TULSA, Okla., Jan. 25, 2017 (GLOBE NEWSWIRE) -- BOK Financial Corporation (Nasdaq:BOKF) reported net income of $232.7 million or $3.53 per diluted share for the year ended December 31, 2016. Net income for the year ended December 31, 2015 was $288.6 million or $4.21 per diluted share.
Net income for fourth quarter of 2016 totaled $50.0 million or $0.76 per diluted share. Unusual items that impacted fourth quarter earnings included:
- A $17.0 million decrease in the fair value of mortgage servicing rights, net of economic hedges, which reduced earnings per share (EPS) by $0.18 per share; and a $5.0 million decrease in the net fair value of trading portfolio positions, which reduced EPS by $0.05 per share. Both of these items were a result of the unexpected 85 basis point increase in the 10-year U.S. Treasury interest rate and related interest rates primarily due to the market's reaction to the outcome of the presidential election.
- Expenses related to the completion of the Mobank acquisition totaled $4.7 million or $0.05 per share.
- Severance and other expenses related to the fourth quarter staff reductions totaled $5.0 million or $0.05 per share.
Steven G. Bradshaw, president and chief executive officer, noted, “In 2016 we achieved record net interest income and fees and commissions revenue, generated strong loan growth despite a significant reduction in energy loan outstandings, and worked through a protracted commodities downturn with performance near the top of our peer group of energy banks. We also completed the acquisition of MBT Bancshares (Mobank) in Kansas City and are already capitalizing on our opportunities in that important growth market. Finally, we adjusted our mortgage servicing rights hedging strategy to reduce volatility in a rising rate environment going forward. While the impact of changing interest rates, expense items associated with the Mobank acquisition, and other unusual expense items reduced profitability, I am as confident in our business prospects today as I have been in years. We believe we are well-positioned to continue to grow revenues and energize earnings growth in 2017.”
Bradshaw continued, “During the year we repurchased 1,005,169 shares at an average price of $66.45, including 700,000 shares in the fourth quarter at $70.03 per share. We also increased our dividend for the 11th consecutive year and deployed $102 million of capital for the Mobank acquisition. We will continue to deploy capital in a smart and disciplined fashion through a combination of organic growth, acquisitions, dividends, and more limited share buybacks.”
Fourth Quarter 2016 Highlights
- Net interest revenue totaled $194.2 million for the fourth quarter of 2016, up $6.4 million over the third quarter of 2016. Net interest margin was 2.63 percent, compared to 2.64 percent in the third quarter of 2016. Average earning assets increased $107 million over the prior quarter.
- Fees and commissions revenue totaled $162.0 million for the fourth quarter of 2016. Excluding the impact of the change in interest rates above, fees and commissions revenue decreased $14.3 million compared to the third quarter of 2016. Mortgage banking revenue decreased $10.1 million due primarily to a decrease in outstanding loan commitments related to rising interest rates and normal seasonality. Brokerage and trading revenue decreased $4.6 million primarily due to lower gains from trading of securities and related derivative contracts and decreased volumes of derivative contracts sold to our mortgage banking customers related to changes in interest rates.
- Operating expense was $265.5 million for the fourth quarter, largely unchanged compared to the prior quarter, excluding the unusual items noted above. Personnel expense decreased $4.6 million and non-personnel expense increased $3.6 million.
- No provision for credit losses was recorded in the fourth quarter, compared to $10.0 million for the third quarter of 2016. The decrease in the provision for credit losses was due to improving credit metric trends, largely driven by energy price stability. The company had a net recovery of $1.2 million in the fourth quarter of 2016, compared to net charge-offs of $6.1 million in the third quarter.
- The combined allowance for credit losses totaled $257 million or 1.52 percent of outstanding loans at December 31, 2016, compared to $256 million or 1.56 percent of outstanding loans at September 30, 2016. The December 31, 2016 coverage ratio was unchanged at 1.56 percent, excluding the effect of the Mobank acquisition.
- Nonperforming assets that are not guaranteed by U.S. government agencies totaled $263 million or 1.56 percent of outstanding loans and repossessed assets (excluding those guaranteed by U.S. government agencies) at December 31, 2016 and $253 million or 1.55 percent of outstanding loans and repossessed assets (excluding those guaranteed by U.S. government agencies) at September 30, 2016.
- Average loans increased $276 million over the previous quarter, including $162 million related to the Mobank acquisition. The remaining increase was primarily due to growth in the personal and commercial loan portfolios. Period-end outstanding loan balances were $17.0 billion at December 31, 2016, an increase of $525 million over September 30, 2016. The Mobank acquisition added $485 million to loans at December 31, 2016. Excluding the impact of the acquisition, personal loans grew by $126 million, partially offset by a $72 million decrease in commercial real estate balances.
- Average deposits increased $938 million over the previous quarter. Growth in demand deposit and interest-bearing transaction account balances was partially offset by a decrease in time deposits. Period end deposits grew by $1.7 billion over September 30, 2016 to $22.7 billion at December 31, 2016, including the addition of $624 million in Mobank deposits.
- The common equity Tier 1 capital ratio was 11.27 percent at December 31. In addition, the Company's Tier 1 capital ratio was 11.27 percent, total capital ratio was 12.87 percent and leverage ratio was 8.72 percent. At September 30, 2016, the common equity Tier 1 capital ratio was 11.99 percent, the Tier 1 capital ratio was 11.99 percent, total capital ratio was 13.65 percent and leverage ratio was 9.06 percent. The decrease in capital ratios was primarily due to the purchase of Mobank and share repurchases during the fourth quarter.
- The company paid a regular quarterly cash dividend of $29 million or $0.44 per common share during the fourth quarter of 2016. On January 31, 2017, the board of directors is expected to approve a quarterly cash dividend of $0.44 per common share payable on or about February 24, 2017 to shareholders of record as of February 10, 2017.
Net Interest Revenue
Net interest revenue was $194.2 million for the fourth quarter of 2016, an increase of $6.4 million over the third quarter of 2016.
Net interest margin was 2.63 percent for the fourth quarter of 2016, compared to 2.64 percent for the third quarter of 2016. The yield on average earning assets was 2.92 percent, a decrease of 1 basis point over the prior quarter. The loan portfolio yield increased 4 basis points to 3.67 percent, excluding the impact of $2.5 million of loan fees recognized in the fourth quarter of 2016. The yield on the available for sale securities portfolio decreased 1 basis point to 2.00 percent. Funding costs were unchanged compared to the prior quarter at 0.44 percent.
Average earning assets increased $107 million during the fourth quarter of 2016, including $244 million related to the Mobank acquisition. Average loan balances increased $276 million primarily due to commercial and personal loan growth and include $162 million related to the Mobank acquisition. Average trading securities balances increased $110 million. This growth was offset by a $101 million decrease in mortgage loans held for sale, a $96 million decrease in available for sale securities and a $56 million decrease in fair value option securities held as an economic hedge of our mortgage servicing rights. Average interest-bearing deposits increased $938 million over the third quarter of 2016, including $206 million related to the Mobank acquisition. The average balance of borrowed funds decreased $238 million.
Fees and Commissions Revenue
Fees and commissions revenue totaled $162.0 million for the fourth quarter of 2016, a $19.2 million decrease compared to the third quarter of 2016.
Mortgage banking revenue totaled $28.4 million for the fourth quarter of 2016, a decrease of $10.1 million compared to the third quarter of 2016 due primarily to a decrease in outstanding loan commitments related to rising interest rates and normal seasonality. Outstanding mortgage loan commitments at December 31 decreased $312 million or 50 percent from September 30. Average primary mortgage interest rates were 38 basis points higher than in the third quarter of 2016. Margins on loans produced through retail delivery channels were unchanged from the previous quarter. Margins on loans produced through the HomeDirect online delivery channel narrowed.
Mortgage loans funded for sale during the fourth quarter decreased $675 million or 36 percent compared to the previous quarter. This decrease was primarily due to the company's strategic decision to exit the correspondent lending channel after careful consideration of continued pressure on margin due to the competitive landscape and increasing regulatory costs. Mortgage loans funded for sale from our retail and HomeDirect online channel were largely unchanged compared to the prior quarter.
Brokerage and trading revenue totaled $28.5 million for the fourth quarter of 2016, a decrease of $9.5 million compared to the previous quarter. Trading revenue decreased $6.3 million, including $5.0 million related to the unexpected increase in interest rates primarily related to the market's reaction to the outcome of the presidential election. Customer hedging revenue and retail brokerage fees also decreased compared to the prior quarter, partially offset by increased loan syndication fees.
Transaction card revenue grew by $588 thousand and fiduciary and asset management revenue increased $462 thousand, partially offset by a $303 thousand decrease in deposit service charges compared to the third quarter.
Operating Expenses
Total operating expenses were $265.5 million for the fourth quarter of 2016, an increase of $7.5 million over the third quarter of 2016. Severance and other expenses related to the fourth quarter staff reductions totaled $5.0 million. Expenses related to the completion of the Mobank acquisition totaled $4.7 million for the fourth quarter and $1.3 million for the third quarter. The third quarter of 2016 included a $5.0 million accrual related to a legal settlement. The discussion following excludes the impact of these items.
Personnel costs decreased $4.6 million compared to the previous quarter. Employee benefits expense decreased $2.7 million primarily due to updated actuarial assumptions. Regular salary expense decreased $2.3 million. Incentive compensation expense increased $382 thousand.
Non-personnel expense increased $8.6 million over the third quarter of 2016. Net losses and operating expenses of repossessed assets were $1.6 million for the fourth quarter, compared to a net gain of $926 thousand in the third quarter. The fourth quarter included a $2.0 million contribution to the BOKF Foundation. Mortgage banking costs increased $1.4 million over the third quarter primarily due to an increase in residential mortgage repurchase accruals. Occupancy and equipment expense increased $1.4 million over the third quarter primarily due to property lease termination costs and software costs.
Loans, Deposits and Capital
Loans
Outstanding loans were $17.0 billion at December 31, 2016, an increase of $525 million over September 30, including $485 million of loans from the Mobank acquisition.
Outstanding commercial loan balances increased $271 million over September 30, 2016. The Mobank acquisition added $289 million of commercial loans, primarily in the service sector. Service sector loan balances grew by $172 million. Healthcare sector loans saw strong growth, up $117 million over the prior quarter. Wholesale/retail sector loan balances decreased $25 million and energy sector loans decreased $23 million compared to September 30, 2016.
Unfunded energy loan commitments grew by $424 million in the fourth quarter to $2.7 billion. All other unfunded commercial loan commitments totaled $4.8 billion at December 31, 2016, an increase of $367 million over September 30, 2016.
Commercial real estate loans increased $15 million over September 30, 2016. The Mobank acquisition added $87 million in commercial real estate loan balances. Loans secured by office buildings increased $46 million, primarily in the Arizona market. Loans secured by industrial facilities grew by $34 million, primarily in the Texas market. Multifamily residential loans increased $29 million primarily in the Kansas City and Texas markets, partially offset by a decrease in the Oklahoma market. Retail sector loans decreased $39 million and other commercial real estate loans decreased $30 million, both primarily in the Oklahoma market. Residential construction and land development loans decreased $24 million, primarily in the Arizona market. Unfunded commercial real estate loan commitments totaled $1.1 billion at December 31, 2016, a $127 million decrease compared to September 30, 2016.
Personal loans were $840 million, an increase of $162 million over the prior quarter primarily due to growth in private bank loans and the addition of $36 million of loans from the Mobank acquisition.
Deposits
Period-end deposits totaled $22.7 billion at December 31, 2016, an increase of $1.7 billion over September 30, 2016, primarily due to normal seasonality and temporary customer activity. The Mobank acquisition added $624 million in deposits. Interest-bearing transaction account balances grew by $1.0 billion, demand deposit balances increased $554 million and time deposits increased $52 million. Among the lines of business, Wealth Management deposits increased $442 million and Commercial Banking deposits increased $389 million, partially offset by a $174 million decrease in Consumer Banking deposits.
Capital
The company's common equity Tier 1 capital ratio was 11.27 percent at December 31, 2016. In addition, the Company's Tier 1 capital ratio was 11.27 percent, total capital ratio was 12.87 percent and leverage ratio was 8.72 percent at December 31, 2016. At September 30, 2016, the Company's common equity Tier 1 capital ratio was 11.99 percent, Tier 1 capital ratio was 11.99 percent, total capital ratio was 13.65 percent and leverage ratio was 9.06 percent. The decrease in all capital ratios was due to deployment of $152 million of capital for the Mobank acquisition and share repurchases.
The company's tangible common equity ratio, a non-GAAP measure, was 8.61 percent at December 31, 2016 and 9.19 percent at September 30, 2016. The tangible common equity ratio is primarily based on total shareholders' equity which includes unrealized gains and losses on available for sale securities. The Company has elected to exclude unrealized gains and losses from available for sale securities from its calculation of Tier 1 capital for regulatory capital purposes, consistent with the treatment under the previous capital rules.
Credit Quality
Nonperforming assets totaled $357 million or 2.09 percent of outstanding loans and repossessed assets at December 31, 2016 compared to $349 million or 2.12 percent of outstanding loans and repossessed assets at September 30, 2016. Nonperforming assets that are not guaranteed by U.S. government agencies totaled $263 million or 1.56 percent of outstanding loans and repossessed assets (excluding those guaranteed by U.S. government agencies) at December 31, 2016 and $253 million or 1.55 percent at September 30, 2016.
Excluding loans guaranteed by U.S. government agencies, nonaccruing loans totaled $219 million or 1.31 percent of outstanding loans at December 31, 2016 compared to $222 million or 1.36 percent of outstanding loans at September 30, 2016. New nonaccruing loans identified in the fourth quarter totaled $50 million, offset by $37 million in payments received, $14 million in foreclosures and repossessions and $1.7 million in charge-offs. At December 31, 2016, nonaccruing commercial loans totaled $179 million or 1.72 percent of outstanding commercial loans, including $132 million or 5.30 percent of energy loans. Nonaccruing commercial real estate loans totaled $5.5 million or 0.14 percent of outstanding commercial real estate loans.
Potential problem loans, which are defined as performing loans that, based on known information, cause management concern as to the borrowers' ability to continue to perform, decreased to $399 million at December 31, 2016 from $478 million at September 30, 2016. Potential problem energy loans decreased $53 million to $308 million. Potential problem wholesale/retail sector loans decreased $14 million and other commercial and industrial potential problem loans decreased $10 million.
The company had a $1.2 million net recovery in the fourth quarter of 2016, compared to net charge-offs of $6.1 million for the third quarter of 2016. Gross charge-offs totaled $1.7 million for the fourth quarter, compared to $8.1 million for the previous quarter. Recoveries totaled $2.8 million for the fourth quarter of 2016 and $2.0 million for the third quarter of 2016.
After evaluating all credit factors, the company determined that no provision for credit losses was necessary during the fourth quarter of 2016 based on continued improvement in credit metrics compared to the prior quarter. The combined allowance for credit losses totaled $257 million or 1.52 percent of outstanding loans and 117.46 percent of nonaccruing loans, excluding loans guaranteed by U.S. Government agencies, at December 31, 2016. The allowance for loan losses was $246 million and the accrual for off-balance sheet credit losses was $11 million.
Securities and Derivatives
The fair value of the available for sale securities portfolio totaled $8.7 billion at December 31, 2016 and $8.9 billion at September 30, 2016. At December 31, 2016, the available for sale portfolio consisted primarily of $5.5 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $3.0 billion of commercial mortgage-backed securities fully backed by U.S. government agencies.
The available for sale securities portfolio had a net unrealized loss of $15 million at December 31, 2016, compared to a net unrealized gain of $160 million at September 30, 2016. The decrease in the net unrealized gain was primarily due to an increase in interest rates during the fourth quarter. Net unrealized gains on residential mortgage-backed securities issued by U.S. government agencies at September 30, 2016 decreased $113 million during the fourth quarter to a net unrealized loss of $15 million at December 31, 2016. Commercial mortgage-backed securities had a net unrealized loss of $18 million at December 31, 2016, compared to a net unrealized gain of $44 million at September 30, 2016.
The Company also maintains a portfolio of U.S. Treasury securities, residential mortgage-backed securities issued by U.S. government agencies and interest rate derivative contracts as an economic hedge of the changes in the fair value of our mortgage servicing rights. Changes in the fair value of mortgage servicing rights are highly dependent on primary mortgage interest rates offered to borrowers and other factors. Changes in the fair value of securities and interest rate derivatives are highly dependent on secondary mortgage rates, or rates required by investors. Changes in the spread between primary and secondary mortgage rates cannot be effectively hedged and can cause significant earnings volatility.
The fair value of our mortgage servicing rights increased by $40 million due primarily to an increase in residential mortgage interest rates during the fourth quarter of 2016. The fair value of securities and interest rate derivative contracts held as an economic hedge decreased by $57 million. Since mid-year 2016, the company maintained an economic hedge of its MSRs to reduce the impact of a 50 basis point decrease in long-term interest rates within its board-approved risk tolerance levels. This hedge position increased exposure to long-term interest rates. The significant increase in long-term interest rates following the presidential election resulted in a loss on this hedge, partially offset by an increase in the fair value of the MSR.
The fair value of mortgage servicing rights, net of economic hedge, increased by $1.2 million in the third quarter, primarily due to changes in short term interest rates and a decrease in average secondary mortgage rates.
Conference Call and Webcast
The Company will hold a conference call at 9 a.m. Central time on Wednesday, January 25, 2017 to discuss the financial results with investors. The live audio webcast and presentation slides will be available on the company’s website at www.bokf.com. The conference call can also be accessed by dialing 1-201-689-8471. A conference call and webcast replay will also be available shortly after conclusion of the live call at www.bokf.com or by dialing 1-858-384-5517 and referencing replay PIN number 13652831.
About BOK Financial Corporation
BOK Financial is a $33 billion regional financial services company based in Tulsa, Oklahoma. The Company's stock is publicly traded on NASDAQ under the Global Select market listings (Nasdaq:BOKF). BOK Financial's holdings include BOKF, NA, Missouri Bank and Trust Company of Kansas City dba Mobank, BOK Financial Securities, Inc. and The Milestone Group, Inc. BOKF, NA operates TransFund, Cavanal Hill Investment Management, BOK Financial Asset Management, Inc. and seven banking divisions: Bank of Albuquerque, Bank of Arizona, Bank of Arkansas, Bank of Kansas City, Bank of Oklahoma, Bank of Texas and Colorado State Bank and Trust. Through its subsidiaries, the Company provides commercial and consumer banking, investment and trust services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.
The Company will continue to evaluate critical assumptions and estimates, such as the appropriateness of the allowance for credit losses and asset impairment as of December 31, 2016 through the date its financial statements are filed with the Securities and Exchange Commission and will adjust amounts reported if necessary.
This news release contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial, the financial services industry and the economy generally. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “plans,” “projects,” “will,” “intends,” variations of such words and similar expressions are intended to identify such forward-looking statements. Management judgments relating to and discussion of the provision and allowance for credit losses, allowance for uncertain tax positions, accruals for loss contingencies and valuation of mortgage servicing rights involve judgments as to expected events and are inherently forward-looking statements. Assessments that BOK Financial's acquisitions and other growth endeavors will be profitable are necessary statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what is expected, implied or forecasted in such forward-looking statements. Internal and external factors that might cause such a difference include, but are not limited to changes in commodity prices, interest rates, interest rate relationships, demand for products and services, the degree of competition by traditional and nontraditional competitors, changes in banking regulations, tax laws, prices, levies and assessments, the impact of technological advances, and trends in customer behavior as well as their ability to repay loans. 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 -- UNAUDITED BOK FINANCIAL CORPORATION (In thousands) | ||||||||||||
| Dec. 31, 2016 | Sept. 30, 2016 | Dec. 31, 2015 | ||||||||||
| ASSETS | ||||||||||||
| Cash and due from banks | $ | 620,846 | $ | 535,916 | $ | 573,699 | ||||||
| Interest-bearing cash and cash equivalents | 1,916,651 | 2,080,978 | 2,069,900 | |||||||||
| Trading securities | 337,628 | 546,615 | 122,404 | |||||||||
| Investment securities | 546,145 | 546,457 | 597,836 | |||||||||
| Available for sale securities | 8,676,829 | 8,862,283 | 9,042,733 | |||||||||
| Fair value option securities | 77,046 | 222,409 | 444,217 | |||||||||
| Restricted equity securities | 307,240 | 333,391 | 273,684 | |||||||||
| Residential mortgage loans held for sale | 301,897 | 447,592 | 308,439 | |||||||||
| Loans: | ||||||||||||
| Commercial | 10,390,824 | 10,120,163 | 10,252,531 | |||||||||
| Commercial real estate | 3,809,046 | 3,793,598 | 3,259,033 | |||||||||
| Residential mortgage | 1,949,832 | 1,872,793 | 1,876,893 | |||||||||
| Personal | 839,958 | 678,232 | 552,697 | |||||||||
| Total loans | 16,989,660 | 16,464,786 | 15,941,154 | |||||||||
| Allowance for loan losses | (246,159 | ) | (245,103 | ) | (225,524 | ) | ||||||
| Loans, net of allowance | 16,743,501 | 16,219,683 | 15,715,630 | |||||||||
| Premises and equipment, net | 325,849 | 318,196 | 306,490 | |||||||||
| Receivables | 772,952 | 650,368 | 163,480 | |||||||||
| Goodwill | 448,899 | 382,739 | 385,461 | |||||||||
| Intangible assets, net | 46,931 | 41,977 | 43,909 | |||||||||
| Mortgage servicing rights, net | 247,073 | 203,621 | 218,605 | |||||||||
| Real estate and other repossessed assets, net | 44,287 | 31,941 | 30,731 | |||||||||
| Derivative contracts, net | 689,872 | 655,078 | 586,270 | |||||||||
| Cash surrender value of bank-owned life insurance | 308,430 | 310,211 | 303,335 | |||||||||
| Receivable on unsettled securities sales | 7,188 | 19,642 | 40,193 | |||||||||
| Other assets | 353,017 | 370,134 | 249,112 | |||||||||
| TOTAL ASSETS | $ | 32,772,281 | $ | 32,779,231 | $ | 31,476,128 | ||||||
| LIABILITIES AND EQUITY | ||||||||||||
| Deposits: | ||||||||||||
| Demand | $ | 9,235,720 | $ | 8,681,364 | $ | 8,296,888 | ||||||
| Interest-bearing transaction | 10,865,105 | 9,824,160 | 9,998,954 | |||||||||
| Savings | 425,470 | 420,349 | 386,252 | |||||||||
| Time | 2,221,800 | 2,169,631 | 2,406,064 | |||||||||
| Total deposits | 22,748,095 | 21,095,504 | 21,088,158 | |||||||||
| Funds purchased | 57,929 | 109,031 | 491,192 | |||||||||
| Repurchase agreements | 668,661 | 504,573 | 722,444 | |||||||||
| Other borrowings | 4,846,072 | 6,533,443 | 4,837,879 | |||||||||
| Subordinated debentures | 144,640 | 144,631 | 226,350 | |||||||||
| Accrued interest, taxes, and expense | 146,704 | 191,276 | 119,584 | |||||||||
| Due on unsettled securities purchases | 6,508 | 677 | 16,897 | |||||||||
| Derivative contracts, net | 664,531 | 573,987 | 581,701 | |||||||||
| Other liabilities | 182,784 | 193,698 | 124,284 | |||||||||
| TOTAL LIABILITIES | 29,465,924 | 29,346,820 | 28,208,489 | |||||||||
| Shareholders' equity: | ||||||||||||
| Capital, surplus and retained earnings | 3,285,821 | 3,302,584 | 3,208,969 | |||||||||
| Accumulated other comprehensive income (loss) | (10,967 | ) | 95,727 | 21,587 | ||||||||
| TOTAL SHAREHOLDERS' EQUITY | 3,274,854 | 3,398,311 | 3,230,556 | |||||||||
| Non-controlling interests | 31,503 | 34,100 | 37,083 | |||||||||
| TOTAL EQUITY | 3,306,357 | 3,432,411 | 3,267,639 | |||||||||
| TOTAL LIABILITIES AND EQUITY | $ | 32,772,281 | $ | 32,779,231 | $ | 31,476,128 | ||||||
| AVERAGE BALANCE SHEETS -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Dec. 31, 2016 | Sept. 30, 2016 | June 30, 2016 | March 31, 2016 | Dec. 31, 2015 | ||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Interest-bearing cash and cash equivalents | $ | 2,032,785 | $ | 2,047,991 | $ | 2,022,028 | $ | 2,052,840 | $ | 1,995,945 | ||||||||||
| Trading securities | 476,498 | 366,545 | 237,808 | 188,100 | 150,402 | |||||||||||||||
| Investment securities | 542,869 | 552,592 | 562,391 | 587,465 | 602,369 | |||||||||||||||
| Available for sale securities | 8,766,555 | 8,862,590 | 8,890,112 | 8,951,435 | 8,971,090 | |||||||||||||||
| Fair value option securities | 210,733 | 266,998 | 368,434 | 450,478 | 435,449 | |||||||||||||||
| Restricted equity securities | 334,114 | 335,812 | 319,136 | 294,529 | 262,461 | |||||||||||||||
| Residential mortgage loans held for sale | 345,066 | 445,930 | 401,114 | 289,743 | 310,425 | |||||||||||||||
| Loans: | ||||||||||||||||||||
| Commercial | 10,228,095 | 10,109,692 | 10,265,782 | 10,268,793 | 10,024,756 | |||||||||||||||
| Commercial real estate | 3,749,393 | 3,789,673 | 3,550,611 | 3,364,076 | 3,186,629 | |||||||||||||||
| Residential mortgage | 1,919,296 | 1,870,855 | 1,864,458 | 1,865,742 | 1,835,195 | |||||||||||||||
| Personal | 826,804 | 677,530 | 582,281 | 493,382 | 540,418 | |||||||||||||||
| Total loans | 16,723,588 | 16,447,750 | 16,263,132 | 15,991,993 | 15,586,998 | |||||||||||||||
| Allowance for loan losses | (246,977 | ) | (247,901 | ) | (245,448 | ) | (234,116 | ) | (207,156 | ) | ||||||||||
| Total loans, net | 16,476,611 | 16,199,849 | 16,017,684 | 15,757,877 | 15,379,842 | |||||||||||||||
| Total earning assets | 29,185,231 | 29,078,307 | 28,818,707 | 28,572,467 | 28,107,983 | |||||||||||||||
| Cash and due from banks | 578,694 | 511,534 | 507,085 | 505,522 | 514,629 | |||||||||||||||
| Derivative contracts, net | 681,455 | 766,671 | 823,584 | 632,102 | 657,780 | |||||||||||||||
| Cash surrender value of bank-owned life insurance | 309,532 | 308,670 | 306,318 | 304,141 | 301,793 | |||||||||||||||
| Receivable on unsettled securities sales | 33,813 | 259,906 | 49,568 | 115,101 | 62,228 | |||||||||||||||
| Other assets | 2,172,351 | 1,721,385 | 1,480,780 | 1,379,138 | 1,435,763 | |||||||||||||||
| TOTAL ASSETS | $ | 32,961,076 | $ | 32,646,473 | $ | 31,986,042 | $ | 31,508,471 | $ | 31,080,176 | ||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Demand | $ | 9,124,595 | $ | 8,497,037 | $ | 8,162,134 | $ | 8,105,756 | $ | 8,312,961 | ||||||||||
| Interest-bearing transaction | 9,980,132 | 9,650,618 | 9,590,855 | 9,756,843 | 9,527,491 | |||||||||||||||
| Savings | 421,654 | 420,009 | 417,122 | 397,479 | 382,284 | |||||||||||||||
| Time | 2,177,035 | 2,197,350 | 2,297,621 | 2,366,543 | 2,482,714 | |||||||||||||||
| Total deposits | 21,703,416 | 20,765,014 | 20,467,732 | 20,626,621 | 20,705,450 | |||||||||||||||
| Funds purchased | 62,004 | 68,280 | 70,682 | 112,211 | 73,220 | |||||||||||||||
| Repurchase agreements | 560,891 | 522,822 | 611,264 | 662,640 | 623,921 | |||||||||||||||
| Other borrowings | 6,072,150 | 6,342,369 | 6,076,028 | 5,583,917 | 4,957,175 | |||||||||||||||
| Subordinated debentures | 144,635 | 255,890 | 232,795 | 226,368 | 226,332 | |||||||||||||||
| Derivative contracts, net | 682,808 | 747,187 | 791,313 | 544,722 | 632,699 | |||||||||||||||
| Due on unsettled securities purchases | 77,575 | 200,574 | 93,812 | 158,050 | 248,811 | |||||||||||||||
| Other liabilities | 321,404 | 352,671 | 298,170 | 268,705 | 251,953 | |||||||||||||||
| TOTAL LIABILITIES | 29,624,883 | 29,254,807 | 28,641,796 | 28,183,234 | 27,719,561 | |||||||||||||||
| Total equity | 3,336,193 | 3,391,666 | 3,344,246 | 3,325,237 | 3,360,615 | |||||||||||||||
| TOTAL LIABILITIES AND EQUITY | $ | 32,961,076 | $ | 32,646,473 | $ | 31,986,042 | $ | 31,508,471 | $ | 31,080,176 | ||||||||||
| STATEMENTS OF EARNINGS -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands, except per share data) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| Dec. 31, | Dec. 31, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Interest revenue | $ | 215,737 | $ | 196,782 | $ | 829,117 | $ | 766,828 | ||||||||
| Interest expense | 21,539 | 15,521 | 81,889 | 63,474 | ||||||||||||
| Net interest revenue | 194,198 | 181,261 | 747,228 | 703,354 | ||||||||||||
| Provision for credit losses | — | 22,500 | 65,000 | 34,000 | ||||||||||||
| Net interest revenue after provision for credit losses | 194,198 | 158,761 | 682,228 | 669,354 | ||||||||||||
| Other operating revenue: | ||||||||||||||||
| Brokerage and trading revenue | 28,500 | 30,255 | 138,377 | 129,556 | ||||||||||||
| Transaction card revenue | 34,521 | 32,319 | 135,758 | 128,621 | ||||||||||||
| Fiduciary and asset management revenue | 34,535 | 31,165 | 135,477 | 126,153 | ||||||||||||
| Deposit service charges and fees | 23,365 | 22,813 | 92,193 | 90,431 | ||||||||||||
| Mortgage banking revenue | 28,414 | 22,907 | 133,914 | 126,002 | ||||||||||||
| Other revenue | 12,693 | 14,233 | 51,029 | 49,883 | ||||||||||||
| Total fees and commissions | 162,028 | 153,692 | 686,748 | 650,646 | ||||||||||||
| Other gains (losses), net | (1,279 | ) | 2,329 | 4,030 | 5,702 | |||||||||||
| Gain (loss) on derivatives, net | (35,815 | ) | (732 | ) | (15,685 | ) | 430 | |||||||||
| Loss on fair value option securities, net | (20,922 | ) | (4,127 | ) | (10,555 | ) | (3,684 | ) | ||||||||
| Change in fair value of mortgage servicing rights | 39,751 | 7,416 | (2,193 | ) | (4,853 | ) | ||||||||||
| Gain (loss) on available for sale securities, net | (9 | ) | 2,132 | 11,675 | 12,058 | |||||||||||
| Total other-than-temporary impairment losses | — | (1,662 | ) | — | (2,443 | ) | ||||||||||
| Portion of loss recognized in other comprehensive income | — | (65 | ) | — | 624 | |||||||||||
| Net impairment losses recognized in earnings | — | (1,727 | ) | — | (1,819 | ) | ||||||||||
| Total other operating revenue | 143,754 | 158,983 | 674,020 | 658,480 | ||||||||||||
| Other operating expense: | ||||||||||||||||
| Personnel | 141,132 | 131,104 | 553,119 | 515,298 | ||||||||||||
| Business promotion | 7,344 | 8,416 | 26,582 | 27,851 | ||||||||||||
| Charitable contributions to BOKF Foundation | 2,000 | — | 2,000 | 796 | ||||||||||||
| Professional fees and services | 16,828 | 10,357 | 56,783 | 40,123 | ||||||||||||
| Net occupancy and equipment | 21,470 | 19,356 | 80,024 | 76,016 | ||||||||||||
| Insurance | 8,705 | 5,415 | 32,489 | 20,375 | ||||||||||||
| Data processing and communications | 33,691 | 31,248 | 131,841 | 122,383 | ||||||||||||
| Printing, postage and supplies | 3,998 | 3,108 | 15,584 | 13,498 | ||||||||||||
| Net losses and operating expenses of repossessed assets | 1,627 | 343 | 3,359 | 1,446 | ||||||||||||
| Amortization of intangible assets | 1,558 | 1,090 | 6,862 | 4,359 | ||||||||||||
| Mortgage banking costs | 17,348 | 11,442 | 61,387 | 38,813 | ||||||||||||
| Other expense | 9,846 | 8,547 | 47,560 | 35,233 | ||||||||||||
| Total other operating expense | 265,547 | 230,426 | 1,017,590 | 896,191 | ||||||||||||
| Net income before taxes | 72,405 | 87,318 | 338,658 | 431,643 | ||||||||||||
| Federal and state income taxes | 22,496 | 26,242 | 106,377 | 139,384 | ||||||||||||
| Net income | 49,909 | 61,076 | 232,281 | 292,259 | ||||||||||||
| Net income (loss) attributable to non-controlling interests | (117 | ) | 1,475 | (387 | ) | 3,694 | ||||||||||
| Net income attributable to BOK Financial Corporation shareholders | $ | 50,026 | $ | 59,601 | $ | 232,668 | $ | 288,565 | ||||||||
| Average shares outstanding: | ||||||||||||||||
| Basic | 64,719,018 | 66,378,380 | 65,085,627 | 67,594,689 | ||||||||||||
| Diluted | 64,787,728 | 66,467,729 | 65,143,898 | 67,691,658 | ||||||||||||
| Net income per share: | ||||||||||||||||
| Basic | $ | 0.76 | $ | 0.89 | $ | 3.53 | $ | 4.22 | ||||||||
| Diluted | $ | 0.76 | $ | 0.89 | $ | 3.53 | $ | 4.21 | ||||||||
| FINANCIAL HIGHLIGHTS -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands, except ratio and share data) | |||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||
| Dec. 31, 2016 | | Sept. 30, 2016 | June 30, 2016 | March 31, 2016 | Dec. 31, 2015 | ||||||||||||||||||
| Capital: | |||||||||||||||||||||||
| Period-end shareholders' equity | $ | 3,274,854 | $ | 3,398,311 | $ | 3,368,833 | $ | 3,321,555 | $ | 3,230,556 | |||||||||||||
| Risk weighted assets | $ | 25,152,718 | $ | 24,358,385 | $ | 24,191,016 | $ | 23,707,824 | $ | 23,429,899 | |||||||||||||
| Risk-based capital ratios1: | |||||||||||||||||||||||
| Common equity tier 1 | 11.27 | % | 11.99 | % | 11.86 | % | 12.00 | % | N/A | ||||||||||||||
| Tier 1 | 11.27 | % | 11.99 | % | 11.86 | % | 12.00 | % | 12.13 | % | |||||||||||||
| Total capital | 12.87 | % | 13.65 | % | 13.51 | % | 13.21 | % | 13.30 | % | |||||||||||||
| Leverage ratio | 8.72 | % | 9.06 | % | 9.06 | % | 9.12 | % | 9.25 | % | |||||||||||||
| Tangible common equity ratio2 | 8.61 | % | 9.19 | % | 9.33 | % | 9.34 | % | 9.02 | % | |||||||||||||
| Common stock: | |||||||||||||||||||||||
| Book value per share | $ | 50.12 | $ | 51.56 | $ | 51.15 | $ | 50.21 | $ | 49.03 | |||||||||||||
| Tangible book value per share | 42.53 | 45.12 | 44.68 | 43.73 | 42.51 | ||||||||||||||||||
| Market value per share: | |||||||||||||||||||||||
| High | $ | 85.00 | $ | 70.05 | $ | 65.14 | $ | 60.16 | $ | 74.73 | |||||||||||||
| Low | $ | 67.11 | $ | 56.36 | $ | 51.00 | $ | 43.74 | $ | 58.25 | |||||||||||||
| Cash dividends paid | $ | 28,860 | $ | 28,181 | $ | 28,241 | $ | 28,294 | $ | 28,967 | |||||||||||||
| Dividend payout ratio | 57.69 | % | 37.94 | % | 42.92 | % | 66.47 | % | 48.60 | % | |||||||||||||
| Shares outstanding, net | 65,337,432 | 65,910,454 | 65,866,317 | 66,155,103 | 65,894,032 | ||||||||||||||||||
| Stock buy-back program: | |||||||||||||||||||||||
| Shares repurchased | 700,000 | — | 305,169 | — | 1,874,074 | ||||||||||||||||||
| Amount | $ | 49,021 | $ | — | $ | 17,771 | $ | — | $ | 119,780 | |||||||||||||
| Average price per share | $ | 70.03 | $ | — | $ | 58.23 | $ | — | $ | 63.91 | |||||||||||||
| Performance ratios (quarter annualized): | |||||||||||||||||||||||
| Return on average assets | 0.60 | % | 0.91 | % | 0.83 | % | 0.54 | % | 0.76 | % | |||||||||||||
| Return on average equity | 6.03 | % | 8.80 | % | 8.00 | % | 5.21 | % | 7.12 | % | |||||||||||||
| Net interest margin | 2.63 | % | 2.64 | % | 2.63 | % | 2.65 | % | 2.64 | % | |||||||||||||
| Efficiency ratio | 72.93 | % | 68.88 | % | 68.16 | % | 68.84 | % | 67.73 | % | |||||||||||||
| 1 Risk-based capital ratios March 31, 2015 and thereafter calculated under revised regulatory capital rules issued July 2013 and effective for the Company January 1, 2015. Previous risk-based capital ratios presented are calculated in accordance with then current regulatory capital rules. | |||||||||||||||||||||||
| Reconciliation of non-GAAP measures: | |||||||||||||||||||||||
| 2 Tangible common equity ratio: | |||||||||||||||||||||||
| Total shareholders' equity | $ | 3,274,854 | $ | 3,398,311 | $ | 3,368,833 | $ | 3,321,555 | $ | 3,230,556 | |||||||||||||
| Less: Goodwill and intangible assets, net | 495,830 | 424,716 | $ | 426,111 | 428,733 | 429,370 | |||||||||||||||||
| Tangible common equity | $ | 2,779,024 | $ | 2,973,595 | $ | 2,942,722 | $ | 2,892,822 | $ | 2,801,186 | |||||||||||||
| Total assets | $ | 32,772,281 | $ | 32,779,231 | $ | 31,970,450 | $ | 31,413,945 | $ | 31,476,128 | |||||||||||||
| Less: Goodwill and intangible assets, net | 495,830 | 424,716 | 426,111 | 428,733 | 429,370 | ||||||||||||||||||
| Tangible assets | $ | 32,276,451 | $ | 32,354,515 | $ | 31,544,339 | $ | 30,985,212 | $ | 31,046,758 | |||||||||||||
| Tangible common equity ratio | 8.61 | % | 9.19 | % | 9.33 | % | 9.34 | % | 9.02 | % | |||||||||||||
| Other data: | |||||||||||||||||||||||
| Fiduciary assets | $ | 41,781,564 | $ | 41,222,162 | $ | 39,924,734 | $ | 39,113,305 | $ | 38,333,638 | |||||||||||||
| Tax equivalent adjustment | $ | 4,389 | $ | 4,455 | $ | 4,372 | $ | 4,385 | $ | 3,222 | |||||||||||||
| Net unrealized gain (loss) on available for sale securities | $ | (14,899 | ) | $ | 159,533 | $ | 195,385 | $ | 155,236 | $ | 38,109 | ||||||||||||
| Mortgage banking: | |||||||||||||||||||||||
| Mortgage servicing portfolio | $ | 21,997,568 | $ | 21,851,536 | $ | 21,178,387 | $ | 20,294,662 | $ | 19,678,226 | |||||||||||||
| Mortgage commitments | $ | 318,359 | $ | 630,804 | $ | 965,631 | $ | 902,986 | $ | 601,147 | |||||||||||||
| Mortgage loans funded for sale | $ | 1,189,975 | $ | 1,864,583 | $ | 1,818,844 | $ | 1,244,015 | $ | 1,365,431 | |||||||||||||
| Mortgage loan refinances to total fundings | 63 | % | 51 | % | 44 | % | 49 | % | 41 | % | |||||||||||||
| Mortgage loans sold | $ | 1,347,607 | $ | 1,873,709 | $ | 1,742,582 | $ | 1,239,391 | $ | 1,424,527 | |||||||||||||
| Net realized gains on mortgage loans sold | $ | 21,523 | $ | 23,110 | $ | 15,865 | $ | 8,449 | $ | 13,573 | |||||||||||||
| Change in net unrealized gain on mortgage loans held for sale | (9,586 | ) | (1,152 | ) | 3,221 | 8,198 | (5,615 | ) | |||||||||||||||
| Total production revenue | 11,937 | 21,958 | 19,086 | 16,647 | 7,958 | ||||||||||||||||||
| Servicing revenue | 16,477 | 16,558 | 15,798 | 15,453 | 14,949 | ||||||||||||||||||
| Total mortgage banking revenue | $ | 28,414 | $ | 38,516 | $ | 34,884 | 32,100 | $ | 22,907 | ||||||||||||||
| Gain (loss) on mortgage servicing rights, net of economic hedge: | |||||||||||||||||||||||
| Gain (loss) on mortgage hedge derivative contracts, net | $ | (35,868 | ) | $ | 2,268 | $ | 10,766 | $ | 7,138 | $ | (732 | ) | |||||||||||
| Gain (loss) on fair value option securities, net | (20,922 | ) | (3,355 | ) | 4,279 | 9,443 | (4,127 | ) | |||||||||||||||
| Gain (loss) on economic hedge of mortgage servicing rights | (56,790 | ) | (1,087 | ) | 15,045 | 16,581 | (4,859 | ) | |||||||||||||||
| Gain (loss) on changes in fair value of mortgage servicing rights | 39,751 | 2,327 | (16,283 | ) | (27,988 | ) | 7,416 | ||||||||||||||||
| Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges | $ | (17,039 | ) | $ | 1,240 | $ | (1,238 | ) | $ | (11,407 | ) | $ | 2,557 | ||||||||||
| Net interest revenue on fair value option securities | $ | 114 | $ | 861 | $ | 1,348 | $ | 2,033 | $ | 2,137 | |||||||||||||
| QUARTERLY EARNINGS TREND -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands, except ratio and per share data) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Dec. 31, 2016 | Sept. 30, 2016 | June 30, 2016 | March 31, 2016 | Dec. 31, 2015 | |||||||||||||||
| Interest revenue | $ | 215,737 | $ | 209,317 | $ | 202,267 | $ | 201,796 | $ | 196,782 | |||||||||
| Interest expense | 21,539 | 21,471 | 19,655 | 19,224 | 15,521 | ||||||||||||||
| Net interest revenue | 194,198 | 187,846 | 182,612 | 182,572 | 181,261 | ||||||||||||||
| Provision for credit losses | — | 10,000 | 20,000 | 35,000 | 22,500 | ||||||||||||||
| Net interest revenue after provision for credit losses | 194,198 | 177,846 | 162,612 | 147,572 | 158,761 | ||||||||||||||
| Other operating revenue: | |||||||||||||||||||
| Brokerage and trading revenue | 28,500 | 38,006 | 39,530 | 32,341 | 30,255 | ||||||||||||||
| Transaction card revenue | 34,521 | 33,933 | 34,950 | 32,354 | 32,319 | ||||||||||||||
| Fiduciary and asset management revenue | 34,535 | 34,073 | 34,813 | 32,056 | 31,165 | ||||||||||||||
| Deposit service charges and fees | 23,365 | 23,668 | 22,618 | 22,542 | 22,813 | ||||||||||||||
| Mortgage banking revenue | 28,414 | 38,516 | 34,884 | 32,100 | 22,907 | ||||||||||||||
| Other revenue | 12,693 | 13,080 | 13,352 | 11,904 | 14,233 | ||||||||||||||
| Total fees and commissions | 162,028 | 181,276 | 180,147 | 163,297 | 153,692 | ||||||||||||||
| Other gains (losses), net | (1,279 | ) | 2,442 | 1,307 | 1,560 | 2,329 | |||||||||||||
| Gain (loss) on derivatives, net | (35,815 | ) | 2,226 | 10,766 | 7,138 | (732 | ) | ||||||||||||
| Gain (loss) on fair value option securities, net | (20,922 | ) | (3,355 | ) | 4,279 | 9,443 | (4,127 | ) | |||||||||||
| Change in fair value of mortgage servicing rights | 39,751 | 2,327 | (16,283 | ) | (27,988 | ) | 7,416 | ||||||||||||
| Gain on available for sale securities, net | (9 | ) | 2,394 | 5,326 | 3,964 | 2,132 | |||||||||||||
| Total other-than-temporary impairment losses | — | — | — | — | (1,662 | ) | |||||||||||||
| Portion of loss recognized in (reclassified from) other comprehensive income | — | — | — | — | (65 | ) | |||||||||||||
| Net impairment losses recognized in earnings | — | — | — | — | (1,727 | ) | |||||||||||||
| Total other operating revenue | 143,754 | 187,310 | 185,542 | 157,414 | 158,983 | ||||||||||||||
| Other operating expense: | |||||||||||||||||||
| Personnel | 141,132 | 139,212 | 139,213 | 133,562 | 131,104 | ||||||||||||||
| Business promotion | 7,344 | 6,839 | 6,703 | 5,696 | 8,416 | ||||||||||||||
| Contribution to BOKF Foundation | 2,000 | — | — | — | — | ||||||||||||||
| Professional fees and services | 16,828 | 14,038 | 14,158 | 11,759 | 10,357 | ||||||||||||||
| Net occupancy and equipment | 21,470 | 20,111 | 19,677 | 18,766 | 19,356 | ||||||||||||||
| Insurance | 8,705 | 9,390 | 7,129 | 7,265 | 5,415 | ||||||||||||||
| Data processing and communications | 33,691 | 33,331 | 32,802 | 32,017 | 31,248 | ||||||||||||||
| Printing, postage and supplies | 3,998 | 3,790 | 3,889 | 3,907 | 3,108 | ||||||||||||||
| Net losses (gains) and operating expenses of repossessed assets | 1,627 | (926 | ) | 1,588 | 1,070 | 343 | |||||||||||||
| Amortization of intangible assets | 1,558 | 1,521 | 2,624 | 1,159 | 1,090 | ||||||||||||||
| Mortgage banking costs | 17,348 | 15,963 | 15,746 | 12,330 | 11,442 | ||||||||||||||
| Other expense | 9,846 | 14,819 | 7,856 | 15,039 | 8,547 | ||||||||||||||
| Total other operating expense | 265,547 | 258,088 | 251,385 | 242,570 | 230,426 | ||||||||||||||
| Net income before taxes | 72,405 | 107,068 | 96,769 | 62,416 | 87,318 | ||||||||||||||
| Federal and state income taxes | 22,496 | 31,956 | 30,497 | 21,428 | 26,242 | ||||||||||||||
| Net income | 49,909 | 75,112 | 66,272 | 40,988 | 61,076 | ||||||||||||||
| Net income (loss) attributable to non-controlling interests | (117 | ) | 835 | 471 | (1,576 | ) | 1,475 | ||||||||||||
| Net income attributable to BOK Financial Corporation shareholders | $ | 50,026 | $ | 74,277 | $ | 65,801 | $ | 42,564 | $ | 59,601 | |||||||||
| Average shares outstanding: | |||||||||||||||||||
| Basic | 64,719,018 | 65,085,392 | 65,245,887 | 65,296,541 | 66,378,380 | ||||||||||||||
| Diluted | 64,787,728 | 65,157,841 | 65,302,926 | 65,331,428 | 66,467,729 | ||||||||||||||
| Net income per share: | |||||||||||||||||||
| Basic | $ | 0.76 | $ | 1.13 | $ | 1.00 | $ | 0.64 | $ | 0.89 | |||||||||
| Diluted | $ | 0.76 | $ | 1.13 | $ | 1.00 | $ | 0.64 | $ | 0.89 | |||||||||
| LOANS TREND -- UNAUDITED BOK FINANCIAL CORPORATION (In thousands) | ||||||||||||||||||||
| Dec. 31, 2016 | Sept. 30, 2016 | June 30, 2016 | March 31, 2016 | Dec. 31, 2015 | ||||||||||||||||
| Commercial: | ||||||||||||||||||||
| Services | 3,108,990 | 2,936,599 | 2,830,864 | 2,728,891 | 2,784,276 | |||||||||||||||
| Energy | $ | 2,497,868 | $ | 2,520,804 | $ | 2,818,656 | $ | 3,029,420 | $ | 3,097,328 | ||||||||||
| Healthcare | 2,201,916 | 2,085,046 | 2,051,146 | 1,995,425 | 1,883,380 | |||||||||||||||
| Wholesale/retail | 1,576,818 | 1,602,030 | 1,532,957 | 1,451,846 | 1,422,064 | |||||||||||||||
| Manufacturing | 514,975 | 499,486 | 595,403 | 600,645 | 556,729 | |||||||||||||||
| Other commercial and industrial | 490,257 | 476,198 | 527,411 | 482,198 | 508,754 | |||||||||||||||
| Total commercial | 10,390,824 | 10,120,163 | 10,356,437 | 10,288,425 | 10,252,531 | |||||||||||||||
| Commercial real estate: | ||||||||||||||||||||
| Multifamily | 903,272 | 873,773 | 787,200 | 733,689 | 751,085 | |||||||||||||||
| Industrial | 871,749 | 838,021 | 645,586 | 564,467 | 563,169 | |||||||||||||||
| Office | 798,888 | 752,705 | 769,112 | 695,552 | 637,707 | |||||||||||||||
| Retail | 761,888 | 801,377 | 795,419 | 810,522 | 796,499 | |||||||||||||||
| Residential construction and land development | 135,533 | 159,946 | 157,576 | 171,949 | 160,426 | |||||||||||||||
| Other real estate | 337,716 | 367,776 | 427,073 | 394,328 | 350,147 | |||||||||||||||
| Total commercial real estate | 3,809,046 | 3,793,598 | 3,581,966 | 3,370,507 | 3,259,033 | |||||||||||||||
| Residential mortgage: | ||||||||||||||||||||
| Permanent mortgage | 1,006,820 | 969,558 | 969,007 | 948,405 | 945,336 | |||||||||||||||
| Permanent mortgages guaranteed by U.S. government agencies | 199,387 | 190,309 | 192,732 | 197,350 | 196,937 | |||||||||||||||
| Home equity | 743,625 | 712,926 | 719,184 | 723,554 | 734,620 | |||||||||||||||
| Total residential mortgage | 1,949,832 | 1,872,793 | 1,880,923 | 1,869,309 | 1,876,893 | |||||||||||||||
| Personal | 839,958 | 678,232 | 587,423 | 494,325 | 552,697 | |||||||||||||||
| Total | $ | 16,989,660 | $ | 16,464,786 | $ | 16,406,749 | $ | 16,022,566 | $ | 15,941,154 | ||||||||||
| LOANS BY PRINCIPAL MARKET AREA -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands) | |||||||||||||||||||
| Dec. 31, 2016 | Sept. 30, 2016 | June 30, 2016 | March 31, 2016 | Dec. 31, 2015 | |||||||||||||||
| Bank of Oklahoma: | |||||||||||||||||||
| Commercial | $ | 3,370,259 | $ | 3,545,924 | $ | 3,698,215 | $ | 3,656,034 | $ | 3,782,687 | |||||||||
| Commercial real estate | 684,381 | 795,806 | 781,458 | 747,689 | 739,829 | ||||||||||||||
| Residential mortgage | 1,407,197 | 1,401,166 | 1,415,766 | 1,411,409 | 1,409,114 | ||||||||||||||
| Personal | 303,823 | 271,420 | 246,229 | 204,158 | 255,387 | ||||||||||||||
| Total Bank of Oklahoma | 5,765,660 | 6,014,316 | 6,141,668 | 6,019,290 | 6,187,017 | ||||||||||||||
| Bank of Texas: | |||||||||||||||||||
| Commercial | 4,022,455 | 3,903,218 | 3,901,632 | 3,936,809 | 3,908,425 | ||||||||||||||
| Commercial real estate | 1,415,011 | 1,400,709 | 1,311,408 | 1,211,978 | 1,204,202 | ||||||||||||||
| Residential mortgage | 233,981 | 229,345 | 222,548 | 217,539 | 219,126 | ||||||||||||||
| Personal | 306,748 | 278,167 | 233,304 | 210,456 | 203,496 | ||||||||||||||
| Total Bank of Texas | 5,978,195 | 5,811,439 | 5,668,892 | 5,576,782 | 5,535,249 | ||||||||||||||
| Bank of Albuquerque: | |||||||||||||||||||
| Commercial | 399,256 | 398,147 | 398,427 | 402,082 | 375,839 | ||||||||||||||
| Commercial real estate | 284,603 | 299,785 | 322,956 | 323,059 | 313,422 | ||||||||||||||
| Residential mortgage | 108,058 | 110,478 | 114,226 | 117,655 | 120,507 | ||||||||||||||
| Personal | 11,483 | 11,333 | 10,569 | 10,823 | 11,557 | ||||||||||||||
| Total Bank of Albuquerque | 803,400 | 819,743 | 846,178 | 853,619 | 821,325 | ||||||||||||||
| Bank of Arkansas: | |||||||||||||||||||
| Commercial | 86,577 | 83,544 | 81,227 | 79,808 | 92,359 | ||||||||||||||
| Commercial real estate | 73,616 | 72,649 | 69,235 | 66,674 | 69,320 | ||||||||||||||
| Residential mortgage | 7,015 | 6,936 | 6,874 | 7,212 | 8,169 | ||||||||||||||
| Personal | 6,524 | 6,757 | 7,025 | 918 | 819 | ||||||||||||||
| Total Bank of Arkansas | 173,732 | 169,886 | 164,361 | 154,612 | 170,667 | ||||||||||||||
| Colorado State Bank & Trust: | |||||||||||||||||||
| Commercial | 1,018,208 | 1,013,314 | 1,076,620 | 1,030,348 | 987,076 | ||||||||||||||
| Commercial real estate | 265,264 | 254,078 | 237,569 | 219,078 | 223,946 | ||||||||||||||
| Residential mortgage | 59,631 | 59,838 | 59,425 | 52,961 | 53,782 | ||||||||||||||
| Personal | 50,372 | 42,901 | 35,064 | 24,497 | 23,384 | ||||||||||||||
| Total Colorado State Bank & Trust | 1,393,475 | 1,370,131 | 1,408,678 | 1,326,884 | 1,288,188 | ||||||||||||||
| Bank of Arizona: | |||||||||||||||||||
| Commercial | 686,253 | 680,447 | 670,814 | 656,527 | 606,733 | ||||||||||||||
| Commercial real estate | 747,409 | 726,542 | 639,112 | 605,383 | 507,523 | ||||||||||||||
| Residential mortgage | 36,265 | 39,206 | 38,998 | 40,338 | 44,047 | ||||||||||||||
| Personal | 52,553 | 31,205 | 24,248 | 18,372 | 31,060 | ||||||||||||||
| Total Bank of Arizona | 1,522,480 | 1,477,400 | 1,373,172 | 1,320,620 | 1,189,363 | ||||||||||||||
| Bank of Kansas City / Mobank: | |||||||||||||||||||
| Commercial | 807,816 | 495,569 | 529,502 | 526,817 | 499,412 | ||||||||||||||
| Commercial real estate | 338,762 | 244,029 | 220,228 | 196,646 | 200,791 | ||||||||||||||
| Residential mortgage | 97,685 | 25,824 | 23,086 | 22,195 | 22,148 | ||||||||||||||
| Personal | 108,455 | 36,449 | 30,984 | 25,101 | 26,994 | ||||||||||||||
| Total Bank of Kansas City / Mobank | 1,352,718 | 801,871 | 803,800 | 770,759 | 749,345 | ||||||||||||||
| TOTAL BOK FINANCIAL | $ | 16,989,660 | $ | 16,464,786 | $ | 16,406,749 | $ | 16,022,566 | $ | 15,941,154 | |||||||||
Loans attributed to a geographical region may not always represent the location of the borrower or the collateral.
| DEPOSITS BY PRINCIPAL MARKET AREA -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands) | |||||||||||||||||||
| Dec. 31, 2016 | Sept. 30, 2016 | June 30, 2016 | March 31, 2016 | Dec. 31, 2015 | |||||||||||||||
| Bank of Oklahoma: | |||||||||||||||||||
| Demand | $ | 3,993,170 | $ | 4,158,273 | $ | 4,020,181 | $ | 3,813,128 | $ | 4,133,520 | |||||||||
| Interest-bearing: | |||||||||||||||||||
| Transaction | 6,345,536 | 5,701,983 | 5,741,302 | 5,706,067 | 5,971,819 | ||||||||||||||
| Savings | 241,696 | 242,959 | 247,984 | 246,122 | 226,733 | ||||||||||||||
| Time | 1,118,355 | 1,091,464 | 1,167,271 | 1,198,022 | 1,202,274 | ||||||||||||||
| Total interest-bearing | 7,705,587 | 7,036,406 | 7,156,557 | 7,150,211 | 7,400,826 | ||||||||||||||
| Total Bank of Oklahoma | 11,698,757 | 11,194,679 | 11,176,738 | 10,963,339 | 11,534,346 | ||||||||||||||
| Bank of Texas: | |||||||||||||||||||
| Demand | 3,137,009 | 2,734,981 | 2,677,253 | 2,571,883 | 2,627,764 | ||||||||||||||
| Interest-bearing: | |||||||||||||||||||
| Transaction | 2,388,812 | 2,240,040 | 2,035,634 | 2,106,905 | 2,132,099 | ||||||||||||||
| Savings | 83,101 | 84,642 | 83,862 | 83,263 | 77,902 | ||||||||||||||
| Time | 535,642 | 528,380 | 516,231 | 530,657 | 549,740 | ||||||||||||||
| Total interest-bearing | 3,007,555 | 2,853,062 | 2,635,727 | 2,720,825 | 2,759,741 | ||||||||||||||
| Total Bank of Texas | 6,144,564 | 5,588,043 | 5,312,980 | 5,292,708 | 5,387,505 | ||||||||||||||
| Bank of Albuquerque: | |||||||||||||||||||
| Demand | 627,979 | 584,681 | 530,853 | 557,200 | 487,286 | ||||||||||||||
| Interest-bearing: | |||||||||||||||||||
| Transaction | 590,571 | 555,326 | 573,690 | 560,684 | 563,723 | ||||||||||||||
| Savings | 49,963 | 54,480 | 49,200 | 47,187 | 43,672 | ||||||||||||||
| Time | 238,408 | 244,706 | 250,068 | 259,630 | 267,821 | ||||||||||||||
| Total interest-bearing | 878,942 | 854,512 | 872,958 | 867,501 | 875,216 | ||||||||||||||
| Total Bank of Albuquerque | 1,506,921 | 1,439,193 | 1,403,811 | 1,424,701 | 1,362,502 | ||||||||||||||
| Bank of Arkansas: | |||||||||||||||||||
| Demand | 26,389 | 32,203 | 30,607 | 31,318 | 27,252 | ||||||||||||||
| Interest-bearing: | |||||||||||||||||||
| Transaction | 105,232 | 313,480 | 278,335 | 265,803 | 202,857 | ||||||||||||||
| Savings | 2,192 | 2,051 | 1,853 | 1,929 | 1,747 | ||||||||||||||
| Time | 16,696 | 17,534 | 18,911 | 21,035 | 24,983 | ||||||||||||||
| Total interest-bearing | 124,120 | 333,065 | 299,099 | 288,767 | 229,587 | ||||||||||||||
| Total Bank of Arkansas | 150,509 | 365,268 | 329,706 | 320,085 | 256,839 | ||||||||||||||
| Colorado State Bank & Trust: | |||||||||||||||||||
| Demand | 576,000 | 517,063 | 528,124 | 413,506 | 497,318 | ||||||||||||||
| Interest-bearing: | |||||||||||||||||||
| Transaction | 616,679 | 623,055 | 625,240 | 610,077 | 616,697 | ||||||||||||||
| Savings | 32,866 | 31,613 | 31,509 | 33,108 | 31,927 | ||||||||||||||
| Time | 242,782 | 247,667 | 254,164 | 271,475 | 296,224 | ||||||||||||||
| Total interest-bearing | 892,327 | 902,335 | 910,913 | 914,660 | 944,848 | ||||||||||||||
| Total Colorado State Bank & Trust | 1,468,327 | 1,419,398 | 1,439,037 | 1,328,166 | 1,442,166 | ||||||||||||||
| Bank of Arizona: | |||||||||||||||||||
| Demand | 366,755 | 418,718 | 396,837 | 341,828 | 326,324 | ||||||||||||||
| Interest-bearing: | |||||||||||||||||||
| Transaction | 305,099 | 303,750 | 302,297 | 313,825 | 358,556 | ||||||||||||||
| Savings | 2,973 | 2,959 | 3,198 | 3,277 | 2,893 | ||||||||||||||
| Time | 27,765 | 27,935 | 28,681 | 29,053 | 29,498 | ||||||||||||||
| Total interest-bearing | 335,837 | 334,644 | 334,176 | 346,155 | 390,947 | ||||||||||||||
| Total Bank of Arizona | 702,592 | 753,362 | 731,013 | 687,983 | 717,271 | ||||||||||||||
| Bank of Kansas City / Mobank: | |||||||||||||||||||
| Demand | 508,418 | 235,445 | 240,754 | 221,812 | 197,424 | ||||||||||||||
| Interest-bearing: | |||||||||||||||||||
| Transaction | 513,176 | 86,526 | 112,371 | 146,405 | 153,203 | ||||||||||||||
| Savings | 12,679 | 1,645 | 1,656 | 1,619 | 1,378 | ||||||||||||||
| Time | 42,152 | 11,945 | 11,735 | 31,502 | 35,524 | ||||||||||||||
| Total interest-bearing | 568,007 | 100,116 | 125,762 | 179,526 | 190,105 | ||||||||||||||
| Total Bank of Kansas City / Mobank | 1,076,425 | 335,561 | 366,516 | 401,338 | 387,529 | ||||||||||||||
| TOTAL BOK FINANCIAL | $ | 22,748,095 | $ | 21,095,504 | $ | 20,759,801 | $ | 20,418,320 | $ | 21,088,158 | |||||||||
| NET INTEREST MARGIN TREND -- UNAUDITED BOK FINANCIAL CORPORATION | ||||||||||||||
| Three Months Ended | ||||||||||||||
| Dec. 31, 2016 | Sept. 30, 2016 | June 30, 2016 | March 31, 2016 | Dec. 31, 2015 | ||||||||||
| TAX-EQUIVALENT ASSETS YIELDS | ||||||||||||||
| Interest-bearing cash and cash equivalents | 0.55 | % | 0.51 | % | 0.51 | % | 0.53 | % | 0.29 | % | ||||
| Trading securities | 1.74 | % | 2.71 | % | 1.89 | % | 2.47 | % | 2.86 | % | ||||
| Investment securities: | ||||||||||||||
| Taxable | 5.39 | % | 5.34 | % | 5.41 | % | 5.53 | % | 5.41 | % | ||||
| Tax-exempt | 2.33 | % | 2.26 | % | 2.25 | % | 2.22 | % | 1.53 | % | ||||
| Total investment securities | 3.60 | % | 3.51 | % | 3.52 | % | 3.51 | % | 3.03 | % | ||||
| Available for sale securities: | ||||||||||||||
| Taxable | 1.98 | % | 1.99 | % | 2.01 | % | 2.06 | % | 2.02 | % | ||||
| Tax-exempt | 5.27 | % | 5.47 | % | 5.06 | % | 4.95 | % | 4.22 | % | ||||
| Total available for sale securities | 2.00 | % | 2.01 | % | 2.04 | % | 2.08 | % | 2.04 | % | ||||
| Fair value option securities | 0.99 | % | 1.70 | % | 2.19 | % | 2.38 | % | 2.32 | % | ||||
| Restricted equity securities | 5.45 | % | 5.37 | % | 4.84 | % | 5.85 | % | 5.95 | % | ||||
| Residential mortgage loans held for sale | 3.31 | % | 3.28 | % | 3.53 | % | 3.75 | % | 3.85 | % | ||||
| Loans | 3.67 | % | 3.63 | % | 3.58 | % | 3.57 | % | 3.55 | % | ||||
| Allowance for loan losses | ||||||||||||||
| Loans, net of allowance | 3.72 | % | 3.69 | % | 3.63 | % | 3.63 | % | 3.60 | % | ||||
| Total tax-equivalent yield on earning assets | 2.92 | % | 2.93 | % | 2.91 | % | 2.92 | % | 2.86 | % | ||||
| COST OF INTEREST-BEARING LIABILITIES | ||||||||||||||
| Interest-bearing deposits: | ||||||||||||||
| Interest-bearing transaction | 0.16 | % | 0.14 | % | 0.14 | % | 0.14 | % | 0.09 | % | ||||
| Savings | 0.09 | % | 0.09 | % | 0.10 | % | 0.09 | % | 0.09 | % | ||||
| Time | 1.12 | % | 1.14 | % | 1.16 | % | 1.21 | % | 1.26 | % | ||||
| Total interest-bearing deposits | 0.32 | % | 0.32 | % | 0.33 | % | 0.34 | % | 0.32 | % | ||||
| Funds purchased | 0.28 | % | 0.19 | % | 0.19 | % | 0.27 | % | 0.11 | % | ||||
| Repurchase agreements | 0.02 | % | 0.04 | % | 0.05 | % | 0.05 | % | 0.04 | % | ||||
| Other borrowings | 0.61 | % | 0.57 | % | 0.57 | % | 0.56 | % | 0.38 | % | ||||
| Subordinated debt | 5.51 | % | 3.84 | % | 1.52 | % | 1.26 | % | 1.13 | % | ||||
| Total cost of interest-bearing liabilities | 0.44 | % | 0.44 | % | 0.41 | % | 0.40 | % | 0.34 | % | ||||
| Tax-equivalent net interest revenue spread | 2.48 | % | 2.49 | % | 2.50 | % | 2.52 | % | 2.52 | % | ||||
| Effect of noninterest-bearing funding sources and other | 0.15 | % | 0.15 | % | 0.13 | % | 0.13 | % | 0.12 | % | ||||
| Tax-equivalent net interest margin | 2.63 | % | 2.64 | % | 2.63 | % | 2.65 | % | 2.64 | % | ||||
Yield calculations are shown on a tax equivalent basis at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield/rate calculations are generally based on the conventions that determine how interest income and expense is accrued.
| CREDIT QUALITY INDICATORS BOK FINANCIAL CORPORATION (in thousands, except ratios) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Dec. 31, 2016 | Sept. 30, 2016 | June 30, 2016 | March 31, 2016 | Dec. 31, 2015 | ||||||||||||||||
| Nonperforming assets: | ||||||||||||||||||||
| Nonaccruing loans: | ||||||||||||||||||||
| Commercial | $ | 178,953 | $ | 176,464 | $ | 181,989 | $ | 174,652 | $ | 76,424 | ||||||||||
| Commercial real estate | 5,521 | 7,350 | 7,780 | 9,270 | 9,001 | |||||||||||||||
| Residential mortgage | 46,220 | 52,452 | 57,061 | 57,577 | 61,240 | |||||||||||||||
| Personal | 290 | 686 | 354 | 331 | 463 | |||||||||||||||
| Total nonaccruing loans | 230,984 | 236,952 | 247,184 | 241,830 | 147,128 | |||||||||||||||
| Accruing renegotiated loans guaranteed by U.S. government agencies | 81,370 | 80,306 | 78,806 | 77,597 | 74,049 | |||||||||||||||
| Real estate and other repossessed assets: | 44,287 | 31,941 | 24,054 | 29,896 | 30,731 | |||||||||||||||
| Total nonperforming assets | $ | 356,641 | $ | 349,199 | $ | 350,044 | $ | 349,323 | $ | 251,908 | ||||||||||
| Total nonperforming assets excluding those guaranteed by U.S. government agencies | $ | 263,425 | $ | 253,461 | $ | 251,497 | $ | 252,176 | $ | 155,959 | ||||||||||
| Nonaccruing loans by loan portfolio sector: | ||||||||||||||||||||
| Commercial: | ||||||||||||||||||||
| Services | $ | 8,173 | $ | 8,477 | $ | 9,388 | $ | 9,512 | $ | 10,290 | ||||||||||
| Energy | $ | 132,499 | $ | 142,966 | $ | 168,145 | $ | 159,553 | $ | 61,189 | ||||||||||
| Healthcare | 825 | 855 | 875 | 1,023 | 1,072 | |||||||||||||||
| Wholesale/retail | 11,407 | 2,453 | 2,772 | 3,685 | 2,919 | |||||||||||||||
| Manufacturing | 4,931 | 274 | 293 | 312 | 331 | |||||||||||||||
| Other commercial and industrial | 21,118 | 21,439 | 516 | 567 | 623 | |||||||||||||||
| Total commercial | 178,953 | 176,464 | 181,989 | 174,652 | 76,424 | |||||||||||||||
| Commercial real estate: | ||||||||||||||||||||
| Multifamily | 38 | 51 | 65 | 250 | 274 | |||||||||||||||
| Industrial | 76 | 76 | 76 | 76 | 76 | |||||||||||||||
| Office | 426 | 882 | 606 | 629 | 651 | |||||||||||||||
| Retail | 326 | 1,249 | 1,265 | 1,302 | 1,319 | |||||||||||||||
| Residential construction and land development | 3,433 | 3,739 | 4,261 | 4,789 | 4,409 | |||||||||||||||
| Other commercial real estate | 1,222 | 1,353 | 1,507 | 2,224 | 2,272 | |||||||||||||||
| Total commercial real estate | 5,521 | 7,350 | 7,780 | 9,270 | 9,001 | |||||||||||||||
| Residential mortgage: | ||||||||||||||||||||
| Permanent mortgage | 22,855 | 25,956 | 27,228 | 27,497 | 28,984 | |||||||||||||||
| Permanent mortgage guaranteed by U.S. government agencies | 11,846 | 15,432 | 19,741 | 19,550 | 21,900 | |||||||||||||||
| Home equity | 11,519 | 11,064 | 10,092 | 10,530 | 10,356 | |||||||||||||||
| Total residential mortgage | 46,220 | 52,452 | 57,061 | 57,577 | 61,240 | |||||||||||||||
| Personal | 290 | 686 | 354 | 331 | 463 | |||||||||||||||
| Total nonaccruing loans | $ | 230,984 | $ | 236,952 | $ | 247,184 | $ | 241,830 | $ | 147,128 | ||||||||||
| Performing loans 90 days past due1 | $ | 5 | $ | 3,839 | $ | 2,899 | $ | 8,019 | $ | 1,207 | ||||||||||
| Gross charge-offs | $ | (1,651 | ) | $ | (8,101 | ) | $ | (8,845 | ) | $ | (23,991 | ) | $ | (4,851 | ) | |||||
| Recoveries | 2,813 | 2,038 | 1,386 | 1,519 | 1,870 | |||||||||||||||
| Net recoveries (charge-offs) | $ | 1,162 | $ | (6,063 | ) | $ | (7,459 | ) | $ | (22,472 | ) | $ | (2,981 | ) | ||||||
| Provision for credit losses | $ | — | $ | 10,000 | $ | 20,000 | $ | 35,000 | $ | 22,500 | ||||||||||
| Allowance for loan losses to period end loans | 1.45 | % | 1.49 | % | 1.48 | % | 1.46 | % | 1.41 | % | ||||||||||
| Combined allowance for credit losses to period end loans | 1.52 | % | 1.56 | % | 1.54 | % | 1.50 | % | 1.43 | % | ||||||||||
| Nonperforming assets to period end loans and repossessed assets | 2.09 | % | 2.12 | % | 2.13 | % | 2.18 | % | 1.58 | % | ||||||||||
| Net charge-offs (annualized) to average loans | (0.03 | )% | 0.15 | % | 0.18 | % | 0.56 | % | 0.08 | % | ||||||||||
| Allowance for loan losses to nonaccruing loans1 | 112.33 | % | 110.65 | % | 106.95 | % | 104.89 | % | 180.09 | % | ||||||||||
| Combined allowance for credit losses to nonaccruing loans1 | 117.46 | % | 115.67 | % | 110.93 | % | 107.87 | % | 181.46 | % | ||||||||||
| 1 Excludes residential mortgage loans guaranteed by agencies of the U.S. government. | ||||||||||||||||||||