BOK Financial Reports Quarterly Earnings of $43 Million or $0.63 per Share

http://www.businesswire.com/news/home/20100127005602/en

Annual Earnings Total $201 Million or $2.96 per Share
TULSA, Okla.--(Business Wire)--
BOK Financial Corporation (NASDAQ:BOKF)reported net income for the fourth
quarter of 2009 of $42.8 million or $0.63 per diluted share compared to $50.7
million or $0.75 per diluted share for the third quarter of 2009 and $35.4
million, or $0.52 per diluted share for the fourth quarter of 2008.

Net income for 2009 totaled $200.6 million or $2.96 per diluted share compared
to $153.2 million or $2.27 per diluted share for 2008.

"BOK Financial continued to produce solid earnings in 2009 despite economic
challenges," said President and CEO Stan Lybarger. "We remained committed to a
strategy of diversified revenue sources, well-managed operating expenses and
controlled growth that focuses on long-term shareholder value. Our capital base
which was built on retained earnings, not government assistance, has us well
positioned for the future."

Highlights of fourth quarter of 2009 included:

* Net interest revenue totaled $184.5 million, up $4.0 million over the third
quarter of 2009. Net interest margin was 3.64% for the fourth quarter of 2009
and 3.63% for the third quarter of 2009.

* Fees and commissions revenue totaled $115.9 million, down $4.0 million from
the previous quarter due primarily to a $4.7 million decrease in brokerage and
trading revenue.
* Operating expenses, excluding changes in the fair value of mortgage servicing
rights, totaled $181.7 million, up $6.0 million from the prior quarter. Mortgage
banking costs, occupancy costs and net losses and expenses of repossessed assets
increased over the prior quarter. Personnel expenses decreased due to lower
incentive compensation expense.

* Combined reserves for credit losses totaled $306 million or 2.72% of
outstanding loans at December 31, 2009, up from $293 million or 2.52% of
outstanding loans at September 30, 2009. Net loans charged off and provision for
credit losses were $35.0 million and $48.6 million, respectively for the fourth
quarter of 2009.
* Non-performing assets totaled $484 million or 4.24% of outstanding loans and
repossessed assets at December 31, 2009, down from $490 million or 4.19% of
outstanding loans and repossessed assets at September 30, 2009. Non-accruing
loans decreased $43 million and real estate and other repossessed assets
increased $40 million during the fourth quarter.
* Available for sale securities totaled $8.9 billion at December 31, 2009, up
$513 million since September 30 due to purchases of residential mortgage-backed
securities issued by U.S. government agencies. Other-than-temporary impairment
charges on certain privately-issued residential mortgage backed securities
reduced pre-tax income by $14.5 million during the fourth quarter of 2009.
* Outstanding loan balances were $11.3 billion at December 31, 2009, down $332
million since September 30, 2009. All major loan categories decreased during the
fourth quarter largely due to reduced customer demand and normal repayment
trends.
* Average deposit balances totaled $15.6 billion for the fourth quarter 2009, up
$444 million from the third quarter of 2009. Total period end deposits grew $423
million in the fourth quarter of 2009 to $15.5 billion. Growth in demand and
interest-bearing transaction deposits was partially offset by decreases in
higher-costing time deposits.
* Tangible common equity ratio increased to 7.99% at December 31, 2009, from
7.78% at September 30, 2009 largely due to retained earnings growth. The
tangible common equity ratio is a non-GAAP measure 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 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. BOK Financial chose not to participate in the
TARP Capital Purchase Program. The Company`s Tier 1 capital ratios as defined by
banking regulations were 10.86% at December 31, 2009 and 10.56% at September 30,
2009.
* The Company paid a cash dividend of $16.5 million or $0.24 per common share
during the fourth quarter of 2009. On January 26, 2010, the board of directors
declared a cash dividend of $0.24 per common share payable on or about February
26, 2010 to shareholders of record as of February 12, 2010.

Net Interest Revenue

Net interest revenue totaled $184.5 million for the fourth quarter of 2009, up
$4.0 million over the third quarter of 2009. Net interest margin was 3.64% for
the fourth quarter of 2009 and 3.63% for the third quarter of 2009 and 3.57% for
the fourth quarter of 2008. The increase in net interest margin over the
previous quarter resulted from improved loan yields and lower funding costs. The
yield on average earning assets decreased 12 basis points from the previous
quarter. Loan yields were up 3 basis points. The increased loan yield partially
offset a 34 basis point decrease in the securities portfolio yield. The cost of
interest-bearing liabilities decreased 15 basis points, including a 20 basis
point decrease in the cost of interest-bearing deposits and a 4 basis point
decrease in the cost of other borrowed funds.

Average earning assets increased $450 million during the fourth quarter of 2009,
primarily due to an $876 million increase in average securities, primarily
residential mortgage-backed securities issued by U.S. government agencies.
Average outstanding loans decreased $395 million. Average balances in all major
loan categories were lower compared to the previous quarter.

Average deposits increased $444 million during the fourth quarter of 2009.
Balances in lower-costing transaction accounts continued to increase and
balances in higher-costing time deposits continued to decline. Average
interest-bearing transaction accounts were up $572 million and average demand
deposits were up $274 million. Average time deposit balances decreased $403
million.

Fees and Commission Revenue

Fees and commissions revenue decreased to $115.9 million for the fourth quarter
of 2009 compared to $120.0 million in the third quarter of 2009 primarily due to
a $4.7 million decrease in brokerage and trading revenue. Securities trading
revenue was down $4.3 million from the previous quarter. All other sources of
fees and commissions revenue remained unchanged from the previous quarter.
Mortgage banking revenue increased $206 thousand due to an increase in loan
production volume. Trust revenue increased $177 thousand due to an increase in
the fair value of trust assets. Deposit service charges and fees decreased $963
thousand due to lower commercial account fees and overdraft fees.

Operating Expenses

Total operating expenses were $176.4 million for the fourth quarter of 2009,
down $2.3 million compared to the previous quarter. Excluding changes in the
fair value of mortgage servicing rights, operating expenses totaled $181.7
million, up $6.0 million over the third quarter of 2009. Growth in operating
expenses was primarily due to mortgage banking expenses which include losses on
loans previously sold with recourse, operating costs associated with repossessed
assets and occupancy costs. Losses on mortgage loans sold with recourse were up
$3.3 million over the previous quarter. Net operating costs associated with
repossessed properties increased $1.5 million and occupancy costs increased $1.8
million. Personnel costs were down $4.3 million primarily due to a $3.0 million
reduction in incentive compensation expense. In addition, operating expenses
decreased $8.3 million due to changes in the fair value of mortgage servicing
rights.

Credit Quality

Non-performing assets decreased $5.4 million during the fourth quarter of 2009
to $484 million or 4.24% of outstanding loans and repossessed assets at December
31, 2009. Non-performing assets at December 31, 2009 consisted of non-accruing
loans of $339 million, renegotiated loans of $16 million (including $13 million
of residential mortgage loans guaranteed by U.S. government agencies) and $129
million of real estate and other repossessed assets. Non-accruing loans
decreased $43 million and repossessed assets increased $40 million during the
quarter.

Non-accruing loans totaled $339 million or 3.01% of outstanding loans at
December 31, 2009, compared with $383 million or 3.30% of outstanding loans at
September 30, 2009. Approximately $164 million of non-accruing loans have been
charged-down to the amount management expects to recover. During the fourth
quarter of 2009, $63 million of new non-accruing loans were identified offset by
$26 million in charge-offs, $47 million in foreclosures and repossessions and
$28 million in payments received.

The decrease in non-accruing loans included $21 million from cash and an equity
interest received during the fourth quarter to partially satisfy bankruptcy
claims against SemGroup. Cash received totaled $7 million and the equity
interest was valued at $14 million. BOK Financial continues to hold a $12
million non-accruing loan to the entity created when SemGroup exited bankruptcy.

Non-accruing commercial loans totaled $101 million or 1.63% of total commercial
loans at December 31, 2009. At December 31, 2009, non-accruing commercial loans
are primarily composed of $31 million or 1.71% of total services sector loans,
$23 million or 1.19% of total energy sector loans and $16 million or 3.90% of
total manufacturing sector loans. Non-accruing commercial loans decreased $27
million since September 30, 2009, primarily related to energy sector loans.

Non-accruing commercial real estate loans totaled $205 million or 8.23% of
outstanding commercial real estate loans at December 31, 2009. Non-accruing
commercial real estate loans attributed to our various markets included $73
million or 32% of total commercial real estate loans in Arizona, $52 million or
22% of total commercial real estate loans in Colorado, $31 million or 3.78% of
total commercial real estate loans in Oklahoma, $24 million or 3.26% of total
commercial real estate loans in Texas and $12 million or 9.06% of commercial
real estate loans in Arkansas. Total non-accruing commercial real estate loans
decreased $7.5 million since September 30, 2009. Newly identified non-accruing
commercial real estate loans totaled $46 million, partially offset by $27
million of foreclosures, $15 million of cash payments received and $12 million
of charge-offs.

Non-accruing residential mortgage loans totaled $30 million or 1.67% of
outstanding residential mortgage loans at December 31, 2009. The distribution of
non-accruing residential mortgage loans among our various markets included $15
million or 1.22% of residential mortgage loans in Oklahoma, $9 million or 2.87%
of residential mortgage loans in Texas and $3 million or 4.61% of residential
mortgage loans in Arizona. Non-accruing residential mortgage loans decreased
$8.2 million compared to September 30, 2009. Residential mortgage loans past due
30 to 90 days totaled $20 million, unchanged from September 30, 2009.

The combined allowance for credit losses totaled $306 million or 2.72% of
outstanding loans and 90% of non-accruing loans at December 31, 2009. The
allowance for loan losses was $292 million and the reserve for off-balance sheet
credit losses was $14 million. During the fourth quarter of 2009, the Company
recognized a $48.6 million provision for credit losses. Net losses charged
against the allowance for loan losses totaled $35.0 million or 1.22% annualized
of average outstanding loans. For the full year 2009, the Company recognized a
$196 million provision for credit losses. Net losses charged against the
allowance for loan losses totaled $138 million or 1.14% of average loans.

Real estate and other repossessed assets totaled $129 million at December 31,
2009 consisting of $63 million of 1-4 family residential properties and
residential land development properties, $36 million of developed commercial
real estate properties, $14 million of equity interest received in partial
satisfaction of debts, $8 million of undeveloped land, $5 million of equipment
and $2 million of automobiles. The distribution of real estate owned and other
repossessed assets among various markets included $52 million in Arizona, $23
million in Texas, $10 million in Colorado, $9 million in New Mexico, $23 million
in Oklahoma, $6 million in Kansas City and $6 million in Arkansas. Real estate
and other repossessed assets increased by $40 million during the fourth quarter
due to additions of $53 million partially offset by $7 million in sales and $6
million in write-downs based on updated appraisals.

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 $331 million at December 31, 2009. The loans are primarily to
borrowers in our primary market areas, including $233 million in Oklahoma, $36
million in Arkansas, $19 million in New Mexico, $16 million in Kansas City and
$15 million in Texas. At December 31, 2009, approximately 5.22% of these loans
are non-performing and 5.55% were past due 30 to 90 days. A separate reserve for
credit risk of $14 million is available for losses on these loans.

Securities and Derivatives

The fair value of available for sale securities totaled $8.9 billion at December
31, 2009, up $513 million since September 30, 2009. The available for sale
portfolio consisted primarily of residential mortgage-backed securities,
including $7.8 billion fully backed by U.S. government agencies and $792 million
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 residential
mortgage-backed securities during the fourth 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 net unrealized gains of $13
million at December 31, 2009 compared to net unrealized gains of $31 million at
September 30, 2009. Net unrealized gains on residential mortgage-backed
securities issued by U.S. government agencies decreased $39 million during the
fourth quarter to $164 million at December 31, 2009. Net unrealized losses on
privately-issued residential mortgage-backed securities decreased $22 million to
$169 million at December 31, 2009.

The amortized cost of privately-issued mortgage-backed securities totaled $961
million at December 31, 2009, down $371 million since September 30 due primarily
to cash received. Approximately $589 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
privately-issued mortgage-backed securities rated below investment grade totaled
$129 million at December 31, 2009. Aggregate unrealized losses on these same
securities were $137 million at September 30, 2009. The Company recognized a
$14.5 million other-than-temporary impairment charge against earnings in the
fourth quarter related to these securities due to further declines in projected
cash flows as a result of worsening trends in delinquencies, foreclosures and
housing prices.

Net realized gains on securities totaled $7.3 million for the fourth quarter of
2009, compared with $12.3 million for the third quarter of 2009 and $20.2
million for the fourth quarter of 2008.

Three Months Ended
Dec. 31, Sept. 30, Dec. 31,

2009
2009
2008

Net gain on available for sale securities $ 11,717 $ 8,706 $ 5,067
Gain (loss) on mortgage hedge securities (4,440 ) 3,560 15,089
Net gain on securities $ 7,277 $ 12,266 $ 20,156

Gain (loss) on change in fair value of
mortgage servicing rights $ 5,285 $ (2,981 ) $ (26,432 )

The Company recognized $11.7 million of gains on the sale of $776 million of
available for sale securities in the fourth quarter of 2009 and $8.7 million of
net gains on the sale of $719 million of available for sale securities in the
third quarter of 2009. Securities were sold either because they had reached
their maximum potential total return or to mitigate extension exposure from
rising interest rates.

BOK Financial also maintains a portfolio of residential 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 increased $5.3 million and the fair value of mortgage
hedge securities decreased $4.4 million during the fourth 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
December 31, 2009, the fair value of all asset contracts totaled $344 million,
net of cash margin held by the Company. The largest net amount due from a single
counterparty, a subsidiary of an international energy company, to these
contracts at December 31 was $84 million. Letters of credit issued by
independent financial institutions offset $70 million of this amount.

Loans, Deposits and Capital

Outstanding loans at December 31, 2009 were $11.3 billion, down $332 million
from September 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 and normal repayment trends. Commercial loans decreased $162
million from September 30, 2009, primarily due to a $182 million decrease in
energy sector loans and a $39 million decrease in manufacturing sector loans,
offset by a $47 million increase in healthcare sector loans and $39 million
increase in service sector loans. Commercial real estate loans decreased $69
million compared to the prior quarter, primarily due to a $90 million decrease
in residential construction and land development loans and a $25 million
decrease in loans secured by office buildings, offset by a $21 million increase
in loans secured by multifamily properties and a $19 million increase in loans
secured by industrial properties. Residential mortgage loans decreased $36
million from the prior quarter primarily due to a $45 million decrease in
permanent mortgage loans offset by a $9 million increase in home equity loans.
Consumer loans decreased $65 million compared to the prior quarter primarily due
to a $62 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 $423 million during the third quarter and totaled $15.5
billion at December 31, 2009. Demand and interest-bearing deposits increased
$192 million and $550 million, respectively, offset by a $317 million decrease
in time deposit balances. The Company continued to decrease brokered deposits
and other higher cost certificates of deposit. Among the lines of business,
wealth management and consumer deposits increased $566 million and $64 million,
respectively, offset by a $93 million decrease in commercial deposits.

The Company and each of its subsidiary banks exceeded the regulatory definition
of well capitalized at December 31, 2009. The Company`s Tier 1 and total capital
ratios were 10.86% and 14.43%, respectively, at December 31, 2009. The Company`s
Tier 1 and total capital ratios were 10.56% and 14.10%, respectively, at
September 30, 2009. In addition the Company`s tangible common equity ratio, a
non-GAAP measure, was 7.99% at December 31, 2009 and 7.78% at September 30,
2009. The increase in capital ratios was primarily due to retained earnings
growth.

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
December 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
December 31, September 30, December 31,
2009 2009 2008
(Unaudited) (Unaudited)
ASSETS
Cash and due from banks $ 875,250 $ 1,383,244 $ 581,133
Trading securities 65,354 100,898 99,601
Funds sold and resell agreements 45,966 39,465 113,809
Securities:
Available for sale 8,872,023 8,358,562 6,391,451
Investment 240,405 238,101 242,344
Mortgage trading securities 285,950 320,971 399,211
Total securities 9,398,378 8,917,634 7,033,006
Residential mortgage loans held for sale 217,826 172,301 129,246
Loans:
Commercial 6,207,840 6,370,056 7,411,603
Commercial real estate 2,491,434 2,560,335 2,701,248
Residential mortgage 1,793,622 1,829,824 1,752,574
Consumer 786,802 851,349 1,010,581
Total loans 11,279,698 11,611,564 12,876,006
Less reserve for loan losses (292,095 ) (280,902 ) (233,236 )
Loans, net of reserve 10,987,603 11,330,662 12,642,770
Premises and equipment, net 280,260 286,702 277,458
Accrued revenue receivable 108,822 68,617 96,673
Intangible assets, net 354,239 356,152 361,209
Mortgage servicing rights, net 73,824 66,689 42,752
Real estate and other repossessed assets 129,034 89,507 29,179
Bankers' acceptances 3,869 9,882 12,913
Derivative contracts 343,782 397,110 452,604
Cash surrender value of bank-owned life insurance 247,357 244,456 237,006
Receivable on unsettled securities trades - - 239,474
Other assets 385,267 413,522 385,815
TOTAL ASSETS $ 23,516,831 $ 23,876,841 $ 22,734,648

LIABILITIES AND EQUITY
Deposits:
Demand $ 3,653,844 $ 3,462,188 $ 3,082,379
Interest-bearing transaction 7,930,439 7,380,449 6,562,350
Savings 165,952 167,896 154,635
Time 3,767,993 4,084,813 5,183,243
Total deposits 15,518,228 15,095,346 14,982,607
Funds purchased and repurchase agreements 2,471,743 2,198,900 3,025,399
Other borrowings 2,133,357 3,189,948 1,522,054
Subordinated debentures 398,539 398,502 398,407
Accrued interest, taxes, and expense 111,880 123,409 133,220
Bankers' acceptances 3,869 9,882 12,913
Due on unsettled securities trades 212,335 133,974 -
Derivative contracts 308,360 395,197 667,034
Other liabilities 133,146 127,689 132,902
TOTAL LIABILITIES 21,291,457 21,672,847 20,874,536
Shareholders' equity:
Capital, surplus and retained earnings 2,216,553 2,185,776 2,069,143
Accumulated other comprehensive loss (10,740 ) (763 ) (222,886 )
TOTAL SHAREHOLDERS' EQUITY 2,205,813 2,185,013 1,846,257
Non-controlling interest 19,561 18,981 13,855
TOTAL EQUITY 2,225,374 2,203,994 1,860,112
TOTAL LIABILITIES AND EQUITY $ 23,516,831 $ 23,876,841 $ 22,734,648

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

ASSETS
Trading securities $ 68,027 $ 64,763 $ 112,960 $ 111,962 $ 78,840
Funds sold and resell agreements 30,358 67,032 29,277 50,701 48,246
Securities:
Available for sale 8,583,032 7,782,254 7,242,931 6,645,086 6,409,906
Investment 238,479 235,967 271,068 238,562 242,503
Mortgage trading securities 340,456 267,591 365,434 453,304 237,319
Total securities 9,161,967 8,285,812 7,879,433 7,336,952 6,889,728
Residential mortgage loans held for sale 194,760 176,403 286,077 201,135 121,184
Loans:
Commercial 6,325,580 6,521,438 6,901,057 7,182,481 7,452,799
Commercial real estate 2,538,737 2,621,176 2,684,020 2,762,789 2,716,465
Residential mortgage 1,827,339 1,873,457 1,884,023 1,841,006 1,641,023
Consumer 801,040 871,347 933,950 998,489 1,016,409
Total loans 11,492,696 11,887,418 12,403,050 12,784,765 12,826,696
Less allowance for loan losses (298,157 ) (281,289 ) (273,335 ) (252,734 ) (209,319 )
Total loans, net 11,194,539 11,606,129 12,129,715 12,532,031 12,617,377
Total earning assets 20,649,651 20,200,139 20,437,462 20,232,781 19,755,374
Cash and due from banks 1,095,087 828,965 638,791 661,433 534,039
Cash surrender value of bank-owned life insurance 245,460 242,715 240,199 237,805 235,195
Derivative contracts 352,143 401,887 493,448 476,091 352,083
Other assets 1,353,393 1,376,828 1,264,131 1,335,259 1,394,960
TOTAL ASSETS $ 23,695,734 $ 23,050,534 $ 23,074,031 $ 22,943,369 $ 22,271,651

LIABILITIES AND EQUITY
Deposits:
Demand $ 3,666,663 $ 3,392,578 $ 3,183,338 $ 2,864,751 $ 2,712,384
Interest-bearing transaction 7,734,678 7,162,477 6,854,003 6,610,805 6,116,465
Savings 167,572 167,677 167,813 159,537 155,784
Time 4,002,337 4,404,854 5,123,947 5,215,091 5,109,303
Total deposits 15,571,250 15,127,586 15,329,101 14,850,184 14,093,936
Funds purchased and repurchase agreements 2,173,476 2,284,985 2,316,990 2,562,066 3,095,054
Other borrowings 2,380,938 2,173,103 1,951,699 2,158,963 1,986,857
Subordinated debentures 398,522 398,484 398,456 398,425 398,392
Derivative contracts 318,809 392,277 536,232 641,974 494,778
Other liabilities 605,994 539,129 534,889 416,242 293,752
TOTAL LIABILITIES 21,448,989 20,915,564 21,067,367 21,027,854 20,362,769
Total equity 2,246,745 2,134,970 2,006,664 1,915,515 1,908,882
TOTAL LIABILITIES AND EQUITY $ 23,695,734 $ 23,050,534 $ 23,074,031 $ 22,943,369 $ 22,271,651

STATEMENTS OF EARNINGS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except per share data)
Quarter Ended Year Ended
December 31, December 31,
2009 2008 2009 2008

Interest revenue $ 224,411 $ 262,160 $ 914,569 $ 1,061,645
Interest expense 39,933 85,713 204,205 414,783
Net interest revenue 184,478 176,447 710,364 646,862
Provision for credit losses 48,620 73,001 195,900 202,593
Net interest revenue after provision for credit losses 135,858 103,446 514,464 444,269

Other operating revenue
Brokerage and trading revenue 20,240 23,507 91,677 42,804
Transaction card revenue 26,292 25,177 105,517 100,153
Trust fees and commissions 16,492 17,143 66,177 78,979
Deposit service charges and fees 29,501 29,239 115,791 117,528
Mortgage banking revenue 13,403 7,217 64,980 30,599
Bank-owned life insurance 2,870 2,682 10,239 10,681
Margin asset fees 50 187 236 8,548
Other revenue 7,101 5,778 25,895 25,902
Total fees and commissions 115,949 110,930 480,512 415,194
Gain (loss) on other assets (205) (7,420) 4,134 (9,406)
Gain (loss) on derivatives, net (370) (2,219) (3,365) 1,299
Gain (loss) on securities, net 7,277 20,156 46,122 26,943
Total other-than-temporary impairment losses (67,390) - (129,154) (5,306)
Portion of loss recognized in other comprehensive income (52,902) - (94,741) -
Net impairment losses recognized in earnings (14,488) - (34,413) (5,306)
Total other operating revenue 108,163 121,447 492,990 428,724

Other operating expense
Personnel 93,687 87,695 380,517 352,947
Business promotion 5,758 7,283 19,582 23,536
Professional fees and services 8,813 7,923 30,243 27,045
Net occupancy and equipment 17,600 14,901 65,715 60,632
Insurance 6,412 3,216 24,040 11,988
FDIC special assessment - - 11,773 -
Data processing and communications 21,121 19,720 81,292 78,047
Printing, postage and supplies 3,601 3,823 15,960 16,433
Net (gains) losses and operating expenses of repossessed assets 5,101 1,006 11,400 1,019
Amortization of intangible assets 1,912 1,967 6,970 7,661
Mortgage banking costs 11,436 4,967 36,304 22,513
Change in fair value of mortgage servicing rights (5,285) 26,432 (12,124) 34,515
Visa retrospective responsibility obligation - (1,700) - (2,767)
Other expense 6,281 8,209 25,061 28,835
Total other operating expense 176,437 185,442 696,733 662,404

Net income before taxes 67,584 39,451 310,721 210,589
Federal and state income taxes 24,780 10,363 106,705 64,909

Net income before non-controlling interest 42,804 29,088 204,016 145,680
Net income (loss) attributable to non-controlling interest 33 (6,355) 3,438 (7,552)

Net income attributable to BOK Financial Corporation $ 42,771 $ 35,443 $ 200,578 $ 153,232

Average shares outstanding:
Basic 67,446,326 67,294,069 67,375,387 67,302,990
Diluted 67,600,344 67,456,267 67,487,944 67,461,361

Net income per share:
Basic $ 0.63 $ 0.53 $ 2.96 $ 2.27
Diluted $ 0.63 $ 0.52 $ 2.96 $ 2.27

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

Capital:
Period-end shareholders' equity $ 2,205,813 $ 2,185,013 $ 2,050,572 $ 1,931,300 $ 1,846,257
Risk weighted assets $ 17,275,808 $ 17,515,147 $ 18,338,540 $ 18,355,862 $ 18,401,051
Risk-based capital ratios:
Tier 1 10.86 % 10.56 % 9.86 % 9.66 % 9.40 %
Total capital 14.43 % 14.10 % 13.34 % 13.08 % 12.81 %
Leverage ratio 8.05 % 8.16 % 7.97 % 7.85 % 7.89 %
Tangible common equity ratio (A) 7.99 % 7.78 % 7.55 % 6.84 % 6.64 %
Tier 1 common equity ratio (B) 10.75 % 10.45 % 9.77 % 9.58 % 9.32 %

Common stock:
Book value per share $ 32.53 $ 32.27 $ 30.30 $ 28.57 $ 27.36

Market value per share:
High $ 47.91 $ 48.10 $ 43.02 $ 40.71 $ 54.42
Low $ 41.87 $ 34.81 $ 34.46 $ 22.95 $ 38.40

Cash dividends paid $ 16,461 $ 16,280 $ 16,184 $ 15,027 $ 15,358
Dividend payout ratio 38.49 % 32.14 % 31.05 % 27.31 % 43.33 %
Shares outstanding, net 67,802,807 67,707,547 67,674,442 67,589,045 67,473,086
Stock buy-back program:
Shares repurchased - - - - -
Amount $ - $ - $ - $ - $ -
Average price per share $ - $ - $ - $ - $ -

Performance ratios (quarter annualized):
Return on average assets 0.72 % 0.87 % 0.91 % 0.97 % 0.63 %
Return on average equity 7.55 % 9.41 % 10.42 % 11.65 % 7.39 %
Net interest margin 3.64 % 3.63 % 3.55 % 3.47 % 3.57 %
Efficiency ratio 60.02 % 58.09 % 61.02 % 57.10 % 54.94 %

Other data:
Gain (loss) on economic hedge of mortgage servicing rights $ (4,440 ) $ 3,560 $ (10,199 ) $ (2,118 ) $ 15,089
Trust assets $ 30,385,365 $ 29,945,585 $ 29,288,041 $ 28,700,791 $ 30,454,512
Mortgage servicing portfolio $ 6,603,132 $ 6,339,764 $ 6,082,501 $ 5,515,893 $ 5,256,159
Mortgage loan fundings during the quarter $ 560,254 $ 536,173 $ 1,023,272 $ 708,561 $ 214,521
Mortgage loan refinances to total fundings 47.00 % 49.00 % 71.00 % 73.51 % 34.84 %
Tax equivalent adjustment $ 2,196 $ 1,982 $ 1,791 $ 2,105 $ 2,063
Unrealized gain (loss) on available for sale securities $ 13,226 $ 30,898 $ (128,492 ) $ (261,856 ) $ (330,973 )

(A) Tangible common equity ratio is a non-GAAP measure.
Reconciliation to a GAAP financial measure follows:
Total shareholders' equity $ 2,205,813 $ 2,185,013 $ 2,050,572 $ 1,931,300 $ 1,846,257
Less: intangible assets, net (354,239 ) (356,152 ) (357,838 ) (359,523 ) (361,209 )
Tangible common equity $ 1,851,574 $ 1,828,861 $ 1,692,734 $ 1,571,777 $ 1,485,048

Total assets $ 23,516,831 $ 23,876,841 $ 22,768,319 $ 23,333,442 $ 22,734,648
Less: intangible assets, net (354,239 ) (356,152 ) (357,838 ) (359,523 ) (361,209 )
$ 23,162,592 $ 23,520,689 $ 22,410,481 $ 22,973,919 $ 22,373,439

Tangible common equity ratio 7.99 % 7.78 % 7.55 % 6.84 % 6.64 %

(B) Tier 1 common equity ratio is a non-GAAP measure.
Reconciliation to a GAAP financial measure follows:
Tier 1 capital $ 1,876,778 $ 1,849,254 $ 1,807,705 $ 1,773,576 $ 1,728,926
Less: non-controlling interest (19,561 ) (18,981 ) (15,590 ) (14,751 ) (13,855 )
Tier 1 common equity $ 1,857,217 $ 1,830,273 $ 1,792,115 $ 1,758,825 $ 1,715,071

Risk weighted assets $ 17,275,808 $ 17,515,147 $ 18,338,540 $ 18,355,862 $ 18,401,051

Tier 1 common equity ratio 10.75 % 10.45 % 9.77 % 9.58 % 9.32 %

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

Interest revenue $ 224,411 $ 226,246 $ 230,685 $ 233,227 $ 262,160
Interest expense 39,933 45,785 55,105 63,382 85,713
Net interest revenue 184,478 180,461 175,580 169,845 176,447
Provision for credit losses 48,620 55,120 47,120 45,040 73,001
Net interest revenue after provision for credit losses 135,858 125,341 128,460 124,805 103,446

Other operating revenue
Brokerage and trading revenue 20,240 24,944 21,794 24,699 23,507
Transaction card revenue 26,292 26,264 27,533 25,428 25,177
Trust fees and commissions 16,492 16,315 16,860 16,510 17,143
Deposit service charges and fees 29,501 30,464 28,421 27,405 29,239
Mortgage banking revenue 13,403 13,197 19,882 18,498 7,217
Bank-owned life insurance 2,870 2,634 2,418 2,317 2,682
Margin asset fees 50 51 68 67 187
Other revenue 7,101 6,087 6,124 6,583 5,778
Total fees and commissions 115,949 119,956 123,100 121,507 110,930
Gain (loss) on other assets (205 ) 3,223 973 143 (7,420 )
Gain (loss) on derivatives, net (370 ) (294 ) (1,037 ) (1,664 ) (2,219 )
Gain (loss) on securities, net 7,277 12,266 6,471 20,108 20,156
Total other-than-temporary impairment losses (67,390 ) (6,133 ) (1,263 ) (54,368 ) -
Portion of loss recognized in other comprehensive income (52,902 ) (2,752 ) 279 (39,366 ) -
Net impairment losses recognized in earnings (14,488 ) (3,381 ) (1,542 ) (15,002 ) -
Total other operating revenue 108,163 131,770 127,965 125,092 121,447

Other operating expense
Personnel 93,687 98,012 96,191 92,627 87,695
Business promotion 5,758 4,827 4,569 4,428 7,283
Professional fees and services 8,813 7,555 7,363 6,512 7,923
Net occupancy and equipment 17,600 15,884 15,973 16,258 14,901
Insurance 6,412 6,092 5,898 5,638 3,216
FDIC special assessment - - 11,773 - -
Data processing and communications 21,121 20,413 20,452 19,306 19,720
Printing, postage and supplies 3,601 3,716 4,072 4,571 3,823
Net (gains) losses and operating expenses of repossessed assets 5,101 3,497 996 1,806 1,006
Amortization of intangible assets 1,912 1,686 1,686 1,686 1,967
Mortgage banking costs 11,436 8,065 9,336 7,467 4,967
Change in fair value of mortgage servicing rights (5,285 ) 2,981 (7,865 ) (1,955 ) 26,432
Visa retrospective responsibility obligation - - - - (1,700 )
Other expense 6,281 6,004 5,326 7,450 8,209
Total other operating expense 176,437 178,732 175,770 165,794 185,442

Net income before taxes 67,584 78,379 80,655 84,103 39,451
Federal and state income taxes 24,780 24,772 28,315 28,838 10,363

Net income before non-controlling interest 42,804 53,607 52,340 55,265 29,088
Net income (loss) attributable to non-controlling interest 33 2,947 225 233 (6,355 )

Net income attributable to BOK Financial Corporation $ 42,771 $ 50,660 $ 52,115 $ 55,032 $ 35,443

Average shares outstanding:
Basic 67,446,326 67,392,059 67,344,577 67,315,986 67,294,069
Diluted 67,600,344 67,513,700 67,448,029 67,387,102 67,456,267

Net income per share:
Basic $ 0.63 $ 0.75 $ 0.77 $ 0.81 $ 0.53
Diluted $ 0.63 $ 0.75 $ 0.77 $ 0.81 $ 0.52

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

Oklahoma:
Commercial $ 2,649,252 $ 2,738,217 $ 2,918,478 $ 3,119,362 $ 3,356,520
Commercial real estate 820,578 815,362 855,742 881,620 843,576
Residential mortgage 1,228,822 1,245,917 1,249,104 1,234,417 1,196,924
Consumer 451,829 483,369 521,431 562,021 579,809
Total Oklahoma 5,150,481 5,282,865 5,544,755 5,797,420 5,976,829

Texas:
Commercial 2,017,081 2,075,379 2,182,756 2,277,186 2,353,860
Commercial real estate 735,338 734,742 741,199 816,830 825,769
Residential mortgage 313,113 335,797 345,780 337,044 315,438
Consumer 170,062 188,374 196,752 214,134 212,820
Total Texas 3,235,594 3,334,292 3,466,487 3,645,194 3,707,887

New Mexico:
Commercial 341,802 344,910 380,378 393,180 418,732
Commercial real estate 305,061 344,988 313,190 315,511 286,574
Residential mortgage 86,415 88,271 90,944 99,805 98,018
Consumer 17,473 18,176 18,826 19,900 18,616
Total New Mexico 750,751 796,345 803,338 828,396 821,940

Arkansas:
Commercial 103,443 99,559 97,676 99,955 103,446
Commercial real estate 132,436 128,984 133,026 133,227 134,015
Residential mortgage 16,849 19,128 19,015 17,145 16,875
Consumer 124,265 136,461 152,620 168,971 175,647
Total Arkansas 376,993 384,132 402,337 419,298 429,983

Colorado:
Commercial 545,724 569,549 595,858 675,223 660,546
Commercial real estate 239,970 249,879 269,923 267,035 261,820
Residential mortgage 66,504 68,667 58,557 59,120 53,875
Consumer 17,362 18,272 14,097 14,599 16,141
Total Colorado 869,560 906,367 938,435 1,015,977 992,382

Arizona:
Commercial 199,143 219,330 215,540 211,953 211,356
Commercial real estate 227,249 257,169 262,607 285,841 319,525
Residential mortgage 65,047 57,304 58,265 61,605 62,123
Consumer 3,461 4,826 3,229 5,261 6,075
Total Arizona 494,900 538,629 539,641 564,660 599,079

Kansas:
Commercial 351,395 323,112 325,165 324,671 307,143
Commercial real estate 30,802 29,211 36,006 32,017 29,969
Residential mortgage 16,872 14,740 12,310 10,814 9,321
Consumer 2,350 1,871 1,454 1,469 1,473
Total Kansas 401,419 368,934 374,935 368,971 347,906
TOTAL BOK FINANCIAL $ 11,279,698 $ 11,611,564 $ 12,069,928 $ 12,639,916 $ 12,876,006

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

Oklahoma:
Demand $ 2,068,908 $ 1,895,980 $ 1,451,057 $ 1,651,111 $ 1,683,374
Interest-bearing:
Transaction 5,134,902 4,566,058 4,374,089 4,089,838 4,117,729
Savings 93,006 93,443 94,048 95,827 86,476
Time 1,397,240 1,765,980 2,033,312 2,876,313 3,104,933
Total interest-bearing 6,625,148 6,425,481 6,501,449 7,061,978 7,309,138
Total Oklahoma 8,694,056 8,321,461 7,952,506 8,713,089 8,992,512

Texas:
Demand 1,108,401 1,138,794 1,002,266 1,021,424 1,067,456
Interest-bearing:
Transaction 1,748,319 1,716,460 1,660,642 1,527,399 1,460,576
Savings 35,129 35,724 33,992 33,867 32,071
Time 1,100,602 1,007,579 1,035,919 1,054,632 857,416
Total interest-bearing 2,884,050 2,759,763 2,730,553 2,615,898 2,350,063
Total Texas 3,992,451 3,898,557 3,732,819 3,637,322 3,417,519

New Mexico:
Demand 209,090 216,330 175,033 180,308 155,345
Interest-bearing:
Transaction 444,247 424,528 434,498 401,000 397,382
Savings 17,563 18,039 18,255 17,858 16,289
Time 510,202 511,507 542,388 561,300 522,894
Total interest-bearing 972,012 954,074 995,141 980,158 936,565
Total New Mexico 1,181,102 1,170,404 1,170,174 1,160,466 1,091,910

Arkansas:
Demand 21,526 19,077 17,261 16,503 16,293
Interest-bearing:
Transaction 50,879 85,061 73,972 63,924 38,566
Savings 1,346 1,131 1,031 1,100 1,083
Time 101,839 137,109 162,505 150,015 75,579
Total interest-bearing 154,064 223,301 237,508 215,039 115,228
Total Arkansas 175,590 242,378 254,769 231,542 131,521

Colorado:
Demand 146,929 121,555 113,895 111,048 116,637
Interest-bearing:
Transaction 448,846 477,418 445,521 466,276 480,113
Savings 17,802 18,518 18,144 18,905 17,660
Time 525,844 520,906 579,709 584,971 532,475
Total interest-bearing 992,492 1,016,842 1,043,374 1,070,152 1,030,248
Total Colorado 1,139,421 1,138,397 1,157,269 1,181,200 1,146,885

Arizona:
Demand 68,651 54,046 55,975 54,362 39,424
Interest-bearing:
Transaction 81,909 95,242 89,842 66,809 56,985
Savings 958 971 1,282 970 1,014
Time 60,768 56,809 59,775 54,923 34,290
Total interest-bearing 143,635 153,022 150,899 122,702 92,289
Total Arizona 212,286 207,068 206,874 177,064 131,713

Kansas / Missouri:
Demand 30,339 16,406 9,692 16,140 3,850
Interest-bearing:
Transaction 21,337 15,682 12,907 11,976 10,999
Savings 148 70 54 117 42
Time 71,498 84,923 158,325 141,505 55,656
Total interest-bearing 92,983 100,675 171,286 153,598 66,697
Total Kansas / Missouri 123,322 117,081 180,978 169,738 70,547

TOTAL BOK FINANCIAL $ 15,518,228 $ 15,095,346 $ 14,655,389 $ 15,270,421 $ 14,982,607

NET INTEREST MARGIN TREND - UNAUDITED
BOK FINANCIAL CORPORATION
Quarter Ended
December 31, September 30, June 30, March 31, December 31,
2009 2009 2009 2009 2008
TAX-EQUIVALENT ASSETS YIELDS
Trading securities 5.41 % 4.72 % 3.49 % 3.69 % 6.55 %
Funds sold and resell agreements 0.21 % 0.11 % 0.19 % 0.24 % 0.76 %
Securities:
Taxable 3.83 % 4.18 % 4.50 % 4.90 % 5.12 %
Tax-exempt 5.16 % 5.03 % 5.69 % 6.64 % 6.43 %
Total securities 3.87 % 4.21 % 4.54 % 4.96 % 5.17 %
Total loans 4.70 % 4.67 % 4.64 % 4.56 % 5.27 %
Less Allowance for loan losses - - - - -
Total loans, net 4.82 % 4.78 % 4.74 % 4.65 % 5.35 %
Total tax-equivalent yield on earning assets 4.42 % 4.54 % 4.65 % 4.75 % 5.28 %
COST OF INTEREST-BEARING LIABILITIES
Interest-bearing deposits:
Interest-bearing transaction 0.57 % 0.65 % 0.78 % 0.95 % 1.51 %
Savings 0.47 % 0.48 % 0.25 % 0.28 % 0.37 %
Time 1.95 % 2.20 % 2.48 % 2.83 % 3.28 %
Total interest-bearing deposits 1.03 % 1.23 % 1.49 % 1.76 % 2.29 %
Funds purchased and repurchase agreements 0.30 % 0.32 % 0.35 % 0.45 % 0.94 %
Other borrowings 0.29 % 0.38 % 0.49 % 0.58 % 1.51 %
Subordinated debt 5.52 % 5.53 % 5.67 % 5.67 % 5.48 %
Total cost of interest-bearing liabilities 0.94 % 1.09 % 1.31 % 1.50 % 2.02 %
Tax-equivalent net interest revenue spread 3.48 % 3.45 % 3.34 % 3.25 % 3.26 %
Effect of noninterest-bearing funding sources and other 0.16 % 0.18 % 0.21 % 0.22 % 0.31 %
Tax-equivalent net interest margin 3.64 % 3.63 % 3.55 % 3.47 % 3.57 %

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

Nonperforming assets:
Nonaccruing loans (B):
Commercial $ 101,384 $ 128,266 $ 126,510 $ 128,501 $ 134,846
Commercial real estate 204,924 212,418 189,586 175,487 137,279
Residential mortgage 29,989 38,220 35,860 34,182 27,387
Consumer 3,058 3,897 1,037 1,065 561
Total nonaccruing loans $ 339,355 $ 382,801 $ 352,993 $ 339,235 $ 300,073
Renegotiated loans (A) 15,906 17,426 17,479 13,623 13,039
Real estate and other repossessed assets 129,034 89,507 75,243 61,383 29,179
Total nonperforming assets $ 484,295 $ 489,734 $ 445,715 $ 414,241 $ 342,291

Nonaccruing loans by principal market (B):
Oklahoma $ 83,176 $ 112,610 $ 108,490 $ 105,536 $ 108,367
Texas 66,892 65,911 51,582 55,225 42,934
New Mexico 26,693 35,541 29,640 18,046 16,016
Arkansas 13,820 5,911 3,888 4,078 3,263
Colorado 60,082 50,432 45,794 38,567 32,415
Arizona 84,559 108,161 106,076 111,772 80,994
Kansas 4,133 4,235 7,523 6,011 16,084
Total nonaccruing loans $ 339,355 $ 382,801 $ 352,993 $ 339,235 $ 300,073
- - - - -
Nonaccruing loans by loan portfolio sector (B):
Commercial:
Energy $ 22,692 $ 48,992 $ 53,842 $ 49,618 $ 49,364
Manufacturing 15,765 17,429 16,975 18,248 7,343
Wholesale / retail 12,057 7,623 10,983 8,650 18,773
Agriculture 65 98 105 115 680
Services 30,926 30,094 24,713 30,226 36,873
Healthcare 13,103 13,758 14,222 14,288 12,118
Other 6,776 10,272 5,670 7,356 9,695
Total commercial 101,384 128,266 126,510 128,501 134,846
Commercial real estate:
Land development and construction 109,779 113,868 97,425 99,922 76,082
Retail 26,236 22,254 17,474 9,893 15,625
Office 25,861 31,406 27,685 23,305 7,637
Multifamily 26,540 28,223 27,827 27,198 24,950
Industrial 279 527 527 575 6,287
Other commercial real estate 16,229 16,140 18,648 14,594 6,698
Total commercial real estate 204,924 212,418 189,586 175,487 137,279
Residential mortgage:
Permanent mortgage 28,314 36,431 34,149 32,848 26,233
Home equity 1,675 1,789 1,711 1,334 1,154
Total residential mortgage 29,989 38,220 35,860 34,182 27,387
Consumer 3,058 3,897 1,037 1,065 561
Total nonaccruing loans $ 339,355 $ 382,801 $ 352,993 $ 339,235 $ 300,073
- - - - -
Performing loans 90 days past due $ 10,308 $ 24,238 $ 32,479 $ 46,123 $ 19,123

Gross charge-offs $ 37,974 $ 38,581 $ 37,409 $ 34,535 $ 35,681
Recoveries 2,950 2,594 2,472 2,664 2,022
Net charge-offs $ 35,024 $ 35,987 $ 34,937 $ 31,871 $ 33,659

Provision for credit losses $ 48,620 $ 55,120 $ 47,120 $ 45,040 $ 73,001

Reserve for loan losses to period end loans 2.59 % 2.42 % 2.18 % 1.99 % 1.81 %
Combined reserves for credit losses to period end loans 2.72 % 2.52 % 2.27 % 2.07 % 1.93 %

Nonperforming assets to period end loans and repossessed assets 4.24 % 4.19 % 3.67 % 3.26 % 2.65 %
Net charge-offs (annualized) to average loans 1.22 % 1.21 % 1.13 % 1.00 % 1.05 %
Reserve for loan losses to nonaccruing loans 86.07 % 73.38 % 74.59 % 73.99 % 77.73 %
Combined reserves for credit losses to nonaccruing loans 90.31 % 76.51 % 77.55 % 77.11 % 82.78 %

(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. $ 12,799 $ 11,234 $ 11,079 $ 10,514 $ 10,396
(B) includes loans subject to First United Bank sellers escrow $ 4,311 $ 4,173 $ 8,305 $ 11,287 $ 13,181

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

Copyright Business Wire 2010