BOK Financial Reports $51 Million Third Quarter Income

http://www.businesswire.com/news/home/20091028005455/en

Net Interest Revenue Growth Drives Earnings
TULSA, Okla.--(Business Wire)--
BOK Financial Corporation (NASDAQ: BOKF) reported net income for the third
quarter of 2009 of $50.7 million or $0.75 per diluted share. Net income for the
previous quarter totaled $52.1 million or $0.77 per diluted share.

Net income for the nine months ended September 30, 2009 totaled $157.8 million
or $2.33 per diluted share compared with $117.8 million or $1.74 per diluted
share for the nine months ended September 30, 2008. Net income for the nine
months ended September 30, 2008 was impacted by $67.6 million of pre-tax charges
for loan and energy derivative credit exposure related to a customer bankruptcy
filing which reduced net income by approximately $43.9 million or $0.65 per
diluted share.

"BOK Financial is pleased with solid performance this quarter, especially
considering the continued challenges we see in the economy," said President and
CEO Stan Lybarger. "Earnings for the third quarter were based on continued net
interest revenue growth, solid fee revenue and controlled operating expenses.
The fair value of our securities portfolio improved by $159 million which
further strengthened our balance sheet and capital position. However, we
recognize the banking industry is far from the end of this depressed credit
cycle and we added $19 million to our reserves for credit losses in response to
an increase in our non-performing assets."

Highlights of the third quarter of 2009 included:

* Net interest revenue totaled $180.5 million, up $4.9 million compared to the
second quarter of 2009. Net interest margin was 3.63% for the third quarter of
2009, up 8 basis points over the second quarter of 2009 largely due to higher
loan yields and lower funding costs.
* Fees and commission revenue totaled $120.0 million, down $3.1 million from the
previous quarter. Mortgage banking revenue decreased $6.7 million due to lower
volume of loans originated during the quarter. Brokerage and trading revenue and
deposit service charges increased over the previous quarter.
* Operating expenses totaled $178.7 million, up $3.0 million over the second
quarter of 2009. Net losses and operating expenses of repossessed assets and
personnel expenses increased over the previous quarter.
* Combined reserve for credit losses totaled $293 million or 2.52% of
outstanding loans at September 30, 2009, up from $274 million or 2.27% of
outstanding loans at June 30, 2009. Net loans charged off and provision for
credit losses were $36.0 million and $55.1 million, respectively, for the third
quarter of 2009.
* Non-performing assets totaled $490 million or 4.19% of outstanding loans and
repossessed assets at September 30, 2009 compared to $446 million or 3.67% of
outstanding loans and repossessed assets at June 30, 2009.
* Available for sale securities totaled $8.4 billion, at September 30, 2009, up
$1.1 billion since June 30, 2009. The increase consisted of $1.0 billion of net
securities purchased during the quarter and a $159 million net increase in the
fair value of securities held in the portfolio. Purchased securities consisted
primarily of mortgage-backed securities issued by U.S. government agencies.
* Outstanding loan balances were $11.6 billion at September 30, 2009, down $458
million since June 30, 2009. All major loan categories decreased during the
third quarter largely due to reduced customer demand, normal repayment trends
and management decisions to exit certain loan types.
* Average deposit balances totaled $15.1 billion for the third quarter of 2009,
down $202 million compared with average deposits for the second quarter of 2009.
Total period-end deposits grew $440 million in the third quarter of 2009 to
$15.1 billion. Growth in demand and interest-bearing transaction deposits was
partially offset by decreases in higher-costing time deposits.
* Tangible common equity ratio and tier 1 common equity ratio increased to 7.78%
and 10.45%, respectively, at September 30, 2009 from 7.55% and 9.77%,
respectively, at June 30, 2009 largely due to lower unrealized losses on
securities. The tangible common equity ratio and tier 1 common equity ratio are
non-GAAP measures of capital strength used by the Company and investors based on
shareholders` equity as defined by generally accepted accounting principles in
the United States of America ("GAAP") minus intangible assets and equity that
does not benefit common shareholders such as preferred equity and equity
provided by the U.S. Treasury`s Troubled Asset Relief Program ("TARP") Capital
Purchase Program. We chose not to participate in the TARP Capital Purchase
Program. Tier 1 capital ratios were 10.56% at September 30, 2009 and 9.86% at
June 30, 2009.
* The Company paid a cash dividend of $16.3 million or $0.24 per common share
during the third quarter of 2009. On October 27, 2009, the board of directors
declared a cash dividend of $0.24 per common share payable on or about December
2, 2009 to shareholders of record as of November 16, 2009.

Net Interest Revenue

Net interest revenue totaled $180.5 million, up $4.9 million over the second
quarter of 2009. Net interest margin was 3.63% for the third quarter of 2009 and
3.55% for the second quarter of 2009. The increase in net interest margin over
the previous quarter resulted from improved loan pricing and lower funding
costs. Loan yield increased 3 basis points over the previous quarter as wider
spreads continue to be priced into the loan portfolio. The increased loan yield
partially offset a 33 basis point decrease in securities portfolio yield. The
cost of interest-bearing liabilities decreased 22 basis points, including a 26
basis point decrease in the cost of interest-bearing deposits and a 9 basis
point decrease in the cost of other borrowed funds.

Average earning assets decreased $237 million during the third quarter of 2009,
primarily due to a decrease of $516 million in average outstanding loans and a
$110 million decrease in average residential mortgage loans held for sale,
partially offset by a $406 million increase in average securities, primarily
mortgage-backed securities issued by U.S. government agencies.

Average deposits decreased $202 million compared with the second quarter of
2009, due primarily to a $719 million decrease in average time deposits. The
Company chose not to renew certain higher-costing time deposits as they matured.
The decrease in time deposits was partially offset by a $308 million increase in
average interest-bearing transaction accounts and a $209 million increase in
average demand deposits. Average funds purchased, repurchase agreements and
other borrowed funds increased $189 million from the second quarter of 2009.

Fees and Commissions Revenue

Fees and commissions revenue totaled $120.0 million for the third quarter of
2009, down from $123.1 million for the second quarter of 2009. Mortgage banking
revenue totaled $13.2 million for the third quarter of 2009 and $19.9 million
for the second quarter of 2009, still well above historic levels. Mortgage loan
originations totaled $536 million for the third quarter of 2009, down from the
historic high of $1.0 billion in the second quarter of 2009 as the impact of
government initiatives to lower national mortgage interest rates began to
lessen. The decrease in mortgage-banking revenue was partially offset by growth
in brokerage and trading revenue and deposit service charges. Brokerage and
trading revenue increased $3.2 million primarily due to investment banking
activity. Deposit service charges increased $2.0 million due to higher overdraft
fees.

Operating Expenses

Operating expenses totaled $178.7 million for the third quarter of 2009, up $3.0
million from the preceding quarter. Operating expenses increased $10.8 million
due to changes in the fair value of mortgage servicing rights and decreased
$11.8 million due to an FDIC special assessment in the second quarter of 2009.
Excluding the impact of the change in the fair value of the mortgage servicing
rights and the FDIC special assessment, operating expense increased $3.9
million. Personnel expenses were up $1.8 million and net losses and operating
expenses of repossessed assets were up $2.5 million. All other operating
expenses were down $433 thousand due to Company-wide initiatives to control
operating expenses.

Credit Quality

Non-performing assets continued to increase across most sectors of the loan
portfolio and geographic markets during the third quarter of 2009.
Non-performing assets totaled $490 million or 4.19% of outstanding loans and
repossessed assets at September 30, 2009 which consisted of non-accruing loans
of $383 million, renegotiated loans of $17 million (including $11 million of
residential mortgage loans guaranteed by U.S. government agencies) and $90
million of real estate and other repossessed assets. Total non-performing assets
increased $44 million during the third quarter.

Non-accruing loans totaled $383 million or 3.30% of outstanding loans at
September 30, 2009, compared with $353 million or 2.92% of outstanding loans at
June 30, 2009. Approximately $111 million of non-accruing loans have been
charged-down from original values of $234 million to amounts management expects
to recover. During the third quarter of 2009, $105 million of new non-accruing
loans were identified, offset by $28 million in charge offs, $21 million in
foreclosures and $13 million in payments received. In addition, the Company sold
$25 million of the face amount of its SemGroup bankruptcy claims which reduced
non-accruing energy loans by $13 million.

Non-accruing commercial loans totaled $128 million or 2.01% of total commercial
loans at September 30, 2009. Non-accruing commercial loans increased $1.8
million since June 30, 2009. Newly identified non-accruing commercial loans
totaled $36 million, primarily in the energy and services sector of the
portfolio.

Non-accruing commercial real estate loans totaled $212 million or 8.30% of
outstanding commercial real estate loans at September 30, 2009. Total
non-accruing commercial real estate loans increased $23 million since June 30,
2009, including a $16 million increase in loans secured by land, residential
lots and residential construction properties, $4.7 million increase in loans
secured by retail facilities and a $3.7 million increase in loans secured by
commercial office buildings. Non-accruing commercial real estate loans
attributed to various markets included $99 million or 38% of commercial real
estate loans in Arizona, $39 million or 16% of commercial real estate loans in
Colorado, $31 million or 4% of commercial real estate loans in Oklahoma, $22
million or 6% of commercial real estate loans in New Mexico and $16 million or
3% of commercial real estate loans in Texas.

Non-accruing residential mortgage loans totaled $38 million or 2.09% of
outstanding residential mortgage loans at September 30, 2009, a $2.4 million
increase over June 30, 2009. The distribution of non-accruing residential
mortgage loans among various markets included $14 million or 4% of mortgage
loans in Texas, $12 million or 1% of mortgage loans in Oklahoma and $6 million
or 11% of mortgage loans in Arizona. Mortgage loans past due 30 to 89 days were
$32 million compared to $27 million at June 30, 2009.

The combined reserve for credit losses totaled $293 million or 2.52% of
outstanding loans and 77% of non-accruing loans at September 30, 2009. The
allowance for loan losses was $281 million and the reserve for off-balance sheet
credit losses was $12 million. During the third quarter of 2009, the Company
recognized a $55.1 million provision for credit losses. Net losses charged
against the allowance for loan losses totaled $36.0 million or 1.21% annualized
of average outstanding loans.

Real estate and other repossessed assets totaled $90 million at September 30,
2009, up $14 million from June 30, 2009. Real estate and other repossessed
assets increased by $21 million in additions offset by $4 million in sales and
$3 million in write-downs based on updated appraisals. Real estate and other
repossessed assets included $50 million of 1-4 family residential properties and
residential land development properties, $22 million of developed commercial
real estate properties, $8 million of undeveloped land, $7 million of equipment,
and $3 million of automobiles. The distribution of real estate owned and other
repossessed assets among various markets included $35 million in Arizona, $18
million in Texas, $8 million in New Mexico, $8 million in Colorado, $7 million
in Kansas City, $7 million in Oklahoma 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 $345 million at September 30, 2009. These loans are primarily to
borrowers in the Company`s primary market areas, including $242 million in
Oklahoma, $38 million in Arkansas, $20 million in New Mexico, $17 million Kansas
City and $16 million in Texas. At September 30, 2009, approximately 4.81% of
these loans are non-performing and 6.27% were past due 30 to 89 days. A separate
reserve for credit risk of $11 million is available for losses on these loans.

Securities and Derivatives

Available for sale securities totaled $8.4 billion at September 30, 2009, up
$1.1 billion since June 30, 2009. The increase in the securities portfolio
included $1.0 billion of net securities purchased and a $159 million increase in
the net fair value. The available for sale portfolio consisted primarily of
mortgage-backed securities, including $6.9 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.

The Company continued a strategy to increase holdings of mortgage-backed
securities during the third quarter. This strategy recognizes attractive spreads
over funding costs on these securities. Credit risk is controlled by investing
in securities fully backed by U.S. government agencies. Interest rate risk is
mitigated by investing in short-duration securities that would have limited
extension exposure from rising interest rates.

The portfolio of available for sale securities had a net unrealized gain of $31
million at September 30, 2009, a $159 million improvement from June 30, 2009.
Net unrealized gains on mortgage-backed securities issued by U.S. government
agencies increased by $59 million and net unrealized losses on privately-issued
mortgage backed securities decreased by $82 million.

Approximately $635 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 $137 million at September 30, 2009. Aggregate losses on these same
securities were $182 million at June 30, 2009. The Company recognized a $3.4
million other-than-temporary impairment charge against earnings in the third
quarter related to certain mortgage-backed securities due to further declines in
the projected cash flows.

Net gains on securities totaled $12.3 million for the third quarter of 2009,
compared with $6.5 million for the second quarter of 2009 and $2.1 million for
the third quarter of 2008.

Three Months Ended
Sept. 30, June 30, Sept. 30, 2008
2009 2009

Net gain on available for sale securities $ 8,706 $ 16,670 $ 917
Gain (loss) on mortgage hedge securities 3,560 (10,199 ) 1,186
Net gain on securities $ 12,266 $ 6,471 $ 2,103

Gain (loss) on change in fair value of mortgage servicing rights
$ (2,981 ) $ 7,865 $ (5,554 )

The Company recognized $8.7 million of net gains on the sale of $377 million of
available for sale securities in the third quarter of 2009 and $16.7 million of
gains on the sale of $1.2 billion of available for sale securities in the second
quarter of 2009. This continues a program to sell low-coupon mortgage-backed
securities that were purchased at deep discounts near the beginning of the
current market disruption. Securities sold are replaced with securities that are
expected to have superior future total returns.

BOK Financial also maintains a portfolio of mortgage-backed securities issued by
U.S. government agencies as an economic hedge against changes in the fair value
of mortgage servicing rights. The fair value of mortgage servicing rights
decreased $3.0 million and the fair value of mortgage hedge securities increased
$3.6 million during the third quarter of 2009.

The Company has a portfolio of derivative contracts held for customer risk
management programs and internal interest rate risk management programs. At
September 30, 2009, the fair value of all asset contracts totaled $397 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 September 30,
2009 was $116 million. This amount was entirely offset by letters of credit
issued by independent financial institutions.

Loans, Deposits and Capital

Outstanding loans at September 30, 2009 were $11.6 billion, down $458 million
from June 30, 2009. Loan balances were lower across most sectors of the loan
portfolio and markets due to reduced customer demand in response to current
economic conditions, normal repayment trends and management decisions to
mitigate credit risk by exiting certain loan types. Commercial loans decreased
$346 million from June 30, 2009, primarily due to a decrease of $116 million in
service sector loans, $110 million in energy sector loans and $87 million in
wholesale/retail sector loans. Commercial real estate loans decreased $51
million compared to the prior quarter, primarily due to an $84 million decrease
in construction and land development offset by a $34 million increase in
multifamily sector loans. Residential mortgage loans decreased $4 million from
the prior quarter primarily due to a $14 million decrease in permanent mortgage
loans offset by a $10 million increase in home equity loans. Consumer loans
decreased $57 million compared to the prior quarter primarily due to a $66
million decrease in indirect automobile loans related to the previously
announced decision to curtail that business during the first quarter of 2009 in
favor of a customer-focused direct approach to consumer lending.

Total deposits increased $440 million during the third quarter and totaled $15.1
billion at September 30, 2009. Demand and interest-bearing transaction deposits
increased $637 million and $289 million, respectively, offset by a $487 million
decrease in time deposit balances as the Company decreased higher-cost
certificates of deposit. Among the lines of business, commercial banking
deposits increased $519 million during the third quarter of 2009, offset by
decreased consumer banking deposits of $91 million and decreased wealth
management deposits of $48 million.

The Company and each of its subsidiary banks exceeded the regulatory definition
of well capitalized at September 30, 2009. The Company`s Tier 1 and total
capital ratios were 10.56% and 14.10%, respectively, at September 30, 2009. The
Company`s Tier 1 and total capital ratios were 9.86% and 13.34%, respectively,
at June 30, 2009. In addition, the Company`s tangible common equity ratio, a
non-GAAP measure, was 7.78% at September 30, 2009 and 7.55% at June 30, 2009.
The increase in tangible common equity ratio was primarily due to retained
earnings growth and reduced net unrealized losses on available for sale
securities.

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
September 30, 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
September 30, June 30, September 30,
2009 2009 2008
(Unaudited) (Unaudited) (Unaudited)
ASSETS
Cash and due from banks $ 1,383,244 $ 470,553 $ 669,914
Trading securities 100,898 84,548 92,588
Funds sold and resell agreements 39,465 112,128 105,594
Securities:
Available for sale 8,358,562 7,224,673 6,279,530
Investment 238,101 269,844 243,617
Mortgage trading securities 320,971 222,864 198,201
Total securities 8,917,634 7,717,381 6,721,348
Residential mortgage loans held for sale 172,301 326,363 113,121
Loans:
Commercial 6,370,056 6,715,851 7,273,802
Commercial real estate 2,560,335 2,611,693 2,713,992
Residential mortgage 1,829,824 1,833,975 1,669,953
Consumer 851,349 908,409 1,022,223
Total loans 11,611,564 12,069,928 12,679,970
Less reserve for loan losses (280,902 ) (263,309 ) (186,516 )
Loans, net of reserve 11,330,662 11,806,619 12,493,454
Premises and equipment, net 286,702 286,295 267,749
Accrued revenue receivable 68,617 118,718 118,096
Intangible assets, net 356,152 357,838 363,177
Mortgage servicing rights, net 66,689 67,413 68,680
Real estate and other repossessed assets 89,507 75,243 28,088
Bankers' acceptances 9,882 8,260 23,933
Derivative contracts 397,110 462,971 572,391
Cash surrender value of bank-owned life insurance 244,456 241,792 234,293
Receivable on unsettled securities trades - 237,200 169,494
Other assets 413,522 394,997 335,882
TOTAL ASSETS $ 23,876,841 $ 22,768,319 $ 22,377,802

LIABILITIES AND EQUITY
Deposits:
Demand $ 3,462,188 $ 2,825,179 $ 3,005,163
Interest-bearing transaction 7,380,449 7,091,471 6,606,622
Savings 167,896 166,806 156,847
Time 4,084,813 4,571,933 4,817,551
Total deposits 15,095,346 14,655,389 14,586,183
Funds purchased and repurchase agreements
2,198,900 2,798,274 3,667,225
Other borrowings 3,189,948 2,152,177 1,077,450
Subordinated debentures 398,502 398,465 398,372
Accrued interest, taxes, and expense 123,409 119,003 120,280
Bankers' acceptances 9,882 8,260 23,933
Due on unsettled securities trades 133,974 - -
Derivative contracts 395,197 445,463 377,973
Other liabilities 127,689 125,126 166,597
TOTAL LIABILITIES 21,672,847 20,702,157 20,418,013
Shareholders' equity:
Capital, surplus and retained earnings 2,185,776 2,149,020 2,046,752
Accumulated other comprehensive loss (763 ) (98,448 ) (106,249 )
TOTAL SHAREHOLDERS' EQUITY 2,185,013 2,050,572 1,940,503
Non-controlling interest 18,981 15,590 19,286
TOTAL EQUITY 2,203,994 2,066,162 1,959,789
TOTAL LIABILITIES AND EQUITY $ 23,876,841 $ 22,768,319 $ 22,377,802

AVERAGE BALANCE SHEETS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Quarter Ended
September 30, June 30, March 31, December 31, September 30,
2009 2009 2009 2008 2008

ASSETS
Trading securities $ 64,763 $ 112,960 $ 111,962 $ 78,840 $ 66,419
Funds sold and resell agreements 67,032 29,277 50,701 48,246 79,862
Securities:
Available for sale 7,782,254 7,242,931 6,645,086 6,409,906 5,945,220
Investment 235,967 271,068 238,562 242,503 239,655
Mortgage trading securities 267,591 365,434 453,304 237,319 126,837
Total securities 8,285,812 7,879,433 7,336,952 6,889,728 6,311,712
Residential mortgage loans held for sale 176,403 286,077 201,135 121,184 116,533
Loans:
Commercial 6,521,438 6,901,057 7,182,481 7,452,799 7,228,814
Commercial real estate 2,621,176 2,684,020 2,762,789 2,716,465 2,696,503
Residential mortgage 1,873,457 1,884,023 1,841,006 1,641,023 1,655,710
Consumer 871,347 933,950 998,489 1,016,409 1,015,796
Total loans 11,887,418 12,403,050 12,784,765 12,826,696 12,596,823
Less allowance for loan losses (281,289 ) (273,335 ) (252,734 ) (209,319 ) (182,844 )
Total loans, net 11,606,129 12,129,715 12,532,031 12,617,377 12,413,979
Total earning assets 20,200,139 20,437,462 20,232,781 19,755,374 18,988,504
Cash and due from banks 828,965 638,791 661,433 534,039 499,992
Cash surrender value of bank-owned life insurance 242,715 240,199 237,805 235,195 232,465
Derivative contracts 401,887 493,448 476,091 352,083 900,777
Other assets 1,376,828 1,264,131 1,335,259 1,394,960 1,199,425
TOTAL ASSETS $ 23,050,534 $ 23,074,031 $ 22,943,369 $ 22,271,651 $ 21,821,163

LIABILITIES AND EQUITY
Deposits:
Demand $ 3,392,578 $ 3,183,338 $ 2,864,751 $ 2,712,384 $ 2,739,209
Interest-bearing transaction 7,162,477 6,854,003 6,610,805 6,116,465 6,565,935
Savings 167,677 167,813 159,537 155,784 159,856
Time 4,404,854 5,123,947 5,215,091 5,109,303 4,792,366
Total deposits 15,127,586 15,329,101 14,850,184 14,093,936 14,257,366
Funds purchased and repurchase agreements
2,284,985 2,316,990 2,562,066 3,095,054 3,061,186
Other borrowings 2,173,103 1,951,699 2,158,963 1,986,857 1,390,233
Subordinated debentures 398,484 398,456 398,425 398,392 398,361
Derivative contracts 392,277 536,232 641,974 494,778 509,057
Other liabilities 539,129 534,889 416,242 293,752 258,775
TOTAL LIABILITIES 20,915,564 21,067,367 21,027,854 20,362,769 19,874,978
Total equity 2,134,970 2,006,664 1,915,515 1,908,882 1,946,185
TOTAL LIABILITIES AND EQUITY $ 23,050,534 $ 23,074,031 $ 22,943,369 $ 22,271,651 $ 21,821,163

STATEMENTS OF EARNINGS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except per share data)
Quarter Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008

Interest revenue $ 226,246 $ 263,358 $ 690,158 $ 799,485
Interest expense 45,785 99,010 164,272 329,070
Net interest revenue 180,461 164,348 525,886 470,415
Provision for credit losses 55,120 52,711 147,280 129,592
Net interest revenue afterprovision for credit losses
125,341 111,637 378,606 340,823

Other operating revenue
Brokerage and trading revenue 24,944 30,846 71,437 19,297
Transaction card revenue 26,264 25,632 79,225 74,976
Trust fees and commissions 16,315 20,100 49,685 61,836
Deposit service charges and fees 30,464 30,404 86,290 88,289
Mortgage banking revenue 13,197 7,145 51,577 23,382
Bank-owned life insurance 2,634 2,829 7,369 7,999
Margin asset fees 51 1,934 186 8,361
Other revenue 6,087 7,768 18,794 20,124
Total fees and commissions 119,956 126,658 364,563 304,264
Gain (loss) on other assets 3,223 (841 ) 4,339 (1,986 )
Gain (loss) on derivatives, net (294 ) 4,366 (2,995 ) 3,518
Gain (loss) on securities, net 12,266 2,103 38,845 6,787
Total other-than-temporary impairment losses (6,133 ) - (61,764 ) (5,306 )
Portion of loss recognized in other comprehensive income (2,752 ) - (41,839 ) -
Net impairment losses recognized in earnings (3,381 ) - (19,925 ) (5,306 )
Total other operating revenue 131,770 132,286 384,827 307,277

Other operating expense
Personnel 98,012 87,549 286,830 265,252
Business promotion 4,827 5,837 13,824 16,253
Professional fees and services 7,555 6,501 21,430 19,122
Net occupancy and equipment 15,884 15,570 48,115 45,731
Insurance 6,092 2,436 17,628 8,772
FDIC special assessment - - 11,773 -
Data processing and communications 20,413 19,911 60,171 58,327
Printing, postage and supplies 3,716 4,035 12,359 12,610
Net (gains) losses and operating expenses of repossessed assets
3,497 (136 ) 6,299 13
Amortization of intangible assets 1,686 1,884 5,058 5,694
Mortgage banking costs 8,065 5,811 24,868 17,546
Change in fair value of mortgage servicing rights 2,981 5,554 (6,839 ) 8,083
Visa retrospective responsibility obligation - 1,700 - (1,067 )
Other expense 6,004 7,638 18,780 20,626
Total other operating expense 178,732 164,290 520,296 476,962

Net income before taxes 78,379 79,633 243,137 171,138
Federal and state income taxes 24,772 22,958 81,925 54,546

Net income before non-controlling interest 53,607 56,675 161,212 116,592
Net income (loss) attributable to non-controlling interest 2,947 (10 ) 3,405 (1,197 )

Net income attributable to BOK Financial Corporation $ 50,660 $ 56,685 $ 157,807 $ 117,789

Average shares outstanding:
Basic 67,392,059 67,263,317 67,351,436 67,305,916
Diluted 67,513,700 67,432,444 67,450,172 67,463,012

Net income per share:
Basic $ 0.75 $ 0.84 $ 2.33 $ 1.75
Diluted $ 0.75 $ 0.84 $ 2.33 $ 1.74

FINANCIAL HIGHLIGHTS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except ratio and share data)
Quarter Ended
September 30, June 30, March 31, December 31, September 30,
2009 2009 2009 2008 2008

Capital:
Period-end shareholders' equity $ 2,185,013 $ 2,050,572 $ 1,931,300 $ 1,846,257 $ 1,940,503
Risk weighted assets $ 17,515,147 $ 18,338,540 $ 18,355,862 $ 18,401,051 $ 18,347,504
Risk-based capital ratios:
Tier 1 10.56 % 9.86 % 9.66 % 9.40 % 9.31 %
Total capital 14.10 % 13.34 % 13.08 % 12.81 % 12.62 %
Leverage ratio 8.16 % 7.97 % 7.85 % 7.89 % 7.94 %
Tangible common equity ratio (A) 7.78 % 7.55 % 6.84 % 6.64 % 7.16 %
Tier 1 common equity ratio (B) 10.45 % 9.77 % 9.58 % 9.32 % 9.20 %

Common stock:
Book value per share $ 32.27 $ 30.30 $ 28.57 $ 27.36 $ 28.78

Market value per share:
High $ 48.10 $ 43.02 $ 40.71 $ 54.42 $ 53.94
Low $ 34.81 $ 34.46 $ 22.95 $ 38.40 $ 38.61

Cash dividends paid $ 16,280 $ 16,184 $ 15,027 $ 15,358 $ 15,170
Dividend payout ratio 32.14 % 31.05 % 27.31 % 43.33 % 26.76 %
Shares outstanding, net 67,707,547 67,674,442 67,589,045 67,473,086 67,433,837
Stock buy-back program:
Shares repurchased - - - - 75,000
Amount $ - $ - $ - $ - $ 3,337,000
Average price per share $ - $ - $ - $ - $ 44.49

Performance ratios (quarter annualized):
Return on average assets 0.87 % 0.91 % 0.97 % 0.63 % 1.03 %
Return on average equity 9.41 % 10.42 % 11.65 % 7.39 % 11.59 %
Net interest margin 3.63 % 3.55 % 3.47 % 3.57 % 3.48 %
Efficiency ratio 58.09 % 61.02 % 57.10 % 54.94 % 54.19 %

Other data:
Gain (loss) on economic hedge of mortgage servicing rights $ 3,560 $ (10,199 ) $ (2,118 ) $ 15,089 $ 1,186
Trust assets $ 29,945,585 $ 29,288,041 $ 28,700,791 $ 30,454,512 $ 33,242,296
Mortgage servicing portfolio $ 6,339,764 $ 6,082,501 $ 5,515,893 $ 5,256,159 $ 5,167,584
Mortgage loan fundings during the quarter $ 536,173 $ 1,023,272 $ 708,561 $ 214,521 $ 258,171
Mortgage loan refinances to total fundings 49.00 % 71.00 % 73.51 % 34.84 % 25.14 %
Tax equivalent adjustment $ 1,982 $ 1,791 $ 2,105 $ 2,063 $ 1,927
Unrealized gain (loss) on available for sale securities $ 30,898 $ (128,492 ) $ (261,856 ) $ (330,973 ) $ (158,652 )

(A) Tangible common equity ratio is a non-GAAP measure.
Reconciliation to a GAAP financial measure follows:
Total shareholders' equity $ 2,185,013 $ 2,050,572 $ 1,931,300 $ 1,846,257 $ 1,940,503
Less: intangible assets, net (356,152 ) (357,838 ) (359,523 ) (361,209 ) (363,177 )
Tangible common equity $ 1,828,861 $ 1,692,734 $ 1,571,777 $ 1,485,048 $ 1,577,326

Total assets $ 23,876,841 $ 22,768,319 $ 23,333,442 $ 22,734,648 $ 22,377,802
Less: intangible assets, net (356,152 ) (357,838 ) (359,523 ) (361,209 ) (363,177 )
$ 23,520,689 $ 22,410,481 $ 22,973,919 $ 22,373,439 $ 22,014,625

Tangible common equity ratio 7.78 % 7.55 % 6.84 % 6.64 % 7.16 %

(B) Tier 1 common equity ratio is a non-GAAP measure.
Reconciliation to a GAAP financial measure follows:
Tier 1 capital $ 1,849,254 $ 1,807,705 $ 1,773,576 $ 1,728,926 $ 1,707,390
Less: non-controlling interest (18,981 ) (15,590 ) (14,751 ) (13,855 ) (19,286 )
Tier 1 common equity $ 1,830,273 $ 1,792,115 $ 1,758,825 $ 1,715,071 $ 1,688,104

Risk weighted assets $ 17,515,147 $ 18,338,540 $ 18,355,862 $ 18,401,051 $ 18,347,504

Tier 1 common equity ratio 10.45 % 9.77 % 9.58 % 9.32 % 9.20 %

QUARTERLY EARNINGS TRENDS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except ratio and per share data)
Quarter Ended
September 30, June 30, March 31, December 31, September 30,
2009 2009 2009 2008 2008

Interest revenue $ 226,246 $ 230,685 $ 233,227 $ 262,160 $ 263,358
Interest expense 45,785 55,105 63,382 85,713 99,010
Net interest revenue 180,461 175,580 169,845 176,447 164,348
Provision for credit losses 55,120 47,120 45,040 73,001 52,711
Net interest revenue afterprovision for credit losses
125,341 128,460 124,805 103,446 111,637

Other operating revenue
Brokerage and trading revenue 24,944 21,794 24,699 23,507 30,846
Transaction card revenue 26,264 27,533 25,428 25,177 25,632
Trust fees and commissions 16,315 16,860 16,510 17,143 20,100
Deposit service charges and fees 30,464 28,421 27,405 29,239 30,404
Mortgage banking revenue 13,197 19,882 18,498 7,217 7,145
Bank-owned life insurance 2,634 2,418 2,317 2,682 2,829
Margin asset fees 51 68 67 187 1,934
Other revenue 6,087 6,124 6,583 5,778 7,768
Total fees and commissions 119,956 123,100 121,507 110,930 126,658
Gain (loss) on other assets 3,223 973 143 (7,420 ) (841 )
Gain (loss) on derivatives, net (294 ) (1,037 ) (1,664 ) (2,219 ) 4,366
Gain (loss) on securities, net 12,266 6,471 20,108 20,156 2,103
Total other-than-temporary impairment losses (6,133 ) (1,263 ) (54,368 ) - -
Portion of loss recognized in other comprehensive income (2,752 ) 279 (39,366 ) - -
Net impairment losses recognized in earnings (3,381 ) (1,542 ) (15,002 ) - -
Total other operating revenue 131,770 127,965 125,092 121,447 132,286

Other operating expense
Personnel 98,012 96,191 92,627 87,695 87,549
Business promotion 4,827 4,569 4,428 7,283 5,837
Professional fees and services 7,555 7,363 6,512 7,923 6,501
Net occupancy and equipment 15,884 15,973 16,258 14,901 15,570
Insurance 6,092 5,898 5,638 3,216 2,436
FDIC special assessment - 11,773 - - -
Data processing and communications 20,413 20,452 19,306 19,720 19,911
Printing, postage and supplies 3,716 4,072 4,571 3,823 4,035
Net (gains) losses and operating expenses of repossessed assets
3,497 996 1,806 1,006 (136 )
Amortization of intangible assets 1,686 1,686 1,686 1,967 1,884
Mortgage banking costs 8,065 9,336 7,467 4,967 5,811
Change in fair value of mortgage servicing rights 2,981 (7,865 ) (1,955 ) 26,432 5,554
Visa retrospective responsibility obligation - - - (1,700 ) 1,700
Other expense 6,004 5,326 7,450 8,209 7,638
Total other operating expense 178,732 175,770 165,794 185,442 164,290

Net income before taxes 78,379 80,655 84,103 39,451 79,633
Federal and state income taxes 24,772 28,315 28,838 10,363 22,958

Net income before non-controlling interest 53,607 52,340 55,265 29,088 56,675
Net income (loss) attributable to non-controlling interest 2,947 225 233 (6,355 ) (10 )

Net income attributable to BOK Financial Corporation $ 50,660 $ 52,115 $ 55,032 $ 35,443 $ 56,685

Average shares outstanding:
Basic 67,392,059 67,344,577 67,315,986 67,294,069 67,263,317
Diluted 67,513,700 67,448,029 67,387,102 67,456,267 67,432,444

Net income per share:
Basic $ 0.75 $ 0.77 $ 0.81 $ 0.53 $ 0.84
Diluted $ 0.75 $ 0.77 $ 0.81 $ 0.52 $ 0.84

LOANS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Quarter Ended
September 30, June 30, March 31, December 31, September 30,
2009 2009 2009 2008 2008

Oklahoma:
Commercial $ 2,738,217 $ 2,918,478 $ 3,119,362 $ 3,356,520 $ 3,368,823
Commercial real estate 815,362 855,742 881,620 843,576 827,357
Residential mortgage 1,245,917 1,249,104 1,234,417 1,196,924 1,134,066
Consumer 483,369 521,431 562,021 579,809 580,211
Total Oklahoma 5,282,865 5,544,755 5,797,420 5,976,829 5,910,457

Texas:
Commercial 2,075,379 2,182,756 2,277,186 2,353,860 2,205,169
Commercial real estate 734,742 741,199 816,830 825,769 853,653
Residential mortgage 335,797 345,780 337,044 315,438 307,655
Consumer 188,374 196,752 214,134 212,820 214,133
Total Texas 3,334,292 3,466,487 3,645,194 3,707,887 3,580,610

New Mexico:
Commercial 344,910 380,378 393,180 418,732 442,644
Commercial real estate 344,988 313,190 315,511 286,574 281,061
Residential mortgage 88,271 90,944 99,805 98,018 95,165
Consumer 18,176 18,826 19,900 18,616 18,296
Total New Mexico 796,345 803,338 828,396 821,940 837,166

Arkansas:
Commercial 99,559 97,676 99,955 103,446 104,630
Commercial real estate 128,984 133,026 133,227 134,015 127,925
Residential mortgage 19,128 19,015 17,145 16,875 16,941
Consumer 136,461 152,620 168,971 175,647 183,543
Total Arkansas 384,132 402,337 419,298 429,983 433,039

Colorado:
Commercial 569,549 595,858 675,223 660,546 598,519
Commercial real estate 249,879 269,923 267,035 261,820 266,739
Residential mortgage 68,667 58,557 59,120 53,875 49,676
Consumer 18,272 14,097 14,599 16,141 18,328
Total Colorado 906,367 938,435 1,015,977 992,382 933,262

Arizona:
Commercial 219,330 215,540 211,953 211,356 213,861
Commercial real estate 257,169 262,607 285,841 319,525 326,615
Residential mortgage 57,304 58,265 61,605 62,123 58,800
Consumer 4,826 3,229 5,261 6,075 5,551
Total Arizona 538,629 539,641 564,660 599,079 604,827

Kansas:
Commercial 323,112 325,165 324,671 307,143 340,156
Commercial real estate 29,211 36,006 32,017 29,969 30,642
Residential mortgage 14,740 12,310 10,814 9,321 7,650
Consumer 1,871 1,454 1,469 1,473 2,161
Total Kansas 368,934 374,935 368,971 347,906 380,609

TOTAL BOK FINANCIAL $ 11,611,564 $ 12,069,928 $ 12,639,916 $ 12,876,006 $ 12,679,970

DEPOSITS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Quarter Ended
September 30, June 30, March 31, December 31, September 30,
2009 2009 2009 2008 2008

Oklahoma:
Demand $ 1,895,980 $ 1,451,057 $ 1,651,111 $ 1,683,374 $ 1,681,325
Interest-bearing:
Transaction 4,566,058 4,374,089 4,089,838 4,117,729 4,151,430
Savings 93,443 94,048 95,827 86,476 86,900
Time 1,765,980 2,033,312 2,876,313 3,104,933 3,036,297
Total interest-bearing 6,425,481 6,501,449 7,061,978 7,309,138 7,274,627
Total Oklahoma 8,321,461 7,952,506 8,713,089 8,992,512 8,955,952

Texas:
Demand 1,138,794 1,002,266 1,021,424 1,067,456 956,846
Interest-bearing:
Transaction 1,716,460 1,660,642 1,527,399 1,460,576 1,543,974
Savings 35,724 33,992 33,867 32,071 32,400
Time 1,007,579 1,035,919 1,054,632 857,416 794,911
Total interest-bearing 2,759,763 2,730,553 2,615,898 2,350,063 2,371,285
Total Texas 3,898,557 3,732,819 3,637,322 3,417,519 3,328,131

New Mexico:
Demand 216,330 175,033 180,308 155,345 176,477
Interest-bearing:
Transaction 424,528 434,498 401,000 397,382 376,941
Savings 18,039 18,255 17,858 16,289 16,316
Time 511,507 542,388 561,300 522,894 475,560
Total interest-bearing 954,074 995,141 980,158 936,565 868,817
Total New Mexico 1,170,404 1,170,174 1,160,466 1,091,910 1,045,294

Arkansas:
Demand 19,077 17,261 16,503 16,293 23,565
Interest-bearing:
Transaction 85,061 73,972 63,924 38,566 19,146
Savings 1,131 1,031 1,100 1,083 865
Time 137,109 162,505 150,015 75,579 47,684
Total interest-bearing 223,301 237,508 215,039 115,228 67,695
Total Arkansas 242,378 254,769 231,542 131,521 91,260

Colorado:
Demand 121,555 113,895 111,048 116,637 115,677
Interest-bearing:
Transaction 477,418 445,521 466,276 480,113 440,888
Savings 18,518 18,144 18,905 17,660 19,300
Time 520,906 579,709 584,971 532,475 428,872
Total interest-bearing 1,016,842 1,043,374 1,070,152 1,030,248 889,060
Total Colorado 1,138,397 1,157,269 1,181,200 1,146,885 1,004,737

Arizona:
Demand 54,046 55,975 54,362 39,424 45,725
Interest-bearing:
Transaction 95,242 89,842 66,809 56,985 64,463
Savings 971 1,282 970 1,014 1,033
Time 56,809 59,775 54,923 34,290 14,433
Total interest-bearing 153,022 150,899 122,702 92,289 79,929
Total Arizona 207,068 206,874 177,064 131,713 125,654

Kansas / Missouri:
Demand 16,406 9,692 16,140 3,850 5,548
Interest-bearing:
Transaction 15,682 12,907 11,976 10,999 9,780
Savings 70 54 117 42 33
Time 84,923 158,325 141,505 55,656 19,794
Total interest-bearing 100,675 171,286 153,598 66,697 29,607
Total Kansas / Missouri 117,081 180,978 169,738 70,547 35,155

TOTAL BOK FINANCIAL $ 15,095,346 $ 14,655,389 $ 15,270,421 $ 14,982,607 $ 14,586,183

NET INTEREST MARGIN TREND - UNAUDITED
BOK FINANCIAL CORPORATION
Quarter Ended
September 30, June 30, March 31, December 31, September 30,
2009 2009 2009 2008 2008
TAX-EQUIVALENT ASSETS YIELDS
Trading securities 4.72% 3.49% 3.69% 6.55% 5.61%
Funds sold and resell agreements 0.11% 0.19% 0.24% 0.76% 1.44%
Securities:
Taxable 4.18% 4.50% 4.90% 5.12% 5.09%
Tax-exempt 5.03% 5.69% 6.64% 6.43% 6.64%
Total securities 4.21% 4.54% 4.96% 5.17% 5.15%
Total loans 4.67% 4.64% 4.56% 5.27% 5.69%
Less Allowance for loan losses - - - - -
Total loans, net 4.78% 4.74% 4.65% 5.35% 5.77%
Total tax-equivalent yield on earning assets 4.54% 4.65% 4.75% 5.28% 5.55%
COST OF INTEREST-BEARING LIABILITIES
Interest-bearing deposits:
Interest-bearing transaction 0.65% 0.78% 0.95% 1.51% 1.72%
Savings 0.48% 0.25% 0.28% 0.37% 0.37%
Time 2.20% 2.48% 2.83% 3.28% 3.39%
Total interest-bearing deposits 1.23% 1.49% 1.76% 2.29% 2.39%
Funds purchased and repurchase agreements 0.32% 0.35% 0.45% 0.94% 1.98%
Other borrowings 0.38% 0.49% 0.58% 1.51% 2.56%
Subordinated debt 5.53% 5.67% 5.67% 5.48% 5.55%
Total cost of interest-bearing liabilities 1.09% 1.31% 1.50% 2.02% 2.41%
Tax-equivalent net interest revenue spread 3.45% 3.34% 3.25% 3.26% 3.14%
Effect of noninterest-bearing funding sources and other 0.18% 0.21% 0.22% 0.31% 0.34%
Tax-equivalent net interest margin 3.63% 3.55% 3.47% 3.57% 3.48%

CREDIT QUALITY INDICATORS
BOK FINANCIAL CORPORATION
(In thousands, except ratios)
Quarter Ended
September 30, June 30, March 31, December 31, September 30,
2009 2009 2009 2008 2008

Nonperforming assets:
Nonaccruing loans (B):
Commercial $ 128,266 $ 126,510 $ 128,501 $ 134,846 $ 105,757
Commercial real estate 212,418 189,586 175,487 137,279 78,235
Residential mortgage 38,220 35,860 34,182 27,387 27,075
Consumer 3,897 1,037 1,065 561 758
Total nonaccruing loans $ 382,801 $ 352,993 $ 339,235 $ 300,073 $ 211,825
Renegotiated loans (A) 17,426 17,479 13,623 13,039 12,326
Real estate and other repossessed assets 89,507 75,243 61,383 29,179 28,088
Total nonperforming assets $ 489,734 $ 445,715 $ 414,241 $ 342,291 $ 252,239

Nonaccruing loans by principal market (B):
Oklahoma $ 112,610 $ 108,490 $ 105,536 $ 108,367 $ 87,885
Texas 65,911 51,582 55,225 42,934 29,141
New Mexico 35,541 29,640 18,046 16,016 12,293
Arkansas 5,911 3,888 4,078 3,263 3,386
Colorado 50,432 45,794 38,567 32,415 20,980
Arizona 108,161 106,076 111,772 80,994 54,832
Kansas 4,235 7,523 6,011 16,084 3,308
Total nonaccruing loans $ 382,801 $ 352,993 $ 339,235 $ 300,073 $ 211,825
- - - - -
Nonaccruing loans by loan portfolio sector (B):
Commercial:
Energy $ 48,992 $ 53,842 $ 49,618 $ 49,364 $ 49,839
Manufacturing 17,429 16,975 18,248 7,343 6,479
Wholesale / retail 7,623 10,983 8,650 18,773 7,806
Agriculture 98 105 115 680 755
Services 30,094 24,713 30,226 36,873 26,581
Healthcare 13,758 14,222 14,288 12,118 3,300
Other 10,272 5,670 7,356 9,695 10,997
Total commercial 128,266 126,510 128,501 134,846 105,757
Commercial real estate:
Land development and construction 113,868 97,425 99,922 76,082 53,624
Retail 22,254 17,474 9,893 15,625 13,011
Office 31,406 27,685 23,305 7,637 3,022
Multifamily 28,223 27,827 27,198 24,950 896
Industrial 527 527 575 6,287 390
Other commercial real estate 16,140 18,648 14,594 6,698 7,292
Total commercial real estate 212,418 189,586 175,487 137,279 78,235
Residential mortgage:
Permanent mortgage 36,431 34,149 32,848 26,233 26,401
Home equity 1,789 1,711 1,334 1,154 674
Total residential mortgage 38,220 35,860 34,182 27,387 27,075
Consumer 3,897 1,037 1,065 561 758
Total nonaccruing loans $ 382,801 $ 352,993 $ 339,235 $ 300,073 $ 211,825
- - - - -
Performing loans 90 days past due $ 24,238 $ 32,479 $ 46,123 $ 19,123 $ 20,213

Gross charge-offs $ 38,581 $ 37,409 $ 34,535 $ 35,681 $ 33,926
Recoveries 2,594 2,472 2,664 2,022 13,712
Net charge-offs $ 35,987 $ 34,937 $ 31,871 $ 33,659 $ 20,214

Provision for credit losses $ 55,120 $ 47,120 $ 45,040 $ 73,001 $ 52,711

Reserve for loan losses to period end loans 2.42 % 2.18 % 1.99 % 1.81 % 1.47 %
Combined reserves for credit losses to period end loans 2.52 % 2.27 % 2.07 % 1.93 % 1.65 %
Nonperforming assets to period end loans
and repossessed assets 4.19 % 3.67 % 3.26 % 2.65 % 1.98 %
Net charge-offs (annualized) to average loans 1.21 % 1.13 % 1.00 % 1.05 % 0.64 %
Reserve for loan losses to nonaccruing loans 73.38 % 74.59 % 73.99 % 77.73 % 88.05 %
Combined reserves for credit losses to nonaccruing loans 76.51 % 77.55 % 77.11 % 82.78 % 98.69 %

(A) includes residential mortgage loans guaranteed by agencies of the U.S. government. These loans have been modified to extend payment terms and/or reduce interest rates to current market. $ 11,234 $ 11,079 $ 10,514 $ 10,396 $ 9,604

(B) includes loans subject to First United Bank sellers escrow $ 4,173 $ 8,305 $ 11,287 $ 13,181 $ 13,262

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

Copyright Business Wire 2009