Average earning assets for the first quarter of 2009 increased $477 million
compared to the previous quarter, primarily due to a $447 million increase in
average securities. Average outstanding loans decreased $42 million due
primarily to lower outstanding commercial loan balances. Residential mortgage
loans held for sale increased $80 million due to refinancing activity.

"A special focus has been placed on growing deposits to enhance our strong
liquidity position," said Lybarger. "We have succeeded in growing deposits
while, at the same time, reducing deposit costs."

Average deposits increased $756 million compared with the fourth quarter of
2008, including a $494 million increase in average interest-bearing transaction
accounts, a $152 million increase in average demand deposits, and a $106 million
increase in average time deposits. Average funds purchased, repurchase
agreements and other borrowed funds decreased $361 million from the fourth
quarter of 2008.

Fees and Commission Revenue

Fees and commissions revenue totaled $121.5 million for the first quarter of
2009, $110.6 million for the fourth quarter of 2008 and $113.9 million for the
first quarter of 2008. The $10.9 million increase in fees and commissions
revenue from the previous quarter was primarily due to an $11.3 million increase
in mortgage banking revenue. Mortgage loan originations increased $494 million
due to government initiatives to lower national mortgage interest rates.
Decreases in trust revenue and deposits fees were largely offset by growth in
brokerage and trading revenue.

Operating Expenses

Operating expenses totaled $165.8 million for the first quarter of 2009, down
$19.6 million from the preceding quarter. Excluding changes in the fair value of
mortgage servicing rights, operating expense increased $8.7 million over the
fourth quarter of 2008. Personnel expenses increased $4.9 million over the
fourth quarter of 2008 primarily due to seasonal increases in payroll taxes and
other employee benefit costs. In addition, the Company experienced an increase
of $2.4 million over the previous quarter due to higher FDIC insurance premiums,
$2.5 million increase in mortgage banking expenses and $800 thousand increase in
net losses and operating expenses related to repossessed assets.

Credit Quality

Non-performing assets continued to increase during the first quarter of 2009.
"We are continuing to work closely with borrowers adversely affected by the
recession and expect those efforts to remain a major focus throughout the
balance of the year," Lybarger said. "We have no plans to liquidate
non-performing assets at depressed prices and will selectively retain assets to
maximize value."

Non-performing assets totaled $414 million or 3.26% of outstanding loans and
repossessed assets at March 31, 2009, up $72 million since December 31, 2008.
Non-performing assets included $11 million of restructured residential mortgage
loans guaranteed by agencies of the U.S. government and $11 million of other
loans guaranteed by cash escrow funds. Non-accruing energy loans included $47
million that represents approximately one-third of the pre-bankruptcy amount due
from a single borrower.

Non-accruing loans totaled $339 million or 2.68% of outstanding loans at March
31, 2009, compared with $300 million or 2.33% of outstanding loans at December
31, 2008. Growth in non-accruing loans was concentrated primarily in the Arizona
market. Approximately $112 million or 20% of loans in the Arizona market were
non-accruing at March 31, 2009, up from $81 million or 14% at December 31, 2008.
Non-accruing loans in Oklahoma and Texas, the Company`s largest markets, totaled
$106 million or 1.82% of outstanding loans and $55 million or 1.52% of
outstanding loans, respectively, at March 31, 2009.

Non-accruing commercial loans totaled $129 million or 1.81% of total commercial
loans at March 31, 2009. Non-accruing commercial loans have decreased $6.3
million since December 31, 2008. Energy loans totaled $2.3 billion at March 31,
2009 and are the largest component of the commercial loan portfolio. BOK
Financial has always been an energy lender and this continues to be an area of
expertise. The energy sector will be challenged if commodity pricing remains in
its current range for an extended period of time. The Company analyzes rigorous
stress tests over a range of commodity prices and takes proactive steps to
mitigate risk when appropriate.

Non-accruing commercial real estate loans totaled $175 million or 6.42% of
outstanding commercial real estate loans at March 31, 2009. Total non-accruing
commercial real estate loans increased $38 million since December 31, 2008,
including a $24 million increase in loans secured by land, residential lots and
residential construction properties and a $16 million increase in loans secured
by commercial office buildings. Non-accruing commercial real estate loans
attributed to various markets included $102 million in Arizona, $26 million in
Oklahoma, $23 million in Colorado and $10 million in New Mexico.

Non-accruing consumer loans primarily consist of permanent residential mortgage
loans which totaled $33 million or 1.80% of outstanding residential mortgage
loans at March 31, 2009, a $6.6 million increase over December 31, 2008. The
distribution of non-accruing residential mortgage loans among various markets
included $11 million in Oklahoma and $11 million in Texas and $6 million in
Arizona.

The combined reserve for credit losses totaled $262 million or 2.07% of
outstanding loans and 77% of non-accruing loans at March 31, 2009. The allowance
for loan losses was $251 million and the reserve for off-balance sheet credit
losses was $11 million. During the first quarter of 2009, the Company recognized
a $45.0 million provision for credit losses. Net losses charged against the
allowance for loan losses totaled $31.9 million or 1.00% annualized of average
outstanding loans. At December 31, 2008, the combined allowance for loan losses
and off-balance sheet credit losses was $248 million or 1.93% of outstanding
loans and 83% of non-accruing loans. During the fourth quarter of 2008, the
Company recognized a $73.0 million provision for credit losses. Net losses
charged against the allowance for loan losses totaled $33.7 million or 1.05%
annualized of average outstanding loans.

Real estate and other repossessed assets totaled $61 million at March 31, 2009,
up $32 million from December 31, 2008. Real estate and other repossessed assets
included $34 million of 1-4 family residential properties and residential land
development properties, $11 million of developed commercial real estate
properties, $8 million of equipment, $6 million of undeveloped land and $2
million of automobiles. The distribution of real estate owned and other
repossessed assets among various markets included $16 million in Arizona, $12
million in Texas, $9 million in Kansas City, $8 million in New Mexico and $6
million in Arkansas.

The Company also has off-balance sheet obligations related to certain community
development residential mortgage loans sold to U.S. government agencies with
recourse. These mortgage loans were underwritten to standards approved by the
agencies, including full documentation and originated under programs available
only for owner-occupied properties. The outstanding principal balance of these
loans totaled $379 million at March 31, 2009. All of these loans are to
borrowers in the Company`s primary market areas, including $266 million in
Oklahoma, $41 million in Arkansas, $21 million in New Mexico, $18 million in
Kansas City and $17 million in Texas. At March 31, 2009, approximately 3.71% of
these loans are non-performing. A separate reserve for credit risk of $9.2
million is available for losses on these loans.

Securities and Derivatives

The Company`s securities portfolio totaled $7.7 billion at March 31, 2009, up
$665 million since December 31, 2008. The increase in securities portfolio
included $589 million of net securities purchased and a $69 million increase in
the net fair value of available for sale securities. The available for sale
portfolio consisted primarily of mortgage-backed securities, including $5.6
billion fully backed by U.S. government agencies and $1.2 billion privately
issued by publicly owned financial institutions. The portfolio does not hold any
securities backed by sub-prime mortgage loans, collateralized debt obligations
or collateralized loan obligations. The Company holds no debt of corporate
issuers.

Net unrealized losses on the Company`s portfolio of available for sale debt
securities totaled $262 million at March 31, 2009, a $69 million improvement
from December 31, 2008. The decrease in net unrealized losses during the first
quarter included a $52 million decrease in net unrealized losses on U.S.
government-issued mortgage-backed securities and a $17 million decrease in net
unrealized losses on privately-issued mortgage-backed securities.

Approximately $437 million of the privately-issued mortgage-backed securities
were rated below investment grade by at least one nationally-recognized rating
agency. The aggregate unrealized losses on securities rated below investment
grade totaled $160 million at March 31, 2009. The Company completed an
other-than-temporary impairment analysis using criteria recently issued by the
Financial Accounting Standards Board. Based on this analysis, the Company
determined that mortgage-backed securities with unrealized losses of $46 million
were other-than-temporarily impaired. Further analysis determined that the
estimated credit loss to be recognized in earnings on these securities was $7.0
million. The remaining impairment was recognized in equity.

The securities portfolio also included preferred stocks issued by six financial
institutions. The fair value of these preferred stocks declined to $16 million
at March 31, 2009 from $22 million at December 31, 2008. Although none of these
institutions is in default, due to the negative outlook for the financial
services sector in 2009, one of these issuers was downgraded to below investment
grade by at least one nationally recognized rating agency. Based on an
assessment of current and anticipated market conditions, the Company recognized
an other-than-temporary impairment of $8.0 million on these preferred stocks in
the first quarter of 2009. At March 31, the remaining carrying value of these
securities is $24 million.

Net gains on securities totaled $20.1 million for the first quarter of 2009,
compared with a net gain of $20.2 million for the fourth quarter of 2008 and of
$9.9 million for the first quarter of 2008.

Quarter Ended
March 31 December 31 March 31
2009 2008 2008

Gain on available for sale securities $ 22,226 $ 5,067 $ 2,936
Gain (loss) on mortgage hedge securities (2,118 ) 15,089 191
Gain on Visa IPO securities - - 6,799
Net gains on securities $ 20,108 $ 20,156 $ 9,926

Gain (loss) on change in fair value of mortgage servicing rights $ 1,955 $ (26,432 ) $ (1,762 )

The Company recognized $22.2 million of gains on the sale of $735 million of
available for sale securities in the first quarter of 2009. These securities
were purchased at deep discounts near the beginning of the recent market
disruption. Securities sold were low coupon mortgage-backed securities. These
were replaced with higher coupon securities that will have superior future
yields.

The fair value of our mortgage servicing rights was $50 million at March 31,
2009. BOK Financial maintains a portfolio of mortgage-backed securities as an
economic hedge against changes in the fair value of our servicing rights. The
relationship between changes in the fair value of these securities and mortgage
servicing rights returned to a more historically normal level during the first
quarter of 2009.

The Company also has a portfolio of derivative contracts held for customer risk
management programs and internal interest rate risk management programs. At
March 31, 2009, the fair value of all asset contracts totaled $551 million, net
of cash margin held by the Company. The largest net amount due from a single
counterparty, a domestic subsidiary of a major energy company, at March 31, 2009
was $187 million. This amount was fully offset by letters of credit issued by
independent financial institutions.

Balance Sheet Management

Outstanding loans at March 31, 2009 were $12.6 billion, a decrease of $236
million from December 31, 2008. Commercial loans decreased $310 million from
December 31, 2008. Outstanding balances were down across most sectors of the
commercial loan portfolio. Residential mortgage loans increased $67 million from
the prior quarter primarily due to increased originations driven by lower
interest rates. Commercial real estate loans also increased over the prior
quarter by $31 million. Consumer loans decreased $24 million compared to the
prior quarter due to a $42 million decrease in indirect automobile loans. The
Company intentionally exited that business during the first quarter of 2009 in
favor of a customer-focused direct lending approach.

Total deposits increased $288 million during the first quarter and totaled $15.3
billion at March 31, 2009. Consumer banking deposits increased $353 million or
6% and wealth management deposits increased $335 million or 12% during the first
quarter. Commercial banking deposits grew by $14 million. Deposit growth in our
primary lines of business was partially offset by decreases in brokered deposits
and other non-core deposit sources. The cost of our interest-bearing deposits
was 1.76% for the first quarter of 2009 and 2.29% for the fourth quarter of
2008.

The Company and each of its subsidiary banks exceeded the regulatory definition
of well capitalized at March 31, 2009. The Company`s Tier 1 and tangible common
equity ratios were 9.76% and 6.84%, respectively, at March 31, 2009. Tier 1 and
tangible common equity ratios were 9.42% and 6.64%, respectively, at December
31, 2008. The increase in tangible common equity ratio was primarily due to
retained earnings and reduced unrealized losses on securities. In addition, the
Company`s total capital ratio was 13.20% at March 31, 2009 and 12.84% at
December 31, 2008.

BOK Financial chose not to participate in the TARP Capital Purchase Program.
Participation in the TARP Capital Purchase Program places restrictions on
dividend increases and is now forcing companies that participated to reduce or
eliminate dividends in an effort to conserve capital to repay the government.
Since 2008, 186 publicly traded banks and thrifts have cut their dividends. In
contrast, on April 28, 2009, BOK Financial`s board of directors declared an
increase in the quarterly cash dividend to $0.24 per common share from $0.225
per common share.

About BOK Financial Corporation

BOK Financial is a regional financial services company that provides commercial
and consumer banking, investment and trust services, mortgage origination and
servicing, and an electronic funds transfer network. Holdings include Bank of
Albuquerque, N.A., Bank of Arizona, N.A., Bank of Arkansas, N.A., Bank of
Oklahoma, N.A., Bank of Texas, N.A., Colorado State Bank & Trust, N.A., Bank of
Kansas City, N.A., BOSC, Inc., Cavanal Hill Investment Management, Inc., the
TransFund electronic funds network, and Southwest Trust Company, N.A. Shares of
BOK Financial are traded on the NASDAQ under the symbol BOKF. For more
information, visit www.bokf.com.

The Company will continue to evaluate critical assumptions and estimates, such
as the adequacy of the allowance for credit losses and asset impairment as of
March 31, 2009 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," 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 involve judgments as to future events and are inherently forward-looking
statements. Assessments that BOK Financial`s acquisitions and other growth
endeavors will be profitable are necessary statements of belief as to the
outcome of future events based in part on information provided by others which
BOK Financial has not independently verified. These statements are not
guarantees of future performance and involve certain risks, uncertainties, and
assumptions which are difficult to predict with regard to timing, extent,
likelihood and degree of occurrence. Therefore, actual results and outcomes may
materially differ from what is expected, implied or forecasted in such
forward-looking statements. Internal and external factors that might cause such
a difference include, but are not limited to (1) the ability to fully realize
expected cost savings from mergers within the expected time frames, (2) the
ability of other companies on which BOK Financial relies to provide goods and
services in a timely and accurate manner, (3) changes in interest rates and
interest rate relationships, (4) demand for products and services, (5) the
degree of competition by traditional and nontraditional competitors, (6) changes
in banking regulations, tax laws, prices, levies and assessments, (7) the impact
of technological advances and (8) trends in consumer behavior as well as their
ability to repay loans. BOK Financial and its affiliates undertake no obligation
to update, amend or clarify forward-looking statements, whether as a result of
new information, future events, or otherwise.

BALANCE SHEETS
BOK FINANCIAL CORPORATION
(In thousands)

Period Ended
March 31, December 31, March 31,
2009 2008 2008
(Unaudited) (Unaudited)
ASSETS
Cash and due from banks $ 686,976 $ 581,133 $ 642,224
Trading securities 128,179 99,601 93,081
Funds sold and resell agreements 27,197 113,809 23,291
Securities:
Available for sale 6,991,803 6,391,451 5,652,220
Investment 251,848 242,344 256,255
Mortgage trading securities 454,493 399,211 182,533
Total securities 7,698,144 7,033,006 6,091,008
Residential mortgage loans held for sale 245,791 129,246 91,905
Loans:
Commercial 7,101,530 7,411,603 6,956,858
Commercial real estate 2,732,081 2,701,248 2,831,924
Residential mortgage 1,819,950 1,752,574 1,529,769
Consumer 986,355 1,010,581 977,204
Total loans 12,639,916 12,876,006 12,295,755
Less reserve for loan losses (251,002 ) (233,236 ) (136,584 )
Loans, net of reserve 12,388,914 12,642,770 12,159,171
Premises and equipment, net 281,300 277,458 261,814
Accrued revenue receivable 104,205 96,673 128,224
Intangible assets, net 359,523 361,209 366,051
Mortgage servicing rights, net 50,246 42,752 69,794
Real estate and other repossessed assets 61,383 29,179 15,112
Bankers' acceptances 9,316 12,913 12,590
Derivative contracts 551,316 452,604 716,173
Cash surrender value of bank-owned life insurance 239,348 237,006 228,786
Receivable on unsettled securities trades - 239,474 -
Other assets 501,604 385,815 226,727
TOTAL ASSETS $ 23,333,442 $ 22,734,648 $ 21,125,951

LIABILITIES AND EQUITY
Deposits:
Demand $ 3,050,896 $ 3,082,379 $ 2,747,014
Interest-bearing transaction 6,627,222 6,562,350 6,438,665
Savings 168,644 154,635 160,621
Time 5,423,659 5,183,243 3,983,160
Total deposits 15,270,421 14,982,607 13,329,460
Funds purchased and repurchase agreements 2,217,081 3,025,399 2,910,237
Other borrowings 2,276,430 1,522,054 1,802,388
Subordinated debentures 398,443 398,407 398,306
Accrued interest, taxes, and expense 146,111 133,220 133,939
Bankers' acceptances 9,316 12,913 12,590
Due on unsettled securities trades 311,133 - 16,824
Derivative contracts 640,275 667,034 378,243
Other liabilities 118,181 132,902 132,015
TOTAL LIABILITIES 21,387,391 20,874,536 19,114,002
Shareholders' equity:
Capital, surplus and retained earnings 2,111,823 2,069,143 2,018,246
Accumulated other comprehensive loss (180,523 ) (222,886 ) (25,676 )
TOTAL SHAREHOLDERS' EQUITY 1,931,300 1,846,257 1,992,570
Non-controlling interest 14,751 13,855 19,379
TOTAL EQUITY 1,946,051 1,860,112 2,011,949
TOTAL LIABILITIES AND EQUITY $ 23,333,442 $ 22,734,648 $ 21,125,951

AVERAGE BALANCE SHEETS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)

Quarter Ended
March 31, December 31, September 30, June 30, March 31,
2009 2008 2008 2008 2008

ASSETS
Trading securities $ 111,962 $ 78,840 $ 66,419 $ 74,058 $ 74,957
Funds sold and resell agreements 50,701 48,246 79,862 72,444 80,735
Securities:
Available for sale 6,645,086 6,409,906 5,945,220 5,880,844 5,438,655
Investment 238,562 242,503 239,655 249,723 248,974
Mortgage trading securities 453,304 237,319 126,837 155,612 201,199
Total securities 7,336,952 6,889,728 6,311,712 6,286,179 5,888,828
Residential mortgage loans held for sale 201,135 121,184 116,533 105,925 84,291
Loans:
Commercial 7,182,481 7,452,799 7,228,814 6,976,292 6,841,006
Commercial real estate 2,762,789 2,716,465 2,696,503 2,802,292 2,784,640
Residential mortgage 1,841,006 1,641,023 1,655,710 1,606,518 1,510,238
Consumer 998,489 1,016,409 1,015,796 1,035,985 961,104
Total loans 12,784,765 12,826,696 12,596,823 12,421,087 12,096,988
Less allowance for loan losses (252,734 ) (209,319 ) (182,844 ) (145,524 ) (131,709 )
Total loans, net 12,532,031 12,617,377 12,413,979 12,275,563 11,965,279
Total earning assets 20,232,781 19,755,374 18,988,504 18,814,168 18,094,090
Cash and due from banks 661,433 534,039 499,992 524,922 543,232
Cash surrender value of bank-owned life insurance 237,805 235,195 232,465 229,731 230,283
Derivative contracts 476,091 352,083 900,777 896,569 513,696
Other assets 1,335,259 1,394,960 1,199,425 1,142,910 1,115,752
TOTAL ASSETS $ 22,943,369 $ 22,271,651 $ 21,821,163 $ 21,608,300 $ 20,497,053

LIABILITIES AND EQUITY
Deposits:
Demand $ 2,864,751 $ 2,712,384 $ 2,739,209 $ 2,634,038 $ 2,443,201
Interest-bearing transaction 6,610,805 6,116,465 6,565,935 6,420,291 6,267,021
Savings 159,537 155,784 159,856 159,798 156,953
Time 5,215,091 5,109,303 4,792,366 4,076,167 4,225,141
Total deposits 14,850,184 14,093,936 14,257,366 13,290,294 13,092,316
Funds purchased and repurchase agreements 2,562,066 3,095,054 3,061,186 3,126,110 3,061,783
Other borrowings 2,158,963 1,986,857 1,390,233 2,267,076 1,340,846
Subordinated debentures 398,425 398,392 398,361 398,336 398,241
Derivative contracts 641,974 494,778 509,057 239,211 297,660
Other liabilities 416,242 293,752 258,775 282,656 301,994
TOTAL LIABILITIES 21,027,854 20,362,769 19,874,978 19,603,683 18,492,840
Total equity 1,915,515 1,908,882 1,946,185 2,004,617 2,004,213
TOTAL LIABILITIES AND EQUITY $ 22,943,369 $ 22,271,651 $ 21,821,163 $ 21,608,300 $ 20,497,053

STATEMENTS OF EARNINGS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except per share data)

Quarter Ended
March 31,
2009 2008

Interest revenue $ 233,227 $ 276,041
Interest expense 63,382 128,913
Net interest revenue 169,845 147,128
Provision for credit losses 45,040 17,571
Net interest revenue after provision for credit losses 124,805 129,557

Other operating revenue
Brokerage and trading revenue 24,699 23,913
Transaction card revenue 25,428 23,558
Trust fees and commissions 16,510 20,796
Deposit service charges and fees 27,405 27,686
Mortgage banking revenue 18,498 8,034
Bank-owned life insurance 2,317 2,512
Margin asset fees 67 1,967
Other revenue 6,583 5,391
Total fees and commissions 121,507 113,857
Gain (loss) on other assets 143 4
Gain (loss) on derivatives, net (1,664 ) 2,113
Gain (loss) on securities, net 20,108 9,926
Total other-than-temporary impairment losses (54,368 ) (5,306 )
Portion of loss recognized in other comprehensive income (39,366 ) -
Net impairment losses recognized in earnings (15,002 ) (5,306 )
Total other operating revenue 125,092 120,594

Other operating expense
Personnel 92,627 88,106
Business promotion 4,428 4,639
Professional fees and services 6,512 5,648
Net occupancy and equipment 16,258 15,061
Insurance 5,638 3,710
Data processing and communications 19,306 18,893
Printing, postage and supplies 4,571 4,419
Net (gains) losses and operating expenses of repossessed assets 1,806 378
Amortization of intangible assets 1,686 1,925
Mortgage banking costs 7,467 5,681
Change in fair value of mortgage servicing rights (1,955 ) 1,762
Visa retrospective responsibility obligation - (2,767 )
Other expense 7,450 5,949
Total other operating expense 165,794 153,404

Net income before taxes 84,103 96,747
Federal and state income taxes 28,838 34,450

Net income before non-controlling interest 55,265 62,297
Non-controlling interest income (expense), net (233 ) (32 )

Net income attributable to BOK Financial Corporation $ 55,032 $ 62,265

Average shares outstanding:
Basic 67,315,986 67,202,128
Diluted 67,387,102 67,504,288

Net income per share:
Basic $ 0.81 $ 0.92
Diluted $ 0.81 $ 0.92

FINANCIAL HIGHLIGHTS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except ratio and share data)

Quarter Ended
March 31, December 31, September 30, June 30, March 31,
2009 2008 2008 2008 2008

Capital:
Period-end shareholders' equity $ 1,931,300 $ 1,846,257 $ 1,940,503 $ 1,942,376 $ 1,992,570
Risk-based capital ratios:
Tier 1 9.76 % 9.42 % 9.25 % 8.69 % 9.35 %
Total capital 13.20 % 12.84 % 12.55 % 11.69 % 12.44 %
Leverage ratio 7.85 % 7.89 % 7.94 % 7.83 % 8.23 %
Period-end tangible common equity ratio 6.84 % 6.64 % 7.16 % 7.15 % 7.83 %

Common stock:
Book value per share $ 28.57 $ 27.36 $ 28.78 $ 28.78 $ 29.57

Market value per share:
High $ 40.71 $ 54.42 $ 53.94 $ 60.74 $ 55.23
Low $ 22.95 $ 38.40 $ 38.61 $ 49.11 $ 46.82

Cash dividends paid $ 15,027 $ 15,358 $ 15,170 $ 15,180 $ 13,484
Dividend payout ratio 27.31 % 43.33 % 26.76 % (1307.49 %) 21.66 %
Shares outstanding, net 67,589,045 67,473,086 67,433,837 67,488,388 67,383,318
Stock buy-back program:
Shares repurchased - - 75,000 - 91,114
Amount $ - $ - $ 3,337,000 $ - $ 4,655,477
Average price per share $ - $ - $ 44.49 $ - $ 51.10

Performance ratios (quarter annualized):
Return on average assets 0.97 % 0.63 % 1.03 % (0.02 %) 1.22 %
Return on average equity 11.65 % 7.39 % 11.59 % (0.23 %) 12.50 %
Net interest margin 3.47 % 3.57 % 3.48 % 3.44 % 3.31 %
Efficiency ratio 57.10 % 54.94 % 54.19 % 70.52 % 57.60 %

Other data:
Gain (loss) on economic hedge of mortgage servicing rights $ (2,118 ) $ 15,089 $ 1,186 $ (5,518 ) $ 191
Trust assets $ 28,700,791 $ 30,454,512 $ 33,242,296 $ 34,433,874 $ 35,524,730
Mortgage servicing portfolio $ 5,515,893 $ 5,256,159 $ 5,167,584 $ 5,075,285 $ 4,967,384
Mortgage loan fundings during the quarter $ 708,561 $ 214,521 $ 258,171 $ 288,937 $ 256,617
Mortgage loan refinances to total fundings 73.51 % 34.84 % 25.14 % 36.76 % 51.19 %
Tax equivalent adjustment $ 2,105 $ 2,063 $ 1,927 $ 2,084 $ 2,154
Unrealized gain (loss) on available for sale securities $ (261,856 ) $ (330,973 ) $ (158,652 ) $ (91,226 ) $ (28,375 )

QUARTERLY EARNINGS TRENDS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except ratio and per share data)

Quarter Ended
March 31, December 31, September 30, June 30, March 31,
2009 2008 2008 2008 2008

Interest revenue $ 233,227 $ 262,160 $ 263,358 $ 260,086 $ 276,041
Interest expense 63,382 85,713 99,010 101,147 128,913
Net interest revenue 169,845 176,447 164,348 158,939 147,128
Provision for credit losses 45,040 73,001 52,711 59,310 17,571
Net interest revenue after provision for credit losses 124,805 103,446 111,637 99,629 129,557

Other operating revenue
Brokerage and trading revenue 24,699 23,507 30,846 (35,462 ) 23,913
Transaction card revenue 25,428 25,177 25,632 25,786 23,558
Trust fees and commissions 16,510 17,143 20,100 20,940 20,796
Deposit service charges and fees 27,405 29,239 30,404 30,199 27,686
Mortgage banking revenue 18,498 7,217 7,145 8,203 8,034
Bank-owned life insurance 2,317 2,682 2,829 2,658 2,512
Margin asset fees 67 187 1,934 4,460 1,967
Other revenue 6,583 5,778 7,768 6,965 5,391
Total fees and commissions 121,507 110,930 126,658 63,749 113,857
Gain (loss) on other assets 143 (7,420 ) (841 ) (1,149 ) 4
Gain (loss) on derivatives, net (1,664 ) (2,219 ) 4,366 (2,961 ) 2,113
Gain (loss) on securities, net 20,108 20,156 2,103 (5,242 ) 9,926
Total other-than-temporary impairment losses (54,368 ) - - - (5,306 )
Portion of loss recognized in other comprehensive income (39,366 ) - - - -
Net impairment losses recognized in earnings (15,002 ) - - - (5,306 )
Total other operating revenue 125,092 121,447 132,286 54,397 120,594

Other operating expense
Personnel 92,627 87,695 87,549 89,597 88,106
Business promotion 4,428 7,283 5,837 5,777 4,639
Professional fees and services 6,512 7,923 6,501 6,973 5,648
Net occupancy and equipment 16,258 14,901 15,570 15,100 15,061
Insurance 5,638 3,216 2,436 2,626 3,710
Data processing and communications 19,306 19,720 19,911 19,523 18,893
Printing, postage and supplies 4,571 3,823 4,035 4,156 4,419
Net (gains) losses and operating expenses of repossessed assets 1,806 1,006 (136 ) (229 ) 378
Amortization of intangible assets 1,686 1,967 1,884 1,885 1,925
Mortgage banking costs 7,467 4,967 5,811 6,054 5,681
Change in fair value of mortgage servicing rights (1,955 ) 26,432 5,554 767 1,762
Visa retrospective responsibility obligation - (1,700 ) 1,700 - (2,767 )
Other expense 7,450 8,209 7,638 7,039 5,949
Total other operating expense 165,794 185,442 164,290 159,268 153,404

Net income before taxes 84,103 39,451 79,633 (5,242 ) 96,747
Federal and state income taxes 28,838 10,363 22,958 (2,862 ) 34,450

Net income before non-controlling interest 55,265 29,088 56,675 (2,380 ) 62,297
Non-controlling interest income (expense), net (233 ) 6,355 10 1,219 (32 )

Net income attributable to BOK Financial Corporation $ 55,032 $ 35,443 $ 56,685 $ (1,161 ) $ 62,265

Average shares outstanding:
Basic 67,315,986 67,294,069 67,263,317 67,452,181 67,202,128
Diluted 67,387,102 67,456,267 67,432,444 67,452,181 67,504,288

Net income (loss) per share:
Basic $ 0.81 $ 0.53 $ 0.84 $ (0.02 ) $ 0.92
Diluted $ 0.81 $ 0.52 $ 0.84 $ (0.02 ) $ 0.92

LOANS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)

Quarter Ended
March 31, December 31, September 30, June 30, March 31,
2009 2008 2008 2008 2008

Oklahoma:
Commercial $ 3,119,362 $ 3,356,520 $ 3,368,823 $ 3,228,179 $ 3,248,424
Commercial real estate 881,620 843,576 827,357 875,546 940,686
Residential mortgage 1,234,417 1,196,924 1,134,066 1,099,277 1,080,882
Consumer 562,021 579,809 580,211 601,184 586,695
Total Oklahoma 5,797,420 5,976,829 5,910,457 5,804,186 5,856,687

Texas:
Commercial 2,277,186 2,353,860 2,205,169 2,166,925 2,124,192
Commercial real estate 816,830 825,769 853,653 889,364 838,781
Residential mortgage 337,044 315,438 307,655 299,996 262,305
Consumer 214,134 212,820 214,133 204,081 168,949
Total Texas 3,645,194 3,707,887 3,580,610 3,560,366 3,394,227

New Mexico:
Commercial 393,180 418,732 442,644 451,225 472,543
Commercial real estate 315,511 286,574 281,061 271,177 258,731
Residential mortgage 99,805 98,018 95,165 89,469 85,834
Consumer 19,900 18,616 18,296 16,977 14,977
Total New Mexico 828,396 821,940 837,166 828,848 832,085

Arkansas:
Commercial 99,955 103,446 104,630 96,775 100,489
Commercial real estate 133,227 134,015 127,925 124,049 130,956
Residential mortgage 17,145 16,875 16,941 19,527 16,621
Consumer 168,971 175,647 183,543 197,979 180,551
Total Arkansas 419,298 429,983 433,039 438,330 428,617

Colorado:
Commercial 675,223 660,546 598,519 489,844 486,525
Commercial real estate 267,035 261,820 266,739 276,062 261,099
Residential mortgage 59,120 53,875 49,676 38,517 31,011
Consumer 14,599 16,141 18,328 16,367 17,552
Total Colorado 1,015,977 992,382 933,262 820,790 796,187

Arizona:
Commercial 211,953 211,356 213,861 207,173 174,360
Commercial real estate 285,841 319,525 326,615 351,058 361,567
Residential mortgage 61,605 62,123 58,800 53,321 50,719
Consumer 5,261 6,075 5,551 5,315 6,815
Total Arizona 564,660 599,079 604,827 616,867 593,461

Kansas:
Commercial 324,671 307,143 340,156 398,452 350,325
Commercial real estate 32,017 29,969 30,642 40,241 40,104
Residential mortgage 10,814 9,321 7,650 7,490 2,397
Consumer 1,469 1,473 2,161 2,468 1,665
Total Kansas 368,971 347,906 380,609 448,651 394,491

TOTAL BOK FINANCIAL $ 12,639,916 $ 12,876,006 $ 12,679,970 $ 12,518,038 $ 12,295,755

DEPOSITS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)

Quarter Ended
March 31, December 31, September 30, June 30, March 31,
2009 2008 2008 2008 2008

Oklahoma:
Demand $ 1,651,111 $ 1,683,374 $ 1,681,325 $ 1,455,997 $ 1,464,258
Interest-bearing:
Transaction 4,089,838 4,117,729 4,151,430 3,997,136 3,659,002
Savings 95,827 86,476 86,900 90,100 88,141
Time 2,876,313 3,104,933 3,036,297 2,672,401 2,230,110
Total interest-bearing 7,061,978 7,309,138 7,274,627 6,759,637 5,977,253
Total Oklahoma 8,713,089 8,992,512 8,955,952 8,215,634 7,441,511

Texas:
Demand 1,021,424 1,067,456 956,846 1,046,651 940,141
Interest-bearing:
Transaction 1,527,399 1,460,576 1,543,974 1,713,131 1,708,424
Savings 33,867 32,071 32,400 33,207 32,191
Time 1,054,632 857,416 794,911 723,146 759,892
Total interest-bearing 2,615,898 2,350,063 2,371,285 2,469,484 2,500,507
Total Texas 3,637,322 3,417,519 3,328,131 3,516,135 3,440,648

New Mexico:
Demand 180,308 155,345 176,477 168,621 169,449
Interest-bearing:
Transaction 401,000 397,382 376,941 417,607 425,976
Savings 17,858 16,289 16,316 16,432 16,141
Time 561,300 522,894 475,560 445,505 455,861
Total interest-bearing 980,158 936,565 868,817 879,544 897,978
Total New Mexico 1,160,466 1,091,910 1,045,294 1,048,165 1,067,427

Arkansas:
Demand 16,503 16,293 23,565 21,142 20,493
Interest-bearing:
Transaction 63,924 38,566 19,146 24,524 22,091
Savings 1,100 1,083 865 895 945
Time 150,015 75,579 47,684 39,305 39,803
Total interest-bearing 215,039 115,228 67,695 64,724 62,839
Total Arkansas 231,542 131,521 91,260 85,866 83,332

Colorado:
Demand 111,048 116,637 115,677 109,697 99,584
Interest-bearing:
Transaction 466,276 480,113 440,888 507,260 529,771
Savings 18,905 17,660 19,300 20,245 22,233
Time 584,971 532,475 428,872 423,014 455,262
Total interest-bearing 1,070,152 1,030,248 889,060 950,519 1,007,266
Total Colorado 1,181,200 1,146,885 1,004,737 1,060,216 1,106,850

Arizona:
Demand 54,362 39,424 45,725 49,895 46,508
Interest-bearing:
Transaction 66,809 56,985 64,463 73,034 84,648
Savings 970 1,014 1,033 1,233 878
Time 54,923 34,290 14,433 6,364 8,395
Total interest-bearing 122,702 92,289 79,929 80,631 93,921
Total Arizona 177,064 131,713 125,654 130,526 140,429

Kansas / Missouri:
Demand 16,140 3,850 5,548 7,157 6,580
Interest-bearing:
Transaction 11,976 10,999 9,780 10,342 8,754
Savings 117 42 33 26 92
Time 141,505 55,656 19,794 51,649 33,837
Total interest-bearing 153,598 66,697 29,607 62,017 42,683
Total Kansas / Missouri 169,738 70,547 35,155 69,174 49,263

TOTAL BOK FINANCIAL $ 15,270,421 $ 14,982,607 $ 14,586,183 $ 14,125,716 $ 13,329,460

NET INTEREST MARGIN TREND - UNAUDITED
BOK FINANCIAL CORPORATION

Quarter Ended
March 31, December 31, September 30, June 30, March 31,
2009 2008 2008 2008 2008
TAX-EQUIVALENT ASSETS YIELDS
Trading securities 3.69 % 6.55 % 5.61 % 6.88 % 7.69 %
Funds sold and resell agreements 0.24 % 0.76 % 1.44 % 1.97 % 4.18 %
Securities:
Taxable 4.90 % 5.12 % 5.09 % 5.08 % 5.11 %
Tax-exempt 6.64 % 6.43 % 6.64 % 6.46 % 6.38 %
Total securities 4.96 % 5.17 % 5.15 % 5.14 % 5.17 %
Total loans 4.56 % 5.27 % 5.69 % 5.79 % 6.59 %
Less Allowance for loan losses - - - - -
Total loans, net 4.65 % 5.35 % 5.77 % 5.86 % 6.66 %
Total tax-equivalent yield on earning assets 4.75 % 5.28 % 5.55 % 5.61 % 6.17 %
COST OF INTEREST-BEARING LIABILITIES
Interest-bearing deposits:
Interest-bearing transaction 0.95 % 1.51 % 1.72 % 1.74 % 2.71 %
Savings 0.28 % 0.37 % 0.37 % 0.37 % 0.61 %
Time 2.83 % 3.28 % 3.39 % 3.77 % 4.35 %
Total interest-bearing deposits 1.76 % 2.29 % 2.39 % 2.50 % 3.33 %
Funds purchased and repurchase agreements 0.45 % 0.94 % 1.98 % 1.95 % 3.11 %
Other borrowings 0.58 % 1.51 % 2.56 % 2.49 % 3.51 %
Subordinated debt 5.67 % 5.48 % 5.55 % 5.88 % 5.45 %
Total cost of interest-bearing liabilities 1.50 % 2.02 % 2.41 % 2.47 % 3.36 %
Tax-equivalent net interest revenue spread 3.25 % 3.26 % 3.14 % 3.14 % 2.81 %
Effect of noninterest-bearing funding sources and other 0.22 % 0.31 % 0.34 % 0.30 % 0.50 %
Tax-equivalent net interest margin 3.47 % 3.57 % 3.48 % 3.44 % 3.31 %

CREDIT QUALITY INDICATORS
BOK FINANCIAL CORPORATION
(In thousands, except ratios)

Quarter Ended
March 31, December 31, September 30, June 30, March 31,
2009 2008 2008 2008 2008

Nonperforming assets:
Nonaccruing loans(B):
Commercial $ 128,501 $ 134,846 $ 105,757 $ 69,679 $ 41,966
Commercial real estate 175,487 137,279 78,235 60,456 40,399
Residential mortgage 34,182 27,387 27,075 17,861 15,960
Consumer 1,065 561 758 611 812
Total nonaccruing loans $ 339,235 $ 300,073 $ 211,825 $ 148,607 $ 99,137
Renegotiated loans(A) 13,623 13,039 12,326 11,840 11,850
Real estate and other repossessed assets 61,383 29,179 28,088 21,025 15,112
Total nonperforming assets $ 414,241 $ 342,291 $ 252,239 $ 181,472 $ 126,099

Nonaccruing loans by principal market(B):
Oklahoma $ 105,536 $ 108,367 $ 87,885 $ 57,155 $ 52,211
Texas 55,225 42,934 29,141 20,860 8,157
New Mexico 18,046 16,016 12,293 9,838 7,497
Arkansas 4,078 3,263 3,386 2,924 2,866
Colorado 38,567 32,415 20,980 23,812 8,101
Arizona 111,772 80,994 54,832 33,482 18,811
Kansas 6,011 16,084 3,308 536 1,494
Total nonaccruing loans $ 339,235 $ 300,073 $ 211,825 $ 148,607 $ 99,137
- - - - -
Nonaccruing loans by loan portfolio sector(B):
Commercial:
Energy $ 49,618 $ 49,364 $ 49,839 $ 12,342 $ 475
Manufacturing 18,248 7,343 6,479 6,731 9,274
Wholesale / retail 8,650 18,773 7,806 3,735 3,868
Agriculture 115 680 755 811 1,848
Services 30,226 36,873 26,581 30,080 23,849
Healthcare 14,288 12,118 3,300 3,791 2,079
Other 7,356 9,695 10,997 12,189 573
Total commercial 128,501 134,846 105,757 69,679 41,966
Commercial real estate:
Land development and construction 99,922 76,082 53,624 45,291 29,439
Retail 9,893 15,625 13,011 7,591 5,258
Office 23,305 7,637 3,022 3,304 1,985
Multifamily 27,198 24,950 896 896 1,906
Industrial 575 6,287 390 396 -
Other commercial real estate 14,594 6,698 7,292 2,978 1,811
Total commercial real estate 175,487 137,279 78,235 60,456 40,399
Residential mortgage:
Permanent mortgage 32,848 26,233 26,401 17,039 15,135
Home equity 1,334 1,154 674 822 825
Total residential mortgage 34,182 27,387 27,075 17,861 15,960
Consumer 1,065 561 758 611 812
Total nonaccruing loans $ 339,235 $ 300,073 $ 211,825 $ 148,607 $ 99,137
- - - - -
Performing loans 90 days past due $ 46,123 (C) $ 19,123 $ 20,213 $ 10,683 $ 11,266

Gross charge-offs $ 34,535 $ 35,681 $ 33,926 $ 41,526 $ 11,078
Recoveries 2,664 2,022 13,712 2,535 2,221
Net charge-offs $ 31,871 $ 33,659 $ 20,214 $ 38,991 $ 8,857

Provision for credit losses $ 45,040 $ 73,001 $ 52,711 $ 59,310 $ 17,571

Reserve for loan losses to period end loans 1.99 % 1.81 % 1.47 % 1.23 % 1.11 %
Combined reserves for credit losses to period end loans 2.07 % 1.93 % 1.65 % 1.41 % 1.27 %
Nonperforming assets to period end loans and repossessed assets 3.26 % 2.65 % 1.98 % 1.45 % 1.02 %
Net charge-offs (annualized) to average loans 1.00 % 1.05 % 0.64 % 1.26 % 0.29 %
Reserve for loan losses to nonaccruing loans 73.99 % 77.73 % 88.05 % 103.64 % 137.77 %
Combined reserves for credit losses to nonaccruing loans 77.11 % 82.78 % 98.69 % 118.81 % 157.60 %

(A) includes residential mortgage loans guaranteed by agencies of the U.S. government. These loans have been $ 10,514 $ 10,396 $ 9,604 $ 8,638 $ 8,386
modified to extend payment terms and/or reduce interest rates to current market.
(B) includes loans subject to First United Bank sellers escrow $ 11,287 $ 13,181 $ 13,262 $ 11,973 $ 8,101
(C) includes a $23 million loan that was paid current after March 31, 2009.

BOK Financial Corporation
Steven Nell
Chief Financial Officer
918-588-6000
or
Jesse Boudiette
Corporate Communications Manager
918-588-6532

Copyright Business Wire 2009