TULSA, Okla., July 24, 2019 (GLOBE NEWSWIRE) -- BOK Financial (NASDAQ: BOKF) today reported net earnings applicable to common shareholders for the first quarter of 2019 of $137.6 million, or $1.93 per diluted common share, up 24% from the previous quarter and up 20% from the same quarter a year ago.
CEO Commentary
Steven G. Bradshaw, president and chief executive officer, stated, “The second quarter was another in a long line of exceptional earnings performance for BOK Financial. By achieving the highest level of quarterly earnings in the history of the company, our diversified revenue approach was on full display this quarter as continued growth in our loan portfolio was matched by re-energized activity in our fee businesses. Combined strength in these dual pillars of revenue generation, combined with diligent expense management, drove us through a 60 percent efficiency ratio for the first time since the first quarter of 2012. These factors, along with a benign credit environment, affirm our confidence for the remainder of 2019."
Bradshaw continued, "The overall momentum we are building in Colorado and Arizona on the back of the final systems integration of CoBiz last quarter is growing. Now that we've achieved the expense synergies, we are very focused on growing our share and serving our customers in both of these markets, and are pleased to see the progress we've made already."
Second Quarter 2019 Financial Highlights
- Net income was $137.6 million or $1.93 per diluted share for the second quarter of 2019 and $110.6 million and $1.54 per diluted share for the first quarter of 2019. The first quarter included a 13 cent per share reduction due to CoBiz integration costs.
- Net interest revenue totaled $285.4 million, an increase of $7.3 million. Net interest margin was consistent at 3.30 percent compared to the first quarter of 2019. Recovery of foregone interest and an increase in loan discount accretion added 10 basis points to net interest margin in the second quarter.
- Fees and commissions revenue totaled $176.1 million, an increase of $15.6 million led by increases in trading revenue and mortgage banking revenue. Lower mortgage interest rates have increased mortgage production and related trading activity.
- Operating expense decreased $10.0 million to $277.1 million. The first quarter of 2019 included $12.7 million of integration costs. Excluding first quarter integration costs, personnel expenses decreased $5.6 million as efficiencies are recognized from the CoBiz acquisition.
- A $5.0 million provision for credit losses was recorded in the second quarter of 2019. The combined allowance for credit losses totaled $204 million or 0.92 percent of outstanding loans compared to $207 million or 0.95 percent in the previous quarter.
- Average loans increased $238 million to $22.0 billion and period-end loans increased $497 million to $22.3 billion. Average deposits increased $548 million to $25.2 billion and period-end deposits were relatively consistent with the prior quarter.
- The Company repurchased 250,000 shares at an average price of $80.50 per share.
Commercial Banking
- Contributed $106.9 million to net income, an increase of $20.8 million over the prior quarter. Net interest revenue increased by $34.0 million, primarily driven by the allocation of acquired loans to the business lines. Fee revenue increased $3.1 million, while operating expense increased $12.8 million.
- Average loans grew by $347 million, excluding the allocation of acquired loans in the second quarter. Average deposits increased $226 million.
Consumer Banking
- Contributed $16.3 million to net income, an increase of $1.0 million compared to the first quarter. Net interest revenue increased $1.6 million, fee revenue increased $6.0 million and operating expense increased $3.9 million.
- The recent decrease in mortgage interest rates has spurred mortgage origination activity in the second quarter. Mortgage production volume increased $197 million to $810 million and gain on sale margin increased 18 basis points to 1.46 percent.
Wealth Management
- Contributed $25.5 million to net income, an increase of $1.8 million compared to the prior quarter. While net interest revenue decreased slightly, fees and commissions revenue increased $12.7 million largely due to an increase in brokerage and trading revenue. Operating expense increased $7.9 million.
- Assets under management or administration were $81.8 billion at June 30, 2019 compared to $78.9 billion at March 31, 2019. Fiduciary assets totaled $49.3 billion at June 30, 2019 and $46.4 billion at March 31, 2019.
Net Interest Revenue
Net interest revenue was $285.4 million for the second quarter of 2019, a $7.3 million increase over the first quarter of 2019. Recoveries of foregone interest on non-accruing loans added $3.4 million. The second quarter of 2019 included $13.4 million of purchase accounting discount accretion while the first quarter of 2019 included $7.8 million.
Net interest margin was 3.30 percent, consistent with the previous quarter. The recovery of foregone interest and increase in loan discount accretion added approximately 10 basis points to net interest margin in the second quarter. Excluding these items, the yield on average earning assets was 4.31 percent, a 6 basis point decrease while the yield on the loan portfolio was 5.09 percent, down 2 basis points. The yield on the available for sale securities portfolio increased 6 basis points to 2.63 percent. The yield on the trading securities portfolio, which moves with long term interest rates because it turns over rapidly, was down 29 basis points.
Funding costs were 1.70 percent, up 4 basis points. The cost of interest-bearing deposits increased 9 basis points to 1.13 percent. The cost of other borrowed funds was down 1 basis point to 2.53 percent. The benefit to net interest margin from assets funded by non-interest liabilities was relatively unchanged at 49 basis points.
Average earning assets increased $933 million compared to the first quarter of 2019. Average available for sale securities increased $553 million. Average loan balances were up $238 million. Average fair value option securities balances increased $304 million. Average trading securities balances decreased $211 million. Average interest-bearing deposit balances increased $652 million and average borrowed funds increased $169 million compared to the first quarter of 2019.
Fees and Commissions Revenue
Fees and commissions revenue totaled $176.1 million for the second quarter of 2019, an increase of $15.6 million over the first quarter of 2019.
Lower mortgage interest rates have positively affected both our brokerage and trading and mortgage banking revenue. Brokerage and trading revenue increased $8.9 million due to increased trading volumes. Mortgage banking revenue increased $4.3 million due to a $197 million increase in production volume and an 18 basis point increase in gain on sale margin.
Fiduciary and asset management revenue increased $1.7 million over the first quarter of 2019, primarily due to seasonal tax fees collected in the second quarter. Transaction card revenue increased $1.2 million due to increased transaction volume.
Operating Expense
Total operating expense was $277.1 million for the second quarter of 2019, a decrease of $10.0 million compared to the first quarter of 2019. The first quarter of 2019 included $12.7 million of CoBiz integration costs. The following discussion excludes the impact of these costs.
Personnel expense decreased $5.6 million. CoBiz system integration was completed near the end of the first quarter which enabled us to fully realize expected operating efficiencies related to the acquisition. Regular compensation decreased $1.8 million while incentive compensation expense decreased $1.7 million. Employee benefits also decreased $2.0 million.
Non-personnel expense increased $8.3 million. Business promotion expense increased $2.9 million, primarily due to advertising expenses related to marketing our BOK Financial brand in the Colorado and Arizona markets. Insurance expense is up $1.9 million largely due to adjustments to deposit insurance expense related to the CoBiz integration. Increases in professional fees and services of $1.7 million and mortgage banking costs of $1.6 million were partially offset by a decrease in net losses and expenses of repossessed assets of $1.4 million. In addition, a $1.0 million cash charitable donation was made to the BOKF Foundation in the second quarter.
Loans, Deposits and Capital
Loans
Outstanding loans were $22.3 billion at June 30, 2019, up $497 million over March 31, 2019, largely related to growth in commercial and commercial real estate balances.
Outstanding commercial loan balances grew by $375 million or 3 percent over March 31, 2019. Energy loan balances were up $216 million. Wholesale/retail sector loans increased $86 million. Other commercial and industrial loans increased $28 million and services sector loans increased by $22 million.
Commercial real estate loan balances increased $109 million or 2 percent compared to March 31, 2019 due to our strong ongoing commitment volume. Loans secured by multifamily residential properties increased $90 million. Loans secured by industrial properties increased $61 million. Loans secured by office buildings increased $23 million. This growth was partially offset by a $65 million decrease in retail facilities.
Deposits
Period-end deposits totaled $25.3 billion at June 30, 2019, a $27 million decrease compared to March 31, 2019. Demand deposit balances decreased $429 million. Interest-bearing transaction account balances grew by $375 million. Time deposit balances increased by $30 million. Average deposits were $25.2 billion at June 30, 2019, an increase of $548 million compared to March 31, 2019. Total interest-bearing deposits increased $652 million partially offset by a decrease in demand deposits of $104 million.
Capital
The company's common equity Tier 1 capital ratio was 10.84 percent at June 30, 2019. In addition, the company's Tier 1 capital ratio was 10.84 percent, total capital ratio was 12.34 percent, and leverage ratio was 8.75 percent at June 30, 2019. At March 31, 2019, the company's common equity Tier 1 capital ratio was 10.71 percent, Tier 1 capital ratio was 10.71 percent, total capital ratio was 12.24 percent, and leverage ratio was 8.76 percent.
The company's tangible common equity ratio, a non-GAAP measure, was 8.69 percent at June 30, 2019 and 8.64 percent at March 31, 2019. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on available for sale securities. The company has elected to exclude unrealized gains and losses from available for sale securities from its calculation of Tier 1 capital for regulatory capital purposes, consistent with the treatment under the previous capital rules.
Credit Quality
Nonperforming assets totaled $297 million or 1.33 percent of outstanding loans and repossessed assets at June 30, 2019, compared to $262 million or 1.20 percent at March 31, 2019. Nonperforming assets that are not guaranteed by U.S. government agencies totaled $194 million or 0.88 percent of outstanding loans and repossessed assets at June 30, 2019, compared to $163 million or 0.75 percent at March 31, 2019.
Nonaccruing loans were $184 million or 0.83 percent of outstanding loans at June 30, 2019. Nonaccruing commercial loans totaled $123 million or 0.86 percent of outstanding commercial loans. Nonaccruing commercial real estate loans totaled $22 million or 0.46 percent of outstanding commercial real estate loans. Nonaccruing residential mortgage loans totaled $38 million or 1.77 percent of outstanding residential mortgage loans.
Nonaccruing loans increased $31 million from March 31, 2019, primarily due to a $36 million increase in energy loans. Healthcare sector loans decreased $2.6 million. New nonaccruing loans identified in the second quarter totaled $54 million, offset by $7.1 million in payments received and $13 million in charge-offs.
Potential problem loans, which are defined as performing loans that, based on known information, cause management concern as to the borrowers' ability to continue to perform, totaled $161 million at June 30, compared to $169 million at March 31. The decrease was primarily due to energy and manufacturing loans, partially offset by an increase in other commercial and industrial loans and loans secured by multifamily commercial real estate.
Net charge-offs were $7.7 million or 0.14 percent of average loans on an annualized basis for the second quarter of 2019, compared to $10.1 million or 0.19 percent of average loans on an annualized basis for the first quarter of 2019. Net charge-offs were 0.20 percent of average loans over the last four quarters. Gross charge-offs were $13.2 million for the second quarter compared to $11.8 million for the previous quarter. Recoveries totaled $5.5 million for the second quarter of 2019 and $1.7 million for the first quarter of 2019.
Based on an evaluation of all credit factors, including overall loan portfolio growth, changes in nonaccruing and potential problem loans and net charge-offs, the company determined that a $5.0 million provision for credit losses was appropriate for the second quarter of 2019. The company recorded an $8.0 million provision for credit losses in the first quarter of 2019.
The combined allowance for credit losses totaled $204 million or 0.92 percent of outstanding loans and 115 percent of nonaccruing loans at June 30, 2019, excluding residential mortgage loans guaranteed by U.S. government agencies. Excluding loans acquired in the CoBiz acquisition, which are measured at acquisition-date fair value, the combined allowance for loan losses was 1.03 percent of outstanding loans and 126 percent of nonaccruing loans at June 30, 2019 compared to 1.09 percent of outstanding loans and 159 percent of nonaccruing loans at March 31, 2019. The allowance for loan losses was $203 million and the accrual for off-balance sheet credit losses was $1.9 million. At March 31, 2019, the combined allowance for credit losses was $207 million or 0.95 percent of outstanding loans and 142 percent of nonaccruing loans, excluding loans guaranteed by U.S. government agencies. The allowance for loan losses was $205 million and the accrual for off-balance sheet credit losses was $1.8 million.
Securities and Derivatives
The fair value of the available for sale securities portfolio totaled $10.5 billion at June 30, 2019, a $1.5 billion increase compared to March 31, 2019. At June 30, 2019, the available for sale securities portfolio consisted primarily of $7.4 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $3.1 billion of commercial mortgage-backed securities fully backed by U.S. government agencies. At June 30, 2019, the available for sale securities portfolio had a net unrealized gain of $132 million compared to a $2.6 million net unrealized loss at March 31, 2019.
Trading securities decreased $240 million to $1.9 billion during the second quarter of 2019. The company holds an inventory of securities, predominately composed of U.S. agency residential mortgage-backed securities, in support of sales to a variety of customers, including banks, corporations, insurance companies, money managers, and others.
The company also maintains a portfolio of residential mortgage-backed securities issued by U.S. government agencies and interest rate derivative contracts as an economic hedge of the changes in the fair value of our mortgage servicing rights. This portfolio of fair value option securities increased $431 million to $1.1 billion at June 30, 2019.
The net economic cost of the changes in fair value of mortgage servicing rights and related economic hedges was $7.3 million during the second quarter of 2019, including a $29.6 million decrease in the fair value of mortgage servicing rights, a $21.0 million increase in the fair value of securities and derivative contracts held as an economic hedge, and $1.3 million of related net interest revenue.
Commercial Banking
Net income for Commercial Banking was $106.9 million for the second quarter of 2019, an increase of $20.8 million over the first quarter of 2019. Net interest revenue increased $34.0 million largely as a result of the allocation of acquired loans to the business line during the second quarter.
Excluding acquired loans and deposits, average loans increased $347 million or 2 percent while average customer deposits increased $226 million or 2 percent. We continue to see a shift in the deposit mix from demand deposit balances to interest bearing deposit balances.
Fees and commissions revenue increased $3.1 million, primarily due to an increase in loan syndication fees based on the timing of completed transactions and increased transaction card revenues related to a seasonal increase in transaction volume. Operating expense increased $12.8 million primarily due to an increase in personnel expenses as a result of the allocation of CoBiz personnel to the business line.
Consumer Banking
Net income from Consumer Banking was $16.3 million in the second quarter of 2019, an increase of $1.0 million.
Net interest revenue from Consumer Banking activities increased $1.6 million largely due to an increase in interest earned on the fair value option portfolio combined with increased deposits sold to our Funds Management unit. Average loans increased $46 million or 3 percent and average deposits increased $454 million or 7 percent.
Revenues from mortgage banking activities increased $4.3 million over the prior quarter due to lower interest rates. Mortgage production volume increased $197 million or 32 percent and the gain on sale margin climbed to 1.46 percent from 1.28 percent. Deposit service charges also increased $1.1 million due to two more days in the quarter compared to the previous quarter.
Operating expenses increased $3.9 million, nearly all related to non-personnel expenses. Mortgage banking costs increased $1.6 million related to increased payoffs as mortgage interest rates declined during the quarter. Business promotion expense increased $1.6 million primarily due to additional brand marketing.
Wealth Management
Net income for Wealth Management increased $1.8 million to $25.5 million during the second quarter of 2019. An increase in brokerage and trading revenue was partially offset by a decrease in net interest revenue and an increase in operating expenses.
Brokerage and trading revenue increased $8.4 million due to an increase in trading activity and volumes as a result of favorable interest rate changes. This increase was partially offset by a decrease in interest received on trading securities and an increase in funding costs. Fiduciary and asset management revenue increased $3.4 million largely due to a seasonal increase related to tax fees collected in the second quarter as well as increased assets under management. Operating expenses increased $7.9 million, including $6.1 million related to personnel expenses and $1.9 million related to other operating expenses.
Average loans increased $199 million to $1.6 billion. Average deposits increased $561 million to $6.2 billion, primarily due to an increase in interest-bearing transaction account balances. Assets under management or administration were $81.8 billion at June 30, 2019 compared to $78.9 billion at March 31, 2019. Fiduciary assets totaled $49.3 billion at June 30, 2019 and $46.4 billion at March 31, 2019.
Conference Call and Webcast
The company will hold a conference call at 9 a.m. Central time on Wednesday, July 24, 2019 to discuss the financial results with investors. The live audio webcast and presentation slides will be available on the company’s website at www.bokf.com. The conference call can also be accessed by dialing 1-201-689-8471. A conference call and webcast replay will also be available shortly after conclusion of the live call at www.bokf.com or by dialing 1-412-317-6671 and referencing conference ID # 13692252.
About BOK Financial Corporation
BOK Financial Corporation is a $42 billion regional financial services company headquartered in Tulsa, Oklahoma with $82 billion in assets under management and administration. The company's stock is publicly traded on NASDAQ under the Global Select market listings (BOKF). BOK Financial Corporation's holdings include BOKF, NA; BOK Financial Securities, Inc., The Milestone Group, Inc., CoBiz Wealth, LLC and BOK Financial Insurance, Inc. BOKF, NA operates TransFund, Cavanal Hill Investment Management and BOK Financial Asset Management, Inc. BOKF, NA operates banking divisions across eight states as: Bank of Albuquerque; Bank of Arkansas; Bank of Oklahoma; Bank of Texas; BOK Financial in Colorado and Arizona; and Mobank in Kansas and Missouri; as well as having limited purpose offices in Nebraska, Milwaukee and Connecticut. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment, trust and insurance services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.
The company will continue to evaluate critical assumptions and estimates, such as the appropriateness of the allowance for credit losses and asset impairment as of June 30, 2019 through the date its financial statements are filed with the Securities and Exchange Commission and will adjust amounts reported if necessary.
This news release contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial, the financial services industry and the economy generally. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “plans,” “projects,” “will,” “intends,” variations of such words and similar expressions are intended to identify such forward-looking statements. Management judgments relating to and discussion of the provision and allowance for credit losses, allowance for uncertain tax positions, accruals for loss contingencies and valuation of mortgage servicing rights involve judgments as to expected events and are inherently forward-looking statements. Assessments that BOK Financial's acquisitions, including its latest acquisition of CoBiz Financial, Inc., and other growth endeavors will be profitable are necessary statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what is expected, implied or forecasted in such forward-looking statements. Internal and external factors that might cause such a difference include, but are not limited to changes in commodity prices, interest rates and interest rate relationships, inflation, demand for products and services, the degree of competition by traditional and nontraditional competitors, changes in banking regulations, tax laws, prices, levies and assessments, the impact of technological advances, and trends in customer behavior as well as their ability to repay loans. There may also be difficulties and delays in integrating CoBiz Financial Inc.'s business or fully realizing cost savings and other benefits including, but not limited to, business disruption and customer acceptance of BOK Financial Corporation's products and services. BOK Financial and its affiliates undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.
| BALANCE SHEETS -- UNAUDITED BOK FINANCIAL CORPORATION (In thousands) | |||||||
| June 30, 2019 | Mar. 31, 2019 | ||||||
| ASSETS | |||||||
| Cash and due from banks | $ | 739,109 | $ | 718,297 | |||
| Interest-bearing cash and cash equivalents | 596,382 | 564,404 | |||||
| Trading securities | 1,900,395 | 2,140,326 | |||||
| Investment securities | 327,677 | 331,466 | |||||
| Available for sale securities | 10,514,414 | 9,025,198 | |||||
| Fair value option securities | 1,138,819 | 707,994 | |||||
| Restricted equity securities | 461,017 | 376,429 | |||||
| Residential mortgage loans held for sale | 193,570 | 160,157 | |||||
| Loans: | |||||||
| Commercial | 14,336,908 | 13,961,975 | |||||
| Commercial real estate | 4,710,033 | 4,600,651 | |||||
| Residential mortgage | 2,170,822 | 2,192,620 | |||||
| Personal | 1,037,889 | 1,003,734 | |||||
| Total loans | 22,255,652 | 21,758,980 | |||||
| Allowance for loan losses | (202,534 | ) | (205,340 | ) | |||
| Loans, net of allowance | 22,053,118 | 21,553,640 | |||||
| Premises and equipment, net | 468,368 | 468,293 | |||||
| Receivables | 213,608 | 224,887 | |||||
| Goodwill | 1,048,091 | 1,048,091 | |||||
| Intangible assets, net | 124,473 | 129,482 | |||||
| Mortgage servicing rights | 208,308 | 238,193 | |||||
| Real estate and other repossessed assets, net | 16,940 | 17,139 | |||||
| Derivative contracts, net | 415,221 | 359,223 | |||||
| Cash surrender value of bank-owned life insurance | 384,193 | 384,174 | |||||
| Receivable on unsettled securities sales | 583,421 | 966,455 | |||||
| Other assets | 505,949 | 469,114 | |||||
| TOTAL ASSETS | $ | 41,893,073 | $ | 39,882,962 | |||
| LIABILITIES AND EQUITY | |||||||
| Deposits: | |||||||
| Demand | $ | 9,667,557 | $ | 10,096,552 | |||
| Interest-bearing transaction | 12,851,943 | 12,476,977 | |||||
| Savings | 557,683 | 559,884 | |||||
| Time | 2,227,938 | 2,198,389 | |||||
| Total deposits | 25,305,121 | 25,331,802 | |||||
| Funds purchased and repurchase agreements | 2,331,947 | 1,439,673 | |||||
| Other borrowings | 7,823,809 | 7,341,093 | |||||
| Subordinated debentures | 275,892 | 275,880 | |||||
| Accrued interest, taxes and expense | 181,413 | 173,434 | |||||
| Due on unsettled securities purchases | 565,268 | 186,401 | |||||
| Derivative contracts, net | 381,454 | 299,698 | |||||
| Other liabilities | 309,694 | 303,272 | |||||
| TOTAL LIABILITIES | 37,174,598 | 35,351,253 | |||||
| Shareholders' equity: | |||||||
| Capital, surplus and retained earnings | 4,610,869 | 4,526,404 | |||||
| Accumulated other comprehensive gain (loss) | 98,569 | (3,531 | ) | ||||
| TOTAL SHAREHOLDERS' EQUITY | 4,709,438 | 4,522,873 | |||||
| Non-controlling interests | 9,037 | 8,836 | |||||
| TOTAL EQUITY | 4,718,475 | 4,531,709 | |||||
| TOTAL LIABILITIES AND EQUITY | $ | 41,893,073 | $ | 39,882,962 | |||
| AVERAGE BALANCE SHEETS -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| June 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sept. 30, 2018 | June 30, 2018 | |||||||||||||||
| ASSETS | |||||||||||||||||||
| Interest-bearing cash and cash equivalents | $ | 535,491 | $ | 537,903 | $ | 563,132 | $ | 688,872 | $ | 1,673,387 | |||||||||
| Trading securities | 1,757,335 | 1,968,399 | 1,929,601 | 1,762,794 | 1,482,302 | ||||||||||||||
| Investment securities | 328,482 | 343,282 | 364,737 | 379,566 | 399,088 | ||||||||||||||
| Available for sale securities | 9,435,668 | 8,883,054 | 8,704,963 | 8,129,214 | 8,163,142 | ||||||||||||||
| Fair value option securities | 898,772 | 594,349 | 277,575 | 469,398 | 487,192 | ||||||||||||||
| Restricted equity securities | 413,812 | 395,432 | 362,729 | 328,842 | 348,546 | ||||||||||||||
| Residential mortgage loans held for sale | 192,102 | 145,040 | 179,553 | 207,488 | 218,600 | ||||||||||||||
| Loans: | |||||||||||||||||||
| Commercial | 14,175,057 | 13,966,521 | 13,587,344 | 11,484,200 | 11,189,899 | ||||||||||||||
| Commercial real estate | 4,656,861 | 4,602,149 | 4,747,784 | 3,774,470 | 3,660,166 | ||||||||||||||
| Residential mortgage | 2,146,315 | 2,193,334 | 2,222,063 | 1,956,089 | 1,915,015 | ||||||||||||||
| Personal | 1,026,172 | 1,004,061 | 1,022,140 | 989,026 | 986,162 | ||||||||||||||
| Total loans | 22,004,405 | 21,766,065 | 21,579,331 | 18,203,785 | 17,751,242 | ||||||||||||||
| Allowance for loan losses | (205,532 | ) | (206,092 | ) | (209,613 | ) | (214,160 | ) | (222,856 | ) | |||||||||
| Total loans, net | 21,798,873 | 21,559,973 | 21,369,718 | 17,989,625 | 17,528,386 | ||||||||||||||
| Total earning assets | 35,360,535 | 34,427,432 | 33,752,008 | 29,955,799 | 30,300,643 | ||||||||||||||
| Cash and due from banks | 703,294 | 705,411 | 731,700 | 578,905 | 571,333 | ||||||||||||||
| Derivative contracts, net | 328,802 | 262,927 | 299,319 | 294,126 | 318,375 | ||||||||||||||
| Cash surrender value of bank-owned life insurance | 384,974 | 382,538 | 379,893 | 322,038 | 319,507 | ||||||||||||||
| Receivable on unsettled securities sales | 1,437,462 | 1,224,700 | 799,548 | 768,785 | 618,240 | ||||||||||||||
| Other assets | 2,629,710 | 2,669,673 | 2,423,275 | 1,776,164 | 1,777,937 | ||||||||||||||
| TOTAL ASSETS | $ | 40,844,777 | $ | 39,672,681 | $ | 38,385,743 | $ | 33,695,817 | $ | 33,906,035 | |||||||||
| LIABILITIES AND EQUITY | |||||||||||||||||||
| Deposits: | |||||||||||||||||||
| Demand | $ | 9,883,965 | $ | 9,988,088 | $ | 10,648,683 | $ | 9,325,002 | $ | 9,223,327 | |||||||||
| Interest-bearing transaction | 12,512,282 | 11,931,539 | 11,773,651 | 10,010,031 | 10,189,354 | ||||||||||||||
| Savings | 558,738 | 541,575 | 526,275 | 503,821 | 503,671 | ||||||||||||||
| Time | 2,207,391 | 2,153,277 | 2,146,786 | 2,097,441 | 2,138,880 | ||||||||||||||
| Total deposits | 25,162,376 | 24,614,479 | 25,095,395 | 21,936,295 | 22,055,232 | ||||||||||||||
| Funds purchased and repurchase agreements | 2,066,950 | 2,033,036 | 1,205,568 | 1,193,583 | 593,250 | ||||||||||||||
| Other borrowings | 7,175,617 | 7,040,279 | 6,361,141 | 5,765,440 | 6,497,020 | ||||||||||||||
| Subordinated debentures | 275,887 | 275,882 | 276,378 | 144,702 | 144,692 | ||||||||||||||
| Derivative contracts, net | 283,484 | 273,786 | 268,848 | 185,029 | 235,543 | ||||||||||||||
| Due on unsettled securities purchases | 821,688 | 453,937 | 493,887 | 544,263 | 527,804 | ||||||||||||||
| Other liabilities | 460,732 | 501,788 | 341,438 | 311,605 | 340,322 | ||||||||||||||
| TOTAL LIABILITIES | 36,246,734 | 35,193,187 | 34,042,655 | 30,080,917 | 30,393,863 | ||||||||||||||
| Total equity | 4,598,043 | 4,479,494 | 4,343,088 | 3,614,900 | 3,512,172 | ||||||||||||||
| TOTAL LIABILITIES AND EQUITY | $ | 40,844,777 | $ | 39,672,681 | $ | 38,385,743 | $ | 33,695,817 | $ | 33,906,035 | |||||||||
| STATEMENTS OF EARNINGS -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands, except per share data) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||||||
| Interest revenue | $ | 390,820 | $ | 294,180 | $ | 766,894 | $ | 559,587 | |||||||
| Interest expense | 105,388 | 55,618 | 203,360 | 101,289 | |||||||||||
| Net interest revenue | 285,432 | 238,562 | 563,534 | 458,298 | |||||||||||
| Provision for credit losses | 5,000 | — | 13,000 | (5,000 | ) | ||||||||||
| Net interest revenue after provision for credit losses | 280,432 | 238,562 | 550,534 | 463,298 | |||||||||||
| Other operating revenue: | |||||||||||||||
| Brokerage and trading revenue | 40,526 | 26,488 | 72,143 | 57,136 | |||||||||||
| Transaction card revenue | 21,915 | 20,975 | 42,653 | 41,965 | |||||||||||
| Fiduciary and asset management revenue | 45,025 | 41,692 | 88,383 | 83,524 | |||||||||||
| Deposit service charges and fees | 28,074 | 27,834 | 56,317 | 54,994 | |||||||||||
| Mortgage banking revenue | 28,131 | 26,346 | 51,965 | 52,371 | |||||||||||
| Other revenue | 12,437 | 13,923 | 25,199 | 26,882 | |||||||||||
| Total fees and commissions | 176,108 | 157,258 | 336,660 | 316,872 | |||||||||||
| Other gains, net | 3,480 | 4,578 | 6,456 | 3,286 | |||||||||||
| Gain (loss) on derivatives, net | 11,150 | (3,057 | ) | 15,817 | (8,742 | ) | |||||||||
| Gain (loss) on fair value option securities, net | 9,853 | (3,341 | ) | 19,518 | (20,905 | ) | |||||||||
| Change in fair value of mortgage servicing rights | (29,555 | ) | 1,723 | (50,221 | ) | 22,929 | |||||||||
| Gain (loss) on available for sale securities, net | 1,029 | (762 | ) | 1,105 | (1,052 | ) | |||||||||
| Total other operating revenue | 172,065 | 156,399 | 329,335 | 312,388 | |||||||||||
| Other operating expense: | |||||||||||||||
| Personnel | 160,342 | 138,947 | 329,570 | 278,894 | |||||||||||
| Business promotion | 10,142 | 7,686 | 18,016 | 13,696 | |||||||||||
| Charitable contributions to BOKF Foundation | 1,000 | — | 1,000 | — | |||||||||||
| Professional fees and services | 13,002 | 14,978 | 29,141 | 25,178 | |||||||||||
| Net occupancy and equipment | 26,880 | 22,761 | 56,401 | 46,807 | |||||||||||
| Insurance | 6,454 | 6,245 | 11,293 | 12,838 | |||||||||||
| Data processing and communications | 29,735 | 27,739 | 61,184 | 55,556 | |||||||||||
| Printing, postage and supplies | 4,107 | 4,011 | 8,992 | 8,100 | |||||||||||
| Net losses and operating expenses of repossessed assets | 580 | 2,722 | 2,576 | 10,427 | |||||||||||
| Amortization of intangible assets | 5,138 | 1,386 | 10,329 | 2,686 | |||||||||||
| Mortgage banking costs | 11,545 | 12,890 | 21,451 | 23,039 | |||||||||||
| Other expense | 8,212 | 7,111 | 14,341 | 13,685 | |||||||||||
| Total other operating expense | 277,137 | 246,476 | 564,294 | 490,906 | |||||||||||
| Net income before taxes | 175,360 | 148,485 | 315,575 | 284,780 | |||||||||||
| Federal and state income taxes | 37,580 | 33,330 | 67,530 | 64,278 | |||||||||||
| Net income | 137,780 | 115,155 | 248,045 | 220,502 | |||||||||||
| Net gain (loss) attributable to non-controlling interests | 217 | 783 | (130 | ) | 568 | ||||||||||
| Net income attributable to BOK Financial Corporation shareholders | $ | 137,563 | $ | 114,372 | $ | 248,175 | $ | 219,934 | |||||||
| Average shares outstanding: | |||||||||||||||
| Basic | 70,887,063 | 64,901,975 | 71,135,414 | 64,874,567 | |||||||||||
| Diluted | 70,902,033 | 64,937,226 | 71,151,558 | 64,912,552 | |||||||||||
| Net income per share: | |||||||||||||||
| Basic | $ | 1.93 | $ | 1.75 | $ | 3.47 | $ | 3.36 | |||||||
| Diluted | $ | 1.93 | $ | 1.75 | $ | 3.46 | $ | 3.36 | |||||||
| FINANCIAL HIGHLIGHTS -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands, except ratio and share data) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| June 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sept. 30, 2018 | June 30, 2018 | |||||||||||||||
| Capital: | |||||||||||||||||||
| Period-end shareholders' equity | $ | 4,709,438 | $ | 4,522,873 | $ | 4,432,109 | $ | 3,615,032 | $ | 3,553,431 | |||||||||
| Risk weighted assets | $ | 32,040,741 | $ | 31,601,558 | $ | 30,742,295 | $ | 27,398,072 | $ | 27,004,559 | |||||||||
| Risk-based capital ratios: | |||||||||||||||||||
| Common equity tier 1 | 10.84 | % | 10.71 | % | 10.92 | % | 12.07 | % | 11.92 | % | |||||||||
| Tier 1 | 10.84 | % | 10.71 | % | 10.92 | % | 12.07 | % | 11.92 | % | |||||||||
| Total capital | 12.34 | % | 12.24 | % | 12.50 | % | 13.37 | % | 13.26 | % | |||||||||
| Leverage ratio | 8.75 | % | 8.76 | % | 8.96 | % | 9.90 | % | 9.57 | % | |||||||||
| Tangible common equity ratio1 | 8.69 | % | 8.64 | % | 8.82 | % | 9.55 | % | 9.21 | % | |||||||||
| Common stock: | |||||||||||||||||||
| Book value per share | $ | 66.15 | $ | 63.30 | $ | 61.45 | $ | 55.25 | $ | 54.30 | |||||||||
| Tangible book value per share | 49.68 | 46.82 | 45.03 | 47.90 | 46.95 | ||||||||||||||
| Market value per share: | |||||||||||||||||||
| High | $ | 88.17 | $ | 93.72 | $ | 98.29 | $ | 105.22 | $ | 106.65 | |||||||||
| Low | $ | 72.60 | $ | 72.11 | $ | 69.96 | $ | 92.40 | $ | 92.39 | |||||||||
| Cash dividends paid | $ | 35,631 | $ | 35,885 | $ | 35,977 | $ | 32,591 | $ | 29,340 | |||||||||
| Dividend payout ratio | 25.90 | % | 32.44 | % | 33.17 | % | 27.79 | % | 25.65 | % | |||||||||
| Shares outstanding, net | 71,198,270 | 71,449,982 | 72,122,932 | 65,434,258 | 65,439,090 | ||||||||||||||
| Stock buy-back program: | |||||||||||||||||||
| Shares repurchased | 250,000 | 705,609 | 525,000 | — | 8,257 | ||||||||||||||
| Amount | $ | 20,125 | $ | 60,577 | $ | 45,057 | $ | — | $ | 824 | |||||||||
| Average price per share | $ | 80.50 | $ | 85.85 | $ | 85.82 | $ | — | $ | 99.84 | |||||||||
| Performance ratios (quarter annualized): | |||||||||||||||||||
| Return on average assets | 1.35 | % | 1.13 | % | 1.12 | % | 1.38 | % | 1.35 | % | |||||||||
| Return on average equity | 12.02 | % | 10.04 | % | 9.93 | % | 12.95 | % | 13.14 | % | |||||||||
| Net interest margin | 3.30 | % | 3.30 | % | 3.40 | % | 3.21 | % | 3.17 | % | |||||||||
| Efficiency ratio | 59.51 | % | 64.80 | % | 63.25 | % | 61.60 | % | 61.77 | % | |||||||||
| Reconciliation of non-GAAP measures: | |||||||||||||||||||
| 1 Tangible common equity ratio: | |||||||||||||||||||
| Total shareholders' equity | $ | 4,709,438 | $ | 4,522,873 | $ | 4,432,109 | $ | 3,615,032 | $ | 3,553,431 | |||||||||
| Less: Goodwill and intangible assets, net | 1,172,564 | 1,177,573 | 1,184,112 | 480,800 | 481,366 | ||||||||||||||
| Tangible common equity | $ | 3,536,874 | $ | 3,345,300 | $ | 3,247,997 | $ | 3,134,232 | $ | 3,072,065 | |||||||||
| Total assets | $ | 41,893,073 | $ | 39,882,962 | $ | 38,020,504 | $ | 33,289,864 | $ | 33,833,107 | |||||||||
| Less: Goodwill and intangible assets, net | 1,172,564 | 1,177,573 | 1,184,112 | 480,800 | 481,366 | ||||||||||||||
| Tangible assets | $ | 40,720,509 | $ | 38,705,389 | $ | 36,836,392 | $ | 32,809,064 | $ | 33,351,741 | |||||||||
| Tangible common equity ratio | 8.69 | % | 8.64 | % | 8.82 | % | 9.55 | % | 9.21 | % | |||||||||
| FINANCIAL HIGHLIGHTS -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands, except ratio and share data) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| June 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sept. 30, 2018 | June 30, 2018 | |||||||||||||||
| Other data: | |||||||||||||||||||
| Tax equivalent interest | $ | 3,481 | $ | 2,529 | $ | 3,067 | $ | 1,894 | $ | 1,983 | |||||||||
| Net unrealized gain (loss) on available for sale securities | $ | 131,780 | $ | (2,609 | ) | $ | (95,271 | ) | $ | (216,793 | ) | $ | (180,602 | ) | |||||
| Mortgage banking: | |||||||||||||||||||
| Mortgage production revenue | $ | 11,869 | $ | 7,868 | $ | 5,073 | $ | 7,250 | $ | 9,915 | |||||||||
| Mortgage loans funded for sale | $ | 729,841 | $ | 510,527 | $ | 497,353 | $ | 651,076 | $ | 773,910 | |||||||||
| Add: current period-end outstanding commitments | 344,087 | 263,434 | 160,848 | 197,752 | 251,231 | ||||||||||||||
| Less: prior period end outstanding commitments | 263,434 | 160,848 | 197,752 | 251,231 | 298,318 | ||||||||||||||
| Total mortgage production volume | $ | 810,494 | $ | 613,113 | $ | 460,449 | $ | 597,597 | $ | 726,823 | |||||||||
| Mortgage loan refinances to mortgage loans funded for sale | 31 | % | 30 | % | 23 | % | 23 | % | 22 | % | |||||||||
| Gain on sale margin | 1.46 | % | 1.28 | % | 1.10 | % | 1.21 | % | 1.36 | % | |||||||||
| Mortgage servicing revenue | $ | 16,262 | $ | 15,966 | $ | 16,807 | $ | 16,286 | $ | 16,431 | |||||||||
| Average outstanding principal balance of mortgage loans serviced for others | 21,418,690 | 21,581,835 | 21,706,541 | 21,895,041 | 21,986,065 | ||||||||||||||
| Average mortgage servicing revenue rates | 0.30 | % | 0.30 | % | 0.31 | % | 0.30 | % | 0.30 | % | |||||||||
| Gain (loss) on mortgage servicing rights, net of economic hedge: | |||||||||||||||||||
| Gain (loss) on mortgage hedge derivative contracts, net | $ | 11,128 | $ | 4,432 | $ | 12,162 | $ | (2,843 | ) | $ | (3,070 | ) | |||||||
| Gain (loss) on fair value option securities, net | 9,853 | 9,665 | (282 | ) | (4,385 | ) | (3,341 | ) | |||||||||||
| Gain (loss) on economic hedge of mortgage servicing rights | 20,981 | 14,097 | 11,880 | (7,228 | ) | (6,411 | ) | ||||||||||||
| Gain (loss) on changes in fair value of mortgage servicing rights | (29,555 | ) | (20,666 | ) | (24,233 | ) | 5,972 | 1,723 | |||||||||||
| Loss on changes in fair value of mortgage servicing rights, net of economic hedges, included in other operating revenue | (8,574 | ) | (6,569 | ) | (12,353 | ) | (1,256 | ) | (4,688 | ) | |||||||||
| Net interest revenue on fair value option securities2 | 1,296 | 1,129 | 695 | 1,100 | 1,203 | ||||||||||||||
| Total economic cost of changes in the fair value of mortgage servicing rights, net of economic hedges | $ | (7,278 | ) | $ | (5,440 | ) | $ | (11,658 | ) | $ | (156 | ) | $ | (3,485 | ) | ||||
2 Actual interest earned on fair value option securities less internal transfer-priced cost of funds.
| QUARTERLY EARNINGS TREND -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands, except ratio and per share data) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| June 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sept. 30, 2018 | June 30, 2018 | |||||||||||||||
| Interest revenue | $ | 390,820 | $ | 376,074 | $ | 365,592 | $ | 303,247 | $ | 294,180 | |||||||||
| Interest expense | 105,388 | 97,972 | 79,906 | 62,364 | 55,618 | ||||||||||||||
| Net interest revenue | 285,432 | 278,102 | 285,686 | 240,883 | 238,562 | ||||||||||||||
| Provision for credit losses | 5,000 | 8,000 | 9,000 | 4,000 | — | ||||||||||||||
| Net interest revenue after provision for credit losses | 280,432 | 270,102 | 276,686 | 236,883 | 238,562 | ||||||||||||||
| Other operating revenue: | |||||||||||||||||||
| Brokerage and trading revenue | 40,526 | 31,617 | 28,101 | 23,086 | 26,488 | ||||||||||||||
| Transaction card revenue | 21,915 | 20,738 | 20,664 | 21,396 | 20,975 | ||||||||||||||
| Fiduciary and asset management revenue | 45,025 | 43,358 | 43,665 | 57,514 | 41,692 | ||||||||||||||
| Deposit service charges and fees | 28,074 | 28,243 | 29,393 | 27,765 | 27,834 | ||||||||||||||
| Mortgage banking revenue | 28,131 | 23,834 | 21,880 | 23,536 | 26,346 | ||||||||||||||
| Other revenue | 12,437 | 12,762 | 16,404 | 12,900 | 13,923 | ||||||||||||||
| Total fees and commissions | 176,108 | 160,552 | 160,107 | 166,197 | 157,258 | ||||||||||||||
| Other gains (losses), net | 3,480 | 2,976 | (8,305 | ) | 2,754 | 4,578 | |||||||||||||
| Gain (loss) on derivatives, net | 11,150 | 4,667 | 11,167 | (2,847 | ) | (3,057 | ) | ||||||||||||
| Gain (loss) on fair value option securities, net | 9,853 | 9,665 | (282 | ) | (4,385 | ) | (3,341 | ) | |||||||||||
| Change in fair value of mortgage servicing rights | (29,555 | ) | (20,666 | ) | (24,233 | ) | 5,972 | 1,723 | |||||||||||
| Gain (loss) on available for sale securities, net | 1,029 | 76 | (1,999 | ) | 250 | (762 | ) | ||||||||||||
| Total other operating revenue | 172,065 | 157,270 | 136,455 | 167,941 | 156,399 | ||||||||||||||
| Other operating expense: | |||||||||||||||||||
| Personnel | 160,342 | 169,228 | 160,706 | 143,531 | 138,947 | ||||||||||||||
| Business promotion | 10,142 | 7,874 | 9,207 | 7,620 | 7,686 | ||||||||||||||
| Charitable contributions to BOKF Foundation | 1,000 | — | 2,846 | — | — | ||||||||||||||
| Professional fees and services | 13,002 | 16,139 | 20,712 | 13,209 | 14,978 | ||||||||||||||
| Net occupancy and equipment | 26,880 | 29,521 | 27,780 | 23,394 | 22,761 | ||||||||||||||
| Insurance | 6,454 | 4,839 | 4,248 | 6,232 | 6,245 | ||||||||||||||
| Data processing and communications | 29,735 | 31,449 | 27,575 | 31,665 | 27,739 | ||||||||||||||
| Printing, postage and supplies | 4,107 | 4,885 | 5,232 | 3,837 | 4,011 | ||||||||||||||
| Net losses and operating expenses of repossessed assets | 580 | 1,996 | 2,581 | 4,044 | 2,722 | ||||||||||||||
| Amortization of intangible assets | 5,138 | 5,191 | 5,331 | 1,603 | 1,386 | ||||||||||||||
| Mortgage banking costs | 11,545 | 9,906 | 11,518 | 11,741 | 12,890 | ||||||||||||||
| Other expense | 8,212 | 6,129 | 6,907 | 5,741 | 7,111 | ||||||||||||||
| Total other operating expense | 277,137 | 287,157 | 284,643 | 252,617 | 246,476 | ||||||||||||||
| Net income before taxes | 175,360 | 140,215 | 128,498 | 152,207 | 148,485 | ||||||||||||||
| Federal and state income taxes | 37,580 | 29,950 | 20,121 | 34,662 | 33,330 | ||||||||||||||
| Net income | 137,780 | 110,265 | 108,377 | 117,545 | 115,155 | ||||||||||||||
| Net income (loss) attributable to non-controlling interests | 217 | (347 | ) | (79 | ) | 289 | 783 | ||||||||||||
| Net income attributable to BOK Financial Corporation shareholders | $ | 137,563 | $ | 110,612 | $ | 108,456 | $ | 117,256 | $ | 114,372 | |||||||||
| Average shares outstanding: | |||||||||||||||||||
| Basic | 70,887,063 | 71,387,070 | 71,808,029 | 64,901,095 | 64,901,975 | ||||||||||||||
| Diluted | 70,902,033 | 71,404,388 | 71,833,334 | 64,934,351 | 64,937,226 | ||||||||||||||
| Net income per share: | |||||||||||||||||||
| Basic | $ | 1.93 | $ | 1.54 | $ | 1.50 | $ | 1.79 | $ | 1.75 | |||||||||
| Diluted | $ | 1.93 | $ | 1.54 | $ | 1.50 | $ | 1.79 | $ | 1.75 | |||||||||
| LOANS TREND -- UNAUDITED BOK FINANCIAL CORPORATION (In thousands) | ||||||||||||||||||||
| June 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sept. 30, 2018 | June 30, 2018 | ||||||||||||||||
| Commercial: | ||||||||||||||||||||
| Energy | $ | 3,921,353 | $ | 3,705,099 | $ | 3,590,333 | $ | 3,294,867 | $ | 3,147,219 | ||||||||||
| Services | 3,309,458 | 3,287,563 | 3,258,192 | 2,603,862 | 2,516,676 | |||||||||||||||
| Healthcare | 2,926,510 | 2,915,885 | 2,799,277 | 2,437,323 | 2,353,722 | |||||||||||||||
| Wholesale/retail | 1,793,118 | 1,706,900 | 1,621,158 | 1,650,729 | 1,699,554 | |||||||||||||||
| Public finance | 795,659 | 803,083 | 804,550 | 418,578 | 433,408 | |||||||||||||||
| Manufacturing | 761,357 | 742,374 | 730,521 | 660,582 | 647,816 | |||||||||||||||
| Other commercial and industrial | 829,453 | 801,071 | 832,047 | 510,160 | 550,644 | |||||||||||||||
| Total commercial | 14,336,908 | 13,961,975 | 13,636,078 | 11,576,101 | 11,349,039 | |||||||||||||||
| Commercial real estate: | ||||||||||||||||||||
| Multifamily | 1,300,372 | 1,210,358 | 1,288,065 | 1,120,166 | 1,056,984 | |||||||||||||||
| Office | 1,056,306 | 1,033,158 | 1,072,920 | 824,829 | 820,127 | |||||||||||||||
| Retail | 825,399 | 890,685 | 919,082 | 759,423 | 768,024 | |||||||||||||||
| Industrial | 828,569 | 767,757 | 778,106 | 696,774 | 653,384 | |||||||||||||||
| Residential construction and land development | 141,509 | 149,686 | 148,584 | 101,872 | 118,999 | |||||||||||||||
| Other commercial real estate | 557,878 | 549,007 | 558,056 | 301,611 | 294,702 | |||||||||||||||
| Total commercial real estate | 4,710,033 | 4,600,651 | 4,764,813 | 3,804,675 | 3,712,220 | |||||||||||||||
| Residential mortgage: | ||||||||||||||||||||
| Permanent mortgage | 1,088,370 | 1,098,481 | 1,122,610 | 1,094,926 | 1,068,412 | |||||||||||||||
| Permanent mortgages guaranteed by U.S. government agencies | 195,373 | 193,308 | 190,866 | 180,718 | 169,653 | |||||||||||||||
| Home equity | 887,079 | 900,831 | 916,557 | 696,098 | 704,185 | |||||||||||||||
| Total residential mortgage | 2,170,822 | 2,192,620 | 2,230,033 | 1,971,742 | 1,942,250 | |||||||||||||||
| Personal | 1,037,889 | 1,003,734 | 1,025,806 | 996,941 | 1,000,187 | |||||||||||||||
| Total | $ | 22,255,652 | $ | 21,758,980 | $ | 21,656,730 | $ | 18,349,459 | $ | 18,003,696 | ||||||||||
| LOANS BY PRINCIPAL MARKET AREA -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands) | |||||||||||||||||||
| June 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sept. 30, 2018 | June 30, 2018 | |||||||||||||||
| Oklahoma: | |||||||||||||||||||
| Commercial | $ | 3,762,234 | $ | 3,551,054 | $ | 3,491,117 | $ | 3,609,109 | $ | 3,465,407 | |||||||||
| Commercial real estate | 717,970 | 665,190 | 700,756 | 651,315 | 662,665 | ||||||||||||||
| Residential mortgage | 1,403,398 | 1,417,381 | 1,440,566 | 1,429,843 | 1,403,658 | ||||||||||||||
| Personal | 382,764 | 374,807 | 375,543 | 376,201 | 362,846 | ||||||||||||||
| Total Oklahoma | 6,266,366 | 6,008,432 | 6,007,982 | 6,066,468 | 5,894,576 | ||||||||||||||
| Texas: | |||||||||||||||||||
| Commercial | 5,877,265 | 5,754,018 | 5,438,133 | 5,115,646 | 4,922,451 | ||||||||||||||
| Commercial real estate | 1,341,609 | 1,344,810 | 1,341,783 | 1,354,679 | 1,336,101 | ||||||||||||||
| Residential mortgage | 272,878 | 265,927 | 266,805 | 253,265 | 243,400 | ||||||||||||||
| Personal | 400,585 | 396,794 | 394,743 | 381,452 | 394,021 | ||||||||||||||
| Total Texas | 7,892,337 | 7,761,549 | 7,441,464 | 7,105,042 | 6,895,973 | ||||||||||||||
| New Mexico: | |||||||||||||||||||
| Commercial | 350,520 | 342,915 | 340,489 | 325,048 | 305,167 | ||||||||||||||
| Commercial real estate | 385,058 | 371,416 | 383,670 | 392,494 | 386,878 | ||||||||||||||
| Residential mortgage | 82,390 | 85,326 | 87,346 | 88,110 | 90,581 | ||||||||||||||
| Personal | 10,236 | 11,065 | 10,662 | 11,659 | 11,107 | ||||||||||||||
| Total New Mexico | 828,204 | 810,722 | 822,167 | 817,311 | 793,733 | ||||||||||||||
| Arkansas: | |||||||||||||||||||
| Commercial | 87,896 | 79,286 | 111,338 | 102,237 | 93,217 | ||||||||||||||
| Commercial real estate | 149,300 | 142,551 | 141,898 | 106,701 | 90,807 | ||||||||||||||
| Residential mortgage | 7,463 | 7,731 | 7,537 | 7,278 | 6,927 | ||||||||||||||
| Personal | 11,208 | 11,550 | 11,955 | 12,126 | 12,331 | ||||||||||||||
| Total Arkansas | 255,867 | 241,118 | 272,728 | 228,342 | 203,282 | ||||||||||||||
| Colorado: | |||||||||||||||||||
| Commercial | 2,325,742 | 2,231,703 | 2,275,069 | 1,132,500 | 1,165,721 | ||||||||||||||
| Commercial real estate | 1,023,410 | 957,348 | 963,575 | 354,543 | 267,065 | ||||||||||||||
| Residential mortgage | 241,780 | 241,722 | 251,849 | 68,694 | 64,839 | ||||||||||||||
| Personal | 72,537 | 65,812 | 72,916 | 56,999 | 60,504 | ||||||||||||||
| Total Colorado | 3,663,469 | 3,496,585 | 3,563,409 | 1,612,736 | 1,558,129 | ||||||||||||||
| Arizona: | |||||||||||||||||||
| Commercial | 1,330,415 | 1,335,140 | 1,320,139 | 621,658 | 681,852 | ||||||||||||||
| Commercial real estate | 761,243 | 791,466 | 889,903 | 666,562 | 710,784 | ||||||||||||||
| Residential mortgage | 91,684 | 98,973 | 97,959 | 44,659 | 47,010 | ||||||||||||||
| Personal | 76,335 | 61,875 | 68,546 | 67,280 | 65,541 | ||||||||||||||
| Total Arizona | 2,259,677 | 2,287,454 | 2,376,547 | 1,400,159 | 1,505,187 | ||||||||||||||
| Kansas/Missouri: | |||||||||||||||||||
| Commercial | 602,836 | 667,859 | 659,793 | 669,903 | 715,224 | ||||||||||||||
| Commercial real estate | 331,443 | 327,870 | 343,228 | 278,381 | 257,920 | ||||||||||||||
| Residential mortgage | 71,229 | 75,560 | 77,971 | 79,893 | 85,835 | ||||||||||||||
| Personal | 84,224 | 81,831 | 91,441 | 91,224 | 93,837 | ||||||||||||||
| Total Kansas/Missouri | 1,089,732 | 1,153,120 | 1,172,433 | 1,119,401 | 1,152,816 | ||||||||||||||
| TOTAL BOK FINANCIAL | $ | 22,255,652 | $ | 21,758,980 | $ | 21,656,730 | $ | 18,349,459 | $ | 18,003,696 | |||||||||
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) | |||||||||||||||||||
| June 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sept. 30, 2018 | June 30, 2018 | |||||||||||||||
| Oklahoma: | |||||||||||||||||||
| Demand | $ | 3,279,359 | $ | 3,432,239 | $ | 3,610,593 | $ | 3,564,307 | $ | 3,867,934 | |||||||||
| Interest-bearing: | |||||||||||||||||||
| Transaction | 7,020,484 | 6,542,548 | 6,445,831 | 6,010,972 | 5,968,459 | ||||||||||||||
| Savings | 307,785 | 309,875 | 288,210 | 288,080 | 289,202 | ||||||||||||||
| Time | 1,253,804 | 1,217,371 | 1,118,643 | 1,128,810 | 1,207,471 | ||||||||||||||
| Total interest-bearing | 8,582,073 | 8,069,794 | 7,852,684 | 7,427,862 | 7,465,132 | ||||||||||||||
| Total Oklahoma | 11,861,432 | 11,502,033 | 11,463,277 | 10,992,169 | 11,333,066 | ||||||||||||||
| Texas: | |||||||||||||||||||
| Demand | 2,974,005 | 2,966,743 | 3,291,433 | 3,357,669 | 3,321,980 | ||||||||||||||
| Interest-bearing: | |||||||||||||||||||
| Transaction | 2,453,619 | 2,385,305 | 2,295,169 | 2,182,114 | 2,169,155 | ||||||||||||||
| Savings | 103,125 | 101,849 | 99,624 | 97,909 | 97,809 | ||||||||||||||
| Time | 425,253 | 419,269 | 423,880 | 453,119 | 445,500 | ||||||||||||||
| Total interest-bearing | 2,981,997 | 2,906,423 | 2,818,673 | 2,733,142 | 2,712,464 | ||||||||||||||
| Total Texas | 5,956,002 | 5,873,166 | 6,110,106 | 6,090,811 | 6,034,444 | ||||||||||||||
| New Mexico: | |||||||||||||||||||
| Demand | 630,861 | 662,362 | 691,692 | 722,188 | 770,974 | ||||||||||||||
| Interest-bearing: | |||||||||||||||||||
| Transaction | 557,881 | 573,203 | 571,347 | 593,760 | 586,593 | ||||||||||||||
| Savings | 62,636 | 61,497 | 58,194 | 57,794 | 59,415 | ||||||||||||||
| Time | 232,569 | 228,212 | 224,515 | 221,513 | 212,689 | ||||||||||||||
| Total interest-bearing | 853,086 | 862,912 | 854,056 | 873,067 | 858,697 | ||||||||||||||
| Total New Mexico | 1,483,947 | 1,525,274 | 1,545,748 | 1,595,255 | 1,629,671 | ||||||||||||||
| Arkansas: | |||||||||||||||||||
| Demand | 29,176 | 31,624 | 36,800 | 36,579 | 39,896 | ||||||||||||||
| Interest-bearing: | |||||||||||||||||||
| Transaction | 148,485 | 147,964 | 91,593 | 128,001 | 143,298 | ||||||||||||||
| Savings | 1,783 | 1,785 | 1,632 | 1,826 | 1,885 | ||||||||||||||
| Time | 7,810 | 8,321 | 8,726 | 10,214 | 10,771 | ||||||||||||||
| Total interest-bearing | 158,078 | 158,070 | 101,951 | 140,041 | 155,954 | ||||||||||||||
| Total Arkansas | 187,254 | 189,694 | 138,751 | 176,620 | 195,850 | ||||||||||||||
| Colorado: | |||||||||||||||||||
| Demand | 1,621,820 | 1,897,547 | 1,658,473 | 593,442 | 529,912 | ||||||||||||||
| Interest-bearing: | |||||||||||||||||||
| Transaction | 1,800,271 | 1,844,632 | 1,899,203 | 622,520 | 701,362 | ||||||||||||||
| Savings | 57,263 | 58,919 | 57,289 | 40,308 | 38,176 | ||||||||||||||
| Time | 246,198 | 261,235 | 274,877 | 217,628 | 208,049 | ||||||||||||||
| Total interest-bearing | 2,103,732 | 2,164,786 | 2,231,369 | 880,456 | 947,587 | ||||||||||||||
| Total Colorado | 3,725,552 | 4,062,333 | 3,889,842 | 1,473,898 | 1,477,499 | ||||||||||||||
| Arizona: | |||||||||||||||||||
| Demand | 700,480 | 695,238 | 707,402 | 365,878 | 383,627 | ||||||||||||||
| Interest-bearing: | |||||||||||||||||||
| Transaction | 560,429 | 621,735 | 575,567 | 130,105 | 193,687 | ||||||||||||||
| Savings | 11,966 | 12,144 | 10,545 | 3,559 | 3,935 | ||||||||||||||
| Time | 43,099 | 44,004 | 43,051 | 23,927 | 22,447 | ||||||||||||||
| Total interest-bearing | 615,494 | 677,883 | 629,163 | 157,591 | 220,069 | ||||||||||||||
| Total Arizona | 1,315,974 | 1,373,121 | 1,336,565 | 523,469 | 603,696 | ||||||||||||||
| Kansas/Missouri: | |||||||||||||||||||
| Demand | 431,856 | 410,799 | 418,199 | 423,560 | 459,636 | ||||||||||||||
| Interest-bearing: | |||||||||||||||||||
| Transaction | 310,774 | 361,590 | 327,866 | 322,747 | 401,545 | ||||||||||||||
| Savings | 13,125 | 13,815 | 13,721 | 13,125 | 13,052 | ||||||||||||||
| Time | 19,205 | 19,977 | 19,688 | 20,635 | 20,805 | ||||||||||||||
| Total interest-bearing | 343,104 | 395,382 | 361,275 | 356,507 | 435,402 | ||||||||||||||
| Total Kansas/Missouri | 774,960 | 806,181 | 779,474 | 780,067 | 895,038 | ||||||||||||||
| TOTAL BOK FINANCIAL | $ | 25,305,121 | $ | 25,331,802 | $ | 25,263,763 | $ | 21,632,289 | $ | 22,169,264 | |||||||||
| NET INTEREST MARGIN TREND -- UNAUDITED BOK FINANCIAL CORPORATION | ||||||||||||||
| Three Months Ended | ||||||||||||||
| June 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sept. 30, 2018 | June 30, 2018 | ||||||||||
| TAX-EQUIVALENT ASSETS YIELDS | ||||||||||||||
| Interest-bearing cash and cash equivalents | 2.57 | % | 2.56 | % | 2.23 | % | 1.98 | % | 1.86 | % | ||||
| Trading securities | 3.59 | % | 3.88 | % | 4.10 | % | 3.98 | % | 3.63 | % | ||||
| Investment securities | 4.41 | % | 4.50 | % | 4.26 | % | 4.06 | % | 3.95 | % | ||||
| Available for sale securities | 2.63 | % | 2.57 | % | 2.51 | % | 2.37 | % | 2.30 | % | ||||
| Fair value option securities | 3.34 | % | 3.62 | % | 3.56 | % | 3.25 | % | 3.16 | % | ||||
| Restricted equity securities | 6.30 | % | 6.42 | % | 6.39 | % | 6.36 | % | 6.21 | % | ||||
| Residential mortgage loans held for sale | 3.65 | % | 4.58 | % | 4.00 | % | 4.27 | % | 4.28 | % | ||||
| Loans | 5.39 | % | 5.26 | % | 5.09 | % | 4.80 | % | 4.80 | % | ||||
| Allowance for loan losses | ||||||||||||||
| Loans, net of allowance | 5.45 | % | 5.31 | % | 5.14 | % | 4.86 | % | 4.86 | % | ||||
| Total tax-equivalent yield on earning assets | 4.51 | % | 4.46 | % | 4.33 | % | 4.04 | % | 3.91 | % | ||||
| COST OF INTEREST-BEARING LIABILITIES | ||||||||||||||
| Interest-bearing deposits: | ||||||||||||||
| Interest-bearing transaction | 1.04 | % | 0.94 | % | 0.79 | % | 0.67 | % | 0.55 | % | ||||
| Savings | 0.12 | % | 0.12 | % | 0.11 | % | 0.09 | % | 0.08 | % | ||||
| Time | 1.90 | % | 1.80 | % | 1.54 | % | 1.40 | % | 1.29 | % | ||||
| Total interest-bearing deposits | 1.13 | % | 1.04 | % | 0.87 | % | 0.77 | % | 0.66 | % | ||||
| Funds purchased and repurchase agreements | 2.08 | % | 2.07 | % | 1.36 | % | 1.25 | % | 0.53 | % | ||||
| Other borrowings | 2.67 | % | 2.68 | % | 2.51 | % | 2.20 | % | 1.96 | % | ||||
| Subordinated debt | 5.53 | % | 5.51 | % | 5.38 | % | 5.55 | % | 5.67 | % | ||||
| Total cost of interest-bearing liabilities | 1.70 | % | 1.66 | % | 1.42 | % | 1.25 | % | 1.11 | % | ||||
| Tax-equivalent net interest revenue spread | 2.81 | % | 2.80 | % | 2.91 | % | 2.79 | % | 2.80 | % | ||||
| Effect of noninterest-bearing funding sources and other | 0.49 | % | 0.50 | % | 0.49 | % | 0.42 | % | 0.37 | % | ||||
| Tax-equivalent net interest margin | 3.30 | % | 3.30 | % | 3.40 | % | 3.21 | % | 3.17 | % | ||||
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 -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands, except ratios) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| June 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sept. 30, 2018 | June 30, 2018 | |||||||||||||||
| Nonperforming assets: | |||||||||||||||||||
| Nonaccruing loans: | |||||||||||||||||||
| Commercial | $ | 123,395 | $ | 90,358 | $ | 99,841 | $ | 109,490 | $ | 120,978 | |||||||||
| Commercial real estate | 21,670 | 21,508 | 21,621 | 1,316 | 1,996 | ||||||||||||||
| Residential mortgage | 38,477 | 40,409 | 41,555 | 41,917 | 42,343 | ||||||||||||||
| Personal | 237 | 302 | 230 | 269 | 340 | ||||||||||||||
| Total nonaccruing loans | 183,779 | 152,577 | 163,247 | 152,992 | 165,657 | ||||||||||||||
| Accruing renegotiated loans guaranteed by U.S. government agencies | 95,989 | 91,787 | 86,428 | 83,347 | 75,374 | ||||||||||||||
| Real estate and other repossessed assets | 16,940 | 17,139 | 17,487 | 24,515 | 27,891 | ||||||||||||||
| Total nonperforming assets | $ | 296,708 | $ | 261,503 | $ | 267,162 | $ | 260,854 | $ | 268,922 | |||||||||
| Total nonperforming assets excluding those guaranteed by U.S. government agencies | $ | 193,976 | $ | 162,770 | $ | 173,602 | $ | 169,717 | $ | 185,981 | |||||||||
| Nonaccruing loans by loan class: | |||||||||||||||||||
| Commercial: | |||||||||||||||||||
| Energy | $ | 71,632 | $ | 35,332 | $ | 47,494 | $ | 54,033 | $ | 65,597 | |||||||||
| Services | 10,087 | 9,555 | 8,567 | 4,097 | 4,377 | ||||||||||||||
| Healthcare | 16,148 | 18,768 | 16,538 | 15,704 | 16,125 | ||||||||||||||
| Manufacturing | 8,613 | 9,548 | 8,919 | 9,202 | 2,991 | ||||||||||||||
| Wholesale/retail | 1,390 | 1,425 | 1,316 | 9,249 | 14,095 | ||||||||||||||
| Public finance | — | — | — | — | — | ||||||||||||||
| Other commercial and industrial | 15,525 | 15,730 | 17,007 | 17,205 | 17,793 | ||||||||||||||
| Total commercial | 123,395 | 90,358 | 99,841 | 109,490 | 120,978 | ||||||||||||||
| Commercial real estate: | |||||||||||||||||||
| Retail | 20,057 | 20,159 | 20,279 | 777 | 1,068 | ||||||||||||||
| Residential construction and land development | 350 | 350 | 350 | 350 | 350 | ||||||||||||||
| Multifamily | 275 | — | 301 | — | — | ||||||||||||||
| Office | 855 | 855 | — | — | 275 | ||||||||||||||
| Industrial | — | — | — | — | — | ||||||||||||||
| Other commercial real estate | 133 | 144 | 691 | 189 | 303 | ||||||||||||||
| Total commercial real estate | 21,670 | 21,508 | 21,621 | 1,316 | 1,996 | ||||||||||||||
| Residential mortgage: | |||||||||||||||||||
| Permanent mortgage | 21,803 | 22,937 | 23,951 | 22,855 | 23,105 | ||||||||||||||
| Permanent mortgage guaranteed by U.S. government agencies | 6,743 | 6,946 | 7,132 | 7,790 | 7,567 | ||||||||||||||
| Home equity | 9,931 | 10,526 | 10,472 | 11,272 | 11,671 | ||||||||||||||
| Total residential mortgage | 38,477 | 40,409 | 41,555 | 41,917 | 42,343 | ||||||||||||||
| Personal | 237 | 302 | 230 | 269 | 340 | ||||||||||||||
| Total nonaccruing loans | $ | 183,779 | $ | 152,577 | $ | 163,247 | $ | 152,992 | $ | 165,657 | |||||||||
| Performing loans 90 days past due1 | $ | 2,698 | $ | 610 | $ | 1,338 | $ | 518 | $ | 879 | |||||||||
| Gross charge-offs | $ | 13,227 | $ | 11,775 | $ | 14,515 | $ | 11,073 | $ | 15,105 | |||||||||
| Recoveries | (5,503 | ) | (1,689 | ) | (2,168 | ) | (2,092 | ) | (4,578 | ) | |||||||||
| Net charge-offs | $ | 7,724 | $ | 10,086 | $ | 12,347 | $ | 8,981 | $ | 10,527 | |||||||||
| Provision for credit losses | $ | 5,000 | $ | 8,000 | $ | 9,000 | $ | 4,000 | $ | — | |||||||||
| Allowance for loan losses to period end loans | 0.91 | % | 0.94 | % | 0.96 | % | 1.15 | % | 1.19 | % | |||||||||
| Combined allowance for credit losses to period end loans | 0.92 | % | 0.95 | % | 0.97 | % | 1.16 | % | 1.21 | % | |||||||||
| Nonperforming assets to period end loans and repossessed assets | 1.33 | % | 1.20 | % | 1.23 | % | 1.42 | % | 1.49 | % | |||||||||
| Net charge-offs (annualized) to average loans | 0.14 | % | 0.19 | % | 0.23 | % | 0.20 | % | 0.24 | % | |||||||||
| Allowance for loan losses to nonaccruing loans1 | 114.40 | % | 141.00 | % | 132.89 | % | 145.02 | % | 136.09 | % | |||||||||
| Combined allowance for credit losses to nonaccruing loans1 | 115.48 | % | 142.25 | % | 134.03 | % | 146.41 | % | 137.63 | % | |||||||||
1 Excludes residential mortgage loans guaranteed by agencies of the U.S. government.
| SEGMENTS -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands, except ratios) | ||||||||||||||||||
| Three Months Ended | Change | |||||||||||||||||
| Commercial Banking | June 30, 2019 | Mar. 31, 2019 | June 30, 2018 | 2Q19 vs 1Q19 | 2Q19 vs 2Q18 | |||||||||||||
| Net interest revenue | $ | 185,610 | $ | 151,648 | $ | 145,025 | 22.4 | % | 28.0 | % | ||||||||
| Fees and commissions revenue | 41,105 | 38,046 | 42,874 | 8.0 | % | (4.1 | )% | |||||||||||
| Other operating expense | 62,947 | 50,177 | 49,386 | 25.4 | % | 27.5 | % | |||||||||||
| Corporate expense allocations | 11,384 | 10,148 | 9,366 | 12.2 | % | 21.5 | % | |||||||||||
| Net income | 106,932 | 86,143 | 87,577 | 24.1 | % | 22.1 | % | |||||||||||
| Average assets | 22,910,071 | 19,936,895 | 18,072,155 | 14.9 | % | 26.8 | % | |||||||||||
| Average loans | 18,812,800 | 15,988,843 | 14,900,918 | 17.7 | % | 26.3 | % | |||||||||||
| Average deposits | 10,724,206 | 8,261,543 | 8,379,584 | 29.8 | % | 28.0 | % | |||||||||||
| Consumer Banking | ||||||||||||||||||
| Net interest revenue | $ | 52,717 | $ | 51,102 | $ | 39,295 | 3.2 | % | 34.2 | % | ||||||||
| Fees and commissions revenue | 48,830 | 42,821 | 46,332 | 14.0 | % | 5.4 | % | |||||||||||
| Other operating expense | 57,694 | 53,821 | 61,146 | 7.2 | % | (5.6 | )% | |||||||||||
| Corporate expense allocations | 11,695 | 11,900 | 11,042 | (1.7 | )% | 5.9 | % | |||||||||||
| Net income | 16,344 | 15,337 | 5,793 | 6.6 | % | 182.1 | % | |||||||||||
| Average assets | 9,212,667 | 8,371,683 | 8,353,558 | 10.0 | % | 10.3 | % | |||||||||||
| Average loans | 1,796,823 | 1,750,642 | 1,716,259 | 2.6 | % | 4.7 | % | |||||||||||
| Average deposits | 6,998,677 | 6,544,665 | 6,579,635 | 6.9 | % | 6.4 | % | |||||||||||
| Wealth Management | ||||||||||||||||||
| Net interest revenue | $ | 26,943 | $ | 28,256 | $ | 28,986 | (4.6 | )% | (7.0 | )% | ||||||||
| Fees and commissions revenue | 85,925 | 73,256 | 70,489 | 17.3 | % | 21.9 | % | |||||||||||
| Other operating expense | 69,452 | 61,507 | 61,491 | 12.9 | % | 12.9 | % | |||||||||||
| Corporate expense allocations | 9,168 | 8,360 | 11,142 | 9.7 | % | (17.7 | )% | |||||||||||
| Net income | 25,545 | 23,719 | 20,119 | 7.7 | % | 27.0 | % | |||||||||||
| Average assets | 9,849,396 | 9,328,986 | 8,495,557 | 5.6 | % | 15.9 | % | |||||||||||
| Average loans | 1,647,680 | 1,448,718 | 1,413,170 | 13.7 | % | 16.6 | % | |||||||||||
| Average deposits | 6,220,848 | 5,659,771 | 5,834,669 | 9.9 | % | 6.6 | % | |||||||||||
| Fiduciary assets | 49,296,896 | 46,401,149 | 46,531,900 | 6.2 | % | 5.9 | % | |||||||||||
| Assets under management or administration | 81,774,602 | 78,852,284 | 78,873,446 | 3.7 | % | 3.7 | % | |||||||||||
Acquired assets and liabilities were allocated to segments in the second quarter of 2019.
Contact:
Cody McAlester
+1 918-295-0486
cmcalester@bokf.com