Price Graph
Price
Yield
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As filed with the Securities and Exchange Commission on August 8, 2011
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Oklahoma
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73-1373454
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(State or other jurisdiction
of Incorporation or Organization)
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(IRS Employer
Identification No.)
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Bank of Oklahoma Tower
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P.O. Box 2300
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Tulsa, Oklahoma
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74192
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(Address of Principal Executive Offices)
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(Zip Code)
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Management’s Discussion and Analysis (Item 2)
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1
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Market Risk (Item 3)
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44
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Controls and Procedures (Item 4)
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46
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Consolidated Financial Statements – Unaudited (Item 1)
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47
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Six Month Financial Summary – Unaudited (Item 2)
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97
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Quarterly Financial Summary – Unaudited (Item 2)
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98
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Quarterly Earnings Trend – Unaudited
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100
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Item 1. Legal Proceedings
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101
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
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101
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Item 6. Exhibits
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101
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Signatures
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102
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·
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Net interest revenue totaled $174.0 million for the second quarter of 2011 compared to $182.1 million for the second quarter of 2010 and $170.6 million for the first quarter of 2011. Net interest margin was 3.40% for the second quarter of 2011, 3.65% for the second quarter of 2010 and 3.47% for the first quarter of 2011. The decrease in net interest revenue compared with the second quarter of 2010 was due primarily to the reinvestment of cash flows from the securities portfolio at lower rates.
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·
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Fees and commissions revenue totaled $127.8 million for the second quarter of 2011 compared to $128.2 million for the second quarter of 2010 and $123.3 million for the first quarter of 2011. Revenue growth distributed among most fee-generating activities was offset by decreased deposit service charges and fees due primarily to changes in overdraft fee regulations which became effective in the second half of 2010. Revenue growth over the first quarter of 2011 was distributed amongst most of our fee generating businesses, partially offset by a decrease in brokerage and trading revenue.
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·
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Operating expenses, excluding changes in the fair value of mortgage servicing rights, totaled $189.7 million, up $3.3 million over the second quarter of 2010 and up $8.1 million over the previous quarter. Personnel costs were up $8.5 million over the second quarter of 2010. Non-personnel expenses were down $5.3 million due primarily to a decrease in net losses of repossessed assets. Operating expenses increased over the first quarter of 2011 primarily due to higher personnel costs and mortgage banking expenses.
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·
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Provision for credit losses totaled $2.7 million for the second quarter of 2011 compared to $36.0 million for the second quarter of 2010 and $6.3 million for the first quarter of 2011. Net loans charged off decreased to $8.5 million in the second quarter of 2011 from $35.6 million in the second quarter of 2010 and $10.3 million in the first quarter of 2011.
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·
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The combined allowance for credit losses totaled $297 million or 2.77% of outstanding loans at June 30, 2011, down from $303 million or 2.86% of outstanding loans at March 31, 2011. Nonperforming assets totaled $351 million or 3.23% of outstanding loans and repossessed assets at June 30, 2011, down from $379 million or 3.54% of outstanding loans and repossessed assets at March 31, 2011.
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·
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Outstanding loan balances were $10.7 billion at June 30, 2011, up $148 million over March 31, 2011. Commercial loans balances continued to grow in the second quarter of 2011, increasing $130 million over March 31, 2011. Commercial real estate loans decreased $39 million. Residential mortgage loans increased $91 million and consumer loans decreased $34 million.
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·
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Period-end deposits totaled $17.6 billion at June 30, 2011 compared to $17.9 billion at March 31, 2011. Interest-bearing transaction accounts decreased $516 million and time deposits decreased $43 million. Demand deposits increased $269 million.
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·
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Tangible common equity ratio increased to 9.71% at June 30, 2011 from 9.54% at March 31, 2011. The tangible common equity ratio is a non-GAAP measure of capital strength used by the Company and investors based on shareholders’ equity as defined by generally accepted accounting principles in the United States of America (“GAAP”) minus intangible assets and equity that does not benefit common shareholders.
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·
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The Company paid a cash dividend of $19 million or $0.275 per common share during the second quarter of 2011. On July 26, 2011, the board of directors declared a cash dividend of $0.275 per common share payable on or about August 26, 2011 to shareholders of record as of August 12, 2011.
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Three Months Ended
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Six Months Ended
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|||||||||||||||||||||||
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June 30, 2011 / 2010
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June 30, 2011 / 2010
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|||||||||||||||||||||||
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Change Due To
1
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Change Due To
1
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||||||||||||||||||||||
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Yield /
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Yield
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|||||||||||||||||||||||
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Change
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Volume
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Rate
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Change
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Volume
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/Rate
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|||||||||||||||||||
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Tax-equivalent interest revenue:
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||||||||||||||||||||||||
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Funds sold and resell agreements
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$ | (5 | ) | $ | (5 | ) | $ | – | $ | (9 | ) | $ | (7 | ) | $ | (2 | ) | |||||||
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Trading securities
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(77 | ) | 198 | (275 | ) | (294 | ) | 242 | (536 | ) | ||||||||||||||
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Investment securities:
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||||||||||||||||||||||||
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Taxable securities
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1,016 | 1,298 | (282 | ) | 2,359 | 1,883 | 476 | |||||||||||||||||
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Tax-exempt securities
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(700 | ) | (641 | ) | (59 | ) | (1,333 | ) | (1,173 | ) | (160 | ) | ||||||||||||
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Total investment securities
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316 | 657 | (341 | ) | 1,026 | 710 | 316 | |||||||||||||||||
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Available for sale securities:
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||||||||||||||||||||||||
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Taxable securities
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(5,250 | ) | 6,158 | (11,408 | ) | (13,811 | ) | 9,298 | (23,109 | ) | ||||||||||||||
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Tax-exempt securities
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80 | 71 | 9 | (1 | ) | 80 | (81 | ) | ||||||||||||||||
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Total available for sale securities
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(5,170 | ) | 6,229 | (11,399 | ) | (13,812 | ) | 9,378 | (23,190 | ) | ||||||||||||||
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Mortgage trading securities
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795 | 752 | 43 | (10 | ) | 124 | (134 | ) | ||||||||||||||||
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Residential mortgage loans held for sale
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(672 | ) | (560 | ) | (112 | ) | (1,080 | ) | (1,152 | ) | 72 | |||||||||||||
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Loans
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(7,133 | ) | (3,448 | ) | (3,685 | ) | (15,144 | ) | (7,229 | ) | (7,915 | ) | ||||||||||||
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Total tax-equivalent interest revenue
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(11,946 | ) | 3,823 | (15,769 | ) | (29,323 | ) | 2,066 | (31,389 | ) | ||||||||||||||
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Interest expense:
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Transaction deposits
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(3,914 | ) | 843 | (4,757 | ) | (6,465 | ) | 2,180 | (8,645 | ) | ||||||||||||||
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Savings deposits
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18 | 26 | (8 | ) | 27 | 44 | (17 | ) | ||||||||||||||||
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Time deposits
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764 | (310 | ) | 1,074 | (270 | ) | (695 | ) | 425 | |||||||||||||||
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Funds purchased
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(398 | ) | (70 | ) | (328 | ) | (617 | ) | (271 | ) | (346 | ) | ||||||||||||
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Repurchase agreements
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(1,067 | ) | (121 | ) | (946 | ) | (1,509 | ) | (206 | ) | (1,303 | ) | ||||||||||||
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Other borrowings
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823 | (9,125 | ) | 9,948 | (298 | ) | (13,122 | ) | 12,824 | |||||||||||||||
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Subordinated debentures
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6 | 2 | 4 | 17 | 4 | 13 | ||||||||||||||||||
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Total interest expense
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(3,768 | ) | (8,755 | ) | 4,987 | (9,115 | ) | (12,066 | ) | 2,951 | ||||||||||||||
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Tax-equivalent net interest revenue
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(8,178 | ) | 12,578 | (20,756 | ) | (20,208 | ) | 14,132 | (34,340 | ) | ||||||||||||||
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Change in tax-equivalent adjustment
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(66 | ) | (161 | ) | ||||||||||||||||||||
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Net interest revenue
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$ | (8,112 | ) | $ | (20,047 | ) | ||||||||||||||||||
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Three Months Ended
June 30,
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Increase
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% Increase
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Three Months Ended
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Increase
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% Increase
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2011
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2010
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(Decrease)
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(Decrease)
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March 31, 2011
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(Decrease)
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(Decrease)
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Brokerage and trading revenue
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$ | 23,725 | $ | 24,754 | $ | (1,029 | ) | (4 | %) | $ | 25,376 | $ | (1,651 | ) | (7 | %) | ||||||||||||
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Transaction card revenue
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31,024 | 28,263 | 2,761 | 10 | % | 28,445 | 2,579 | 9 | % | |||||||||||||||||||
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Trust fees and commissions
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19,150 | 17,737 | 1,413 | 8 | % | 18,422 | 728 | 4 | % | |||||||||||||||||||
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Deposit service charges and fees
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23,857 | 28,797 | (4.940 | ) | (17 | %) | 22,480 | 1,377 | 6 | % | ||||||||||||||||||
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Mortgage banking revenue
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19,356 | 18,335 | 1,021 | 6 | % | 17,356 | 2,000 | 12 | % | |||||||||||||||||||
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Bank-owned life insurance
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2,872 | 2,908 | (36 | ) | (1 | %) | 2,863 | 9 | – | % | ||||||||||||||||||
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Other revenue
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7,842 | 7,374 | 468 | 6 | % | 8,332 | (490 | ) | (6 | %) | ||||||||||||||||||
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Total fees and commissions revenue
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127,826 | 128,168 | (342 | ) | – | % | 123,274 | 4,552 | 4 | % | ||||||||||||||||||
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Gain (loss) on other assets, net
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3,344 | 1,545 | 1,799 | N/A | (68 | ) | 3,412 | N/A | ||||||||||||||||||||
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Gain (loss) on derivatives, net
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1,225 | 7,272 | (6,047 | ) | N/A | (2,413 | ) | 3,638 | N/A | |||||||||||||||||||
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Gain on available for sale securities
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5,468 | 8,469 | (3,001 | ) | N/A | 4,902 | 566 | N/A | ||||||||||||||||||||
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Gain (loss) on mortgage trading securities, net
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9,921 | 14,631 | (4,710 | ) | N/A | (3,518 | ) | 13,439 | N/A | |||||||||||||||||||
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Total other-than-temporary impairment
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(74 | ) | (10,959 | ) | 10,885 | N/A | – | (74 | ) | N/A | ||||||||||||||||||
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Portion of loss recognized in (reclassified from) other comprehensive income
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(4,750 | ) | 8,313 | (13,063 | ) | N/A | (4,599 | ) | (151 | ) | N/A | |||||||||||||||||
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Net impairment losses recognized in earnings
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(4,824 | ) | (2,646 | ) | (2,178 | ) | N/A | (4,599 | ) | (225 | ) | N/A | ||||||||||||||||
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Total other operating revenue
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$ | 142,960 | $ | 157,439 | $ | (14,479 | ) | (9 | %) | $ | 117,578 | $ | 25,382 | 22 | % | |||||||||||||
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Three Months Ended
June 30,
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%
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Three Months Ended
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||||||||||||||||||||||||||
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2011
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2010
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Increase
(Decrease)
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Increase
(Decrease)
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March 31, 2011
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Increase
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% Increase
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||||||||||||||||||||||
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Originating and marketing revenue
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$ | 9,409 | $ | 8,764 | $ | 645 | 7 | % | $ | 7,529 | $ | 1,880 | 25 | % | ||||||||||||||
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Servicing revenue
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9,947 | 9,571 | 376 | 4 | % | 9,827 | 120 | 1 | % | |||||||||||||||||||
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Total mortgage revenue
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$ | 19,356 | $ | 18,335 | $ | 1,021 | 6 | % | $ | 17,356 | $ | 2,000 | 12 | % | ||||||||||||||
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Mortgage loans funded for sale
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$ | 528,749 | $ | 540,835 | $ | (12,086 | ) | (2 | %) | $ | 451,821 | $ | 76,928 | 17 | % | |||||||||||||
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Mortgage loan refinances to total funded
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36 | % | 34 | % | 50 | % | ||||||||||||||||||||||
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June 30,
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||||||||||||||||||||||||||||
| 2011 | 2010 |
Increase
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% Increase
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March 31, 2011
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Increase
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% Increase
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Outstanding principal balance of mortgage loans serviced for others
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$ | 11,283,442 | $ | 11,057,385 | $ | 226,057 | 2 | % | $ | 11,202,626 | $ | 80,816 | 1 | % | ||||||||||||||
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Three Months Ended
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||||||||||||
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June 30, 2011
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March 31, 2011
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June 30, 2010
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Gain (loss) on mortgage hedge derivative contracts
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$ | 1,224 | $ | (2,419 | ) | $ | 7,800 | |||||
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Gain (loss) on mortgage trading securities
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9,921 | (3,518 | ) | 14,631 | ||||||||
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Gain (loss) on economic hedge of mortgage servicing rights
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11,145 | (5,937 | ) | 22,431 | ||||||||
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Gain (loss) on change in fair value of mortgage servicing rights
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(13,493 | ) | 3,129 | (19,458 | ) | |||||||
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Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges
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(2,348 | ) | $ | (2,808 | ) | $ | 2,973 | |||||
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Net interest revenue on mortgage trading securities
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$ | 5,121 | $ | 3,058 | $ | 4,880 | ||||||
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Three Months
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%
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Three Months Ended
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%
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|||||||||||||||||||||||||
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Ended June 30,
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Increase
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Increase
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March 31,
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Increase
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Increase
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2011
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2010
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(Decrease)
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(Decrease)
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2011
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(Decrease)
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(Decrease)
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Regular compensation
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$ | 61,380 | $ | 58,932 | $ | 2,448 | 4 | % | $ | 60,804 | $ | 576 | 1 | % | ||||||||||||||
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Incentive compensation:
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Cash-based
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23,530 | 22,148 | 1,382 | 6 | % | 19,555 | 3,975 | 20 | % | |||||||||||||||||||
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Stock-based
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3,122 | 390 | 2,732 | 701 | % | 3,431 | (309 | ) | (9 | %) | ||||||||||||||||||
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Total incentive compensation
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26,652 | 22,538 | 4,114 | 18 | % | 22,986 | 3,666 | 16 | % | |||||||||||||||||||
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Employee benefits
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17,571 | 15,584 | 1,987 | 13 | % | 16,204 | 1,367 | 8 | % | |||||||||||||||||||
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Total personnel expense
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105,603 | 97,054 | 8,549 | 9 | % | 99,994 | 5,609 | 6 | % | |||||||||||||||||||
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Business promotion
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4,777 | 4,945 | (168 | ) | (3 | %) | 4,624 | 153 | 3 | % | ||||||||||||||||||
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Professional fees and services
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6,258 | 6,668 | (410 | ) | (6 | %) | 7,458 | (1,200 | ) | (16 | %) | |||||||||||||||||
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Net occupancy and equipment
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15,554 | 15,691 | (137 | ) | (1 | %) | 15,604 | (50 | ) | – | % | |||||||||||||||||
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Insurance
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4,771 | 5,596 | (825 | ) | (15 | %) | 6,186 | (1,415 | ) | (23 | %) | |||||||||||||||||
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Data processing & communications
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24,428 | 21,940 | 2,488 | 11 | % | 22,503 | 1,925 | 9 | % | |||||||||||||||||||
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Printing, postage and supplies
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3,586 | 3,525 | 61 | 2 | % | 3,082 | 504 | 16 | % | |||||||||||||||||||
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Net losses & operating expenses of repossessed assets
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5,859 | 13,067 | (7,208 | ) | N/A | 6,015 | (156 | ) | N/A | |||||||||||||||||||
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Amortization of intangible assets
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896 | 1,323 | (427 | ) | (32 | %) | 896 | – | – | % | ||||||||||||||||||
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Mortgage banking costs
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8,968 | 10,380 | (1,412 | ) | (14 | %) | 6,471 | 2,497 | 39 | % | ||||||||||||||||||
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Change in fair value of mortgage servicing rights
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13,493 | 19,458 | (5,965 | ) | N/A | (3,129 | ) | 16,622 | N/A | |||||||||||||||||||
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Other expense
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9,016 | 6,265 | 2,751 | 44 | % | 8,745 | 271 | 3 | % | |||||||||||||||||||
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Total other operating expense
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$ | 203,209 | $ | 205,912 | $ | (2,703 | ) | (1 | %) | $ | 178,449 | $ | 24,760 | 14 | % | |||||||||||||
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Number of employees (full-time equivalent)
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4,530 | 4,428 | 102 | 2 | % | 4,533 | (3 | ) | – | % | ||||||||||||||||||
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Three Months Ended June 30,
|
Six Months Ended June 30,
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2011
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2010
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2011
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2010
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|||||||||||||
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Commercial banking
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$ | 32,105 | $ | 13,583 | $ | 61,149 | $ | 25,175 | ||||||||
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Consumer banking
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6,814 | 8,878 | 12,560 | 26,274 | ||||||||||||
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Wealth management
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3,436 | 3,556 | 7,419 | 6,693 | ||||||||||||
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Subtotal
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42,355 | 26,017 | 81,128 | 58,142 | ||||||||||||
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Funds management and other
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26,652 | 37,505 | 52,653 | 65,513 | ||||||||||||
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Total
|
$ | 69,007 | $ | 63,522 | $ | 133,781 | $ | 123,655 | ||||||||
|
Three Months Ended
June 30,
|
Increase
|
Six Months Ended
June 30,
|
Increase
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|||||||||||||||||||||
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2011
|
2010
|
(Decrease)
|
2011
|
2010
|
(Decrease)
|
|||||||||||||||||||
|
NIR (expense) from external sources
|
$ | 86,067 | $ | 85,129 | $ | 938 | $ | 170,020 | $ | 170,027 | $ | (7 | ) | |||||||||||
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NIR (expense) from internal sources
|
(7,225 | ) | (12,633 | ) | 5,408 | (16,270 | ) | (25,016 | ) | 8,746 | ||||||||||||||
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Total net interest revenue
|
78,842 | 72,496 | 6,346 | 153,750 | 145,011 | 8,739 | ||||||||||||||||||
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Other operating revenue
|
36,104 | 33,531 | 2,573 | 71,610 | 63,213 | 8,397 | ||||||||||||||||||
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Operating expense
|
54,594 | 50,578 | 4,016 | 107,112 | 100,401 | 6,711 | ||||||||||||||||||
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Net loans charged off
|
4,660 | 22,477 | (17,817 | ) | 11,437 | 50,856 | (39,419 | ) | ||||||||||||||||
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Loss on repossessed assets, net
|
(3,147 | ) | (10,741 | ) | 7,594 | (6,731 | ) | (15,764 | ) | 9,033 | ||||||||||||||
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Income before taxes
|
52,545 | 22,231 | 30,314 | 100,080 | 41,203 | 58,877 | ||||||||||||||||||
|
Federal and state income tax
|
20,440 | 8,648 | 11,792 | 38,931 | 16,028 | 22,903 | ||||||||||||||||||
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Net income
|
$ | 32,105 | $ | 13,583 | $ | 18,522 | $ | 61,149 | $ | 25,175 | $ | 35,974 | ||||||||||||
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Average assets
|
$ | 9,393,935 | $ | 8,982,359 | $ | 411,576 | $ | 9,283,264 | $ | 9,078,390 | $ | 204,874 | ||||||||||||
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Average loans
|
8,243,381 | 8,237,283 | 6,098 | 8,192,255 | 8,305,366 | (113,111 | ) | |||||||||||||||||
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Average deposits
|
7,834,294 | 5,941,488 | 1,892,806 | 7,750,931 | 5,816,030 | 1,934,901 | ||||||||||||||||||
|
Average invested capital
|
867,491 | 909,930 | (42,439 | ) | 865,439 | 920,056 | (54,617 | ) | ||||||||||||||||
|
Return on average assets
|
1.37 | % | 0.61 | % | 76 | bp | 1.33 | % | 0.56 | % | 77 | bp | ||||||||||||
|
Return on invested capital
|
14.84 | % | 5.99 | % | 886 | bp | 14.25 | % | 5.52 | % | 873 | bp | ||||||||||||
|
Efficiency ratio
|
47.50 | % | 47.70 | % | (21 | ) bp | 47.53 | % | 48.22 | % | (69 | ) bp | ||||||||||||
|
Net charge-offs (annualized) to average loans
|
0.23 | % | 1.09 | % | (87 | ) bp | 0.28 | % | 1.23 | % | (95 | ) bp | ||||||||||||
|
Three Months Ended
June 30,
|
Increase
|
Six Months Ended
June 30,
|
Increase
|
|||||||||||||||||||||
|
|
2011
|
2010
|
(Decrease)
|
2011
|
2010
|
(Decrease)
|
||||||||||||||||||
|
NIR (expense) from external sources
|
$ | 21,357 | $ | 21,498 | $ | (141 | ) | $ | 40,022 | $ | 40,993 | $ | (971 | ) | ||||||||||
|
NIR (expense) from internal sources
|
7,597 | 11,444 | (3,847 | ) | 16,655 | 23,323 | (6,668 | ) | ||||||||||||||||
|
Total net interest revenue
|
28,954 | 32,942 | (3,988 | ) | 56,677 | 64,316 | (7,639 | ) | ||||||||||||||||
|
Other operating revenue
|
46,340 | 50,439 | (4,099 | ) | 89,760 | 93,661 | (3,901 | ) | ||||||||||||||||
|
Operating expense
|
58,130 | 61,613 | (3,483 | ) | 113,269 | 117,782 | (4,513 | ) | ||||||||||||||||
|
Net loans charged off
|
3,435 | 10,300 | (6,865 | ) | 7,035 | 14,008 | (6,973 | ) | ||||||||||||||||
|
Decrease in fair value of mortgage servicing rights
|
(13,493 | ) | (19,458 | ) | 5,965 | (10,364 | ) | (5,526 | ) | (4,838 | ) | |||||||||||||
|
Gain on financial instruments, net
|
11,145 | 22,431 | (11,286 | ) | 5,208 | 22,220 | (17,012 | ) | ||||||||||||||||
|
Gain (loss) on repossessed assets, net
|
(229 | ) | 90 | (319 | ) | (421 | ) | 121 | (542 | ) | ||||||||||||||
|
Income before taxes
|
11,152 | 14,531 | (3,379 | ) | 20,556 | 43,002 | (22,446 | ) | ||||||||||||||||
|
Federal and state income tax
|
4,338 | 5,653 | (1,315 | ) | 7,996 | 16,728 | (8,732 | ) | ||||||||||||||||
|
Net income
|
$ | 6,814 | $ | 8,878 | $ | (2,064 | ) | $ | 12,560 | $ | 26,274 | $ | (13,714 | ) | ||||||||||
|
Average assets
|
$ | 5,819,151 | $ | 6,197,861 | $ | (378,710 | ) | $ | 5,940,101 | $ | 6,178,632 | $ | (238,531 | ) | ||||||||||
|
Average loans
|
2,038,930 | 2,134,666 | (95,736 | ) | 2,017,161 | 2,134,307 | (117,146 | ) | ||||||||||||||||
|
Average deposits
|
5,640,794 | 6,094,679 | (453,885 | ) | 5,788,920 | 6,079,766 | (290,846 | ) | ||||||||||||||||
|
Average invested capital
|
271,353 | 312,192 | (40,839 | ) | 272,301 | 290,796 | (18,495 | ) | ||||||||||||||||
|
Return on average assets
|
0.47 | % | 0.57 | % | (10 | ) bp | 0.43 | % | 0.86 | % | (43 | ) bp | ||||||||||||
|
Return on invested capital
|
10.07 | % | 11.41 | % | (134 | ) bp | 9.30 | % | 18.22 | % | (892 | ) bp | ||||||||||||
|
Efficiency ratio
|
77.20 | % | 73.89 | % | 331 | bp | 77.35 | % | 74.56 | % | 279 | bp | ||||||||||||
|
Net charge-offs (annualized) to
average loans
|
0.68 | % | 1.94 | % | (126 | ) bp | 0.70 | % | 1.32 | % | (62 | ) bp | ||||||||||||
|
Mortgage loans funded for resale
|
$ | 528,749 | $ | 540,835 | $ | (12,086 | ) | $ | 980,570 | $ | 924,128 | $ | 56,442 | |||||||||||
|
June 30, 2011
|
June 30, 2010
|
Increase
(Decrease)
|
||||||||||
|
Banking locations
|
207 | 198 | 9 | |||||||||
|
Mortgage loans servicing portfolio
1
|
$ | 12,177,661 | $ | 11,863,233 | $ | 314,428 | ||||||
|
1
|
Includes outstanding principal for loans serviced for affiliates
|
|
Three Months Ended
June 30,
|
Increase
|
Six Months Ended
June 30,
|
Increase
|
|||||||||||||||||||||
|
2011
|
2010
|
(Decrease)
|
2011
|
2010
|
(Decrease)
|
|||||||||||||||||||
|
NIR (expense) from external sources
|
$ | 7,184 | $ | 8,358 | $ | (1,174 | ) | $ | 14,713 | $ | 16,987 | $ | (2,274 | ) | ||||||||||
|
NIR (expense) from internal sources
|
3,476 | 2,391 | 1,085 | 6,219 | 5,412 | 807 | ||||||||||||||||||
|
Total net interest revenue
|
10,660 | 10,749 | (89 | ) | 20,932 | 22,399 | (1,467 | ) | ||||||||||||||||
|
Other operating revenue
|
42,699 | 42,020 | 679 | 82,558 | 79,340 | 3,218 | ||||||||||||||||||
|
Operating expense
|
46,899 | 43,829 | 3,070 | 90,086 | 84,901 | 5,185 | ||||||||||||||||||
|
Net loans charged off
|
836 | 3,135 | (2,299 | ) | 1,280 | 5,900 | (4,620 | ) | ||||||||||||||||
|
Gain on financial instruments, net
|
– | 15 | (15 | ) | 18 | 16 | 2 | |||||||||||||||||
|
Income before taxes
|
5,624 | 5,820 | (196 | ) | 12,142 | 10,954 | 1,188 | |||||||||||||||||
|
Federal and state income tax
|
2,188 | 2,264 | (76 | ) | 4,723 | 4,261 | 462 | |||||||||||||||||
|
Net income
|
$ | 3,436 | $ | 3,556 | $ | (120 | ) | $ | 7,419 | $ | 6,693 | $ | 726 | |||||||||||
|
Average assets
|
$ | 3,659,617 | $ | 3,355,079 | $ | 304,538 | $ | 3,643,497 | $ | 3,321,811 | $ | 321,686 | ||||||||||||
|
Average loans
|
945,825 | 1,084,581 | (138,756 | ) | 965,662 | 1,084,835 | (119,173 | ) | ||||||||||||||||
|
Average deposits
|
3,570,378 | 3,273,332 | 297,046 | 3,554,206 | 3,241,774 | 312,432 | ||||||||||||||||||
|
Average invested capital
|
176,069 | 167,903 | 8,166 | 175,505 | 167,495 | 8,010 | ||||||||||||||||||
|
Return on assets
|
0.38 | % | 0.43 | % | (5 | ) bp | 0.41 | % | 0.41 | % | – | |||||||||||||
|
Return on invested capital
|
7.83 | % | 8.49 | % | (66 | ) bp | 8.52 | % | 8.06 | % | 46 | bp | ||||||||||||
|
Efficiency ratio
|
87.89 | % | 83.06 | % | 484 | bp | 87.05 | % | 83.45 | % | 360 | bp | ||||||||||||
|
Net charge-offs (annualized) to average loans
|
0.35 | % | 1.16 | % | (81 | ) bp | 0.27 | % | 1.10 | % | (83 | ) bp | ||||||||||||
|
June 30, 2011
|
June 30, 2010
|
Increase
(Decrease)
|
||||||||||
|
Trust assets
|
$ | 33,075,456 | $ | 29,825,608 | $ | 3,249,848 | ||||||
|
Trust assets for which BOKF has sole or joint discretionary authority
|
9,687,621 | 8,020,284 | 1,667,337 | |||||||||
|
Non-managed trust assets
|
12,450,949 | 12,056,343 | 394,606 | |||||||||
|
Assets held in safekeeping
|
10,936,886 | 9,748,982 | 1,187,904 | |||||||||
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
Oklahoma
|
$ | 28,251 | $ | 24,479 | $ | 53,808 | $ | 57,178 | ||||||||
|
Texas
|
10,089 | 6,863 | 20,065 | 12,633 | ||||||||||||
|
New Mexico
|
2,727 | 2,830 | 5,446 | 3,087 | ||||||||||||
|
Arkansas
|
(34 | ) | 128 | 785 | 447 | |||||||||||
|
Colorado
|
1,411 | (171 | ) | 3,765 | 880 | |||||||||||
|
Arizona
|
(898 | ) | (8,881 | ) | (3,963 | ) | (17,231 | ) | ||||||||
|
Kansas / Missouri
|
965 | 1,152 | 1,515 | 1,869 | ||||||||||||
|
Subtotal
|
42,511 | 26,400 | 81,421 | 58,863 | ||||||||||||
|
Funds management and other
|
26,496 | 37,122 | 52,360 | 64,792 | ||||||||||||
|
Total
|
$ | 69,007 | $ | 63,522 | $ | 133,781 | $ | 123,655 | ||||||||
|
Three Months Ended
June 30,
|
Increase
|
Six Months Ended
June 30,
|
Increase
|
|||||||||||||||||||||
|
|
2011
|
2010
|
(Decrease)
|
2011
|
2010
|
(Decrease)
|
||||||||||||||||||
|
Net interest revenue
|
$ | 59,357 | $ | 59,809 | $ | (452 | ) | $ | 114,209 | $ | 118,570 | $ | (4,361 | ) | ||||||||||
|
Other operating revenue
|
81,263 | 85,574 | (4,311 | ) | 156,852 | 156,317 | 535 | |||||||||||||||||
|
Operating expense
|
89,023 | 87,751 | 1,272 | 168,082 | 167,259 | 823 | ||||||||||||||||||
|
Net loans charged off
|
1,929 | 20,126 | (18,197 | ) | 8,055 | 30,904 | (22,849 | ) | ||||||||||||||||
|
Decrease in fair value of
mortgage service rights
|
(13,493 | ) | (19,458 | ) | 5,965 | (10,364 | ) | (5,526 | ) | (4,838 | ) | |||||||||||||
|
Gain on financial instruments, net
|
11,145 | 22,447 | (11,302 | ) | 5,226 | 22,236 | (17,010 | ) | ||||||||||||||||
|
Gain (loss) on repossessed assets, net
|
(1,082 | ) | (431 | ) | (651 | ) | (1,721 | ) | 147 | (1,868 | ) | |||||||||||||
|
Income before taxes
|
46,238 | 40,064 | 6,174 | 88,065 | 93,581 | (5,516 | ) | |||||||||||||||||
|
Federal and state income tax
|
17,987 | 15,585 | 2,402 | 34,257 | 36,403 | (2,146 | ) | |||||||||||||||||
|
Net income
|
$ | 28,251 | $ | 24,479 | $ | 3,772 | $ | 53,808 | $ | 57,178 | $ | (3,370 | ) | |||||||||||
|
Average assets
|
$ | 10,640,942 | $ | 9,616,460 | $ | 1,024,482 | $ | 10,511,086 | $ | 9,435,468 | $ | 1,075,618 | ||||||||||||
|
Average loans
|
5,156,338 | 5,479,397 | (323,059 | ) | 5,172,292 | 5,508,226 | (335,934 | ) | ||||||||||||||||
|
Average deposits
|
9,585,364 | 8,596,560 | 988,804 | 9,523,982 | 8,460,857 | 1,063,125 | ||||||||||||||||||
|
Average invested capital
|
534,579 | 588,252 | (53,673 | ) | 533,747 | 568,650 | (34,903 | ) | ||||||||||||||||
|
Return on average assets
|
1.06 | % | 1.02 | % | 4 | bp | 1.03 | % | 1.22 | % | (19 | ) bp | ||||||||||||
|
Return on invested capital
|
21.20 | % | 16.69 | % | 451 | bp | 20.33 | % | 20.28 | % | 5 | bp | ||||||||||||
|
Efficiency ratio
|
63.31 | % | 60.36 | % | 295 | bp | 62.01 | % | 60.85 | % | 116 | bp | ||||||||||||
|
Net charge-offs (annualized) to average loans
|
0.15 | % | 1.47 | % | (132 | ) bp | 0.31 | % | 1.13 | % | (82 | ) bp | ||||||||||||
|
Three Months Ended
June 30,
|
Increase
|
Six Months Ended
June 30,
|
Increase
|
|||||||||||||||||||||
|
|
2011
|
2010
|
(Decrease)
|
2011
|
2010
|
(Decrease)
|
||||||||||||||||||
|
Net interest revenue
|
$ | 33,795 | $ | 33,005 | $ | 790 | $ | 66,979 | $ | 65,998 | $ | 981 | ||||||||||||
|
Other operating revenue
|
15,634 | 14,804 | 830 | 31,038 | 29,299 | 1,739 | ||||||||||||||||||
|
Operating expense
|
32,285 | 31,581 | 704 | 64,573 | 63,092 | 1,481 | ||||||||||||||||||
|
Net loans charged off
|
850 | 4,858 | (4,008 | ) | 2,095 | 11,393 | (9,298 | ) | ||||||||||||||||
|
Gain (loss) on repossessed assets, net
|
(530 | ) | (647 | ) | 117 | 2 | (1,073 | ) | 1,075 | |||||||||||||||
|
Income before taxes
|
15,764 | 10,723 | 5,041 | 31,351 | 19,739 | 11,612 | ||||||||||||||||||
|
Federal and state income tax
|
5,675 | 3,860 | 1,815 | 11,286 | 7,106 | 4,180 | ||||||||||||||||||
|
Net income
|
$ | 10,089 | $ | 6,863 | $ | 3,226 | $ | 20,065 | $ | 12,633 | $ | 7,432 | ||||||||||||
|
Average assets
|
$ | 4,743,725 | $ | 4,344,314 | $ | 399,411 | $ | 4,842,458 | $ | 4,335,785 | $ | 506,673 | ||||||||||||
|
Average loans
|
3,386,030 | 3,347,158 | 38,872 | 3,324,835 | 3,340,039 | (15,204 | ) | |||||||||||||||||
|
Average deposits
|
4,210,294 | 3,786,646 | 423,648 | 4,283,098 | 3,767,265 | 515,833 | ||||||||||||||||||
|
Average invested capital
|
467,716 | 483,857 | (16,141 | ) | 467,238 | 486,337 | (19,099 | ) | ||||||||||||||||
|
Return on average assets
|
0.85 | % | 0.63 | % | 22 | bp | 0.84 | % | 0.59 | % | 25 | bp | ||||||||||||
|
Return on invested capital
|
8.65 | % | 5.69 | % | 296 | bp | 8.66 | % | 5.24 | % | 342 | bp | ||||||||||||
|
Efficiency ratio
|
65.32 | % | 66.06 | % | (74 | ) bp | 65.88 | % | 66.21 | % | (33 | ) bp | ||||||||||||
|
Net charge-offs (annualized) to average loans
|
0.10 | % | 0.58 | % | (48 | ) bp | 0.13 | % | 0.69 | % | (56 | ) bp | ||||||||||||
|
Three Months Ended
June 30,
|
Increase
|
Six Months Ended
June 30,
|
Increase
|
|||||||||||||||||||||
|
|
2011
|
2010
|
(Decrease)
|
2011
|
2010
|
(Decrease)
|
||||||||||||||||||
|
Net interest revenue
|
$ | 8,241 | $ | 7,900 | $ | 341 | $ | 16,448 | $ | 15,635 | $ | 813 | ||||||||||||
|
Other operating revenue
|
6,997 | 6,267 | 730 | 13,743 | 12,086 | 1,657 | ||||||||||||||||||
|
Operating expense
|
9,160 | 8,560 | 600 | 18,658 | 16,781 | 1,877 | ||||||||||||||||||
|
Net loans charged off
|
706 | 366 | 340 | 1,314 | 3,197 | (1,883 | ) | |||||||||||||||||
|
Loss on repossessed assets, net
|
(909 | ) | (610 | ) | (299 | ) | (1,305 | ) | (2,691 | ) | 1,386 | |||||||||||||
|
Income before taxes
|
4,463 | 4,631 | (168 | ) | 8,914 | 5,052 | 3,862 | |||||||||||||||||
|
Federal and state income tax
|
1,736 | 1,801 | (65 | ) | 3,468 | 1,965 | 1,503 | |||||||||||||||||
|
Net income
|
$ | 2,727 | $ | 2,830 | $ | (103 | ) | $ | 5,446 | $ | 3,087 | $ | 2,359 | |||||||||||
|
Average assets
|
$ | 1,381,021 | $ | 1,286,577 | $ | 94,444 | $ | 1,378,897 | $ | 1,279,909 | $ | 98,988 | ||||||||||||
|
Average loans
|
705,564 | 722,379 | (16,815 | ) | 704,261 | 731,102 | (26,841 | ) | ||||||||||||||||
|
Average deposits
|
1,238,514 | 1,203,080 | 35,434 | 1,247,096 | 1,200,678 | 46,418 | ||||||||||||||||||
|
Average invested capital
|
81,281 | 83,053 | (1,772 | ) | 81,535 | 83,965 | (2,430 | ) | ||||||||||||||||
|
Return on average assets
|
0.79 | % | 0.88 | % | (9 | ) bp | 0.80 | % | 0.49 | % | 31 | bp | ||||||||||||
|
Return on invested capital
|
13.46 | % | 13.67 | % | (21 | ) bp | 13.47 | % | 7.41 | % | 606 | bp | ||||||||||||
|
Efficiency ratio
|
60.11 | % | 60.42 | % | (31 | ) bp | 61.80 | % | 60.54 | % | 126 | bp | ||||||||||||
|
Net charge-offs (annualized) to average loans
|
0.40 | % | 0.20 | % | 20 | bp | 0.38 | % | 0.88 | % | (50 | ) bp | ||||||||||||
|
Three Months Ended
June 30,
|
Increase
|
Six Months Ended
June 30,
|
Increase
|
|||||||||||||||||||||
|
|
2011
|
2010
|
(Decrease)
|
2011
|
2010
|
(Decrease)
|
||||||||||||||||||
|
Net interest revenue
|
$ | 1,901 | $ | 2,361 | $ | (460 | ) | $ | 4,175 | $ | 5,277 | $ | (1,102 | ) | ||||||||||
|
Other operating revenue
|
8,342 | 8,907 | (565 | ) | 16,640 | 17,520 | (880 | ) | ||||||||||||||||
|
Operating expense
|
7,730 | 8,519 | (789 | ) | 16,612 | 17,425 | (813 | ) | ||||||||||||||||
|
Net loans charged off
|
2,211 | 2,207 | 4 | 2,548 | 4,206 | (1,658 | ) | |||||||||||||||||
|
Loss on repossessed assets, net
|
(357 | ) | (333 | ) | (24 | ) | (371 | ) | (435 | ) | 64 | |||||||||||||
|
Income (loss) before taxes
|
(55 | ) | 209 | (264 | ) | 1,284 | 731 | 553 | ||||||||||||||||
|
Federal and state income tax expense (benefit)
|
(21 | ) | 81 | (102 | ) | 499 | 284 | 215 | ||||||||||||||||
|
Net income (loss)
|
$ | (34 | ) | $ | 128 | $ | (162 | ) | $ | 785 | $ | 447 | $ | 338 | ||||||||||
|
Average assets
|
$ | 286,998 | $ | 358,585 | $ | (71,587 | ) | $ | 295,126 | $ | 370,979 | $ | (75,853 | ) | ||||||||||
|
Average loans
|
270,832 | 336,030 | (65,198 | ) | 279,276 | 350,569 | (71,293 | ) | ||||||||||||||||
|
Average deposits
|
182,166 | 165,346 | 16,820 | 205,069 | 172,725 | 32,344 | ||||||||||||||||||
|
Average invested capital
|
23,081 | 22,201 | 880 | 23,068 | 23,047 | 21 | ||||||||||||||||||
|
Return on average assets
|
(0.05 | )% | 0.14 | % | (19 | ) bp | 0.54 | % | 0.24 | % | 30 | bp | ||||||||||||
|
Return on invested capital
|
(0.59 | )% | 2.31 | % | (290 | ) bp | 6.86 | % | 3.91 | % | 295 | bp | ||||||||||||
|
Efficiency ratio
|
75.47 | % | 75.60 | % | (13 | ) bp | 79.81 | % | 76.44 | % | 337 | bp | ||||||||||||
|
Net charge-offs (annualized) to average loans
|
3.27 | % | 2.63 | % | 64 | bp | 1.84 | % | 2.42 | % | (58 | ) bp | ||||||||||||
|
|
(Dollars in thousands)
|
|
Three Months Ended
June 30,
|
Increase
|
Six Months Ended
June 30,
|
Increase
|
|||||||||||||||||||||
|
|
2011
|
2010
|
(Decrease)
|
2011
|
2010
|
(Decrease)
|
||||||||||||||||||
|
Net interest revenue
|
$ | 8,258 | $ | 8,158 | $ | 100 | $ | 16,241 | $ | 16,576 | $ | (335 | ) | |||||||||||
|
Other operating revenue
|
4,996 | 4,788 | 208 | 10,212 | 9,926 | 286 | ||||||||||||||||||
|
Operating expense
|
9,179 | 9,214 | (35 | ) | 18,515 | 18,394 | 121 | |||||||||||||||||
|
Net loans charged off
|
1,717 | 3,413 | (1,696 | ) | 1,672 | 6,068 | (4,396 | ) | ||||||||||||||||
|
Loss on repossessed assets, net
|
(49 | ) | (599 | ) | 550 | (104 | ) | (599 | ) | 495 | ||||||||||||||
|
Income (loss) before taxes
|
2,309 | (280 | ) | 2,589 | 6,162 | 1,441 | 4,721 | |||||||||||||||||
|
Federal and state income tax expense (benefit)
|
898 | (109 | ) | 1,007 | 2,397 | 561 | 1,836 | |||||||||||||||||
|
Net income (loss)
|
$ | 1,411 | $ | (171 | ) | $ | 1,582 | $ | 3,765 | $ | 880 | $ | 2,885 | |||||||||||
|
Average assets
|
$ | 1,351,710 | $ | 1,197,669 | $ | 154,041 | $ | 1,325,967 | $ | 1,201,858 | $ | 124,109 | ||||||||||||
|
Average loans
|
772,829 | 778,131 | (5,302 | ) | 769,167 | 796,870 | (27,703 | ) | ||||||||||||||||
|
Average deposits
|
1,284,000 | 1,126,191 | 157,809 | 1,258,578 | 1,131,029 | 127,549 | ||||||||||||||||||
|
Average invested capital
|
116,653 | 125,272 | (8,619 | ) | 116,884 | 127,684 | (10,800 | ) | ||||||||||||||||
|
Return on average assets
|
0.42 | % | (0.06 | )% | 48 | bp | 0.57 | % | 0.15 | % | 42 | bp | ||||||||||||
|
Return on invested capital
|
4.85 | % | (0.55 | )% | 540 | bp | 6.50 | % | 1.39 | % | 511 | bp | ||||||||||||
|
Efficiency ratio
|
69.25 | % | 71.17 | % | (192 | ) bp | 69.99 | % | 69.41 | % | 59 | bp | ||||||||||||
|
Net charge-offs (annualized) to average loans
|
0.89 | % | 1.76 | % | (87 | ) bp | 0.44 | % | 1.54 | % | (110 | ) bp | ||||||||||||
|
Three Months Ended
June 30,
|
Increase
|
Six Months Ended
June 30,
|
Increase
|
|||||||||||||||||||||
|
|
2011
|
2010
|
(Decrease)
|
2011
|
2010
|
(Decrease)
|
||||||||||||||||||
|
Net interest revenue
|
$ | 4,152 | $ | 2,681 | $ | 1,471 | $ | 7,729 | $ | 5,304 | $ | 2,425 | ||||||||||||
|
Other operating revenue
|
1,402 | 664 | 738 | 2,879 | 1,819 | 1,060 | ||||||||||||||||||
|
Operating expense
|
5,076 | 4,946 | 130 | 10,048 | 9,324 | 724 | ||||||||||||||||||
|
Net loans charged off
|
1,498 | 4,925 | (3,427 | ) | 3,393 | 15,029 | (11,636 | ) | ||||||||||||||||
|
Loss on repossessed assets, net
|
(449 | ) | (8,010 | ) | 7,561 | (3,653 | ) | (10,971 | ) | 7,318 | ||||||||||||||
|
Loss before taxes
|
(1,469 | ) | (14,536 | ) | 13,067 | (6,486 | ) | (28,201 | ) | 21,715 | ||||||||||||||
|
Federal and state income tax benefit
|
(571 | ) | (5,655 | ) | 5,084 | (2,523 | ) | (10,970 | ) | 8,447 | ||||||||||||||
|
Net loss
|
$ | (898 | ) | $ | (8,881 | ) | $ | 7,983 | $ | (3,963 | ) | $ | (17,231 | ) | $ | 13,268 | ||||||||
|
Average assets
|
$ | 648,926 | $ | 596,787 | $ | 52,139 | $ | 634,937 | $ | 595,076 | $ | 39,861 | ||||||||||||
|
Average loans
|
580,373 | 509,577 | 70,796 | 566,916 | 511,473 | 55,443 | ||||||||||||||||||
|
Average deposits
|
270,926 | 212,438 | 58,488 | 254,833 | 205,929 | 48,904 | ||||||||||||||||||
|
Average invested capital
|
65,579 | 64,929 | 650 | 64,885 | 65,935 | (1,050 | ) | |||||||||||||||||
|
Return on average assets
|
(0.56 | )% | (5.97 | )% | 541 | bp | (1.26 | )% | (5.84 | )% | 458 | bp | ||||||||||||
|
Return on invested capital
|
(5.49 | )% | (54.86 | )% | 4,937 | bp | (12.32 | )% | (52.70 | )% | 4,038 | bp | ||||||||||||
|
Efficiency ratio
|
91.39 | % | 147.86 | % | (5,647 | ) bp | 94.72 | % | 130.90 | % | (3,618 | ) bp | ||||||||||||
|
Net charge-offs (annualized) to average loans
|
1.04 | % | 3.88 | % | (284 | ) bp | 1.21 | % | 5.93 | % | (472 | ) bp | ||||||||||||
|
Three Months Ended
June 30,
|
Increase
|
Six Months Ended
June 30,
|
Increase
|
|||||||||||||||||||||
|
|
2011
|
2010
|
(Decrease)
|
2011
|
2010
|
(Decrease)
|
||||||||||||||||||
|
Net interest revenue
|
$ | 2,760 | $ | 2,271 | $ | 489 | $ | 5,603 | $ | 4,363 | $ | 1,240 | ||||||||||||
|
Other operating revenue
|
4,678 | 4,677 | 1 | 9,258 | 8,673 | 585 | ||||||||||||||||||
|
Operating expense
|
5,841 | 5,036 | 805 | 11,456 | 10,004 | 1,452 | ||||||||||||||||||
|
Net loans charged off (recovered)
|
18 | 6 | 12 | 926 | (48 | ) | 974 | |||||||||||||||||
|
Loss on repossessed assets, net
|
– | (21 | ) | 21 | – | (21 | ) | 21 | ||||||||||||||||
|
Income before taxes
|
1,579 | 1,885 | (306 | ) | 2,479 | 3,059 | (580 | ) | ||||||||||||||||
|
Federal and state income tax
|
614 | 733 | (119 | ) | 964 | 1,190 | (226 | ) | ||||||||||||||||
|
Net income
|
$ | 965 | $ | 1,152 | $ | (187 | ) | $ | 1,515 | $ | 1,869 | $ | (354 | ) | ||||||||||
|
Average assets
|
$ | 366,349 | $ | 296,267 | $ | 70,082 | $ | 367,670 | $ | 297,144 | $ | 70,526 | ||||||||||||
|
Average loans
|
356,160 | 283,857 | 72,303 | 358,327 | 286,227 | 72,100 | ||||||||||||||||||
|
Average deposits
|
274,202 | 219,169 | 55,033 | 321,401 | 199,053 | 122,348 | ||||||||||||||||||
|
Average invested capital
|
25,507 | 22,092 | 3,415 | 25,397 | 22,358 | 3,039 | ||||||||||||||||||
|
Return on average assets
|
1.06 | % | 1.56 | % | (50 | ) bp | 0.83 | % | 1.27 | % | (44 | ) bp | ||||||||||||
|
Return on invested capital
|
15.17 | % | 20.92 | % | (575 | ) bp | 12.03 | % | 16.86 | % | (483 | ) bp | ||||||||||||
|
Efficiency ratio
|
78.53 | % | 72.48 | % | 605 | bp | 77.09 | % | 76.74 | % | 35 | bp | ||||||||||||
|
Net charge-offs (annualized) to average loans
|
0.02 | % | 0.01 | % | 1 | bp | 0.52 | % | (0.03 | %) | 55 | bp | ||||||||||||
|
June 30,
|
March 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
||||||||||||||||
|
2011
|
2011
|
2010
|
2010
|
2010
|
||||||||||||||||
|
Commercial:
|
||||||||||||||||||||
|
Energy
|
$ | 1,682,842 | $ | 1,759,452 | $ | 1,711,409 | $ | 1,761,926 | $ | 1,844,643 | ||||||||||
|
Services
|
1,713,057 | 1,586,785 | 1,580,921 | 1,594,215 | 1,669,069 | |||||||||||||||
|
Wholesale/retail
|
1,068,186 | 984,273 | 1,010,246 | 1,041,004 | 964,440 | |||||||||||||||
|
Manufacturing
|
367,151 | 380,043 | 325,191 | 347,478 | 357,671 | |||||||||||||||
|
Healthcare
|
869,308 | 840,809 | 809,625 | 814,456 | 805,619 | |||||||||||||||
|
Integrated food services
|
195,774 | 211,637 | 204,283 | 169,956 | 147,700 | |||||||||||||||
|
Other commercial and industrial
|
282,278 | 285,258 | 292,321 | 242,973 | 222,386 | |||||||||||||||
|
Total commercial
|
6,178,596 | 6,048,257 | 5,933,996 | 5,972,008 | 6,011,528 | |||||||||||||||
|
Commercial real estate:
|
||||||||||||||||||||
|
Construction and land development
|
367,092 | 394,337 | 447,864 | 502,465 | 545,659 | |||||||||||||||
|
Retail
|
438,494 | 420,193 | 405,540 | 399,500 | 392,910 | |||||||||||||||
|
Office
|
482,505 | 488,515 | 457,450 | 490,429 | 466,939 | |||||||||||||||
|
Multifamily
|
335,662 | 355,240 | 369,242 | 352,200 | 346,460 | |||||||||||||||
|
Industrial
|
162,167 | 177,807 | 182,093 | 176,594 | 176,535 | |||||||||||||||
|
Other real estate
|
397,795 | 386,890 | 415,161 | 401,934 | 412,406 | |||||||||||||||
|
Total commercial real estate
|
2,183,715 | 2,222,982 | 2,277,350 | 2,323,122 | 2,340,909 | |||||||||||||||
|
Residential mortgage:
|
||||||||||||||||||||
|
Permanent mortgage
|
1,151,176 | 1,153,269 | 1,202,559 | 1,283,389 | 1,264,930 | |||||||||||||||
|
Permanent mortgages guaranteed by U.S. government agencies
|
134,458 | 63,552 | 72,385 | 72,880 | 55,478 | |||||||||||||||
|
Home equity
|
582,363 | 560,500 | 553,304 | 527,639 | 513,838 | |||||||||||||||
|
Total residential mortgage
|
1,867,997 | 1,777,321 | 1,828,248 | 1,883,908 | 1,834,246 | |||||||||||||||
|
Consumer:
|
||||||||||||||||||||
|
Indirect automobile
|
162,500 | 198,663 | 239,576 | 284,920 | 338,147 | |||||||||||||||
|
Other consumer
|
344,736 | 342,612 | 363,866 | 341,886 | 357,887 | |||||||||||||||
|
Total consumer
|
507,236 | 541,275 | 603,442 | 626,806 | 696,034 | |||||||||||||||
|
Total
|
$ | 10,737,544 | $ | 10,589,835 | $ | 10,643,036 | $ | 10,805,844 | $ | 10,882,717 | ||||||||||
|
June 30,
|
March 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
||||||||||||||||
|
2011
|
2011
|
2010
|
2010
|
2010
|
||||||||||||||||
|
Oklahoma:
|
||||||||||||||||||||
|
Commercial
|
$ | 2,594,502 | $ | 2,618,045 | $ | 2,581,082 | $ | 2,662,347 | $ | 2,704,460 | ||||||||||
|
Commercial real estate
|
619,201 | 661,254 | 726,409 | 748,501 | 784,549 | |||||||||||||||
|
Residential mortgage
|
1,309,110 | 1,219,237 | 1,253,466 | 1,293,334 | 1,257,497 | |||||||||||||||
|
Consumer
|
267,550 | 291,412 | 336,492 | 349,720 | 395,274 | |||||||||||||||
|
Total Oklahoma
|
4,790,363 | 4,789,948 | 4,897,449 | 5,053,902 | 5,141,780 | |||||||||||||||
|
Texas:
|
||||||||||||||||||||
|
Commercial
|
2,003,847 | 1,916,270 | 1,888,635 | 1,876,994 | 1,902,934 | |||||||||||||||
|
Commercial real estate
|
711,906 | 687,817 | 686,956 | 715,859 | 731,399 | |||||||||||||||
|
Residential mortgage
|
282,934 | 283,925 | 297,027 | 309,815 | 308,496 | |||||||||||||||
|
Consumer
|
140,044 | 141,199 | 146,986 | 151,434 | 160,377 | |||||||||||||||
|
Total Texas
|
3,138,731 | 3,029,211 | 3,019,604 | 3,054,102 | 3,103,206 | |||||||||||||||
|
New Mexico:
|
||||||||||||||||||||
|
Commercial
|
280,306 | 262,597 | 279,432 | 289,368 | 286,555 | |||||||||||||||
|
Commercial real estate
|
311,565 | 326,104 | 314,781 | 314,957 | 294,425 | |||||||||||||||
|
Residential mortgage
|
95,021 | 90,466 | 88,392 | 87,851 | 87,549 | |||||||||||||||
|
Consumer
|
18,536 | 19,242 | 19,583 | 20,153 | 20,542 | |||||||||||||||
|
Total New Mexico
|
705,428 | 698,409 | 702,188 | 712,329 | 689,071 | |||||||||||||||
|
Arkansas:
|
||||||||||||||||||||
|
Commercial
|
74,677 | 75,889 | 84,775 | 91,752 | 89,376 | |||||||||||||||
|
Commercial real estate
|
121,286 | 124,875 | 116,989 | 117,137 | 114,576 | |||||||||||||||
|
Residential mortgage
|
13,939 | 14,114 | 13,155 | 14,937 | 15,823 | |||||||||||||||
|
Consumer
|
52,439 | 61,746 | 72,787 | 84,869 | 96,189 | |||||||||||||||
|
Total Arkansas
|
262,341 | 276,624 | 287,706 | 308,695 | 315,964 | |||||||||||||||
|
Colorado:
|
||||||||||||||||||||
|
Commercial
|
515,829 | 514,100 | 470,500 | 457,421 | 484,188 | |||||||||||||||
|
Commercial real estate
|
167,414 | 172,416 | 197,180 | 203,866 | 225,758 | |||||||||||||||
|
Residential mortgage
|
66,985 | 67,975 | 72,310 | 75,152 | 69,325 | |||||||||||||||
|
Consumer
|
19,507 | 20,145 | 21,409 | 15,402 | 18,548 | |||||||||||||||
|
Total Colorado
|
769,735 | 774,636 | 761,399 | 751,841 | 797,819 | |||||||||||||||
|
Arizona:
|
||||||||||||||||||||
|
Commercial
|
291,515 | 251,390 | 231,117 | 234,739 | 204,326 | |||||||||||||||
|
Commercial real estate
|
205,269 | 213,442 | 201,018 | 188,943 | 163,374 | |||||||||||||||
|
Residential mortgage
|
86,415 | 89,384 | 89,245 | 85,184 | 78,890 | |||||||||||||||
|
Consumer
|
6,772 | 5,266 | 3,445 | 3,061 | 2,971 | |||||||||||||||
|
Total Arizona
|
589,971 | 559,482 | 524,825 | 511,927 | 449,561 | |||||||||||||||
|
Kansas / Missouri:
|
||||||||||||||||||||
|
Commercial
|
417,920 | 409,966 | 398,455 | 359,387 | 339,689 | |||||||||||||||
|
Commercial real estate
|
47,074 | 37,074 | 34,017 | 33,859 | 26,828 | |||||||||||||||
|
Residential mortgage
|
13,593 | 12,220 | 14,653 | 17,635 | 16,666 | |||||||||||||||
|
Consumer
|
2,388 | 2,265 | 2,740 | 2,167 | 2,133 | |||||||||||||||
|
Total Kansas / Missouri
|
480,975 | 461,525 | 449,865 | 413,048 | 385,316 | |||||||||||||||
|
Total BOK Financial loans
|
$ | 10,737,544 | $ | 10,589,835 | $ | 10,643,036 | $ | 10,805,844 | $ | 10,882,717 | ||||||||||
|
Oklahoma
|
Texas
|
New Mexico
|
Arkansas
|
Colorado
|
Arizona
|
Kansas/
Missouri
|
Total
|
|||||||||||||||||||||||||
|
Services
|
$ | 491,494 | $ | 548,995 | $ | 168,875 | $ | 14,492 | $ | 206,141 | $ | 140,189 | $ | 142,871 | $ | 1,713,057 | ||||||||||||||||
|
Energy
|
868,388 | 594,577 | – | 271 | 219,606 | – | – | 1,682,842 | ||||||||||||||||||||||||
|
Wholesale/retail
|
418,871 | 456,995 | 54,489 | 32,975 | 12,894 | 67,331 | 24,631 | 1,068,186 | ||||||||||||||||||||||||
|
Manufacturing
|
197,839 | 96,348 | 19,260 | 1,275 | 25,974 | 19,594 | 6,861 | 367,151 | ||||||||||||||||||||||||
|
Healthcare
|
517,374 | 222,832 | 8,285 | 5,382 | 45,547 | 46,963 | 22,925 | 869,308 | ||||||||||||||||||||||||
|
Integrated food services
|
14,861 | 8,917 | – | 15 | 375 | – | 171,606 | 195,774 | ||||||||||||||||||||||||
|
Other commercial
and industrial
|
85,675 | 75,183 | 29,397 | 20,267 | 5,292 | 17,438 | 49,026 | 282,278 | ||||||||||||||||||||||||
|
Total commercial loans
|
$ | 2,594,502 | $ | 2,003,847 | $ | 280,306 | $ | 74,677 | $ | 515,829 | $ | 291,515 | $ | 417,920 | $ | 6,178,596 | ||||||||||||||||
|
Oklahoma
|
Texas
|
New Mexico
|
Arkansas
|
Colorado
|
Arizona
|
Kansas/
Missouri
|
Total
|
|||||||||||||||||||||||||
|
Construction and land development
|
$ | 109,315 | $ | 72,273 | $ | 60,624 | $ | 14,446 | $ | 75,871 | $ | 29,930 | $ | 4,633 | $ | 367,092 | ||||||||||||||||
|
Retail
|
113,169 | 193,026 | 52,142 | 11,057 | 6,869 | 50,822 | 11,409 | 438,494 | ||||||||||||||||||||||||
|
Office
|
91,146 | 190,734 | 98,042 | 14,612 | 48,874 | 39,031 | 66 | 482,505 | ||||||||||||||||||||||||
|
Multifamily
|
103,045 | 109,349 | 21,213 | 51,655 | 2,828 | 44,175 | 3,397 | 335,662 | ||||||||||||||||||||||||
|
Industrial
|
65,623 | 60,492 | 19,214 | 312 | 1,036 | 7,532 | 7,958 | 162,167 | ||||||||||||||||||||||||
|
Other real estate
|
136,903 | 86,032 | 60,330 | 29,204 | 31,936 | 33,779 | 19,611 | 397,795 | ||||||||||||||||||||||||
|
Total commercial real estate loans
|
$ | 619,201 | $ | 711,906 | $ | 311,565 | $ | 121,286 | $ | 167,414 | $ | 205,269 | $ | 47,074 | $ | 2,183,715 | ||||||||||||||||
|
Oklahoma
|
Texas
|
New Mexico
|
Arkansas
|
Colorado
|
Arizona
|
Kansas/
Missouri
|
Total
|
|||||||||||||||||||||||||
|
Residential mortgage:
|
||||||||||||||||||||||||||||||||
|
Permanent mortgage
|
$ | 823,305 | $ | 183,287 | $ | 12,092 | $ | 9,140 | $ | 44,190 | $ | 70,924 | $ | 8,238 | $ | 1,151,176 | ||||||||||||||||
|
Permanent mortgages guaranteed by U.S. government agencies
|
134,458 | – | – | – | – | – | – | 134,458 | ||||||||||||||||||||||||
|
Home equity
|
351,347 | 99,647 | 82,929 | 4,799 | 22,795 | 15,491 | 5,355 | 582,363 | ||||||||||||||||||||||||
|
Total residential mortgage
|
$ | 1,309,110 | $ | 282,934 | $ | 95,021 | $ | 13,939 | $ | 66,985 | $ | 86,415 | $ | 13,593 | $ | 1,867,997 | ||||||||||||||||
|
Consumer:
|
||||||||||||||||||||||||||||||||
|
Indirect automobile
|
$ | 89,978 | $ | 26,510 | $ | – | $ | 46,012 | $ | – | $ | – | $ | – | $ | 162,500 | ||||||||||||||||
|
Other consumer
|
177,572 | 113,534 | 18,536 | 6,427 | 19,507 | 6,772 | 2,388 | 344,736 | ||||||||||||||||||||||||
|
Total consumer
|
$ | 267,550 | $ | 140,044 | $ | 18,536 | $ | 52,439 | $ | 19,507 | $ | 6,772 | $ | 2,388 | $ | 507,236 | ||||||||||||||||
|
Customers
|
$ | 155,811 | ||
|
Banks and other financial institutions
|
51,270 | |||
|
Energy companies
|
17,213 | |||
|
Other
|
3,381 | |||
|
Fair value of customer hedge asset derivative contracts, net
|
$ | 227,675 |
|
Three Months Ended
|
||||||||||||||||||||
|
June 30,
|
March 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
||||||||||||||||
|
2011
|
2011
|
2010
|
2010
|
2010
|
||||||||||||||||
|
Allowance for loan losses:
|
||||||||||||||||||||
|
Beginning balance
|
$ | 289,549 | $ | 292,971 | $ | 299,154 | $ | 299,489 | $ | 299,717 | ||||||||||
|
Loans charged off:
|
||||||||||||||||||||
|
Commercial
|
3,302 | 2,352 | 4,802 | 5,435 | 6,030 | |||||||||||||||
|
Commercial real estate
|
3,380 | 6,893 | 9,462 | 8,704 | 19,439 | |||||||||||||||
|
Residential mortgage
|
3,381 | 2,948 | 2,030 | 7,380 | 8,804 | |||||||||||||||
|
Consumer
|
2,711 | 3,039 | 3,859 | 3,820 | 3,895 | |||||||||||||||
|
Total
|
12,774 | 15,232 | 20,153 | 25,339 | 38,168 | |||||||||||||||
|
Recoveries of loans previously charged off:
|
||||||||||||||||||||
|
Commercial
|
2,187 | 1,571 | 2,933 | 2,309 | 958 | |||||||||||||||
|
Commercial real estate
|
306 | 343 | 1,327 | 1,086 | 94 | |||||||||||||||
|
Residential mortgage
|
254 | 1,082 | 338 | 316 | 127 | |||||||||||||||
|
Consumer
|
1,509 | 1,918 | 1,342 | 1,493 | 1,435 | |||||||||||||||
|
Total
|
4,256 | 4,914 | 5,940 | 5,204 | 2,614 | |||||||||||||||
|
Net loans charged off
|
8,518 | 10,318 | 14,213 | 20,135 | 35,554 | |||||||||||||||
|
Provision for loan losses
|
5,580 | 6,896 | 8,030 | 19,800 | 35,326 | |||||||||||||||
|
Ending balance
|
$ | 286,611 | $ | 289,549 | $ | 292,971 | $ | 299,154 | $ | 299,489 | ||||||||||
|
Allowance for off-balance sheet credit losses:
|
||||||||||||||||||||
|
Beginning balance
|
$ | 13,625 | $ | 14,271 | $ | 15,302 | $ | 15,102 | $ | 14,388 | ||||||||||
|
Provision for off-balance sheet credit losses
|
(2,880 | ) | (646 | ) | (1,031 | ) | 200 | 714 | ||||||||||||
|
Ending balance
|
$ | 10,745 | $ | 13,625 | $ | 14,271 | $ | 15,302 | $ | 15,102 | ||||||||||
|
Total provision for credit losses
|
$ | 2,700 | $ | 6,250 | $ | 6,999 | $ | 20,000 | $ | 36,040 | ||||||||||
|
Allowance for loan losses to loans outstanding at period-end
|
2.67 | % | 2.73 | % | 2.75 | % | 2.77 | % | 2.75 | % | ||||||||||
|
Net charge-offs (annualized) to average loans
|
0.32 | 0.39 | 0.53 | 0.74 | 1.30 | |||||||||||||||
|
Total provision for credit losses (annualized) to average loans
|
0.10 | 0.23 | 0.26 | 0.74 | 1.31 | |||||||||||||||
|
Recoveries to gross charge-offs
|
33.32 | 32.26 | 29.47 | 20.54 | 6.85 | |||||||||||||||
|
Allowance for off-balance sheet credit losses to off-balance sheet credit commitments
|
0.18 | 0.24 | 0.25 | 0.28 | 0.28 | |||||||||||||||
|
Combined allowance for credit losses to loans outstanding at period-end
|
2.77 | 2.86 | 2.89 | 2.91 | 2.89 | |||||||||||||||
|
Oklahoma
|
Texas
|
Colorado
|
Arkansas
|
New
Mexico
|
Arizona
|
Kansas/
Missouri
|
Total
|
|||||||||||||||||||||||||
|
Commercial
|
$ | (1,561 | ) | $ | 482 | $ | (1 | ) | $ | 2,093 | $ | 124 | $ | (17 | ) | $ | (5 | ) | $ | 1,115 | ||||||||||||
|
Commercial real estate
|
129 | 39 | 1,696 | – | 299 | 911 | – | 3,074 | ||||||||||||||||||||||||
|
Residential mortgage
|
1,679 | (25 | ) | – | 67 | 124 | 1,260 | 22 | 3,127 | |||||||||||||||||||||||
|
Consumer
|
838 | 228 | 9 | 35 | 97 | (9 | ) | 4 | 1,202 | |||||||||||||||||||||||
|
Total net loans charged off
|
$ | 1,085 | $ | 724 | $ | 1,704 | $ | 2,195 | $ | 644 | $ | 2,145 | $ | 21 | $ | 8,518 | ||||||||||||||||
|
June 30,
|
Mar. 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
||||||||||||||||
|
2011
|
2011
|
2010
|
2010
|
2010
|
||||||||||||||||
|
Nonaccrual loans:
|
||||||||||||||||||||
|
Commercial
|
$ | 53,365 | $ | 57,449 | $ | 38,455 | $ | 49,361 | $ | 82,775 | ||||||||||
|
Commercial real estate
|
110,363 | 125,504 | 150,366 | 177,709 | 193,698 | |||||||||||||||
|
Residential mortgage
|
31,693 | 37,824 | 37,426 | 38,898 | 40,033 | |||||||||||||||
|
Consumer
|
4,749 | 5,185 | 4,567 | 2,784 | 3,188 | |||||||||||||||
|
Total nonaccrual loans
|
200,170 | 225,962 | 230,814 | 268,752 | 319,694 | |||||||||||||||
|
Renegotiated loans
2
|
22,261 | 21,705 | 22,261 | 25,252 | 21,327 | |||||||||||||||
|
Total nonperforming loans
|
222,431 | 247,667 | 253,075 | 294,004 | 341,021 | |||||||||||||||
|
Other nonperforming assets
|
129,026 | 131,420 | 141,394 | 126,859 | 119,908 | |||||||||||||||
|
Total nonperforming assets
|
$ | 351,457 | $ | 379,087 | $ | 394,469 | $ | 420,863 | $ | 460,929 | ||||||||||
|
Nonaccrual loans by principal market:
|
||||||||||||||||||||
|
Oklahoma
|
$ | 41,411 | $ | 49,585 | $ | 60,805 | $ | 72,264 | $ | 93,898 | ||||||||||
|
Texas
|
32,385 | 34,404 | 33,157 | 36,979 | 49,695 | |||||||||||||||
|
New Mexico
|
17,244 | 17,510 | 19,283 | 23,792 | 26,956 | |||||||||||||||
|
Arkansas
|
24,842 | 29,769 | 7,914 | 9,990 | 10,933 | |||||||||||||||
|
Colorado
|
37,472 | 40,629 | 49,416 | 55,631 | 66,040 | |||||||||||||||
|
Arizona
|
43,307 | 54,065 | 60,239 | 70,038 | 72,111 | |||||||||||||||
|
Kansas / Missouri
|
3,509 | – | – | 58 | 61 | |||||||||||||||
|
Total nonaccrual loans
|
$ | 200,170 | $ | 225,962 | $ | 230,814 | $ | 268,752 | $ | 319,694 | ||||||||||
|
Nonaccrual loans by loan portfolio sector:
|
||||||||||||||||||||
|
Commercial:
|
||||||||||||||||||||
|
Energy
|
$ | 345 | $ | 415 | $ | 465 | $ | 8,189 | $ | 26,259 | ||||||||||
|
Manufacturing
|
4,366 | 4,545 | 2,116 | 2,454 | 3,237 | |||||||||||||||
|
Wholesale / retail
|
25,138 | 30,411 | 8,486 | 5,584 | 5,561 | |||||||||||||||
|
Integrated food services
|
– | 6 | 13 | 58 | 58 | |||||||||||||||
|
Services
|
16,254 | 15,720 | 19,262 | 23,925 | 31,062 | |||||||||||||||
|
Healthcare
|
5,962 | 2,574 | 3,534 | 2,608 | 8,568 | |||||||||||||||
|
Other
|
1,300 | 3,778 | 4,579 | 6,543 | 8,030 | |||||||||||||||
|
Total commercial
|
53,365 | 57,449 | 38,455 | 49,361 | 82,775 | |||||||||||||||
|
Commercial real estate:
|
||||||||||||||||||||
|
Land development and construction
|
76,265 | 90,707 | 99,579 | 116,252 | 132,686 | |||||||||||||||
|
Retail
|
4,642 | 5,276 | 4,978 | 8,041 | 4,967 | |||||||||||||||
|
Office
|
11,473 | 14,628 | 19,654 | 24,942 | 24,764 | |||||||||||||||
|
Multifamily
|
4,717 | 1,900 | 6,725 | 6,924 | 7,253 | |||||||||||||||
|
Industrial
|
– | – | 4,087 | 4,151 | 4,223 | |||||||||||||||
|
Other commercial real estate
|
13,266 | 12,993 | 15,343 | 17,399 | 19,805 | |||||||||||||||
|
Total commercial real estate
|
110,363 | 125,504 | 150,366 | 177,709 | 193,698 | |||||||||||||||
|
Residential mortgage:
|
||||||||||||||||||||
|
Permanent mortgage
|
27,991 | 33,466 | 32,111 | 36,654 | 37,978 | |||||||||||||||
|
Home equity
|
3,702 | 4,358 | 5,315 | 2,244 | 2,055 | |||||||||||||||
|
Total residential mortgage
|
31,693 | 37,824 | 37,426 | 38,898 | 40,033 | |||||||||||||||
|
Consumer
|
4,749 | 5,185 | 4,567 | 2,784 | 3,188 | |||||||||||||||
|
Total nonaccrual loans
|
$ | 200,170 | $ | 225,962 | $ | 230,814 | $ | 268,752 | $ | 319,694 | ||||||||||
|
Ratios:
|
||||||||||||||||||||
|
Allowance for loan losses to nonaccruing loans
|
143.18 | % | 128.14 | % | 129.75 | % | 111.31 | % | 93.68 | % | ||||||||||
|
Nonaccruing loans to period-end loans
|
1.86 | 2.13 | 2.17 | 2.49 | 2.94 | |||||||||||||||
|
Accruing loans 90 days or more past due
1
|
$ | 2,341 | $ | 8,043 | $ | 7,966 | $ | 5,579 | $ | 9,264 | ||||||||||
|
1
Excludes residential mortgages guaranteed by agencies of the U.S. Government.
|
||||||||||||||||||||
|
2
Includes residential mortgages guaranteed by agencies of the U.S. Government. These loans have been modified to extend payment terms and/or reduce interest rates.
|
18,716 | 18,304 | 18,551 | 21,706 | 17,598 | |||||||||||||||
|
For the Three Months Ended June 30, 2011
|
||||||||||||||||
|
Nonaccruing Loans
|
Renegotiated Loans
|
Real Estate and Other Repossessed Assets
|
Total Nonperforming Assets
|
|||||||||||||
|
Balance, March 31, 2011
|
$ | 225,962 | $ | 21,705 | $ | 131,420 | $ | 379,087 | ||||||||
|
Additions
|
26,717 | 7,132 | – | 33,849 | ||||||||||||
|
Payments
|
(28,172 | ) | (358 | ) | – | (28,530 | ) | |||||||||
|
Charge-offs
|
(12,774 | ) | – | – | (12,774 | ) | ||||||||||
|
Net writedowns and losses
|
– | – | (3,398 | ) | (3,398 | ) | ||||||||||
|
Foreclosures
|
(12,884 | ) | – | 12,884 | – | |||||||||||
|
Proceeds from sales
|
– | (5,821 | ) | (11,722 | ) | (17,543 | ) | |||||||||
|
Net transfers to nonaccruing loans
|
35 | (35 | ) | – | ||||||||||||
|
Other, net
|
1,286 | (362 | ) | (158 | ) | 766 | ||||||||||
|
Balance, June 30, 2011
|
$ | 200,170 | $ | 22,261 | $ | 129,026 | $ | 351,457 | ||||||||
|
For the Six Months Ended June 30, 2011
|
||||||||||||||||
|
Nonaccruing Loans
|
Renegotiated Loans
|
Real Estate and Other Repossessed Assets
|
Total Nonperforming Assets
|
|||||||||||||
|
Balance, December 31, 2010
|
$ | 230,814 | $ | 22,261 | $ | 141,394 | $ | 394,469 | ||||||||
|
Additions
|
81,485 | 9,915 | – | 91,400 | ||||||||||||
|
Payments
|
(51,915 | ) | (597 | ) | – | (52,512 | ) | |||||||||
|
Charge-offs
|
(28,006 | ) | – | (28,006 | ) | |||||||||||
|
Net writedowns and losses
|
– | (7,729 | ) | (7,729 | ) | |||||||||||
|
Foreclosures
|
(33,894 | ) | 33,894 | – | ||||||||||||
|
Proceeds from sales
|
– | (7,915 | ) | (26,954 | ) | (34,869 | ) | |||||||||
|
Net transfers to nonaccruing loans
|
383 |
(383)`
|
– | – | ||||||||||||
|
Transfers to available for sale securities
1
|
– | – | (11,723 | ) | (11,723 | ) | ||||||||||
|
Other, net
|
1,303 | (1,020 | ) | 144 | 427 | |||||||||||
|
Balance, June 30, 2011
|
$ | 200,170 | $ | 22,261 | $ | 129,026 | $ | 351,457 | ||||||||
|
1
|
During the first quarter of 2011, $12 million of cost basis shares of an entity in which we hold an equity interest were transferred to the available for
sales portfolio as the shares are listed for trading on a national stock exchange.
|
|
June 30, 2011
|
March 31, 2011
|
Change
|
||||||||||||||||||||||
|
Amount
|
% of outstanding loans
|
Amount
|
% of outstanding loans
|
Amount
|
% of outstanding loans
|
|||||||||||||||||||
|
Oklahoma
|
$ | 41,411 | 0.86 | % | $ | 49,585 | 1.04 | % | $ | (8,174 | ) | (18 | ) bp | |||||||||||
|
Texas
|
32,385 | 1.03 | 34,404 | 1.14 | (2,019 | ) | (11 | ) | ||||||||||||||||
|
New Mexico
|
17,244 | 2.44 | 17,510 | 2.51 | (266 | ) | (7 | ) | ||||||||||||||||
|
Arkansas
|
24,842 | 9.47 | 29,769 | 10.76 | (4,927 | ) | (129 | ) | ||||||||||||||||
|
Colorado
|
37,472 | 4.87 | 40,629 | 5.24 | (3,157 | ) | (37 | ) | ||||||||||||||||
|
Arizona
|
43,307 | 7.34 | 54,065 | 9.66 | (10,758 | ) | (232 | ) | ||||||||||||||||
|
Kansas / Missouri
|
3,509 | 0.73 | – | – | 3,509 | 73 | ||||||||||||||||||
|
Total
|
$ | 200,170 | 1.86 | % | $ | 225,962 | 2.13 | % | $ | (25,792 | ) | (27 | ) bp | |||||||||||
|
June 30, 2011
|
March 31, 2011
|
Change
|
||||||||||||||||||||||
|
Amount
|
% of outstanding loans
|
Amount
|
% of outstanding loans
|
Amount
|
% of outstanding loans
|
|||||||||||||||||||
|
Oklahoma
|
$ | 7,716 | 0.30 | % | $ | 10,776 | 0.41 | % | $ | (3,060 | ) | (11 | ) bp | |||||||||||
|
Texas
|
12,290 | 0.61 | 9,165 | 0.48 | 3,125 | 13 | ||||||||||||||||||
|
New Mexico
|
3,483 | 1.24 | 3,667 | 1.40 | (184 | ) | (16 | ) | ||||||||||||||||
|
Arkansas
|
17,778 | 23.81 | 22,651 | 29.85 | (4,873 | ) | (604 | ) | ||||||||||||||||
|
Colorado
|
4,714 | 0.91 | 5,086 | 0.99 | (372 | ) | (8 | ) | ||||||||||||||||
|
Arizona
|
7,384 | 2.53 | 6,104 | 2.43 | 1,280 | 10 | ||||||||||||||||||
|
Kansas / Missouri
|
– | – | – | – | – | – | ||||||||||||||||||
|
Total commercial
|
$ | 53,365 | 0.86 | % | $ | 57,449 | 0.95 | % | $ | (4,084 | ) | (9 | ) bp | |||||||||||
|
June 30, 2011
|
March 31, 2011
|
Change
|
||||||||||||||||||||||
|
Amount
|
% of outstanding loans
|
Amount
|
% of outstanding loans
|
Amount
|
% of outstanding loans
|
|||||||||||||||||||
|
Oklahoma
|
$ | 11,032 | 1.78 | % | $ | 10,907 | 1.65 | % | $ | 125 | 13 | bp | ||||||||||||
|
Texas
|
13,965 | 1.96 | 18,985 | 2.76 | (5,020 | ) | (80 | ) | ||||||||||||||||
|
New Mexico
|
12,088 | 3.88 | 11,736 | 3.60 | 352 | 28 | ||||||||||||||||||
|
Arkansas
|
5,840 | 4.82 | 5,830 | 4.67 | 10 | 15 | ||||||||||||||||||
|
Colorado
|
31,251 | 18.67 | 33,963 | 19.70 | (2,712 | ) | (103 | ) | ||||||||||||||||
|
Arizona
|
32,724 | 15.94 | 44,083 | 20.65 | (11,359 | ) | (471 | ) | ||||||||||||||||
|
Kansas / Missouri
|
3,463 | 7.36 | – | – | 3,463 | 736 | ||||||||||||||||||
|
Total commercial real estate
|
$ | 110,363 | 5.05 | % | $ | 125,504 | 5.65 | % | $ | (15,141 | ) | (60 | ) bp | |||||||||||
|
June 30, 2011
|
March 31, 2011
|
|||||||||||||||
|
90 Days or More
|
30 to 89 Days
|
90 Days or More
|
30 to 89 Days
|
|||||||||||||
|
Residential mortgage:
|
||||||||||||||||
|
Permanent mortgage
1
|
$ | – | $ | 18,735 | $ | – | $ | 12,673 | ||||||||
|
Home equity
|
8 | 2,450 | – | 1,246 | ||||||||||||
|
Total residential mortgage
|
8 | $ | 21,185 | $ | – | $ | 13,919 | |||||||||
|
Consumer:
|
||||||||||||||||
|
Indirect automobile
|
$ | 19 | $ | 7,256 | $ | 73 | $ | 7,865 | ||||||||
|
Other consumer
|
2 | 1,031 | 60 | 1,647 | ||||||||||||
|
Total consumer
|
$ | 21 | $ | 8,287 | $ | 133 | $ | 9,512 | ||||||||
|
1
|
Excludes past due residential mortgage loans guaranteed by agencies of the U.S. government.
|
|
Oklahoma
|
Texas
|
Colorado
|
Arkansas
|
New
Mexico
|
Arizona
|
Kansas/
Missouri
|
Other
|
Total
|
||||||||||||||||||||||||||||
|
1-4 family residential properties and residential land development properties
|
$ | 9,757 | $ | 19,063 | $ | 6,075 | $ | 4,854 | $ | 935 | $ | 11,139 | $ | 689 | $ | 2,247 | $ | 54,759 | ||||||||||||||||||
|
Developed commercial real estate properties
|
2,055 | 3,413 | 8,957 | 1,612 | 2,778 | 24,467 | – | 3,332 | 46,614 | |||||||||||||||||||||||||||
|
Undeveloped land
|
297 | 6,970 | 3,026 | 64 | 3,324 | 4,998 | 4,802 | – | 23,481 | |||||||||||||||||||||||||||
|
Oil and gas properties
|
– | 2,127 | – | – | – | – | – | – | 2,127 | |||||||||||||||||||||||||||
|
Construction equipment
|
– | – | – | – | – | – | 1,060 | – | 1,060 | |||||||||||||||||||||||||||
|
Vehicles
|
417 | 180 | – | 218 | – | – | – | – | 815 | |||||||||||||||||||||||||||
|
Other
|
– | – | 170 | – | – | – | – | – | 170 | |||||||||||||||||||||||||||
|
Total real estate and other repossessed assets
|
$ | 12,526 | $ | 31,753 | $ | 18,228 | $ | 6,748 | $ | 7,037 | $ | 40,604 | $ | 6,551 | $ | 5,579 | $ | 129,026 | ||||||||||||||||||
|
June 30,
|
Mar. 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
||||||||||||||||
|
2011
|
2011
|
2010
|
2010
|
2010
|
||||||||||||||||
|
Oklahoma:
|
||||||||||||||||||||
|
Demand
|
$ | 2,486,671 | $ | 2,420,210 | $ | 2,271,375 | $ | 2,238,303 | $ | 2,101,994 | ||||||||||
|
Interest-bearing:
|
||||||||||||||||||||
|
Transaction
|
5,916,784 | 6,068,304 | 6,061,626 | 5,609,811 | 5,562,287 | |||||||||||||||
|
Savings
|
120,278 | 120,020 | 106,411 | 103,524 | 102,590 | |||||||||||||||
|
Time
|
1,462,137 | 1,465,506 | 1,373,307 | 1,497,344 | 1,442,525 | |||||||||||||||
|
Total interest-bearing
|
7,499,199 | 7,653,830 | 7,541,344 | 7,210,679 | 7,107,402 | |||||||||||||||
|
Total Oklahoma
|
9,985,870 | 10,074,040 | 9,812,719 | 9,448,982 | 9,209,396 | |||||||||||||||
|
Texas:
|
||||||||||||||||||||
|
Demand
|
1,528,772 | 1,405,892 | 1,389,876 | 1,238,103 | 1,150,495 | |||||||||||||||
|
Interest-bearing:
|
||||||||||||||||||||
|
Transaction
|
1,741,176 | 1,977,850 | 1,791,810 | 1,786,979 | 1,674,519 | |||||||||||||||
|
Savings
|
42,185 | 40,313 | 36,429 | 35,614 | 36,814 | |||||||||||||||
|
Time
|
992,366 | 1,015,754 | 966,116 | 1,031,877 | 1,003,936 | |||||||||||||||
|
Total interest-bearing
|
2,775,727 | 3,033,917 | 2,794,355 | 2,854,470 | 2,715,269 | |||||||||||||||
|
Total Texas
|
4,304,499 | 4,439,809 | 4,184,231 | 4,092,573 | 3,865,764 | |||||||||||||||
|
New Mexico:
|
||||||||||||||||||||
|
Demand
|
299,305 | 282,708 | 270,916 | 262,567 | 223,869 | |||||||||||||||
|
Interest-bearing:
|
||||||||||||||||||||
|
Transaction
|
483,026 | 498,355 | 530,244 | 535,012 | 491,708 | |||||||||||||||
|
Savings
|
24,613 | 24,455 | 28,342 | 27,906 | 30,231 | |||||||||||||||
|
Time
|
449,618 | 453,580 | 450,177 | 469,493 | 476,155 | |||||||||||||||
|
Total interest-bearing
|
957,257 | 976,390 | 1,008,763 | 1,032,411 | 998,094 | |||||||||||||||
|
Total New Mexico
|
1,256,562 | 1,259,098 | 1,279,679 | 1,294,978 | 1,221,963 | |||||||||||||||
|
Arkansas:
|
||||||||||||||||||||
|
Demand
|
17,452 | 15,144 | 15,310 | 17,604 | 14,919 | |||||||||||||||
|
Interest-bearing:
|
||||||||||||||||||||
|
Transaction
|
138,954 | 130,613 | 129,580 | 137,797 | 108,104 | |||||||||||||||
|
Savings
|
1,673 | 1,514 | 1,266 | 1,522 | 1,288 | |||||||||||||||
|
Time
|
82,112 | 94,889 | 100,998 | 116,536 | 119,472 | |||||||||||||||
|
Total interest-bearing
|
222,739 | 227,016 | 231,844 | 255,855 | 228,864 | |||||||||||||||
|
Total Arkansas
|
240,191 | 242,160 | 247,154 | 273,459 | 243,783 | |||||||||||||||
|
Colorado:
|
||||||||||||||||||||
|
Demand
|
196,915 | 197,579 | 157,742 | 156,685 | 143,783 | |||||||||||||||
|
Interest-bearing:
|
||||||||||||||||||||
|
Transaction
|
509,738 | 528,948 | 522,207 | 501,405 | 441,085 | |||||||||||||||
|
Savings
|
21,406 | 21,655 | 20,310 | 19,681 | 18,869 | |||||||||||||||
|
Time
|
563,642 | 546,586 | 502,889 | 495,899 | 497,538 | |||||||||||||||
|
Total interest-bearing
|
1,094,786 | 1,097,189 | 1,045,406 | 1,016,985 | 957,492 | |||||||||||||||
|
Total Colorado
|
1,291,701 | 1,294,768 | 1,203,148 | 1,173,670 | 1,101,275 | |||||||||||||||
|
Arizona:
|
||||||||||||||||||||
|
Demand
|
150,194 | 106,880 | 74,887 | 97,384 | 71,711 | |||||||||||||||
|
Interest-bearing:
|
||||||||||||||||||||
|
Transaction
|
107,961 | 102,089 | 95,890 | 94,108 | 94,033 | |||||||||||||||
|
Savings
|
1,364 | 984 | 809 | 812 | 1,062 | |||||||||||||||
|
Time
|
44,619 | 50,060 | 52,227 | 59,678 | 63,643 | |||||||||||||||
|
Total interest-bearing
|
153,944 | 153,133 | 148,926 | 154,598 | 158,738 | |||||||||||||||
|
Total Arizona
|
304,138 | 260,013 | 223,813 | 251,982 | 230,449 | |||||||||||||||
|
Kansas / Missouri:
|
||||||||||||||||||||
|
Demand
|
46,668 | 28,774 | 40,658 | 35,869 | 28,518 | |||||||||||||||
|
Interest-bearing:
|
||||||||||||||||||||
|
Transaction
|
115,684 | 222,705 | 124,005 | 180,273 | 116,423 | |||||||||||||||
|
Savings
|
358 | 323 | 200 | 132 | 110 | |||||||||||||||
|
Time
|
40,206 | 51,236 | 63,454 | 70,673 | 69,819 | |||||||||||||||
|
Total interest-bearing
|
156,248 | 274,264 | 187,659 | 251,078 | 186,352 | |||||||||||||||
|
Total Kansas / Missouri
|
202,916 | 303,038 | 228,317 | 286,947 | 214,870 | |||||||||||||||
|
Total BOK Financial deposits
|
$ | 17,585,877 | $ | 17,872,926 | $ | 17,179,061 | $ | 16,822,591 | $ | 16,087,500 | ||||||||||
|
For the three months ended
June 30, 2011
|
For the three months ended
March 31, 2011
|
|||||||||||||||||||||||||||||||
|
Maximum
|
Maximum
|
|||||||||||||||||||||||||||||||
|
Average
|
Outstanding
|
Average
|
Outstanding
|
|||||||||||||||||||||||||||||
|
As of
|
Balance
|
At Any Month
|
As of
|
Balance
|
At Any Month
|
|||||||||||||||||||||||||||
|
June 30,
|
During the
|
End During
|
March 31,
|
During the
|
End During
|
|||||||||||||||||||||||||||
|
2011
|
Quarter
|
Rate
|
the Quarter
|
2011
|
Quarter
|
Rate
|
the Quarter
|
|||||||||||||||||||||||||
|
Parent Company and Other Non-Bank Subsidiaries:
|
||||||||||||||||||||||||||||||||
|
Trust preferred debt
|
$ | 7,217 | $ | 7,217 | 5.06 | % | $ | 7,217 | $ | 7,217 | $ | 7,217 | 5.06 | % | $ | 7,217 | ||||||||||||||||
|
Other
|
– | 43 | – | % | – | 1,300 | 58 | – | % | 1,300 | ||||||||||||||||||||||
|
Total Parent Company and other Non-Bank Subsidiaries
|
7,217 | 7,260 | 8,517 | 7,275 | 5.06 | % | ||||||||||||||||||||||||||
|
Subsidiary Bank:
|
||||||||||||||||||||||||||||||||
|
Funds purchased
|
1,706,893 | 1,168,670 | 0.08 | % | 1,706,893 | 466,749 | 820,969 | 0.22 | % | 965,762 | ||||||||||||||||||||||
|
Repurchase agreements
|
1,106,163 | 1,004,217 | 0.17 | % | 1,106,163 | 1,006,051 | 1,062,359 | 0.25 | % | 1,124,060 | ||||||||||||||||||||||
|
Federal Home Loan Bank advances
|
1,624 | 63,188 | 3.15 | % | 201,674 | 1,699 | 111,725 | 3.20 | % | 1,749 | ||||||||||||||||||||||
|
Subordinated debentures
|
398,788 | 398,767 | 5.51 | % | 398,788 | 398,744 | 398,723 | 5.51 | % | 398,744 | ||||||||||||||||||||||
|
Other
1
|
140,862 | 116,993 | 5.18 | % | 149,054 | 26,648 | 25,987 | 2.52 | % | 30,664 | ||||||||||||||||||||||
|
Total Subsidiary Bank
|
3,354,330 | 2,751,835 | 0.98 | % | 1,899,891 | 2,419,763 | 1.39 | % | ||||||||||||||||||||||||
|
Total Other Borrowings
|
$ | 3,361,547 | $ | 2,759,095 | 1.00 | % | $ | 1,908,408 | $ | 2,427,038 | 1.44 | % | ||||||||||||||||||||
|
1
|
At June 30, 2011, Other includes a $114 million liability for certain residential mortgage loans that we may repurchase from GNMA mortgage loan pools.
|
|
|
Well Capitalized
|
June 30,
|
Mar. 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
||||||||||||||||||
|
Minimums
|
2011
|
2011
|
2010
|
2010
|
2010
|
|||||||||||||||||||
|
Average total equity to average assets
|
– | 11.05 | % | 10.80 | % | 10.44 | % | 10.26 | % | 10.15 | % | |||||||||||||
|
Tangible common equity ratio
|
– | 9.71 | 9.54 | 9.21 | 8.96 | 8.88 | ||||||||||||||||||
|
Tier 1 common equity ratio
|
– | 13.15 | 12.84 | 12.55 | 12.17 | 11.77 | ||||||||||||||||||
|
Risk-based capital:
|
||||||||||||||||||||||||
|
Tier 1 capital
|
6.00 | % | 13.30 | 12.97 | 12.69 | 12.30 | 11.90 | |||||||||||||||||
|
Total capital
|
10.00 | 16.80 | 16.48 | 16.20 | 15.79 | 15.38 | ||||||||||||||||||
|
Leverage
|
5.00 | 9.29 | 9.13 | 8.74 | 8.61 | 8.57 | ||||||||||||||||||
|
June 30,
|
Mar. 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
||||||||||||||||
|
2011
|
2011
|
2010
|
2010
|
2010
|
||||||||||||||||
|
Tangible common equity ratio:
|
||||||||||||||||||||
|
Total shareholders' equity
|
$ | 2,667,717 | $ | 2,576,133 | $ | 2,521,726 | $ | 2,503,650 | $ | 2,428,738 | ||||||||||
|
Less: Goodwill and intangible assets, net
|
347,611 | 348,507 | 349,404 | 350,769 | 351,592 | |||||||||||||||
|
Tangible common equity
|
2,320,106 | 2,227,626 | 2,172,322 | 2,152,881 | 2,077,146 | |||||||||||||||
|
Total assets
|
24,238,182 | 23,701,023 | 23,941,603 | 24,385,952 | 23,736,728 | |||||||||||||||
|
Less: Goodwill and intangible assets, net
|
347,611 | 348,507 | 349,404 | 350,769 | 351,592 | |||||||||||||||
|
Tangible assets
|
$ | 23,890,571 | $ | 23,352,516 | $ | 23,592,199 | $ | 24,035,183 | $ | 23,385,136 | ||||||||||
|
Tangible common equity ratio
|
9.71 | % | 9.54 | % | 9.21 | % | 8.96 | % | 8.88 | % | ||||||||||
|
Tier 1 common equity ratio:
|
||||||||||||||||||||
|
Tier 1 capital
|
$ | 2,188,199 | $ | 2,129,998 | $ | 2,076,525 | $ | 2,027,226 | $ | 1,976,588 | ||||||||||
|
Less: Non-controlling interest
|
24,457 | 21,555 | 22,152 | 20,338 | 21,289 | |||||||||||||||
|
Tier 1 common equity
|
2,163,742 | 2,108,443 | 2,054,373 | 2,006,888 | 1,955,299 | |||||||||||||||
|
Risk weighted assets
|
$ | 16,458,048 | $ | 16,416,387 | $ | 16,368,976 | $ | 16,484,702 | $ | 16,611,662 | ||||||||||
|
Tier 1 common equity ratio
|
13.15 | % | 12.84 | % | 12.55 | % | 12.17 | % | 11.77 | % | ||||||||||
|
200 bp Increase
|
50 bp Decrease
|
|||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
Anticipated impact over the next twelve months on net interest revenue
|
$ | 3,552 | $ | 27,480 | $ | (17,884 | ) | $ | (13,795 | ) | ||||||
| 0.5 | % | 4.0 | % | (2.5 | %) | (2.0 | %) | |||||||||
|
Consolidated Statements of Earnings (Unaudited)
|
||||||||||||||||
|
(In thousands, except share and per share data)
|
||||||||||||||||
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
|
Interest revenue
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
|
Loans
|
$ | 123,830 | $ | 131,102 | $ | 247,570 | $ | 263,046 | ||||||||
|
Residential mortgage loans held for sale
|
1,505 | 2,177 | 2,844 | 3,924 | ||||||||||||
|
Trading securities
|
434 | 542 | 848 | 1,152 | ||||||||||||
|
Taxable securities
|
2,800 | 1,784 | 5,145 | 2,786 | ||||||||||||
|
Tax-exempt securities
|
1,324 | 1,766 | 2,720 | 3,561 | ||||||||||||
|
Total investment securities
|
4,124 | 3,550 | 7,865 | 6,347 | ||||||||||||
|
Taxable securities
|
69,978 | 75,228 | 138,992 | 152,803 | ||||||||||||
|
Tax-exempt securities
|
600 | 542 | 1,207 | 1,196 | ||||||||||||
|
Total available for sale securities
|
70,578 | 75,770 | 140,199 | 153,999 | ||||||||||||
|
Mortgage trading securities
|
5,243 | 4,448 | 8,473 | 8,483 | ||||||||||||
|
Funds sold and resell agreements
|
3 | 8 | 7 | 16 | ||||||||||||
|
Total interest revenue
|
205,717 | 217,597 | 407,806 | 436,967 | ||||||||||||
|
Interest expense
|
||||||||||||||||
|
Deposits
|
23,160 | 26,292 | 47,202 | 53,909 | ||||||||||||
|
Borrowed funds
|
3,015 | 3,657 | 4,846 | 7,270 | ||||||||||||
|
Subordinated debentures
|
5,541 | 5,535 | 11,118 | 11,101 | ||||||||||||
|
Total interest expense
|
31,716 | 35,484 | 63,166 | 72,280 | ||||||||||||
|
Net interest revenue
|
174,001 | 182,113 | 344,640 | 364,687 | ||||||||||||
|
Provision for credit losses
|
2,700 | 36,040 | 8,950 | 78,140 | ||||||||||||
|
Net interest revenue after provision for credit losses
|
171,301 | 146,073 | 335,690 | 286,547 | ||||||||||||
|
Other operating revenue
|
||||||||||||||||
|
Brokerage and trading revenue
|
23,725 | 24,754 | 49,101 | 45,789 | ||||||||||||
|
Transaction card revenue
|
31,024 | 28,263 | 59,469 | 53,950 | ||||||||||||
|
Trust fees and commissions
|
19,150 | 17,737 | 37,572 | 34,057 | ||||||||||||
|
Deposit service charges and fees
|
23,857 | 28,797 | 46,337 | 55,589 | ||||||||||||
|
Mortgage banking revenue
|
19,356 | 18,335 | 36,712 | 33,206 | ||||||||||||
|
Bank-owned life insurance
|
2,872 | 2,908 | 5,735 | 5,880 | ||||||||||||
|
Other revenue
|
7,842 | 7,374 | 16,174 | 15,012 | ||||||||||||
|
Total fees and commissions
|
127,826 | 128,168 | 251,100 | 243,483 | ||||||||||||
|
Gain on sales of assets, net
|
3,344 | 1,545 | 3,276 | 155 | ||||||||||||
|
Gain (loss) on derivatives, net
|
1,225 | 7,272 | (1,188 | ) | 6,931 | |||||||||||
|
Gain on mortgage trading securities, net
|
9,921 | 14,631 | 6,403 | 15,079 | ||||||||||||
|
Gain on available for sale securities, net
|
5,468 | 8,469 | 10,370 | 12,545 | ||||||||||||
|
Total other-than-temporary impairment losses
|
(74 | ) | (10,959 | ) | (74 | ) | (20,667 | ) | ||||||||
|
Portion of loss recognized in (reclassified from) other comprehensive income
|
(4,750 | ) | 8,313 | (9,349 | ) | 13,796 | ||||||||||
|
Net impairment losses recognized in earnings
|
(4,824 | ) | (2,646 | ) | (9,423 | ) | (6,871 | ) | ||||||||
|
Total other operating revenue
|
142,960 | 157,439 | 260,538 | 271,322 | ||||||||||||
|
Other operating expense
|
||||||||||||||||
|
Personnel
|
105,603 | 97,054 | 205,597 | 193,878 | ||||||||||||
|
Business promotion
|
4,777 | 4,945 | 9,401 | 8,923 | ||||||||||||
|
Professional fees and services
|
6,258 | 6,668 | 13,716 | 13,069 | ||||||||||||
|
Net occupancy and equipment
|
15,554 | 15,691 | 31,158 | 31,202 | ||||||||||||
|
Insurance
|
4,771 | 5,596 | 10,957 | 12,129 | ||||||||||||
|
Data processing and communications
|
24,428 | 21,940 | 46,931 | 42,249 | ||||||||||||
|
Printing, postage and supplies
|
3,586 | 3,525 | 6,668 | 6,847 | ||||||||||||
|
Net losses and expenses of repossessed assets
|
5,859 | 13,067 | 11,874 | 20,287 | ||||||||||||
|
Amortization of intangible assets
|
896 | 1,323 | 1,792 | 2,647 | ||||||||||||
|
Mortgage banking costs
|
8,968 | 10,380 | 15,439 | 19,647 | ||||||||||||
|
Change in fair value of mortgage servicing rights
|
13,493 | 19,458 | 10,364 | 5,526 | ||||||||||||
|
Other expense
|
9,016 | 6,265 | 17,761 | 13,240 | ||||||||||||
|
Total other operating expense
|
203,209 | 205,912 | 381,658 | 369,644 | ||||||||||||
|
Income before taxes
|
111,052 | 97,600 | 214,570 | 188,225 | ||||||||||||
|
Federal and state income tax
|
39,357 | 32,042 | 78,109 | 62,325 | ||||||||||||
|
Net income
|
71,695 | 65,558 | 136,461 | 125,900 | ||||||||||||
|
Net income attributable to non-controlling interest
|
2,688 | 2,036 | 2,680 | 2,245 | ||||||||||||
|
Net income attributable to BOK Financial Corp.
|
$ | 69,007 | $ | 63,522 | $ | 133,781 | $ | 123,655 | ||||||||
|
Earnings per share:
|
||||||||||||||||
|
Basic
|
$ | 1.01 | $ | 0.93 | $ | 1.96 | $ | 1.82 | ||||||||
|
Diluted
|
$ | 1.00 | $ | 0.93 | $ | 1.95 | $ | 1.81 | ||||||||
|
Average shares used in computation:
|
||||||||||||||||
|
Basic
|
67,898,483 | 67,605,807 | 67,900,279 | 67,599,349 | ||||||||||||
|
Diluted
|
68,169,485 | 67,880,587 | 68,173,182 | 67,835,606 | ||||||||||||
|
Dividends declared per share
|
$ | 0.275 | $ | 0.25 | $ | 0.525 | $ | 0.49 | ||||||||
|
|
||||||||||||
|
(In thousands except share data)
|
||||||||||||
|
June 30,
|
Dec. 31,
|
June 30,
|
||||||||||
|
2011
|
2010
|
2010
|
||||||||||
|
(Unaudited)
|
(Footnote 1)
|
(Unaudited)
|
||||||||||
|
Assets
|
||||||||||||
|
Cash and due from banks
|
$ | 1,098,721 | $ | 1,247,946 | $ | 834,972 | ||||||
|
Funds sold and resell agreements
|
12,040 | 21,458 | 17,554 | |||||||||
|
Trading securities
|
99,846 | 55,467 | 62,159 | |||||||||
|
Investment securities (fair value
: June 30, 2011 – $369,247;
December 31, 2010 - $346,105; June 30, 2010 – $363,886)
|
349,583 | 339,553 | 353,277 | |||||||||
|
Available for sale securities
|
9,567,008 | 9,096,277 | 8,953,162 | |||||||||
|
Available for sale securities pledged to creditors
|
– | 139,344 | 152,666 | |||||||||
|
Total available for sale securities
|
9,567,008 | 9,235,621 | 9,105,828 | |||||||||
|
Mortgage trading securities
|
553,231 | 428,021 | 534,641 | |||||||||
|
Residential mortgage loans held for sale
|
169,609 | 263,413 | 227,574 | |||||||||
|
Loans
|
10,737,544 | 10,643,036 | 10,882,717 | |||||||||
|
Less allowance for loan losses
|
(286,611 | ) | (292,971 | ) | (299,489 | ) | ||||||
|
Loans, net of allowance
|
10,450,933 | 10,350,065 | 10,583,228 | |||||||||
|
Premises and equipment, net
|
265,057 | 265,465 | 277,225 | |||||||||
|
Receivables
|
129,944 | 148,940 | 126,149 | |||||||||
|
Goodwill
|
335,601 | 335,601 | 335,601 | |||||||||
|
Intangible assets, net
|
12,010 | 13,803 | 15,991 | |||||||||
|
Mortgage servicing rights, net
|
109,192 | 115,723 | 98,942 | |||||||||
|
Real estate and other repossessed assets
|
129,026 | 141,394 | 119,908 | |||||||||
|
Bankers’ acceptances
|
1,661 | 1,222 | 2,885 | |||||||||
|
Derivative contracts
|
229,887 | 270,445 | 334,576 | |||||||||
|
Cash surrender value of bank-owned life insurance
|
261,203 | 255,442 | 251,857 | |||||||||
|
Receivable on unsettled securities trades
|
170,600 | 135,059 | – | |||||||||
|
Other assets
|
293,030 | 316,965 | 454,361 | |||||||||
|
Total assets
|
$ | 24,238,182 | $ | 23,941,603 | $ | 23,736,728 | ||||||
|
Noninterest-bearing demand deposits
|
$ | 4,725,977 | $ | 4,220,764 | $ | 3,735,289 | ||||||
|
Interest-bearing deposits:
|
||||||||||||
|
Transaction
|
9,013,323 | 9,255,362 | 8,488,159 | |||||||||
|
Savings
|
211,877 | 193,767 | 190,964 | |||||||||
|
Time (includes fair value:
$0 at June 30, 2011;
$27,414 at December 31, 2010; $27,957 at June 30, 2010)
|
3,634,700 | 3,509,168 | 3,673,088 | |||||||||
|
Total deposits
|
17,585,877 | 17,179,061 | 16,087,500 | |||||||||
|
Funds purchased
|
1,706,893 | 1,025,019 | 1,157,465 | |||||||||
|
Repurchase agreements
|
1,106,163 | 1,258,761 | 1,105,010 | |||||||||
|
Other borrowings
|
149,703 | 833,578 | 1,708,295 | |||||||||
|
Subordinated debentures
|
398,788 | 398,701 | 398,617 | |||||||||
|
Accrued interest, taxes and expense
|
104,493 | 134,107 | 91,471 | |||||||||
|
Bankers’ acceptances
|
1,661 | 1,222 | 2,885 | |||||||||
|
Derivative contracts
|
173,917 | 215,420 | 299,851 | |||||||||
|
Due on unsettled securities trades
|
166,607 | 160,425 | 266,470 | |||||||||
|
Other liabilities
|
151,906 | 191,431 | 169,137 | |||||||||
|
Total liabilities
|
21,546,008 | 21,397,725 | 21,286,701 | |||||||||
|
Shareholders' equity:
|
||||||||||||
|
Common stock ($.00006 par value; 2,500,000,000 shares authorized; shares issued and outstanding:
June 30, 2011 – 71,100,444;
December 31, 2010 – 70,815,563; June 30, 2010 – 70,616,414)
|
4 | 4 | 4 | |||||||||
|
Capital surplus
|
794,292 | 782,805 | 769,928 | |||||||||
|
Retained earnings
|
1,842,022 | 1,743,880 | 1,654,516 | |||||||||
|
Treasury stock (shares at cost:
June 30, 2011
– 2,637,575;
December 31, 2010 – 2,607,874; June 30, 2010 – 2,535,617)
|
(114,856 | ) | (112,802 | ) | (109,481 | ) | ||||||
|
Accumulated other comprehensive income
|
146,255 | 107,839 | 113,771 | |||||||||
|
Total shareholders’ equity
|
2,667,717 | 2,521,726 | 2,428,738 | |||||||||
|
Non-controlling interest
|
24,457 | 22,152 | 21,289 | |||||||||
|
Total equity
|
2,692,174 | 2,543,878 | 2,450,027 | |||||||||
|
Total liabilities and equity
|
$ | 24,238,182 | $ | 23,941,603 | $ | 23,736,728 | ||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||||||||
|
Accumulated
|
||||||||||||||||||||||||||||||||||||||||
|
Common Stock
|
Other
Comprehensive
|
Capital
|
Retained
|
Treasury Stock
|
Total
Shareholders’
|
Non-
Controlling
|
Total
|
|||||||||||||||||||||||||||||||||
|
Shares
|
Amount
|
Income(Loss)
|
Surplus
|
Earnings
|
Shares
|
Amount
|
Equity
|
Interest
|
Equity
|
|||||||||||||||||||||||||||||||
|
Balances at December 31, 2009
|
70,312 | $ | 4 | $ | (10,740 | ) | $ | 758,723 | $ | 1,563,683 | 2,509 | $ | (105,857 | ) | $ | 2,205,813 | $ | 19,561 | $ | 2,225,374 | ||||||||||||||||||||
|
Comprehensive income:
|
||||||||||||||||||||||||||||||||||||||||
|
Net income attributable to BOKF
|
– | – | – | – | 123,655 | – | – | 123,655 | – | 123,655 | ||||||||||||||||||||||||||||||
|
Net income attributable to non-controlling interest
|
– | – | – | – | – | – | – | – | 2,245 | 2,245 | ||||||||||||||||||||||||||||||
|
Other comprehensive income, net of tax
|
– | – | 124,511 | – | – | – | – | 124,511 | – | 124,511 | ||||||||||||||||||||||||||||||
|
Comprehensive income
|
248,166 | 2,245 | 250,411 | |||||||||||||||||||||||||||||||||||||
|
Exercise of stock options
|
304 | – | – | 6,511 | – | 27 | (3,624 | ) | 2,887 | – | 2,887 | |||||||||||||||||||||||||||||
|
Tax benefit on exercise of stock options
|
– | – | – | 335 | – | – | – | 335 | – | 335 | ||||||||||||||||||||||||||||||
|
Stock-based compensation
|
– | – | – | 4,359 | – | – | – | 4,359 | – | 4,359 | ||||||||||||||||||||||||||||||
|
Cash dividends on common stock
|
– | – | – | – | (32,822 | ) | – | – | (32,822 | ) | – | (32,822 | ) | |||||||||||||||||||||||||||
|
Capital calls and distributions, net
|
– | – | – | – | – | – | – | – | (517 | ) | (517 | ) | ||||||||||||||||||||||||||||
|
Balances at June 30, 2010
|
70,616 | $ | 4 | $ | 113,771 | $ | 769,928 | $ | 1,654,516 | 2,536 | $ | (109,481 | ) | $ | 2,428,738 | $ | 21,289 | $ | 2,450,027 | |||||||||||||||||||||
|
Balances at
December 31, 2010
|
70,816 | $ | 4 | $ | 107,839 | $ | 782,805 | $ | 1,743,880 | 2,608 | $ | (112,802 | ) | $ | 2,521,726 | $ | 22,152 | $ | 2,543,878 | |||||||||||||||||||||
|
Comprehensive income:
|
||||||||||||||||||||||||||||||||||||||||
|
Net income attributable to BOKF
|
– | – | – | – | 133,781 | – | – | 133,781 | – | 133,781 | ||||||||||||||||||||||||||||||
|
Net income attributable to non-controlling interest
|
– | – | – | – | – | – | – | – | 2,680 | 2,680 | ||||||||||||||||||||||||||||||
|
Other comprehensive income, net of tax
|
– | – | 38,416 | – | – | – | – | 38,416 | – | 38,416 | ||||||||||||||||||||||||||||||
|
Comprehensive income
|
172,197 | 2,680 | 174,877 | |||||||||||||||||||||||||||||||||||||
|
Exercise of stock options
|
284 | – | – | 6,345 | – | 30 | (2,054 | ) | 4,291 | – | 4,291 | |||||||||||||||||||||||||||||
|
Tax benefit on exercise of stock options
|
– | – | – | 339 | – | – | – | 339 | – | 339 | ||||||||||||||||||||||||||||||
|
Stock-based compensation
|
– | – | – | 4,803 | – | – | – | 4,803 | – | 4,803 | ||||||||||||||||||||||||||||||
|
Cash dividends on common stock
|
– | – | – | – | (35,639 | ) | – | – | (35,639 | ) | – | (35,639 | ) | |||||||||||||||||||||||||||
|
Capital calls and distributions, net
|
– | – | – | – | – | – | – | – | (375 | ) | (375 | ) | ||||||||||||||||||||||||||||
|
Balances at June 30, 2011
|
71,100 | $ | 4 | $ | 146,255 | $ | 794,292 | $ | 1,842,022 | 2,638 | $ | (114,856 | ) | $ | 2,667,717 | $ | 24,457 | $ | 2,692,174 | |||||||||||||||||||||
|
|
||||||||
|
(In thousands)
|
||||||||
|
Six Months Ended
|
||||||||
|
June 30,
|
||||||||
|
2011
|
2010
|
|||||||
|
Cash Flows From Operating Activities:
|
||||||||
|
Net income
|
$ | 136,461 | $ | 125,900 | ||||
|
Adjustments to reconcile net income before non-controlling interest to net cash
provided by operating activities:
|
||||||||
|
Provision for credit losses
|
8,950 | 78,140 | ||||||
|
Change in fair value of mortgage servicing rights
|
10,364 | 5,526 | ||||||
|
Unrealized (gains) losses from derivatives
|
5,834 | (18,542 | ) | |||||
|
Tax benefit on exercise of stock options
|
(339 | ) | (335 | ) | ||||
|
Change in bank-owned life insurance
|
(5,735 | ) | (5,880 | ) | ||||
|
Stock-based compensation
|
4,803 | 4,359 | ||||||
|
Depreciation and amortization
|
24,529 | 30,843 | ||||||
|
Net amortization of securities discounts and premiums
|
48,751 | 44,240 | ||||||
|
Net realized (gains) losses on financial instruments and other assets
|
(16,789 | ) | 4,863 | |||||
|
Mortgage loans originated for resale
|
(902,774 | ) | (818,282 | ) | ||||
|
Proceeds from sale of mortgage loans held for resale
|
1,013,516 | 817,960 | ||||||
|
Capitalized mortgage servicing rights
|
(10,767 | ) | (10,362 | ) | ||||
|
Change in trading securities, including mortgage trading securities
|
(169,581 | ) | (250,268 | ) | ||||
|
Change in receivables
|
18,996 | (17,327 | ) | |||||
|
Change in other assets
|
17,073 | 15,199 | ||||||
|
Change in accrued interest, taxes and expense
|
(29,614 | ) | (19,978 | ) | ||||
|
Change in other liabilities
|
(35,125 | ) | 29,590 | |||||
|
Net cash provided by operating activities
|
118,553 | 15,646 | ||||||
|
Cash Flows From Investing Activities:
|
||||||||
|
Proceeds from maturities of investment securities
|
26,986 | 61,275 | ||||||
|
Proceeds from maturities of available for sale securities
|
1,216,168 | 1,121,309 | ||||||
|
Purchases of investment securities
|
(37,085 | ) | (174,255 | ) | ||||
|
Purchases of available for sale securities
|
(2,967,565 | ) | (2,254,088 | ) | ||||
|
Proceeds from sales of available for sale securities
|
1,447,073 | 956,170 | ||||||
|
Change in amount receivable on unsettled securities transactions
|
(35,541 | ) | – | |||||
|
Loans originated net of principal collected
|
(87,541 | ) | 302,180 | |||||
|
Purchase of mortgage servicing rights
|
– | (26,658 | ) | |||||
|
Proceeds from derivative asset contracts
|
55,877 | 114,312 | ||||||
|
Proceeds from disposition of assets
|
62,060 | 13,154 | ||||||
|
Purchases of assets
|
(19,984 | ) | (24,966 | ) | ||||
|
Net cash provided by (used in) investing activities
|
(339,552 | ) | 88,433 | |||||
|
Cash Flows From Financing Activities:
|
||||||||
|
Net change in demand deposits, transaction deposits and savings accounts
|
281,284 | 664,177 | ||||||
|
Net change in time deposits
|
125,692 | (94,090 | ) | |||||
|
Net change in other borrowings
|
(214,296 | ) | (634,330 | ) | ||||
|
Net payments or proceeds on derivative liability contracts
|
(58,891 | ) | (105,856 | ) | ||||
|
Net change in derivative margin accounts
|
(46,606 | ) | (26,889 | ) | ||||
|
Change in amount due on unsettled security transactions
|
6,182 | 54,135 | ||||||
|
Issuance of common and treasury stock, net
|
4,291 | 2,887 | ||||||
|
Tax benefit on exercise of stock options
|
339 | 335 | ||||||
|
Dividends paid
|
(35,639 | ) | (33,138 | ) | ||||
|
Net cash provided by (used in) financing activities
|
62,356 | (172,769 | ) | |||||
|
Net decrease in cash and cash equivalents
|
(158,643 | ) | (68,690 | ) | ||||
|
Cash and cash equivalents at beginning of period
|
1,269,404 | 921,216 | ||||||
|
Cash and cash equivalents at end of period
|
$ | 1,110,761 | $ | 852,526 | ||||
|
Cash paid for interest
|
$ | 63,563 | $ | 74,563 | ||||
|
Cash paid for taxes
|
$ | 87,888 | $ | 71,262 | ||||
|
Net loans transferred to repossessed real estate and other assets
|
$ | 33,894 | $ | 24,769 | ||||
|
Increase in U.S. government guaranteed loans elgible for repurchase
|
$ | 59,697 | $ | – | ||||
|
Accrued purchase of mortgage servicing rights
|
$ | – | $ | 5,234 | ||||
|
June 30, 2011
|
December 31, 2010
|
June 30, 2010
|
||||||||||||||||||||||
|
Fair Value
|
Net Unrealized Gain (Loss)
|
Fair Value
|
Net Unrealized Gain (Loss)
|
Fair Value
|
Net Unrealized Gain (Loss)
|
|||||||||||||||||||
|
Obligations of the U.S. Government
|
$ | 11,825 | $ | (37 | ) | $ | 3,873 | $ | (17 | ) | $ | 12,786 | $ | (8 | ) | |||||||||
|
U.S. agency residential mortgage-backed securities
|
22,739 | 9 | 27,271 | 292 | 26,476 | 151 | ||||||||||||||||||
|
Municipal and other tax-exempt securities
|
62,285 | (249 | ) | 23,396 | (214 | ) | 18,866 | (15 | ) | |||||||||||||||
|
Other trading securities
|
2,997 | (13 | ) | 927 | (2 | ) | 4,031 | 3 | ||||||||||||||||
|
Total
|
$ | 99,846 | $ | (290 | ) | $ | 55,467 | $ | 59 | $ | 62,159 | $ | 131 | |||||||||||
|
June 30,
|
||||||||||||||||||||||||||||||||
|
2011
|
2010
|
|||||||||||||||||||||||||||||||
|
Not Recognized in OCI
1
|
Not Recognized in OCI
1
|
|||||||||||||||||||||||||||||||
|
Amortized
|
Fair
|
Gross Unrealized
|
Amortized
|
Fair
|
Gross Unrealized
|
|||||||||||||||||||||||||||
|
Cost
|
Value
|
Gain
|
Loss
|
Cost
|
Value
|
Gain
|
Loss
|
|||||||||||||||||||||||||
|
Municipal and other tax-exempt
|
$ | 160,870 | $ | 165,449 | $ | 4,583 | $ | (4 | ) | $ | 221,702 | $ | 227,301 | $ | 5,640 | $ | (41 | ) | ||||||||||||||
|
Other debt securities
|
188,713 | 203,798 | 15,085 | – | 131,575 | 136,585 | 5,245 | (235 | ) | |||||||||||||||||||||||
|
Total
|
$ | 349,583 | $ | 369,247 | $ | 19,668 | $ | (4 | ) | $ | 353,277 | $ | 363,886 | $ | 10,885 | $ | (276 | ) | ||||||||||||||
|
December 31, 2010
|
||||||||||||||||
|
Not Recognized in OCI
1
|
||||||||||||||||
|
Amortized
|
Fair
|
Gross Unrealized
|
||||||||||||||
|
Cost
|
Value
|
Gain
|
Loss
|
|||||||||||||
|
Municipal and other tax-exempt
|
$ | 184,898 | $ | 188,577 | $ | 3,912 | $ | (233 | ) | |||||||
|
Other debt securities
|
154,655 | 157,528 | 4,505 | (1,632 | ) | |||||||||||
|
Total
|
$ | 339,553 | $ | 346,105 | $ | 8,417 | $ | (1,865 | ) | |||||||
|
Weighted
|
||||||||||||||||||||||||
|
Less than
|
One to
|
Six to
|
Over
|
Average
|
||||||||||||||||||||
|
One Year
|
Five Years
|
Ten Years
|
Ten Years
|
Total
|
Maturity²
|
|||||||||||||||||||
|
Municipal and other tax-exempt:
|
||||||||||||||||||||||||
|
Amortized cost
|
$ | 49,599 | $ | 81,448 | $ | 24,506 | $ | 5,317 | $ | 160,870 | 2.82 | |||||||||||||
|
Fair value
|
49,937 | 84,499 | 25,547 | 5,466 | 165,449 | |||||||||||||||||||
|
Nominal yield¹
|
4.64 | 4.66 | 5.58 | 6.22 | 4.84 | |||||||||||||||||||
|
Other debt securities:
|
||||||||||||||||||||||||
|
Amortized cost
|
7,729 | 29,513 | 34,784 | 116,687 | 188,713 | 10.50 | ||||||||||||||||||
|
Fair value
|
7,764 | 30,203 | 36,286 | 129,545 | 203,798 | |||||||||||||||||||
|
Nominal yield
|
4.52 | 5.44 | 5.58 | 6.20 | 5.90 | |||||||||||||||||||
|
Total fixed maturity securities:
|
||||||||||||||||||||||||
|
Amortized cost
|
$ | 57,328 | $ | 110,961 | $ | 59,290 | $ | 122,004 | $ | 349,583 | 6.97 | |||||||||||||
|
Fair value
|
57,701 | 114,702 | 61,833 | 135,011 | 369,247 | |||||||||||||||||||
|
Nominal yield
|
4.62 | 4.87 | 5.58 | 6.20 | 5.41 | |||||||||||||||||||
|
Total investment securities:
|
||||||||||||||||||||||||
|
Amortized cost
|
$ | 349,583 | ||||||||||||||||||||||
|
Fair value
|
369,247 | |||||||||||||||||||||||
|
Nominal yield
|
5.41 | |||||||||||||||||||||||
|
¹
|
Calculated on a taxable equivalent basis using a 39% effective tax rate.
|
|
²
|
Expected maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without penalty.
|
|
June 30, 2011
|
||||||||||||||||||||
|
Recognized in OCI
1
|
||||||||||||||||||||
|
Amortized
|
Fair
|
Gross Unrealized
|
||||||||||||||||||
|
Cost
|
Value
|
Gain
|
Loss
|
OTTI
²
|
||||||||||||||||
|
U.S. Treasury
|
$ | 1,001 | $ | 1,003 | $ | 2 | $ | – | $ | – | ||||||||||
|
Municipal and other tax-exempt
|
68,502 | 70,210 | 2,375 | (146 | ) | (521 | ) | |||||||||||||
|
Residential mortgage-backed securities:
|
||||||||||||||||||||
|
U. S. agencies:
|
||||||||||||||||||||
|
FNMA
|
5,359,939 | 5,524,849 | 166,016 | (1,106 | ) | – | ||||||||||||||
|
FHLMC
|
2,447,830 | 2,544,684 | 97,575 | (721 | ) | – | ||||||||||||||
|
GNMA
|
704,168 | 742,411 | 38,243 | – | – | |||||||||||||||
|
Other
|
76,971 | 81,845 | 4,874 | – | – | |||||||||||||||
|
Total U.S. agencies
|
8,588,908 | 8,893,789 | 306,708 | (1,827 | ) | – | ||||||||||||||
|
Private issue:
|
||||||||||||||||||||
|
Alt-A loans
|
195,932 | 166,757 | 46 | (104 | ) | (29,117 | ) | |||||||||||||
|
Jumbo-A loans
|
385,371 | 346,465 | 513 | (11,949 | ) | (27,470 | ) | |||||||||||||
|
Total private issue
|
581,303 | 513,222 | 559 | (12,053 | ) | (56,587 | ) | |||||||||||||
|
Total residential mortgage-backed securities
|
9,170,211 | 9,407,011 | 307,267 | (13,880 | ) | (56,587 | ) | |||||||||||||
|
Other debt securities
|
5,900 | 5,893 | – | (7 | ) | – | ||||||||||||||
|
Perpetual preferred stock
|
19,511 | 22,694 | 3,183 | – | – | |||||||||||||||
|
Equity securities and mutual funds
|
38,683 | 60,197 | 21,516 | (2 | ) | – | ||||||||||||||
|
Total
|
$ | 9,303,808 | $ | 9,567,008 | $ | 334,343 | $ | (14,035 | ) | $ | (57,108 | ) | ||||||||
|
¹
|
Other comprehensive income
|
|
²
|
Amounts represent unrealized loss that remains in OCI after an other-than-temporary credit loss has been recognized in income.
|
|
December 31, 2010
|
||||||||||||||||||||
|
Recognized in OCI¹
|
||||||||||||||||||||
|
Amortized
|
Fair
|
Gross Unrealized
|
||||||||||||||||||
|
Cost
|
Value
|
Gain
|
Loss
|
OTTI
²
|
||||||||||||||||
|
Municipal and other tax-exempt
|
$ | 72,190 | $ | 72,942 | $ | 1,172 | $ | (315 | ) | $ | (105 | ) | ||||||||
|
Residential mortgage-backed securities:
|
||||||||||||||||||||
|
U. S. agencies:
|
||||||||||||||||||||
|
FNMA
|
4,791,438 | 4,925,693 | 147,024 | (12,769 | ) | – | ||||||||||||||
|
FHLMC
|
2,545,208 | 2,620,066 | 83,341 | (8,483 | ) | – | ||||||||||||||
|
GNMA
|
765,046 | 801,993 | 37,193 | (246 | ) | – | ||||||||||||||
|
Other
|
92,013 | 99,157 | 7,144 | – | – | |||||||||||||||
|
Total U.S. agencies
|
8,193,705 | 8,446,909 | 274,702 | (21,498 | ) | – | ||||||||||||||
|
Private issue:
|
||||||||||||||||||||
|
Alt-A loans
|
220,332 | 186,674 | – | (353 | ) | (33,305 | ) | |||||||||||||
|
Jumbo-A loans
|
494,098 | 457,535 | 923 | (14,067 | ) | (23,419 | ) | |||||||||||||
|
Total private issue
|
714,430 | 644,209 | 923 | (14,420 | ) | (56,724 | ) | |||||||||||||
|
Total residential mortgage-backed securities
|
8,908,135 | 9,091,118 | 275,625 | (35,918 | ) | (56,724 | ) | |||||||||||||
|
Other debt securities
|
6,401 | 6,401 | – | – | – | |||||||||||||||
|
Perpetual preferred stock
|
19,511 | 22,114 | 2,603 | – | – | |||||||||||||||
|
Equity securities and mutual funds
|
29,181 | 43,046 | 14,192 | (327 | ) | – | ||||||||||||||
|
Total
|
$ | 9,035,418 | $ | 9,235,621 | $ | 293,592 | $ | (36,560 | ) | $ | (56,829 | ) | ||||||||
|
¹
|
Other comprehensive income
|
|
²
|
Amounts represent unrealized loss that remains in OCI after an other-than-temporary credit loss has been recognized in income.
|
|
June 30, 2010
|
||||||||||||||||||||
|
Recognized in OCI
1
|
||||||||||||||||||||
|
Amortized
|
Fair
|
Gross Unrealized
|
||||||||||||||||||
|
Cost
|
Value
|
Gain
|
Loss
|
OTTI
²
|
||||||||||||||||
|
Municipal and other tax-exempt
|
||||||||||||||||||||
|
Residential mortgage-backed securities:
|
$ | 66,053 | $ | 66,439 | $ | 1,460 | $ | (1,074 | ) | $ | – | |||||||||
|
U. S. agencies:
|
||||||||||||||||||||
|
FNMA
|
4,148,758 | 4,319,324 | 174,183 | (3,617 | ) | – | ||||||||||||||
|
FHLMC
|
2,680,437 | 2,776,620 | 96,183 | – | – | |||||||||||||||
|
GNMA
|
972,348 | 1,011,522 | 40,707 | (1,533 | ) | – | ||||||||||||||
|
Other
|
107,564 | 116,253 | 8,689 | – | – | |||||||||||||||
|
Total U.S. agencies
|
7,909,107 | 8,223,719 | 319,762 | (5,150 | ) | – | ||||||||||||||
|
Private issue:
|
||||||||||||||||||||
|
Alt-A loans
|
230,058 | 176,489 | – | (1,350 | ) | (52,219 | ) | |||||||||||||
|
Jumbo-A loans
|
619,415 | 559,027 | 1,536 | (27,665 | ) | (34,259 | ) | |||||||||||||
|
Total private issue
|
849,473 | 735,516 | 1,536 | (29,015 | ) | (86,478 | ) | |||||||||||||
|
Total residential mortgage-backed securities
|
8,758,580 | 8,959,235 | 321,298 | (34,165 | ) | (86,478 | ) | |||||||||||||
|
Other debt securities
|
12,971 | 13,064 | 120 | (27 | ) | – | ||||||||||||||
|
Perpetual preferred stock
|
19,224 | 19,881 | 790 | (133 | ) | – | ||||||||||||||
|
Equity securities and mutual funds
|
33,561 | 47,209 | 14,170 | (522 | ) | – | ||||||||||||||
|
Total
|
$ | 8,890,389 | $ | 9,105,828 | $ | 337,838 | $ | (35,921 | ) | $ | (86,478 | ) | ||||||||
|
¹
|
Other comprehensive income
|
|
²
|
Amounts represent unrealized loss that remains in OCI after an other-than-temporary credit loss has been recognized in income.
|
|
Weighted
|
||||||||||||||||||||||||
|
Less than
|
One to
|
Six to
|
Over
|
Average
|
||||||||||||||||||||
|
One Year
|
Five Years
|
Ten Years
|
Ten Years
6
|
Total
|
Maturity
5
|
|||||||||||||||||||
|
U.S. Treasuries:
|
||||||||||||||||||||||||
|
Amortized cost
|
$ | 1,001 | $ | – | $ | – | $ | – | $ | 1,001 | 1.84 | |||||||||||||
|
Fair value
|
1,003 | – | – | – | 1,003 | |||||||||||||||||||
|
Nominal yield¹
|
0.55 | – | – | – | 0.55 | |||||||||||||||||||
|
Municipal and other tax-exempt:
|
||||||||||||||||||||||||
|
Amortized cost
|
744 | 6,941 | 12,575 | 48,242 | 68,502 | 19.75 | ||||||||||||||||||
|
Fair value
|
752 | 8,077 | 13,678 | 47,703 | 70,210 | |||||||||||||||||||
|
Nominal yield¹
|
3.30 | 4.12 | 4.08 | 0.95 | 1.87 | |||||||||||||||||||
|
Other debt securities:
|
||||||||||||||||||||||||
|
Amortized cost
|
– | – | – | 5,900 | 5,900 | 32.46 | ||||||||||||||||||
|
Fair value
|
– | – | – | 5,893 | 5,893 | |||||||||||||||||||
|
Nominal yield¹
|
– | – | – | 1.71 | 1.71 | |||||||||||||||||||
|
Total fixed maturity securities:
|
||||||||||||||||||||||||
|
Amortized cost
|
$ | 1,745 | $ | 6,941 | $ | 12,575 | $ | 54,142 | $ | 75,403 | 20.51 | |||||||||||||
|
Fair value
|
1,755 | 8,077 | 13,678 | 53,596 | 77,106 | |||||||||||||||||||
|
Nominal yield
|
3.30 | 3.67 | 4.08 | 1.03 | 1.84 | |||||||||||||||||||
|
Mortgage-backed securities:
|
||||||||||||||||||||||||
|
Amortized cost
|
9,170,211 | ² | ||||||||||||||||||||||
|
Fair value
|
9,407,011 | |||||||||||||||||||||||
|
Nominal yield
4
|
3.79 | |||||||||||||||||||||||
|
Equity securities and mutual funds:
|
||||||||||||||||||||||||
|
Amortized cost
|
58,194 | ³ | ||||||||||||||||||||||
|
Fair value
|
82,891 | |||||||||||||||||||||||
|
Nominal yield
|
0.69 | |||||||||||||||||||||||
|
Total available-for-sale securities:
|
||||||||||||||||||||||||
|
Amortized cost
|
$ | 9,303,808 | ||||||||||||||||||||||
|
Fair value
|
9,567,008 | |||||||||||||||||||||||
|
Nominal yield
|
3.76 | |||||||||||||||||||||||
|
¹
|
Calculated on a taxable equivalent basis using a 39% effective tax rate.
|
|
²
|
The average expected lives of mortgage-backed securities were 2.92 years based upon current prepayment assumptions.
|
|
³
|
Primarily restricted common stock of U.S. government agencies and preferred stock of corporate issuers with no stated maturity.
|
|
4
|
The nominal yield on mortgage-backed securities is based upon prepayment assumptions at the purchase date. Actual yields earned may differ significantly based upon actual prepayments.
|
|
5
|
Expected maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without penalty.
|
|
6
|
Nominal yield on municipal and other tax-exempt securities and other debt securities with contractual maturity dates over ten years are based on variable rates which generally are reset within 35 days.
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
Proceeds
|
$ | 771,536 | $ | 594,990 | $ | 1,411,220 | $ | 915,138 | ||||||||
|
Gross realized gains
|
6,205 | 8,469 | 17,172 | 13,826 | ||||||||||||
|
Gross realized losses
|
3,654 | – | 7,809 | – | ||||||||||||
|
Related federal and state income tax expense
|
904 | 2,778 | 3,454 | 4,576 | ||||||||||||
|
Number
|
Less Than 12 Months
|
12 Months or Longer
|
Total
|
|||||||||||||||||||||||||
|
of
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
||||||||||||||||||||||
|
Securities
|
Value
|
Loss
|
Value
|
Loss
|
Value
|
Loss
|
||||||||||||||||||||||
|
Investment:
|
||||||||||||||||||||||||||||
|
Municipal and other tax exempt
|
2 | $ | 619 | $ | 4 | $ | – | $ | – | $ | 619 | $ | 4 | |||||||||||||||
|
Available for sale:
|
||||||||||||||||||||||||||||
|
Municipal and other tax-exempt
1
|
51 | 24,065 | 301 | 19,593 | 366 | 43,658 | 667 | |||||||||||||||||||||
|
Residential mortgage-backed securities:
|
||||||||||||||||||||||||||||
|
U. S. agencies:
|
||||||||||||||||||||||||||||
|
FNMA
|
7 | 230,949 | 1,106 | – | – | 230,949 | 1,106 | |||||||||||||||||||||
|
FHLMC
|
2 | 98,169 | 721 | – | – | 98,169 | 721 | |||||||||||||||||||||
|
Total U.S. agencies
|
9 | 329,118 | 1,827 | – | – | 329,118 | 1,827 | |||||||||||||||||||||
|
Private issue
1
:
|
||||||||||||||||||||||||||||
|
Alt-A loans
|
20 | – | – | 156,796 | 29,221 | 156,796 | 29,221 | |||||||||||||||||||||
|
Jumbo-A loans
|
39 | – | – | 301,397 | 39,419 | 301,397 | 39,419 | |||||||||||||||||||||
|
Total private issue
|
59 | – | – | 458,193 | 68,640 | 458,193 | 68,640 | |||||||||||||||||||||
|
Total residential mortgage-backed securities
|
68 | 329,118 | 1,827 | 458,193 | 68,640 | 787,311 | 70,467 | |||||||||||||||||||||
|
Other debt securities
|
2 | – | – | 993 | 7 | 993 | 7 | |||||||||||||||||||||
|
Equity securities and mutual funds
|
1 | 213 | 2 | – | – | 213 | 2 | |||||||||||||||||||||
|
Total available for sale
|
122 | 353,396 | 2,130 | 478,779 | 69,013 | 832,175 | 71,143 | |||||||||||||||||||||
|
Total
|
124 | $ | 354,015 | $ | 2,134 | $ | 478,779 | $ | 69,013 | $ | 832,794 | $ | 71,147 | |||||||||||||||
|
¹
|
Includes the following securities for which an unrealized loss remains in OCI after an other-than-temporary credit loss has been recognized in income:
|
|
Municipal and other tax-exempt
|
21 | $ | 6,948 | $ | 244 | $ | 7,115 | $ | 277 | $ | 14,063 | $ | 521 | |||||||||||||||
|
Alt-A loans
|
19 | – | – | 153,632 | 29,117 | 153,632 | 29,117 | |||||||||||||||||||||
|
Jumbo-A loans
|
21 | – | – | 138,205 | 27,470 | 138,205 | 27,470 |
|
Number
|
Less Than 12 Months
|
12 Months or Longer
|
Total
|
|||||||||||||||||||||||||
|
of
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
||||||||||||||||||||||
|
Securities
|
Value
|
Loss
|
Value
|
Loss
|
Value
|
Loss
|
||||||||||||||||||||||
|
Investment:
|
||||||||||||||||||||||||||||
|
Municipal and other tax- exempt
|
37 | $ | 12,482 | $ | 211 | $ | 786 | $ | 22 | $ | 13,268 | $ | 233 | |||||||||||||||
|
Other
|
15 | 80,698 | 1,632 | – | – | 80,698 | 1,632 | |||||||||||||||||||||
|
Total investment
|
52 | 93,180 | 1,843 | 786 | 22 | 93,966 | 1,865 | |||||||||||||||||||||
|
Available for sale:
|
||||||||||||||||||||||||||||
|
Municipal and other tax-exempt
1
|
42 | 22,271 | 171 | 25,235 | 249 | 47,506 | 420 | |||||||||||||||||||||
|
Residential mortgage-backed securities:
|
||||||||||||||||||||||||||||
|
U. S. agencies:
|
||||||||||||||||||||||||||||
|
FNMA
|
26 | 1,099,710 | 12,769 | – | – | 1,099,710 | 12,769 | |||||||||||||||||||||
|
FHLMC
|
12 | 491,776 | 8,483 | – | – | 491,776 | 8,483 | |||||||||||||||||||||
|
GNMA
|
3 | 5,681 | 246 | – | – | 5,681 | 246 | |||||||||||||||||||||
|
Total U.S. agencies
|
41 | 1,597,167 | 21,498 | – | – | 1,597,167 | 21,498 | |||||||||||||||||||||
|
Private issue
1
:
|
||||||||||||||||||||||||||||
|
Alt-A loans
|
22 | – | – | 186,675 | 33,658 | 186,675 | 33,658 | |||||||||||||||||||||
|
Jumbo-A loans
|
53 | – | – | 417,917 | 37,486 | 417,917 | 37,486 | |||||||||||||||||||||
|
Total private issue
|
75 | – | – | 604,592 | 71,144 | 604,592 | 71,144 | |||||||||||||||||||||
|
Total residential mortgage-backed securities
|
116 | 1,597,167 | 21,498 | 604,592 | 71,144 | 2,201,759 | 92,642 | |||||||||||||||||||||
|
Equity securities and mutual funds
|
2 | – | – | 2,878 | 327 | 2,878 | 327 | |||||||||||||||||||||
|
Total available for sale
|
160 | 1,619,438 | 21,669 | 632,705 | 71,720 | 2,252,143 | 93,389 | |||||||||||||||||||||
|
Total
|
212 | $ | 1,712,618 | $ | 23,512 | $ | 633,491 | $ | 71,742 | $ | 2,346,109 | $ | 95,254 | |||||||||||||||
|
¹
|
Includes the following securities for which an unrealized loss remains in OCI after an other-than-temporary credit loss has been recognized in income:
|
|
Municipal and other tax-exempt
|
11 | $ | 10,713 | $ | 105 | $ | – | $ | – | $ | 10,713 | $ | 105 | |||||||||||||||
|
Alt-A loans
|
19 | – | – | 172,153 | 33,305 | 172,153 | 33,305 | |||||||||||||||||||||
|
Jumbo-A loans
|
25 | – | – | 166,401 | 23,419 | 166,401 | 23,419 |
|
Number
|
Less Than 12 Months
|
12 Months or Longer
|
Total
|
|||||||||||||||||||||||||
|
of
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
||||||||||||||||||||||
|
Securities
|
Value
|
Loss
|
Value
|
Loss
|
Value
|
Loss
|
||||||||||||||||||||||
|
Investment:
|
||||||||||||||||||||||||||||
|
Municipal and other tax exempt
|
13 | $ | 5,606 | $ | 31 | $ | 1,437 | $ | 10 | $ | 7,043 | $ | 41 | |||||||||||||||
|
Other debt securities
|
1 | 14,215 | 235 | – | – | 14,215 | 235 | |||||||||||||||||||||
|
Available for sale:
|
||||||||||||||||||||||||||||
|
Municipal and other tax-exempt
|
23 | 32,325 | 1,074 | – | – | 32,325 | 1,074 | |||||||||||||||||||||
|
Residential mortgage-backed securities:
|
||||||||||||||||||||||||||||
|
U. S. agencies:
|
||||||||||||||||||||||||||||
|
FNMA
|
6 | 166,825 | 3,617 | – | – | 166,825 | 3,617 | |||||||||||||||||||||
|
GNMA
|
2 | 45,693 | 1,533 | – | – | 45,693 | 1,533 | |||||||||||||||||||||
|
Total U.S. agencies
|
8 | 212,518 | 5,150 | – | – | 212,518 | 5,150 | |||||||||||||||||||||
|
Private issue
1
:
|
||||||||||||||||||||||||||||
|
Alt-A loans
|
20 | – | – | 176,489 | 53,569 | 176,489 | 53,569 | |||||||||||||||||||||
|
Jumbo-A loans
|
55 | – | – | 480,782 | 61,924 | 480,782 | 61,924 | |||||||||||||||||||||
|
Total private issue
|
75 | – | – | 657,271 | 115,493 | 657,271 | 115,493 | |||||||||||||||||||||
|
Total residential mortgage-backed securities
|
83 | 212,518 | 5,150 | 657,271 | 115,493 | 869,789 | 120,643 | |||||||||||||||||||||
|
Other debt securities
|
7 | 4,965 | 27 | 29 | – | 4,994 | 27 | |||||||||||||||||||||
|
Equity securities and mutual funds
|
3 | 2,681 | 523 | 3,606 | 132 | 6,287 | 655 | |||||||||||||||||||||
|
Total available for sale
|
116 | 252,489 | 6,774 | 660,906 | 115,625 | 913,395 | 122,399 | |||||||||||||||||||||
|
Total
|
130 | $ | 272,310 | $ | 7,040 | $ | 662,343 | $ | 115,635 | $ | 934,653 | $ | 122,675 | |||||||||||||||
|
¹
|
Includes the following securities for which an unrealized loss remains in OCI after an other-than-temporary credit loss has been recognized in income:
|
|
Alt-A loans
|
16 | $ | – | $ | – | $ | 153,012 | $ | 52,219 | $ | 153,012 | $ | 52,219 | |||||||||||||||
|
Jumbo-A loans
|
25 | – | – | 160,872 | 34,259 | 160,872 | 34,259 |
|
U.S. Govt / GSE
1
|
AAA - AA
|
A - BBB
|
Below Investment Grade
|
Not Rated
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||
|
Amortized
|
Fair
|
Amortized
|
Fair
|
Amortized
|
Fair
|
Amortized
|
Fair
|
Amortized
|
Fair
|
Amortized
|
Fair
|
|||||||||||||||||||||||||||||||||||||
|
Cost
|
Value
|
Cost
|
Value
|
Cost
|
Value
|
Cost
|
Value
|
Cost
|
Value
|
Cost
|
Value
|
|||||||||||||||||||||||||||||||||||||
|
Investment:
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Municipal and other tax-exempt
|
$ | – | $ | – | $ | 58,023 | $ | 59,743 | $ | 29,898 | $ | 30,679 | $ | – | $ | – | $ | 72,949 | $ | 75,027 | $ | 160,870 | $ | 165,449 | ||||||||||||||||||||||||
|
Other debt securities
|
– | – | 180,334 | 195,332 | 1,350 | 1,350 | – | – | 7,029 | 7,116 | 188,713 | 203,798 | ||||||||||||||||||||||||||||||||||||
|
Total
|
$ | – | $ | – | $ | 238,357 | $ | 255,075 | $ | 31,248 | $ | 32,029 | $ | – | $ | – | $ | 79,978 | $ | 82,143 | $ | 349,583 | $ | 369,247 | ||||||||||||||||||||||||
|
Available for Sale:
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
U.S. Treasury
|
$ | 1,001 | $ | 1,003 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 1,001 | $ | 1,003 | ||||||||||||||||||||||||
|
Municipal and other tax-exempt
|
– | – | 39,996 | 42,024 | 11,941 | 11,986 | 14,584 | 14,063 | 1,981 | 2,137 | 68,502 | 70,210 | ||||||||||||||||||||||||||||||||||||
|
Residential mortgage-backed securities:
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
U. S. agencies:
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
FNMA
|
5,359,939 | 5,524,849 | – | – | – | – | – | – | – | – | 5,359,939 | 5,524,849 | ||||||||||||||||||||||||||||||||||||
|
FHLMC
|
2,447,830 | 2,544,684 | – | – | – | – | – | – | – | – | 2,447,830 | 2,544,684 | ||||||||||||||||||||||||||||||||||||
|
GNMA
|
704,168 | 742,411 | – | – | – | – | – | – | – | – | 704,168 | 742,411 | ||||||||||||||||||||||||||||||||||||
|
Other
|
76,971 | 81,845 | – | – | – | – | – | – | – | – | 76,971 | 81,845 | ||||||||||||||||||||||||||||||||||||
|
Total U.S. agencies
|
8,588,908 | 8,893,789 | – | – | – | – | – | – | – | – | 8,588,908 | 8,893,789 | ||||||||||||||||||||||||||||||||||||
|
Private issue:
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Alt-A loans
|
– | – | 3,269 | 3,164 | 9,914 | 9,961 | 182,749 | 153,632 | – | – | 195,932 | 166,757 | ||||||||||||||||||||||||||||||||||||
|
Jumbo-A loans
|
– | – | 32,106 | 31,379 | 66,618 | 61,397 | 286,647 | 253,689 | – | – | 385,371 | 346,465 | ||||||||||||||||||||||||||||||||||||
|
Total private issue
|
– | – | 35,375 | 34,543 | 76,532 | 71,358 | 469,396 | 407,321 | – | – | 581,303 | 513,222 | ||||||||||||||||||||||||||||||||||||
|
Total residential mortgage-backed securities
|
8,588,908 | 8,893,789 | 35,375 | 34,543 | 76,532 | 71,358 | 469,396 | 407,321 | – | – | 9,170,211 | 9,407,011 | ||||||||||||||||||||||||||||||||||||
|
Other debt securities
|
– | – | 5,900 | 5,893 | – | – | – | – | – | – | 5,900 | 5,893 | ||||||||||||||||||||||||||||||||||||
|
Perpetual preferred stock
|
– | – | – | – | 19,511 | 22,694 | – | – | – | – | 19,511 | 22,694 | ||||||||||||||||||||||||||||||||||||
|
Equity securities and mutual funds
|
– | – | – | – | – | – | – | – | 38,683 | 60,197 | 38,683 | 60,197 | ||||||||||||||||||||||||||||||||||||
|
Total
|
$ | 8,589,909 | $ | 8,894,792 | $ | 81,271 | $ | 82,460 | $ | 107,984 | $ | 106,038 | $ | 483,980 | $ | 421,384 | $ | 40,664 | $ | 62,334 | $ | 9,303,808 | $ | 9,567,008 | ||||||||||||||||||||||||
|
1
|
U.S. government and government sponsored enterprises are not rated by the nationally-recognized rating agencies as these securities are guaranteed by agencies of the U.S. government or government-sponsored enterprises.
|
|
·
|
Unemployment rates – increasing to 9.5% over the next 12 months, dropping to 8% over the following 21 months, and holding at 8% thereafter.
|
|
·
|
Housing price depreciation – starting with current depreciated housing prices based on information derived from the Federal Housing Finance Agency (“FHFA”) data, decreasing by an additional 4% over the next twelve months and holding at that level thereafter.
|
|
·
|
Estimated Liquidation Costs – held constant at 25% to 30% for Jumbo-A loans and 35% to 38% for Alt-A loans of the then-current depreciated housing price at estimated foreclosure date.
|
|
·
|
Discount rates – estimated cash flows were discounted at rates that range from 2.90% to 6.25% based on our current expected yields.
|
|
Credit Losses Recognized
|
||||||||||||||||||||||||||||
|
Three months ended
June 30, 2011
|
Life-to-date
|
|||||||||||||||||||||||||||
|
Current LTV Ratio
|
Number of Securities
|
Amortized Cost
|
Fair Value
|
Number of
Securities
|
Amount
|
Number of Securities
|
Amount
|
|||||||||||||||||||||
|
< 70 %
|
5 | $ | 28,550 | $ | 26,598 | – | $ | – | – | $ | – | |||||||||||||||||
|
70 < 75
|
– | – | – | – | – | – | – | |||||||||||||||||||||
|
75 < 80
|
3 | 38,159 | 35,453 | – | – | – | – | |||||||||||||||||||||
|
80 < 85
|
2 | 29,636 | 26,927 | 1 | 255 | 1 | 3,603 | |||||||||||||||||||||
|
>= 85
|
50 | 373,051 | 318,343 | 33 | 4,048 | 43 | 56,904 | |||||||||||||||||||||
|
Total
|
60 | $ | 469,396 | $ | 407,321 | 34 | $ | 4,303 | 44 | $ | 60,507 | |||||||||||||||||
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
Balance of credit-related OTTI recognized on available for sale debt, beginning of period
|
$ | 57,223 | $ | 29,367 | $ | 52,624 | $ | 25,142 | ||||||||
|
Additions for credit-related OTTI not previously recognized
|
37 | 791 | 37 | 1,789 | ||||||||||||
|
Additions for increases in credit-related OTTI previously recognized when there is no intent to sell and no requirement to sell before recovery of amortized cost
|
4,787 | 1,855 | 9,386 | 5,082 | ||||||||||||
|
Balance of credit-related OTTI recognized on available for sale debt securities, end of period
|
$ | 62,047 | $ | 32,013 | $ | 62,047 | $ | 32,013 | ||||||||
|
Gross Basis
|
Net Basis
²
|
|||||||||||||||||||||||
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
|||||||||||||||||||||
|
Notional¹
|
Fair Value
|
Notional¹
|
Fair Value
|
Fair Value
|
Fair Value
|
|||||||||||||||||||
|
Customer risk management programs:
|
||||||||||||||||||||||||
|
Interest rate contracts
|
$ | 8,258,239 | $ | 114,945 | $ | 8,096,551 | $ | 113,534 | $ | 91,439 | $ | 90,028 | ||||||||||||
|
Energy contracts
|
1,917,521 | 158,922 | 2,094,878 | 157,998 | 51,820 | 50,896 | ||||||||||||||||||
|
Agricultural contracts
|
125,644 | 6,025 | 132,573 | 5,961 | 1,847 | 1,783 | ||||||||||||||||||
|
Foreign exchange contracts
|
78,471 | 78,471 | 78,572 | 78,572 | 78,471 | 78,572 | ||||||||||||||||||
|
CD options
|
181,964 | 18,112 | 181,964 | 18,112 | 18,112 | 18,112 | ||||||||||||||||||
|
Total customer derivative before cash collateral
|
10,561,839 | 376,475 | 10,584,538 | 374,177 | 241,689 | 239,391 | ||||||||||||||||||
|
Less: cash collateral
|
– | – | – | – | (14,014 | ) | (65,474 | ) | ||||||||||||||||
|
Total customer derivatives
|
10,561,839 | 376,475 | 10,584,538 | 374,177 | 227,675 | 173,917 | ||||||||||||||||||
|
Interest rate risk management programs
|
44,000 | 2,212 | – | – | 2,212 | – | ||||||||||||||||||
|
Total derivative contracts
|
$ | 10,605,839 | $ | 378,687 | $ | 10,584,538 | $ | 374,177 | $ | 229,887 | $ | 173,917 | ||||||||||||
|
|
¹
|
Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.
|
|
|
²
|
Derivative contracts are recorded on a net basis in the balance sheet in recognition of master netting agreements that enable the Company to settle all derivative positions with a given counterparty in total and to offset the net derivative position with the related cash collateral.
|
|
Gross Basis
|
Net Basis
²
|
|||||||||||||||||||||||
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
|||||||||||||||||||||
|
Notional¹
|
Fair Value
|
Notional¹
|
Fair Value
|
Fair Value
|
Fair Value
|
|||||||||||||||||||
|
Customer risk management programs:
|
||||||||||||||||||||||||
|
Interest rate contracts
|
$ | 11,664,409 | $ | 235,961 | $ | 11,524,077 | $ | 233,421 | $ | 141,279 | $ | 138,739 | ||||||||||||
|
Energy contracts
|
1,914,519 | 188,655 | 2,103,923 | 191,075 | 76,746 | 79,166 | ||||||||||||||||||
|
Agricultural contracts
|
183,250 | 10,616 | 186,709 | 10,534 | 4,226 | 4,144 | ||||||||||||||||||
|
Foreign exchange contracts
|
45,014 | 45,014 | 45,014 | 45,014 | 45,014 | 45,014 | ||||||||||||||||||
|
CD options
|
160,535 | 16,247 | 160,535 | 16,247 | 16,247 | 16,247 | ||||||||||||||||||
|
Total customer derivative before cash collateral
|
13,967,727 | 496,493 | 14,020,258 | 496,291 | 283,512 | 283,310 | ||||||||||||||||||
|
Less: cash collateral
|
– | – | – | – | (15,017 | ) | (68,987 | ) | ||||||||||||||||
|
Total customer derivatives
|
13,967,727 | 496,493 | 14,020,258 | 496,291 | 268,495 | 214,323 | ||||||||||||||||||
|
Interest rate risk management programs
|
124,000 | 1,950 | 17,977 | 1,097 | 1,950 | 1,097 | ||||||||||||||||||
|
Total derivative contracts
|
$ | 14,091,727 | $ | 498,443 | $ | 14,038,235 | $ | 497,388 | $ | 270,445 | $ | 215,420 | ||||||||||||
|
|
¹
|
Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.
|
|
|
²
|
Derivative contracts are recorded on a net basis in the balance sheet in recognition of master netting agreements that enable the Company to settle all derivative positions with a given counterparty in total and to offset the net derivative position with the related cash collateral.
|
|
Gross Basis
|
Net Basis
2
|
|||||||||||||||||||||||
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
|||||||||||||||||||||
|
Notional¹
|
Fair Value
|
Notional¹
|
Fair Value
|
Fair Value
|
Fair Value
|
|||||||||||||||||||
|
Customer risk management programs:
|
||||||||||||||||||||||||
|
Interest rate contracts
|
$ | 9,128,247 | $ | 199,965 | $ | 8,975,646 | $ | 198,807 | $ | 153,044 | $ | 151,858 | ||||||||||||
|
Energy contracts
|
2,667,481 | 327,577 | 3,007,643 | 332,804 | 119,537 | 124,764 | ||||||||||||||||||
|
Agricultural contracts
|
236,113 | 6,882 | 242,192 | 6,607 | 936 | 657 | ||||||||||||||||||
|
Foreign exchange contracts
|
54,241 | 54,241 | 54,241 | 54,241 | 54,241 | 54,241 | ||||||||||||||||||
|
CD options
|
107,740 | 6,854 | 107,740 | 6,854 | 6,854 | 6,854 | ||||||||||||||||||
|
Total customer derivative before cash collateral
|
12,193,822 | 595,519 | 12,387,462 | 599,313 | 334,612 | 338,374 | ||||||||||||||||||
|
Less: cash collateral
|
– | – | – | – | (7,873 | ) | (38,619 | ) | ||||||||||||||||
|
Total customer derivatives
|
12,193,822 | 595,519 | 12,387,462 | 599,313 | 326,739 | 299,755 | ||||||||||||||||||
|
Interest rate risk management programs
|
168,000 | 7,837 | 28,357 | 96 | 7,837 | 96 | ||||||||||||||||||
|
Total derivative contracts
|
$ | 12,361,822 | $ | 603,356 | $ | 12,415,819 | $ | 599,409 | $ | 334,576 | $ | 299,851 | ||||||||||||
|
|
¹
|
Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.
|
|
|
2
|
Derivative contracts are recorded on a net basis in the balance sheet in recognition of master netting agreements that enable the Company to settle all derivative positions with a given counterparty in total and to offset the net derivative position with the related cash collateral.
|
|
Three Months Ended
June 30, 2011
|
Three Months Ended
June 30, 2010
|
|||||||||||||||
|
Brokerage
and Trading Revenue
|
Gain (Loss)
on
Derivatives,
Net
|
Brokerage
and Trading
Revenue
|
Gain (Loss)
on Derivatives,
Net
|
|||||||||||||
|
Customer Risk Management Programs:
|
||||||||||||||||
|
Interest rate contracts
|
$ | 24 | $ | – | $ | (800 | ) | $ | – | |||||||
|
Energy contracts
|
912 | – | 2,549 | – | ||||||||||||
|
Agricultural contracts
|
92 | – | 203 | – | ||||||||||||
|
Foreign exchange contracts
|
75 | – | 84 | – | ||||||||||||
|
CD options
|
– | – | – | – | ||||||||||||
|
Total Customer Derivatives
|
1,103 | – | 2,036 | – | ||||||||||||
|
Interest Rate Risk Management Programs
|
– | 1,225 | – | 7,552 | ||||||||||||
|
Total Derivative Contracts
|
$ | 1,103 | $ | 1,225 | $ | 2,036 | $ | 7,552 | ||||||||
|
Six Months Ended
June 30, 2011
|
Six Months Ended
June 30, 2010
|
|||||||||||||||
|
Brokerage
and Trading Revenue
|
Gain (Loss)
on Derivatives,
Net
|
Brokerage
and Trading
Revenue
|
Gain (Loss)
on Derivatives,
Net
|
|||||||||||||
|
Customer Risk Management Programs:
|
||||||||||||||||
|
Interest rate contracts
|
$ | (2,512 | ) | $ | – | $ | 763 | $ | – | |||||||
|
Energy contracts
|
4,399 | – | 3,997 | – | ||||||||||||
|
Agricultural contracts
|
160 | – | 396 | – | ||||||||||||
|
Foreign exchange contracts
|
183 | – | 174 | – | ||||||||||||
|
CD options
|
– | – | – | – | ||||||||||||
|
Total Customer Derivatives
|
2,230 | – | 5,330 | – | ||||||||||||
|
Interest Rate Risk Management Programs
|
– | (1,348 | ) | – | 6,676 | |||||||||||
|
Total Derivative Contracts
|
$ | 2,230 | $ | (1,348 | ) | $ | 5,330 | $ | 6,676 | |||||||
|
June 30, 2011
|
December 31, 2010
|
|||||||||||||||||||||||||||||||
|
Fixed
|
Variable
|
Fixed
|
Variable
|
|||||||||||||||||||||||||||||
|
Rate
|
Rate
|
Nonaccrual
|
Total
|
Rate
|
Rate
|
Nonaccrual
|
Total
|
|||||||||||||||||||||||||
|
Commercial
|
$ | 2,830,388 | $ | 3,294,843 | $ | 53,365 | $ | 6,178,596 | $ | 2,883,905 | $ | 3,011,636 | $ | 38,455 | $ | 5,933,996 | ||||||||||||||||
|
Commercial real estate
|
872,696 | 1,200,656 | 110,363 | 2,183,715 | 829,836 | 1,297,148 | 150,366 | 2,277,350 | ||||||||||||||||||||||||
|
Residential mortgage
|
920,063 | 916,241 | 31,693 | 1,867,997 | 851,048 | 939,774 | 37,426 | 1,828,248 | ||||||||||||||||||||||||
|
Consumer
|
292,385 | 210,102 | 4,749 | 507,236 | 369,364 | 229,511 | 4,567 | 603,442 | ||||||||||||||||||||||||
|
Total
|
$ | 4,915,532 | $ | 5,621,842 | $ | 200,170 | $ | 10,737,544 | $ | 4,934,153 | $ | 5,478,069 | $ | 230,814 | $ | 10,643,036 | ||||||||||||||||
|
Accruing loans past due (90 days)
1
|
$ | 2,341 | $ | 7,966 | ||||||||||||||||||||||||||||
|
1
|
Excludes residential mortgage loans guaranteed by agencies of the U.S. government
|
|
Collectively Measured
for Impairment
|
Individually Measured
for Impairment
|
Total
|
||||||||||||||||||||||
|
Recorded Investment
|
Related Allowance
|
Recorded Investment
|
Related Allowance
|
Recorded Investment
|
Related
Allowance
|
|||||||||||||||||||
|
Commercial
|
$ | 6,125,434 | $ | 111,131 | $ | 53,162 | $ | 2,440 | $ | 6,178,596 | $ | 113,571 | ||||||||||||
|
Commercial real estate
|
2,073,352 | 88,611 | 110,363 | 3,139 | 2,183,715 | 91,750 | ||||||||||||||||||
|
Residential mortgage
|
1,857,112 | 44,254 | 10,885 | 989 | 1,867,997 | 45,243 | ||||||||||||||||||
|
Consumer
|
505,315 | 8,807 | 1,921 | 115 | 507,236 | 8,922 | ||||||||||||||||||
|
Total
|
10,561,213 | 252,803 | 176,331 | 6,683 | 10,737,544 | $ | 259,486 | |||||||||||||||||
|
Nonspecific allowance
|
– | – | – | – | – | 27,125 | ||||||||||||||||||
|
Total
|
$ | 10,561,213 | $ | 252,803 | $ | 176,331 | $ | 6,683 | $ | 10,737,544 | $ | 286,611 | ||||||||||||
|
Collectively Measured
for Impairment
|
Individually Measured
for Impairment
|
Total
|
||||||||||||||||||||||
|
Recorded Investment
|
Related Allowance
|
Recorded Investment
|
Related Allowance
|
Recorded Investment
|
Related
Allowance
|
|||||||||||||||||||
|
Commercial
|
$ | 5,895,674 | $ | 102,565 | $ | 38,322 | $ | 2,066 | $ | 5,933,996 | $ | 104,631 | ||||||||||||
|
Commercial real estate
|
2,126,984 | 94,502 | 150,366 | 4,207 | 2,277,350 | 98,709 | ||||||||||||||||||
|
Residential mortgage
|
1,816,184 | 49,500 | 12,064 | 781 | 1,828,248 | 50,281 | ||||||||||||||||||
|
Consumer
|
601,691 | 12,536 | 1,751 | 78 | 603,442 | 12,614 | ||||||||||||||||||
|
Total
|
10,440,533 | 259,103 | 202,503 | 7,132 | 10,643,036 | 266,235 | ||||||||||||||||||
|
Nonspecific allowance
|
– | – | – | – | – | 26,736 | ||||||||||||||||||
|
Total
|
$ | 10,440,533 | $ | 259,103 | $ | 202,503 | $ | 7,132 | $ | 10,643,036 | $ | 292,971 | ||||||||||||
|
Commercial
|
Commercial Real Estate
|
Residential Mortgage
|
Consumer
|
Nonspecific allowance
|
Total
|
|||||||||||||||||||
|
Allowance for loans losses:
|
||||||||||||||||||||||||
|
Beginning balance
|
$ | 113,706 | $ | 94,535 | $ | 45,649 | $ | 10,410 | $ | 25,249 | $ | 289,549 | ||||||||||||
|
Provision for loan losses
|
980 | 289 | 2,721 | (286 | ) | 1,876 | 5,580 | |||||||||||||||||
|
Loans charged off
|
(3,302 | ) | (3,380 | ) | (3.381 | ) | (2,711 | ) | – | (12,774 | ) | |||||||||||||
|
Recoveries
|
2,187 | 306 | 254 | 1,509 | – | 4,256 | ||||||||||||||||||
|
Ending balance
|
$ | 113,571 | $ | 91,750 | $ | 45,243 | $ | 8,922 | $ | 27,125 | $ | 286,611 | ||||||||||||
|
Allowance for off-balance sheet credit losses:
|
||||||||||||||||||||||||
|
Beginning balance
|
$ | 12,256 | $ | 875 | $ | 155 | $ | 339 | $ | – | $ | 13,625 | ||||||||||||
|
Provision for off-balance sheet credit losses
|
(3,020 | ) | 145 | 25 | (30 | ) | – | (2,880 | ) | |||||||||||||||
|
Ending balance
|
$ | 9,236 | $ | 1,020 | $ | 180 | $ | 309 | $ | – | $ | 10,745 | ||||||||||||
|
Total provision for credit losses
|
$ | (2,040 | ) | $ | 434 | $ | 2,746 | $ | (316 | ) | $ | 1,876 | $ | 2,700 | ||||||||||
|
Commercial
|
Commercial Real Estate
|
Residential Mortgage
|
Consumer
|
Nonspecific allowance
|
Total
|
|||||||||||||||||||
|
Allowance for loans losses:
|
||||||||||||||||||||||||
|
Beginning balance
|
$ | 104,631 | $ | 98,709 | $ | 50,281 | $ | 12,614 | $ | 26,736 | $ | 292,971 | ||||||||||||
|
Provision for loan losses
|
10,836 | 2,665 | (45 | ) | (1,369 | ) | 389 | 12,476 | ||||||||||||||||
|
Loans charged off
|
(5,654 | ) | (10,273 | ) | (6,329 | ) | (5,750 | ) | – | (28,006 | ) | |||||||||||||
|
Recoveries
|
3,758 | 649 | 1,336 | 3,427 | – | 9,170 | ||||||||||||||||||
|
Ending balance
|
$ | 113,571 | $ | 91,750 | $ | 45,243 | $ | 8,922 | $ | 27,125 | $ | 286,611 | ||||||||||||
|
Allowance for off-balance sheet credit losses:
|
||||||||||||||||||||||||
|
Beginning balance
|
$ | 13,456 | $ | 443 | $ | 131 | $ | 241 | $ | – | $ | 14,271 | ||||||||||||
|
Provision for off-balance sheet credit losses
|
(4,220 | ) | 577 | 49 | 68 | – | (3,526 | ) | ||||||||||||||||
|
Ending balance
|
$ | 9,236 | $ | 1,020 | $ | 180 | $ | 309 | $ | – | $ | 10,745 | ||||||||||||
|
Total provision for credit losses
|
$ | 6,616 | $ | 3,242 | $ | 4 | $ | (1,301 | ) | $ | 389 | $ | 8,950 | |||||||||||
|
Internally Risk Graded
|
Non-Graded
|
Total
|
||||||||||||||||||||||
|
Recorded Investment
|
Related Allowance
|
Recorded Investment
|
Related Allowance
|
Recorded Investment
|
Related
Allowance
|
|||||||||||||||||||
|
Commercial
|
$ | 6,159,735 | $ | 111,392 | $ | 18,861 | $ | 2,179 | $ | 6,178,596 | $ | 113,571 | ||||||||||||
|
Commercial real estate
|
2,183,715 | 91,750 | – | – | 2,183,715 | 91,750 | ||||||||||||||||||
|
Residential mortgage
|
350,986 | 7,911 | 1,517,011 | 37,332 | 1,867,997 | 45,243 | ||||||||||||||||||
|
Consumer
|
220,222 | 1,877 | 287,014 | 7,045 | 507,236 | 8,922 | ||||||||||||||||||
|
Total
|
8,914,658 | 212,930 | 1,822,886 | 46,556 | 10,737,544 | 259,486 | ||||||||||||||||||
|
Nonspecific allowance
|
– | – | – | – | – | 27,125 | ||||||||||||||||||
|
Total
|
$ | 8,914,658 | $ | 212,930 | $ | 1,822,886 | $ | 46,556 | $ | 10,737,544 | $ | 286,611 | ||||||||||||
|
Internally Risk Graded
|
Non-Graded
|
Total
|
||||||||||||||||||||||
|
Recorded Investment
|
Related Allowance
|
Recorded Investment
|
Related Allowance
|
Recorded Investment
|
Related
Allowance
|
|||||||||||||||||||
|
Commercial
|
$ | 5,914,178 | $ | 102,259 | $ | 19,818 | $ | 2,372 | $ | 5,933,996 | $ | 104,631 | ||||||||||||
|
Commercial real estate
|
2,277,350 | 98,709 | – | – | 2,277,350 | 98,709 | ||||||||||||||||||
|
Residential mortgage
|
451,874 | 8,356 | 1,376,374 | 41,925 | 1,828,248 | 50,281 | ||||||||||||||||||
|
Consumer
|
246,350 | 1,881 | 357,092 | 10,733 | 603,442 | 12,614 | ||||||||||||||||||
|
Total
|
8,889,752 | 211,205 | 1,753,284 | 55,030 | 10,643,036 | 266,235 | ||||||||||||||||||
|
Nonspecific allowance
|
– | – | – | – | – | 26,736 | ||||||||||||||||||
|
Total
|
$ | 8,889,752 | $ | 211,205 | $ | 1,753,284 | $ | 55,030 | $ | 10,643,036 | $ | 292,971 | ||||||||||||
|
Internally Risk Graded
|
Non-Graded
|
|||||||||||||||||||||||
|
Performing
|
Potential Problem
|
Nonaccrual
|
Performing
|
Nonaccrual
|
Total
|
|||||||||||||||||||
|
Commercial:
|
||||||||||||||||||||||||
|
Energy
|
$ | 1,677,809 | $ | 4,688 | $ | 345 | $ | – | $ | – | $ | 1,682,842 | ||||||||||||
|
Services
|
1,663,313 | 33,490 | 16,254 | – | – | 1,713,057 | ||||||||||||||||||
|
Wholesale/retail
|
1,002,113 | 40,935 | 25,138 | – | – | 1,068,186 | ||||||||||||||||||
|
Manufacturing
|
359,958 | 2,827 | 4,366 | – | – | 367,151 | ||||||||||||||||||
|
Healthcare
|
860,354 | 2,992 | 5,962 | – | – | 869,308 | ||||||||||||||||||
|
Integrated food services
|
194,514 | 1,260 | – | – | – | 195,774 | ||||||||||||||||||
|
Other commercial and industrial
|
258,910 | 3,410 | 1,097 | 18,658 | 203 | 282,278 | ||||||||||||||||||
|
Total commercial
|
6,016,971 | 89,602 | 53,162 | 18,658 | 203 | 6,178,596 | ||||||||||||||||||
|
Commercial real estate:
|
||||||||||||||||||||||||
|
Construction and land development
|
275,077 | 15,750 | 76,265 | – | – | 367,092 | ||||||||||||||||||
|
Retail
|
426,839 | 7,013 | 4,642 | – | – | 438,494 | ||||||||||||||||||
|
Office
|
456,281 | 14,751 | 11,473 | – | – | 482,505 | ||||||||||||||||||
|
Multifamily
|
325,085 | 5,860 | 4,717 | – | – | 335,662 | ||||||||||||||||||
|
Industrial
|
161,879 | 288 | – | – | – | 162,167 | ||||||||||||||||||
|
Other commercial real estate
|
363,491 | 21,038 | 13,266 | – | – | 397,795 | ||||||||||||||||||
|
Total commercial real estate
|
2,008,652 | 64,700 | 110,363 | – | – | 2,183,715 | ||||||||||||||||||
|
Residential mortgage:
|
||||||||||||||||||||||||
|
Permanent mortgage
|
326,349 | 13,752 | 10,885 | 783,084 | 17,106 | 1,151,176 | ||||||||||||||||||
|
Permanent mortgages guaranteed by U.S. government agencies
|
– | – | – | 134,458 | – | 134,458 | ||||||||||||||||||
|
Home equity
|
– | – | – | 578,661 | 3,702 | 582,363 | ||||||||||||||||||
|
Total residential mortgage
|
326,349 | 13,752 | 10,885 | 1,496,203 | 20,808 | 1,867,997 | ||||||||||||||||||
|
Consumer:
|
||||||||||||||||||||||||
|
Indirect automobile
|
– | – | – | 159,771 | 2,729 | 162,500 | ||||||||||||||||||
|
Other consumer
|
215,056 | 3,245 | 1,921 | 124,415 | 99 | 344,736 | ||||||||||||||||||
|
Total consumer
|
215,056 | 3,245 | 1,921 | 284,186 | 2,828 | 507,236 | ||||||||||||||||||
|
Total
|
$ | 8,567,028 | $ | 171,299 | $ | 176,331 | $ | 1,799,047 | $ | 23,839 | $ | 10,737,544 | ||||||||||||
|
Internally Risk Graded
|
Non-Graded
|
|||||||||||||||||||||||
|
Performing
|
Potential Problem
|
Nonaccrual
|
Performing
|
Nonaccrual
|
Total
|
|||||||||||||||||||
|
Commercial:
|
||||||||||||||||||||||||
|
Energy
|
$ | 1,704,401 | $ | 6,543 | $ | 465 | $ | – | $ | – | $ | 1,711,409 | ||||||||||||
|
Services
|
1,531,239 | 30,420 | 19,262 | – | – | 1,580,921 | ||||||||||||||||||
|
Wholesale/retail
|
956,397 | 45,363 | 8,486 | – | – | 1,010,246 | ||||||||||||||||||
|
Manufacturing
|
319,075 | 4,000 | 2,116 | – | – | 325,191 | ||||||||||||||||||
|
Healthcare
|
801,525 | 4,566 | 3,534 | – | – | 809,625 | ||||||||||||||||||
|
Integrated food services
|
202,885 | 1,385 | 13 | – | – | 204,283 | ||||||||||||||||||
|
Other commercial and industrial
|
267,949 | 108 | 4,446 | 19,685 | 133 | 292,321 | ||||||||||||||||||
|
Total commercial
|
5,783,471 | 92,385 | 38,322 | 19,685 | 133 | 5,933,996 | ||||||||||||||||||
|
Commercial real estate:
|
||||||||||||||||||||||||
|
Construction and land development
|
326,769 | 21,516 | 99,579 | – | – | 447,864 | ||||||||||||||||||
|
Retail
|
395,094 | 5,468 | 4,978 | – | – | 405,540 | ||||||||||||||||||
|
Office
|
420,899 | 16,897 | 19,654 | – | – | 457,450 | ||||||||||||||||||
|
Multifamily
|
355,733 | 6,784 | 6,725 | – | – | 369,242 | ||||||||||||||||||
|
Industrial
|
177,712 | 294 | 4,087 | – | – | 182,093 | ||||||||||||||||||
|
Other commercial real estate
|
390,969 | 8,849 | 15,343 | – | – | 415,161 | ||||||||||||||||||
|
Total commercial real estate
|
2,067,176 | 59,808 | 150,366 | – | – | 2,277,350 | ||||||||||||||||||
|
Residential mortgage:
|
||||||||||||||||||||||||
|
Permanent mortgage
|
420,407 | 19,403 | 12,064 | 730,638 | 20,047 | 1,202,559 | ||||||||||||||||||
|
Permanent mortgages guaranteed by U.S. government agencies
|
– | – | – | 72,385 | – | 72,385 | ||||||||||||||||||
|
Home equity
|
– | – | – | 547,989 | 5,315 | 553,304 | ||||||||||||||||||
|
Total residential mortgage
|
420,407 | 19,403 | 12,064 | 1,351,012 | 25,362 | 1,828,248 | ||||||||||||||||||
|
Consumer:
|
||||||||||||||||||||||||
|
Indirect automobile
|
– | – | – | 237,050 | 2,526 | 239,576 | ||||||||||||||||||
|
Other consumer
|
240,243 | 4,356 | 1,751 | 117,226 | 290 | 363,866 | ||||||||||||||||||
|
Total consumer
|
240,243 | 4,356 | 1,751 | 354,276 | 2,816 | 603,442 | ||||||||||||||||||
|
Total
|
$ | 8,511,297 | $ | 175,952 | $ | 202,503 | $ | 1,724,973 | $ | 28,311 | $ | 10,643,036 | ||||||||||||
|
As of June 30, 2011
|
For the three months
|
For the six months
|
||||||||||||||||||||||||||||||||||
|
Recorded Investment
|
ended June 30, 2011
|
ended June 30, 2011
|
||||||||||||||||||||||||||||||||||
|
Unpaid
Principal
Balance
|
Total
|
With No
Allowance
|
With Allowance
|
Related Allowance
|
Average Recorded
Investment
|
Interest Income Recognized
|
Average Recorded
Investment
|
Interest Income Recognized
|
||||||||||||||||||||||||||||
|
Commercial:
|
||||||||||||||||||||||||||||||||||||
|
Energy
|
$ | 345 | $ | 345 | $ | 345 | $ | – | $ | – | $ | 380 | $ | – | $ | 405 | $ | – | ||||||||||||||||||
|
Services
|
26,441 | 16,254 | 15,525 | 729 | 273 | 15,987 | – | 17,758 | – | |||||||||||||||||||||||||||
|
Wholesale/retail
|
31,770 | 25,138 | 22,751 | 2,387 | 1,742 | 27,775 | – | 16,812 | – | |||||||||||||||||||||||||||
|
Manufacturing
|
9,259 | 4,366 | 2,012 | 2,354 | 259 | 4,456 | – | 3,241 | – | |||||||||||||||||||||||||||
|
Healthcare
|
7,659 | 5,962 | 5,103 | 859 | 166 | 4,268 | – | 4,748 | – | |||||||||||||||||||||||||||
|
Integrated food services
|
– | – | – | – | – | 3 | – | 7 | – | |||||||||||||||||||||||||||
|
Other commercial and industrial
|
8,596 | 1,097 | 1,097 | – | – | 2,363 | – | 2,772 | – | |||||||||||||||||||||||||||
|
Total commercial
|
84,070 | 53,162 | 46,833 | 6,329 | 2,440 | 55,232 | – | 45,743 | – | |||||||||||||||||||||||||||
|
Commercial real estate:
|
||||||||||||||||||||||||||||||||||||
|
Construction and land development
|
115,337 | 76,265 | 65,094 | 11,171 | 1,966 | 83,486 | – | 87,922 | – | |||||||||||||||||||||||||||
|
Retail
|
5,652 | 4,642 | 1,855 | 2,787 | 612 | 4,959 | – | 4,810 | – | |||||||||||||||||||||||||||
|
Office
|
14,749 | 11,473 | 9,713 | 1,760 | 207 | 13,051 | – | 15,564 | – | |||||||||||||||||||||||||||
|
Multifamily
|
5,381 | 4,717 | 4,717 | – | – | 3,309 | – | 5,721 | – | |||||||||||||||||||||||||||
|
Industrial
|
– | – | – | – | – | – | – | 2,044 | – | |||||||||||||||||||||||||||
|
Other real estate loans
|
15,203 | 13,266 | 11,755 | 1,511 | 354 | 13,130 | – | 14,305 | – | |||||||||||||||||||||||||||
|
Total commercial real estate
|
156,322 | 110,363 | 93,134 | 17,229 | 3,139 | 117,935 | – | 130,366 | – | |||||||||||||||||||||||||||
|
Residential mortgage:
|
||||||||||||||||||||||||||||||||||||
|
Permanent mortgage
|
12,122 | 10,885 | 5,016 | 5,869 | 989 | 11,479 | – | 11,475 | – | |||||||||||||||||||||||||||
|
Home equity
|
– | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||
|
Total residential mortgage
|
12,122 | 10,885 | 5,016 | 5,869 | 989 | 11,479 | – | 11,475 | – | |||||||||||||||||||||||||||
|
Consumer:
|
||||||||||||||||||||||||||||||||||||
|
Indirect automobile
|
– | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||
|
Other consumer
|
2,449 | 1,921 | 1,348 | 573 | 115 | 2,244 | – | 1,836 | – | |||||||||||||||||||||||||||
|
Total consumer
|
2,449 | 1,921 | 1,348 | 573 | 115 | 2,244 | – | 1,836 | – | |||||||||||||||||||||||||||
|
Total
|
$ | 254,963 | $ | 176,331 | $ | 146,331 | $ | 30,000 | $ | 6,683 | $ | 186,890 | $ | – | $ | 189,420 | $ | – | ||||||||||||||||||
|
Recorded Investment
|
||||||||||||||||||||
|
Unpaid
Principal
Balance
|
Total
|
With No
Allowance
|
With Allowance
|
Related Allowance
|
||||||||||||||||
|
Commercial:
|
||||||||||||||||||||
|
Energy
|
$ | 559 | $ | 465 | $ | 404 | $ | 61 | $ | 60 | ||||||||||
|
Services
|
28,579 | 19,262 | 15,985 | 3,277 | 1,227 | |||||||||||||||
|
Wholesale/retail
|
14,717 | 8,486 | 7,562 | 924 | 684 | |||||||||||||||
|
Manufacturing
|
5,811 | 2,116 | 2,116 | – | – | |||||||||||||||
|
Healthcare
|
4,701 | 3,534 | 2,743 | 791 | 95 | |||||||||||||||
|
Integrated food services
|
172 | 13 | 13 | – | – | |||||||||||||||
|
Other commercial and industrial
|
13,007 | 4,446 | 4,446 | – | – | |||||||||||||||
|
Total commercial
|
67,546 | 38,322 | 33,269 | 5,053 | 2,066 | |||||||||||||||
|
Commercial real estate:
|
||||||||||||||||||||
|
Construction and land development
|
138,922 | 99,579 | 84,959 | 14,620 | 2,428 | |||||||||||||||
|
Retail
|
6,111 | 4,978 | 1,968 | 3,010 | 514 | |||||||||||||||
|
Office
|
25,702 | 19,654 | 18,798 | 856 | 106 | |||||||||||||||
|
Multifamily
|
24,368 | 6,725 | 6,129 | 596 | 115 | |||||||||||||||
|
Industrial
|
4,087 | 4,087 | – | 4,087 | 723 | |||||||||||||||
|
Other real estate loans
|
17,129 | 15,343 | 13,802 | 1,541 | 321 | |||||||||||||||
|
Total commercial real estate
|
216,319 | 150,366 | 125,656 | 24,710 | 4,207 | |||||||||||||||
|
Residential mortgage:
|
||||||||||||||||||||
|
Permanent mortgage
|
15,258 | 12,064 | 8,574 | 3,490 | 781 | |||||||||||||||
|
Home equity
|
– | – | – | – | – | |||||||||||||||
|
Total residential mortgage
|
15,258 | 12,064 | 8,574 | 3,490 | 781 | |||||||||||||||
|
Consumer:
|
||||||||||||||||||||
|
Indirect automobile
|
– | – | – | – | – | |||||||||||||||
|
Other consumer
|
1,909 | 1,751 | 1,506 | 245 | 78 | |||||||||||||||
|
Total consumer
|
1,909 | 1,751 | 1,506 | 245 | 78 | |||||||||||||||
|
Total
|
$ | 301,032 | $ | 202,503 | $ | 169,005 | $ | 33,498 | $ | 7,132 | ||||||||||
|
June 30,
2011
|
Dec. 31,
2010
|
June 30,
2010
|
||||||||||
|
Investment in impaired loans
|
$ | 176,331 | $ | 202,503 | $ | 292,679 | ||||||
|
Impaired loans with specific allowance for loss
|
30,000 | 33,498 | 97,897 | |||||||||
|
Specific allowance balance
|
6,683 | 7,132 | 19,578 | |||||||||
|
Impaired loans with no specific allowance for loss
|
146,331 | 169,005 | 194,782 | |||||||||
|
Average recorded investment in impaired loans
|
186,890 | 262,368 | 319,655 | |||||||||
|
Past Due
|
||||||||||||||||||||
|
Current
|
30 to 89
Days
|
90 Days
or More
|
Nonaccrual
|
Total
|
||||||||||||||||
|
Commercial:
|
||||||||||||||||||||
|
Energy
|
$ | 1,682,344 | $ | 153 | $ | – | $ | 345 | $ | 1,682,842 | ||||||||||
|
Services
|
1,691,451 | 3,759 | 1,593 | 16,254 | 1,713,057 | |||||||||||||||
|
Wholesale/retail
|
1,041,864 | 697 | 487 | 25,138 | 1,068,186 | |||||||||||||||
|
Manufacturing
|
362,785 | – | – | 4,366 | 367,151 | |||||||||||||||
|
Healthcare
|
863,169 | 177 | – | 5,962 | 869,308 | |||||||||||||||
|
Integrated food services
|
195,774 | – | – | – | 195,774 | |||||||||||||||
|
Other commercial and industrial
|
280,729 | 192 | 57 | 1,300 | 282,278 | |||||||||||||||
|
Total commercial
|
6,118,116 | 4,978 | 2,137 | 53,365 | 6,178,596 | |||||||||||||||
|
Commercial real estate:
|
||||||||||||||||||||
|
Construction and land development
|
288,494 | 2,333 | – | 76,265 | 367,092 | |||||||||||||||
|
Retail
|
430,941 | 2,911 | – | 4,642 | 438,494 | |||||||||||||||
|
Office
|
468,712 | 2,320 | – | 11,473 | 482,505 | |||||||||||||||
|
Multifamily
|
330,945 | – | – | 4,717 | 335,662 | |||||||||||||||
|
Industrial
|
161,783 | 384 | – | – | 162,167 | |||||||||||||||
|
Other real estate loans
|
381,961 | 2,393 | 175 | 13,266 | 397,795 | |||||||||||||||
|
Total commercial real estate
|
2,062,836 | 10,341 | 175 | 110,363 | 2,183,715 | |||||||||||||||
|
Residential mortgage:
|
||||||||||||||||||||
|
Permanent mortgage
|
1,104,450 | 18,735 | – | 27,991 | 1,151,176 | |||||||||||||||
|
Permanent mortgages guaranteed by U.S. government agencies
|
8,426 | 3,728 | 122,304 | – | 134,458 | |||||||||||||||
|
Home equity
|
576,203 | 2,450 | 8 | 3,702 | 582,363 | |||||||||||||||
|
Total residential mortgage
|
1,689,079 | 24,913 | 122,312 | 31,693 | 1,867,997 | |||||||||||||||
|
Consumer:
|
||||||||||||||||||||
|
Indirect automobile
|
152,496 | 7,256 | 19 | 2,729 | 162,500 | |||||||||||||||
|
Other consumer
|
341,683 | 1,031 | 2 | 2,020 | 344,736 | |||||||||||||||
|
Total consumer
|
494,179 | 8,287 | 21 | 4,749 | 507,236 | |||||||||||||||
|
Total
|
$ | 10,364,210 | $ | 48,519 | $ | 124,645 | $ | 200,170 | $ | 10,737,544 | ||||||||||
|
Past Due
|
||||||||||||||||||||
|
Current
|
30 to 89
Days
|
90 Days
or More
|
Nonaccrual
|
Total
|
||||||||||||||||
|
Commercial:
|
||||||||||||||||||||
|
Energy
|
$ | 1,707,466 | $ | 507 | $ | 2,971 | $ | 465 | $ | 1,711,409 | ||||||||||
|
Services
|
1,558,120 | 3,196 | 343 | 19,262 | 1,580,921 | |||||||||||||||
|
Wholesale/retail
|
1,001,422 | 315 | 23 | 8,486 | 1,010,246 | |||||||||||||||
|
Manufacturing
|
321,102 | 168 | 1,805 | 2,116 | 325,191 | |||||||||||||||
|
Healthcare
|
805,124 | 75 | 892 | 3,534 | 809,625 | |||||||||||||||
|
Integrated food services
|
204,199 | 71 | – | 13 | 204,283 | |||||||||||||||
|
Other commercial and industrial
|
287,357 | 111 | 274 | 4,579 | 292,321 | |||||||||||||||
|
Total commercial
|
5,884,790 | 4,443 | 6,308 | 38,455 | 5,933,996 | |||||||||||||||
|
Commercial real estate:
|
||||||||||||||||||||
|
Construction and land development
|
344,016 | 3,170 | 1,099 | 99,579 | 447,864 | |||||||||||||||
|
Retail
|
394,445 | 6,117 | – | 4,978 | 405,540 | |||||||||||||||
|
Office
|
437,496 | 300 | – | 19,654 | 457,450 | |||||||||||||||
|
Multifamily
|
362,517 | – | – | 6,725 | 369,242 | |||||||||||||||
|
Industrial
|
177,660 | 346 | – | 4,087 | 182,093 | |||||||||||||||
|
Other real estate loans
|
395,320 | 4,301 | 197 | 15,343 | 415,161 | |||||||||||||||
|
Total commercial real estate
|
2,111,454 | 14,234 | 1,296 | 150,366 | 2,277,350 | |||||||||||||||
|
Residential mortgage:
|
||||||||||||||||||||
|
Permanent mortgage
|
1,148,271 | 22,177 | – | 32,111 | 1,202,559 | |||||||||||||||
|
Permanent mortgages guaranteed by U.S. government agencies
|
10,451 | 4,342 | 57,592 | – | 72,385 | |||||||||||||||
|
Home equity
|
546,384 | 1,605 | – | 5,315 | 553,304 | |||||||||||||||
|
Total residential mortgage
|
1,705,106 | 28,124 | 57,592 | 37,426 | 1,828,248 | |||||||||||||||
|
Consumer:
|
||||||||||||||||||||
|
Indirect automobile
|
225,601 | 11,382 | 67 | 2,526 | 239,576 | |||||||||||||||
|
Other consumer
|
360,603 | 927 | 295 | 2,041 | 363,866 | |||||||||||||||
|
Total consumer
|
586,204 | 12,309 | 362 | 4,567 | 603,442 | |||||||||||||||
|
Total
|
$ | 10,287,554 | $ | 59,110 | $ | 65,558 | $ | 230,814 | $ | 10,643,036 | ||||||||||
|
June 30, 2011
|
December 31, 2010
|
June 30, 2010
|
||||||||||||||||||||||
|
Unpaid Principal Balance/
Notional
|
Fair
Value
|
Unpaid Principal Balance/
Notional
|
Fair
Value
|
Unpaid
Principal
Balance/
Notional
|
Fair
Value
|
|||||||||||||||||||
|
Residential mortgage loans held for sale
|
$ | 162,579 | $ | 167,300 | $ | 253,778 | $ | 254,669 | $ | 227,574 | $ | 229,493 | ||||||||||||
|
Residential mortgage loan commitments
|
156,209 | 2,793 | 138,870 | 2,251 | 189,029 | 5,538 | ||||||||||||||||||
|
Forward sales contracts
|
302,526 | (484 | ) | 396,422 | 6,493 | 407,457 | (7,457 | ) | ||||||||||||||||
| $ | 169,609 | $ | 263,413 | $ | 227,574 | |||||||||||||||||||
|
June 30,
2011
|
December 31,
2010
|
June 30,
2010
|
||||||||||
|
Number of residential mortgage loans serviced
|
96,578 | 96,443 | 96,152 | |||||||||
|
Outstanding principal balance of residential mortgage loans serviced for others
|
$ | 11,283,442 | $ | 11,194,582 | $ | 10,991,572 | ||||||
|
Weighted average interest rate
|
5.36 | % | 5.44 | % | 5.63 | % | ||||||
|
Remaining term (in months)
|
291 | 292 | 296 | |||||||||
|
Three months ended
|
Six months ended
|
|||||||||||||||
|
June 30,
2011
|
June 30,
2010
|
June 30,
2011
|
June 30,
2010
|
|||||||||||||
|
Originating and marketing revenue:
|
||||||||||||||||
|
Residential mortgage loan held for sale
|
$ | 10,037 | $ | 13,528 | $ | 23,373 | $ | 21,326 | ||||||||
|
Residential mortgage loan commitments
|
(702 | ) | 3,072 | 542 | 5,043 | |||||||||||
|
Forward sales contracts
|
74 | (7,836 | ) | (6,977 | ) | (11,083 | ) | |||||||||
|
Total originating and marketing revenue
|
9,409 | 8,764 | 16,938 | 15,286 | ||||||||||||
|
Servicing revenue
|
9,947 | 9,571 | 19,774 | 17,920 | ||||||||||||
|
Total mortgage banking revenue
|
$ | 19,356 | $ | 18,335 | $ | 36,712 | $ | 33,206 | ||||||||
|
Purchased
|
Originated
|
Total
|
||||||||||
|
Balance at March 31, 2011
|
$ | 38,343 | $ | 82,002 | $ | 120,345 | ||||||
|
Additions, net
|
– | 5,798 | 5,798 | |||||||||
|
Change in fair value due to loan runoff
|
(1,218 | ) | (2,240 | ) | (3,458 | ) | ||||||
|
Change in fair value due to market changes
|
(4,259 | ) | (9,234 | ) | (13,493 | ) | ||||||
|
Balance at June 30, 2011
|
$ | 32,866 | $ | 76,326 | $ | 109,192 | ||||||
|
Purchased
|
Originated
|
Total
|
||||||||||
|
Balance at December 31, 2010
|
$ | 37,900 | $ | 77,823 | $ | 115,723 | ||||||
|
Additions, net
|
– | 10,767 | 10,767 | |||||||||
|
Change in fair value due to loan runoff
|
(2,551 | ) | (4,383 | ) | (6,934 | ) | ||||||
|
Change in fair value due to market changes
|
(2,483 | ) | (7,881 | ) | (10,364 | ) | ||||||
|
Balance at June 30, 2011
|
$ | 32,866 | $ | 76,326 | $ | 109,192 | ||||||
|
Purchased
|
Originated
|
Total
|
||||||||||
|
Balance at March 31, 2010
|
$ | 51,919 | $ | 67,147 | $ | 119,066 | ||||||
|
Additions, net
|
– | 5,161 | 5,161 | |||||||||
|
Change in fair value due to loan runoff
|
(1,313 | ) | (4,514 | ) | (5,827 | ) | ||||||
|
Change in fair value due to market changes
|
(13,160 | ) | (6,298 | ) | (19,458 | ) | ||||||
|
Balance at June 30, 2010
|
$ | 37,446 | $ | 61,496 | $ | 98,942 | ||||||
|
Purchased
|
Originated
|
Total
|
||||||||||
|
Balance at December 31, 2009
|
$ | 7,828 | $ | 65,996 | $ | 73,824 | ||||||
|
Additions, net
|
31,892 | 10,362 | 42,254 | |||||||||
|
Change in fair value due to loan runoff
|
(2,641 | ) | (8,969 | ) | (11,610 | ) | ||||||
|
Gain on purchase of mortgage servicing rights
|
11,832 | – | 11,832 | |||||||||
|
Change in fair value due to market changes
|
(11,465 | ) | (5,893 | ) | (17,358 | ) | ||||||
|
Balance at June 30, 2010
|
$ | 37,446 | $ | 61,496 | $ | 98,942 | ||||||
|
June 30, 2011
|
December 31, 2010
|
June 30, 2010
|
||||||||||
|
Discount rate – risk-free rate plus a market premium
|
10.36 | % | 10.36 | % | 10.38 | % | ||||||
|
Prepayment rate – based upon loan interest rate, original term and loan type
|
10.26% - 38.37 | % | 6.53% - 23.03 | % | 8.3% - 34.5 | % | ||||||
|
Loan servicing costs – annually per loan based upon loan type
|
$ | 55 - $105 | $ | 35 - $60 | $ | 35 - $60 | ||||||
|
Escrow earnings rate – indexed to rates paid on deposit accounts with comparable average life
|
2.02 | % | 2.21 | % | 1.34 | % | ||||||
|
< 4.50%
|
4.50% - 5.49 | % | 5.50% - 6.49 | % |
> 6.49%
|
Total
|
||||||||||||||
|
Fair value
|
$ | 10,120 | $ | 62,499 | $ | 31,015 | $ | 5,558 | $ | 109,192 | ||||||||||
|
Outstanding principal of loans serviced
1
|
$ | 1,144,667 | $ | 5,496,830 | $ | 3,339,781 | $ | 1,302,164 | $ | 11,283,442 | ||||||||||
|
Weighted average prepayment rate
2
|
11.16 | % | 10.26 | % | 17.27 | % | 38.37 | % | 15.67 | % | ||||||||||
|
1
|
Excludes outstanding principal of $833 million for loans serviced for affiliates
|
|
2
|
Annual prepayment estimates based upon loan interest rate, original term and loan type
|
|
Past Due
|
||||||||||||||||||||
|
Current
|
30 to 59
Days
|
60 to 89 Days
|
90 Days or More
|
Total
|
||||||||||||||||
|
FHLMC
|
$ | 5,469,151 | $ | 47,973 | $ | 15,238 | $ | 62,673 | $ | 5,595,035 | ||||||||||
|
FNMA
|
1,333,645 | 23,490 | 5,728 | 26,039 | 1,388,902 | |||||||||||||||
|
GNMA
|
3,541,114 | 127,350 | 33,900 | 120,756 | 3,823,120 | |||||||||||||||
|
Other
|
447,872 | 9,991 | 3,077 | 15,445 | 476,385 | |||||||||||||||
|
Total
|
$ | 10,791,782 | $ | 208,804 | $ | 57,943 | $ | 224,913 | $ | 11,283,442 | ||||||||||
|
Three Months ended
June 30,
|
Six Months ended
June 30,
|
|||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
Beginning balance
|
$ | 16,487 | $ | 13,781 | $ | 16,667 | $ | 13,781 | ||||||||
|
Provision for recourse losses
|
2,532 | 1,568 | 3,326 | 2,867 | ||||||||||||
|
Loans charged off, net
|
(1,479 | ) | (1,568 | ) | (2,453 | ) | (2,867 | ) | ||||||||
|
Ending balance
|
$ | 17,540 | $ | 13,781 | $ | 17,540 | $ | 13,781 | ||||||||
|
Unrealized
|
Non-Credit
|
Accumulated
|
Unrealized
|
|||||||||||||||||
|
Gain (Loss)
|
Related
|
(Loss) on
|
(Loss)
|
|||||||||||||||||
|
On Available
|
Unrealized
|
Effective
|
On
|
|||||||||||||||||
|
For Sale
|
Losses on
|
Cash Flow
|
Employee
|
|||||||||||||||||
|
Securities
|
OTTI Securities
1
|
Hedges
|
Benefit Plans
|
Total
|
||||||||||||||||
|
Balance at December 31, 2009
|
$ | 59,772 | $ | (53,000 | ) | $ | (1,039 | ) | $ | (16,473 | ) | $ | (10,740 | ) | ||||||
|
Net change in unrealized gains (losses) on securities
|
195,882 | 12,006 | – | – | 207,888 | |||||||||||||||
|
Unrealized loss on newly identified other-than-temporary securities
|
20,667 | (20,667 | ) | – | – | – | ||||||||||||||
|
Credit losses recognized in earnings
|
– | 6,871 | – | – | 6,871 | |||||||||||||||
|
Tax benefit (expense) on unrealized gains (losses)
|
(83,845 | ) | 945 | – | (145 | ) | (83,045 | ) | ||||||||||||
|
Reclassification adjustment for (gains) losses realized and included in net income
|
(12,545 | ) | – | 136 | – | (12,409 | ) | |||||||||||||
|
Reclassification adjustment for tax expense (benefit)on realized gains (losses)
|
4,886 | – | (53 | ) | – | 4,833 | ||||||||||||||
|
Unrealized gains on employee benefit plans
|
– | – | – | 373 | 373 | |||||||||||||||
|
Balance at June 30, 2010
|
$ | 184,817 | $ | (53,845 | ) | $ | (956 | ) | $ | (16,245 | ) | $ | 113,771 | |||||||
|
Balance at December 31, 2010
|
$ | 157,770 | $ | (35,276 | ) | $ | (878 | ) | $ | (13,777 | ) | $ | 107,839 | |||||||
|
Net change in unrealized gains (losses) on securities
|
73,466 | (9,448 | ) | – | – | 64,018 | ||||||||||||||
|
Credit losses recognized in earnings
|
– | 9,349 | – | – | 9,349 | |||||||||||||||
|
Transfer from Non-Credit Related Unrealized Losses on OTTI Securities to unrealized gain on available for sale securities
|
180 | (180 | ) | – | – | – | ||||||||||||||
|
Tax benefit (expense) on unrealized gains (losses)
|
(29,372 | ) | 662 | – | – | (28,710 | ) | |||||||||||||
|
Reclassification adjustment for (gains) losses realized and included in net income
|
(10,370 | ) | – | 156 | – | (10,214 | ) | |||||||||||||
|
Reclassification adjustment for tax expense (benefit) on realized gains (losses)
|
4,034 | – | (61 | ) | – | 3,973 | ||||||||||||||
|
Unrealized gains on employee benefit plans
|
– | – | – | – | – | |||||||||||||||
|
Balance at June 30, 2011
|
$ | 195,708 | $ | (34,893 | ) | $ | (783 | ) | $ | (13,777 | ) | $ | 146,255 | |||||||
|
|
1
Represents changes in unrealized losses recognized in AOCI on available for sale securities for which an other-than-temporary impairment (“OTTI”) was recorded in earnings.
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
Numerator:
|
||||||||||||||||
|
Net income
|
$ | 69,007 | $ | 63,522 | $ | 133,781 | $ | 123,655 | ||||||||
|
Earnings allocated to participating securities
|
(559 | ) | (434 | ) | (1,020 | ) | (767 | ) | ||||||||
|
Numerator for basic earnings per share – income available to common shareholders
|
68,448 | 63,088 | 132,761 | 122,888 | ||||||||||||
|
Effect of reallocating undistributed earnings of participating securities
|
2 | 1 | 3 | 2 | ||||||||||||
|
Numerator for diluted earnings per share – income available to common shareholders
|
$ | 68,450 | $ | 63,089 | $ | 132,764 | $ | 122,890 | ||||||||
|
Denominator:
|
||||||||||||||||
|
Weighted average shares outstanding
|
68,451,428 | 68,069,864 | 68,419,699 | 68,018,225 | ||||||||||||
|
Less: Participating securities included in weighted average shares outstanding
|
(552,945 | ) | (464,057 | ) | (519,420 | ) | (418,876 | ) | ||||||||
|
Denominator for basic earnings per common share
|
67,898,483 | 67,605,807 | 67,900,279 | 67,599,349 | ||||||||||||
|
Dilutive effect of employee stock compensation plans
1
|
271,002 | 274,780 | 272,903 | 236,257 | ||||||||||||
|
Denominator for diluted earnings per common share
|
68,169,485 | 67,880,587 | 68,173,182 | 67,835,606 | ||||||||||||
|
Basic earnings per share
|
$ | 1.01 | $ | 0.93 | $ | 1.96 | $ | 1.82 | ||||||||
|
Diluted earnings per share
|
$ | 1.00 | $ | 0.93 | $ | 1.95 | $ | 1.81 | ||||||||
|
1
Excludes employee stock options with exercise prices greater than current market price.
|
785,686 | 601,361 | 771,343 | 1,018,503 | ||||||||||||
|
|
Commercial
|
Consumer
|
Wealth
Management
|
Tax-Equivalent Adjustment
|
Funds Management and Other
|
BOK
Financial
Consolidated
|
||||||||||||||||||
|
Net interest revenue from external sources
|
$ | 86,067 | $ | 21,357 | $ | 7,184 | $ | 2,261 | $ | 57,132 | $ | 174,001 | ||||||||||||
|
Net interest revenue (expense) from internal sources
|
(7,225 | ) | 7,597 | 3,476 | – | (3,848 | ) | – | ||||||||||||||||
|
Total net interest revenue
|
78,842 | 28,954 | 10,660 | 2,261 | 53,284 | 174,001 | ||||||||||||||||||
|
Other operating revenue
|
36,104 | 46,340 | 42,699 | – | 6,027 | 131,170 | ||||||||||||||||||
|
Operating expense
|
54,594 | 58,130 | 46,899 | – | 26,695 | 186,318 | ||||||||||||||||||
|
Provision for credit losses
|
4,660 | 3,435 | 836 | – | (6,231 | ) | 2,700 | |||||||||||||||||
|
Decrease in fair value of mortgage
service rights
|
– | (13,493 | ) | – | – | – | (13,493 | ) | ||||||||||||||||
|
Gain on financial instruments, net
|
– | 11,145 | – | – | 645 | 11,790 | ||||||||||||||||||
|
Loss on repossessed assets, net
|
(3,147 | ) | (229 | ) | – | – | (22 | ) | (3,398 | ) | ||||||||||||||
|
Income before taxes
|
52,545 | 11,152 | 5,624 | 2,261 | 39,470 | 111,052 | ||||||||||||||||||
|
Federal and state income tax
|
20,440 | 4,338 | 2,188 | – | 12,391 | 39,357 | ||||||||||||||||||
|
Net income
|
32,105 | 6,814 | 3,436 | 2,261 | 27,079 | 71,695 | ||||||||||||||||||
|
Net income attributable to non-controlling interest
|
– | – | – | – | 2,688 | 2,688 | ||||||||||||||||||
|
Net income attributable to BOK Financial Corporation
|
$ | 32,105 | $ | 6,814 | $ | 3,436 | $ | 2,261 | $ | 24,391 | $ | 69,007 | ||||||||||||
|
Average assets
|
$ | 9,393,935 | $ | 5,819,151 | $ | 3,659,617 | $ | – | $ | 5,106,532 | $ | 23,979,235 | ||||||||||||
|
Average invested capital
|
867,491 | 271,353 | 176,069 | – | 1,335,976 | 2,650,889 | ||||||||||||||||||
|
Performance measurements:
|
||||||||||||||||||||||||
|
Return on average assets
|
1.37 | % | 0.47 | % | 0.38 | % | 1.15 | % | ||||||||||||||||
|
Return on average invested capital
|
14.84 | % | 10.07 | % | 7.83 | % | 10.44 | % | ||||||||||||||||
|
Efficiency ratio
|
47.50 | % | 77.20 | % | 87.89 | % | 62.23 | % | ||||||||||||||||
|
Commercial
|
Consumer
|
Wealth
Management
|
Tax-Equivalent Adjustment
|
Funds Management and Other
|
BOK
Financial
Consolidated
|
|||||||||||||||||||
|
Net interest revenue from external sources
|
$ | 170,020 | $ | 40,022 | $ | 14,713 | $ | 4,582 | $ | 115,303 | $ | 344,640 | ||||||||||||
|
Net interest revenue (expense) from internal sources
|
(16,270 | ) | 16,655 | 6,219 | – | (6,604 | ) | – | ||||||||||||||||
|
Total net interest revenue
|
153,750 | 56,677 | 20,932 | 4,582 | 108,699 | 344,640 | ||||||||||||||||||
|
Other operating revenue
|
71,610 | 89,760 | 82,558 | – | 10,448 | 254,376 | ||||||||||||||||||
|
Operating expense
|
107,112 | 113,269 | 90,086 | – | 53,098 | 363,565 | ||||||||||||||||||
|
Provision for credit losses
|
11,437 | 7,035 | 1,280 | – | (10,802 | ) | 8,950 | |||||||||||||||||
|
Decrease in fair value of mortgage
service rights
|
– | (10,364 | ) | – | – | – | (10,364 | ) | ||||||||||||||||
|
Gain on financial instruments, net
|
– | 5,208 | 18 | – | 936 | 6,162 | ||||||||||||||||||
|
Loss on repossessed assets, net
|
(6,731 | ) | (421 | ) | – | – | (577 | ) | (7,729 | ) | ||||||||||||||
|
Income before taxes
|
100,080 | 20,556 | 12,142 | 4,582 | 77,210 | 214,570 | ||||||||||||||||||
|
Federal and state income tax
|
38,931 | 7,996 | 4,723 | – | 26,459 | 78,109 | ||||||||||||||||||
|
Net income
|
61,149 | 12,560 | 7,419 | 4,582 | 50,751 | 136,461 | ||||||||||||||||||
|
Net income attributable to non-controlling interest
|
– | – | – | – | 2,680 | 2,680 | ||||||||||||||||||
|
Net income attributable to BOK Financial Corporation
|
$ | 61,149 | $ | 12,560 | $ | 7,419 | $ | 4,582 | $ | 48,071 | $ | 133,781 | ||||||||||||
|
Average assets
|
$ | 9,283,264 | $ | 5,940,101 | $ | 3,643,497 | $ | – | $ | 4,982,749 | $ | 23,849,611 | ||||||||||||
|
Average invested capital
|
865,439 | 272,301 | 175,505 | – | 1,294,836 | 2,608,081 | ||||||||||||||||||
|
Performance measurements:
|
||||||||||||||||||||||||
|
Return on average assets
|
1.33 | % | 0.43 | % | 0.41 | % | 1.13 | % | ||||||||||||||||
|
Return on average invested capital
|
14.25 | % | 9.30 | % | 8.52 | % | 10.34 | % | ||||||||||||||||
|
Efficiency ratio
|
47.53 | % | 77.35 | % | 87.05 | % | 60.69 | % | ||||||||||||||||
|
Commercial
|
Consumer
|
Wealth
Management
|
Tax-Equivalent Adjustment
|
Funds Management and Other
|
BOK
Financial
Consolidated
|
|||||||||||||||||||
|
Net interest revenue from external sources
|
$ | 85,129 | $ | 21,498 | $ | 8,358 | $ | 2,327 | $ | 64,801 | $ | 182,113 | ||||||||||||
|
Net interest revenue (expense) from internal sources
|
(12,633 | ) | 11,444 | 2,391 | – | (1,202 | ) | – | ||||||||||||||||
|
Total net interest revenue
|
72,496 | 32,942 | 10,749 | 2,327 | 63,599 | 182,113 | ||||||||||||||||||
|
Other operating revenue
|
33,531 | 50,439 | 42,020 | – | 3,723 | 129,713 | ||||||||||||||||||
|
Operating expense
|
50,578 | 61,613 | 43,829 | – | 19,790 | 175,810 | ||||||||||||||||||
|
Provision for credit losses
|
22,477 | 10,300 | 3,135 | – | 128 | 36,040 | ||||||||||||||||||
|
Decrease in fair value of mortgage
service rights
|
– | (19,458 | ) | – | – | – | (19,458 | ) | ||||||||||||||||
|
Gain on financial instruments, net
|
– | 22,431 | 15 | – | 5,280 | 27,726 | ||||||||||||||||||
|
Gain (loss) on repossessed assets, net
|
(10,741 | ) | 90 | – | – | 7 | (10,644 | ) | ||||||||||||||||
|
Income before taxes
|
22,231 | 14,531 | 5,820 | 2,327 | 52,691 | 97,600 | ||||||||||||||||||
|
Federal and state income tax
|
8,648 | 5,653 | 2,264 | – | 15,477 | 32,042 | ||||||||||||||||||
|
Net income
|
13,583 | 8,878 | 3,556 | 2,327 | 37,214 | 65,558 | ||||||||||||||||||
|
Net income attributable to non-controlling interest
|
– | – | – | – | 2,036 | 2,036 | ||||||||||||||||||
|
Net income attributable to BOK Financial Corporation
|
$ | 13,583 | $ | 8,878 | $ | 3,556 | $ | 2,327 | $ | 35,178 | $ | 63,522 | ||||||||||||
|
Average assets
|
$ | 8,982,359 | $ | 6,197,861 | $ | 3,355,079 | $ | – | $ | 4,909,508 | $ | 23,444,807 | ||||||||||||
|
Average invested capital
|
909,930 | 312,192 | 167,903 | – | 988,704 | 2,378,729 | ||||||||||||||||||
|
Performance measurements:
|
||||||||||||||||||||||||
|
Return on average assets
|
0.61 | % | 0.57 | % | 0.43 | % | 1.09 | % | ||||||||||||||||
|
Return on average invested capital
|
5.99 | % | 11.41 | % | 8.49 | % | 10.71 | % | ||||||||||||||||
|
Efficiency ratio
|
47.70 | % | 73.89 | % | 83.06 | % | 59.56 | % | ||||||||||||||||
|
Commercial
|
Consumer
|
Wealth
Management
|
Tax-Equivalent Adjustment
|
Funds Management and Other
|
BOK
Financial
Consolidated
|
|||||||||||||||||||
|
Net interest income from external sources
|
$ | 170,027 | $ | 40,993 | $ | 16,987 | $ | 4,743 | $ | 131,937 | $ | 364,687 | ||||||||||||
|
Net interest income (expense) from internal sources
|
(25,016 | ) | 23,323 | 5,412 | – | (3,719 | ) | – | ||||||||||||||||
|
Total net interest revenue
|
145,011 | 64,316 | 22,399 | 4,743 | 128,218 | 364,687 | ||||||||||||||||||
|
Other operating revenue
|
63,213 | 93,661 | 79,340 | – | 7,424 | 243,638 | ||||||||||||||||||
|
Operating expense
|
100,401 | 117,782 | 84,901 | – | 45,391 | 348,475 | ||||||||||||||||||
|
Provision for credit losses
|
50,856 | 14,008 | 5,900 | – | 7,376 | 78,140 | ||||||||||||||||||
|
Decrease in fair value of mortgage
service rights
|
– | (5,526 | ) | – | – | – | (5,526 | ) | ||||||||||||||||
|
Gain on financial instruments, net
|
– | 22,220 | 16 | – | 5,448 | 27,684 | ||||||||||||||||||
|
Gain (loss) on repossessed assets, net
|
(15,764 | ) | 121 | – | – | – | (15,643 | ) | ||||||||||||||||
|
Income before taxes
|
41,203 | 43,002 | 10,954 | 4,743 | 88,323 | 188,225 | ||||||||||||||||||
|
Federal and state income tax
|
16,028 | 16,728 | 4,261 | – | 25,308 | 62,325 | ||||||||||||||||||
|
Net income
|
25,175 | 26,274 | 6,693 | 4,743 | 63,015 | 125,900 | ||||||||||||||||||
|
Net income attributable to non-controlling interest
|
– | – | – | – | 2,245 | 2,245 | ||||||||||||||||||
|
Net income attributable to BOK Financial Corporation
|
$ | 25,175 | $ | 26,274 | $ | 6,693 | $ | 4,743 | $ | 60,770 | $ | 123,655 | ||||||||||||
|
Average assets
|
$ | 9,078,390 | $ | 6,178,632 | $ | 3,321,811 | $ | – | $ | 4,821,760 | $ | 23,400,593 | ||||||||||||
|
Average invested capital
|
920,056 | 290,796 | 167,495 | – | 960,552 | 2,338,899 | ||||||||||||||||||
|
Performance measurements:
|
||||||||||||||||||||||||
|
Return on average assets
|
0.56 | % | 0.86 | % | 0.41 | % | 1.07 | % | ||||||||||||||||
|
Return on average invested capital
|
5.52 | % | 18.22 | % | 8.06 | % | 10.66 | % | ||||||||||||||||
|
Efficiency ratio
|
48.22 | % | 74.56 | % | 83.45 | % | 57.28 | % | ||||||||||||||||
|
Range of
|
Average
|
Estimated
|
||||||||||||||||||
|
Carrying
|
Contractual
|
Re-pricing
|
Discount
|
Fair
|
||||||||||||||||
|
Value
|
Yields
|
(in years)
|
Rate
|
Value
|
||||||||||||||||
|
Cash and cash equivalents
|
$ | 1,110,761 | $ | 1,110,761 | ||||||||||||||||
|
Trading securities
|
99,846 | 99,846 | ||||||||||||||||||
|
Investment securities:
|
||||||||||||||||||||
|
Municipal and other tax-exempt
|
160,870 | 165,449 | ||||||||||||||||||
|
Other debt securities
|
188,713 | 203,798 | ||||||||||||||||||
|
Total investment securities
|
349,583 | 369,247 | ||||||||||||||||||
|
Available for sale securities:
|
||||||||||||||||||||
|
U.S. Treasury
|
1,003 | 1,003 | ||||||||||||||||||
|
Municipal and other tax-exempt
|
70,210 | 70,210 | ||||||||||||||||||
|
U.S. agency residential mortgage-backed securities
|
8,893,789 | 8,893,789 | ||||||||||||||||||
|
Private issue residential mortgage-backed securities
|
513,222 | 513,222 | ||||||||||||||||||
|
Other debt securities
|
5,893 | 5,893 | ||||||||||||||||||
|
Perpetual preferred stock
|
22,694 | 22,694 | ||||||||||||||||||
|
Equity securities and mutual funds
|
60,197 | 60,197 | ||||||||||||||||||
|
Total available for sale securities
|
9,567,008 | 9,567,008 | ||||||||||||||||||
|
Mortgage trading securities
|
553,231 | 553,231 | ||||||||||||||||||
|
Residential mortgage loans held for sale
|
169,609 | 169,609 | ||||||||||||||||||
|
Loans:
|
||||||||||||||||||||
|
Commercial
|
6,178,596 | 0.25 – 18.00 | % | 0.60 | 0.72 – 4.50 | % | 6,085,941 | |||||||||||||
|
Commercial real estate
|
2,183,715 | 0.38 – 18.00 | % | 1.18 | 0.28 – 3.66 | % | 2,134,950 | |||||||||||||
|
Residential mortgage
|
1,867,997 | 0.38 – 18.00 | % | 3.32 | 0.74 – 4.31 | % | 1,915,710 | |||||||||||||
|
Consumer
|
507,236 | 0.38 – 21.00 | % | 0.53 | 1.96 – 3.74 | % | 507,831 | |||||||||||||
|
Total loans
|
10,737,544 | 10,644,432 | ||||||||||||||||||
|
Allowance for loan losses
|
(286,611 | ) | – | |||||||||||||||||
|
Net loans
|
10,450,933 | 10,644,432 | ||||||||||||||||||
|
Mortgage servicing rights
|
109,192 | 109,192 | ||||||||||||||||||
|
Derivative instruments with positive fair value, net of cash margin
|
229,887 | 229,887 | ||||||||||||||||||
|
Other assets – private equity funds
|
28,313 | 28,313 | ||||||||||||||||||
|
Deposits with no stated maturity
|
13,951,177 | 13,951,177 | ||||||||||||||||||
|
Time deposits
|
3,634,700 | 0.01 – 9.64 | % | 1.91 | 0.76 – 1.45 | % | 3,655,527 | |||||||||||||
|
Other borrowings
|
2,962,759 | 0.07 – 6.58 | % | 0.00 | 0.07 – 2.65 | % | 2,962,773 | |||||||||||||
|
Subordinated debentures
|
398,788 | 5.19 – 5.82 | % | 1.87 | 3.50 | % | 412,242 | |||||||||||||
|
Derivative instruments with negative fair value, net of cash margin
|
173,917 | 173,917 | ||||||||||||||||||
|
Range of
|
Average
|
Estimated
|
||||||||||||||||||
|
Carrying
|
Contractual
|
Re-pricing
|
Discount
|
Fair
|
||||||||||||||||
|
Value
|
Yields
|
(in years)
|
Rate
|
Value
|
||||||||||||||||
|
Cash and cash equivalents
|
$ | 1,269,404 | $ | 1,269,404 | ||||||||||||||||
|
Trading securities
|
55,467 | 55,467 | ||||||||||||||||||
|
Investment securities:
|
||||||||||||||||||||
|
Municipal and other tax-exempt
|
184,898 | 188,577 | ||||||||||||||||||
|
Other debt securities
|
154,655 | 157,528 | ||||||||||||||||||
|
Total investment securities
|
339,553 | 346,105 | ||||||||||||||||||
|
Available for sale securities:
|
||||||||||||||||||||
|
Municipal and other tax-exempt
|
72,942 | 72,942 | ||||||||||||||||||
|
U.S. agency residential mortgage-backed securities
|
8,446,908 | 8,446,908 | ||||||||||||||||||
|
Privately issued residential mortgage-backed securities
|
644,210 | 644,210 | ||||||||||||||||||
|
Other debt securities
|
6,401 | 6,401 | ||||||||||||||||||
|
Perpetual preferred stock
|
22,114 | 22,114 | ||||||||||||||||||
|
Equity securities and mutual funds
|
43,046 | 43,046 | ||||||||||||||||||
|
Total available for sale securities
|
9,235,621 | 9,235,621 | ||||||||||||||||||
|
Mortgage trading securities
|
428,021 | 428,021 | ||||||||||||||||||
|
Residential mortgage loans held for sale
|
263,413 | – | – | – | 263,413 | |||||||||||||||
|
Loans:
|
||||||||||||||||||||
|
Commercial
|
5,933,996 | 0.25 – 18.00 | % | 0.57 | 0.72 – 4.67 | % | 5,849,443 | |||||||||||||
|
Commercial real estate
|
2,277,350 | 0.38 – 18.00 | % | 1.17 | 0.29 – 3.81 | % | 2,221,443 | |||||||||||||
|
Residential mortgage
|
1,828,248 | 0.38 – 18.00 | % | 3.65 | 0.79 – 4.58 | % | 1,860,913 | |||||||||||||
|
Consumer
|
603,442 | 0.38 – 21.00 | % | 0.67 | 1.98 – 3.91 | % | 605,656 | |||||||||||||
|
Total loans
|
10,643,036 | 10,537,455 | ||||||||||||||||||
|
Allowance for loan losses
|
(292,971 | ) | – | |||||||||||||||||
|
Net loans
|
10,350,065 | 10,537,455 | ||||||||||||||||||
|
Mortgage servicing rights
|
115,723 | 115,723 | ||||||||||||||||||
|
Derivative instruments with positive fair value, net of cash margin
|
270,445 | 270,445 | ||||||||||||||||||
|
Other assets – private equity funds
|
25,436 | 25,436 | ||||||||||||||||||
|
Deposits with no stated maturity
|
13,669,893 | 13,669,893 | ||||||||||||||||||
|
Time deposits
|
3,509,168 | 0.01 – 9.64 | % | 1.85 | 0.82 – 1.56 | % | 2,979,505 | |||||||||||||
|
Other borrowings
|
3,117,358 | 0.13 – 6.58 | % | 0.02 | 0.13 – 2.73 | % | 2,982,460 | |||||||||||||
|
Subordinated debentures
|
398,701 | 5.19 – 5.82 | % | 2.30 | 3.72 | % | 413,328 | |||||||||||||
|
Derivative instruments with negative fair value, net of cash margin
|
215,420 | 215,420 | ||||||||||||||||||
|
Range of
|
Average
|
Estimated
|
||||||||||||||||||
|
Carrying
|
Contractual
|
Re-pricing
|
Discount
|
Fair
|
||||||||||||||||
|
Value
|
Yields
|
(in years)
|
Rate
|
Value
|
||||||||||||||||
|
Cash and cash equivalents
|
$ | 852,526 | $ | 852,526 | ||||||||||||||||
|
Trading securities
|
62,159 | 62,159 | ||||||||||||||||||
|
Investment securities:
|
||||||||||||||||||||
|
Municipal and other tax-exempt
|
221,702 | 227,301 | ||||||||||||||||||
|
Other debt securities
|
131,575 | 136,585 | ||||||||||||||||||
|
Total investment securities
|
353,277 | 363,886 | ||||||||||||||||||
|
Available for sale securities:
|
||||||||||||||||||||
|
Municipal and other tax-exempt
|
66,439 | 66,439 | ||||||||||||||||||
|
U.S. agency residential mortgage-backed securities
|
8,223,719 | 8,223,719 | ||||||||||||||||||
|
Private issue residential mortgage-backed securities
|
735,516 | 735,516 | ||||||||||||||||||
|
Other debt securities
|
13,064 | 13,064 | ||||||||||||||||||
|
Perpetual preferred stock
|
19,881 | 19,881 | ||||||||||||||||||
|
Equity securities and mutual funds
|
47,209 | 47,209 | ||||||||||||||||||
|
Total available for sale securities
|
9,105,828 | 9,105,828 | ||||||||||||||||||
|
Mortgage trading securities
|
534,641 | 534,641 | ||||||||||||||||||
|
Residential mortgage loans held for sale
|
227,574 | 227,574 | ||||||||||||||||||
|
Loans:
|
||||||||||||||||||||
|
Commercial
|
6,011,528 | 0.25 – 18.00 | % | 0.54 | 0.72 – 4.61 | % | 5,915,895 | |||||||||||||
|
Commercial real estate
|
2,340,909 | 0.38 – 18.00 | 1.08 | 0.30 – 3.91 | 2,291,533 | |||||||||||||||
|
Residential mortgage
|
1,834,246 | 0.38 – 18.00 | 3.12 | 1.16 – 4.17 | 1,912,579 | |||||||||||||||
|
Consumer
|
696,034 | 0.38 – 21.00 | 0.90 | 1.92 – 4.16 | 704,498 | |||||||||||||||
|
Total loans
|
10,882,717 | 10,824,505 | ||||||||||||||||||
|
Allowance for loan losses
|
(299,489 | ) | – | |||||||||||||||||
|
Net loans
|
10,583,228 | 10,824,505 | ||||||||||||||||||
|
Mortgage servicing rights
|
98,942 | 98,942 | ||||||||||||||||||
|
Derivative instruments with positive fair value, net of cash margin
|
334,576 | 334,576 | ||||||||||||||||||
|
Other assets – private equity funds
|
23,834 | 23,834 | ||||||||||||||||||
|
Deposits with no stated maturity
|
12,414,412 | 12,414,412 | ||||||||||||||||||
|
Time deposits
|
3,673,088 | 0.01 – 9.64 | 1.54 | 1.05 – 1.54 | 3,158,578 | |||||||||||||||
|
Other borrowings
|
3,970,770 | 0.14 – 6.58 | 0.37 | 0.18 – 2.81 | 3,834,960 | |||||||||||||||
|
Subordinated debentures
|
398,617 | 5.19 – 5.82 | 2.60 | 3.88 | 415,161 | |||||||||||||||
|
Derivative instruments with negative fair value, net of cash margin
|
299,851 | 299,851 | ||||||||||||||||||
|
·
|
Quoted prices for similar, but not identical, assets or liabilities in active markets;
|
|
·
|
Quoted prices for identical or similar assets or liabilities in inactive markets;
|
|
·
|
Inputs other than quoted prices that are observable, such as interest rate and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates;
|
|
·
|
Other inputs derived from or corroborated by observable market inputs.
|
|
Total
|
Quoted Prices in Active Markets for Identical Instruments
|
Significant Other Observable Inputs
|
Significant Unobservable Inputs
|
|||||||||||||
|
Assets:
|
||||||||||||||||
|
Trading securities
|
$ | $99,846 | $ | 2,327 | $ | 97,519 | $ | – | ||||||||
|
Available for sale securities:
|
||||||||||||||||
|
U.S. Treasury
|
1,003 | 1,003 | – | – | ||||||||||||
|
Municipal and other tax-exempt
|
70,210 | – | 26,552 | 43,658 | ||||||||||||
|
U.S. agency residential mortgage-backed securities
|
8,893,789 | – | 8,893,789 | – | ||||||||||||
|
Private issue residential mortgage-backed securities
|
513,222 | – | 513,222 | – | ||||||||||||
|
Other debt securities
|
5,893 | – | – | 5,893 | ||||||||||||
|
Perpetual preferred stock
|
22,694 | – | 22,694 | – | ||||||||||||
|
Equity securities and mutual funds
|
60,197 | 41,557 | 18,640 | – | ||||||||||||
|
Total available for sale securities
|
9,567,008 | 42,560 | 9,474,897 | 49,551 | ||||||||||||
|
Mortgage trading securities
|
553,231 | – | 553,231 | – | ||||||||||||
|
Residential mortgage loans held for sale
|
169,609 | – | 169,609 | – | ||||||||||||
|
Mortgage servicing rights
|
109,192 | – | – | 109,192 | 1 | |||||||||||
|
Derivative contracts, net of cash margin
2
|
229,887 | – | 229,887 | – | ||||||||||||
|
Other assets – private equity funds
|
28,313 | – | – | 28,313 | ||||||||||||
|
Liabilities:
|
||||||||||||||||
|
Derivative contracts, net of cash margin
2
|
173,917 | – | 173,917 | – | ||||||||||||
|
|
1
|
A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 5, Mortgage Banking Activities.
|
|
|
2
|
See Note 3 for detail of fair value of derivative contracts by contract type.
|
|
Total
|
Quoted Prices in Active Markets for Identical Instruments
|
Significant Other Observable Inputs
|
Significant Unobservable Inputs
|
|||||||||||||
|
Assets:
|
||||||||||||||||
|
Trading securities
|
$ | 55,467 | $ | 877 | $ | 54,590 | $ | – | ||||||||
|
Available for sale securities:
|
||||||||||||||||
|
Municipal and other tax-exempt
|
72,942 | – | 25,849 | 47,093 | ||||||||||||
|
U.S. agency residential mortgage-backed securities
|
8,446,908 | – | 8,446,908 | – | ||||||||||||
|
Privately issued residential mortgage-backed securities
|
644,210 | – | 644,210 | – | ||||||||||||
|
Other debt securities
|
6,401 | – | 1 | 6,400 | ||||||||||||
|
Perpetual preferred stock
|
22,114 | – | 22,114 | – | ||||||||||||
|
Equity securities and mutual funds
|
43,046 | 22,344 | 20,702 | – | ||||||||||||
|
Total available for sale securities
|
9,235,621 | 22,344 | 9,159,784 | 53,493 | ||||||||||||
|
Mortgage trading securities
|
428,021 | – | 428,021 | – | ||||||||||||
|
Residential mortgage loans held for sale
|
263,413 | – | 263,413 | – | ||||||||||||
|
Mortgage servicing rights
|
115,723 | – | – | 115,723 | 1 | |||||||||||
|
Derivative contracts, net of cash margin
2
|
270,445 | – | 270,445 | – | ||||||||||||
|
Other assets – private equity funds
|
25,436 | – | – | 25,436 | ||||||||||||
|
Liabilities:
|
||||||||||||||||
|
Certificates of deposit
|
27,414 | – | 27,414 | – | ||||||||||||
|
Derivative contracts, net of cash margin
2
|
215,420 | – | 215,420 | – | ||||||||||||
|
|
1
|
A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 5, Mortgage Banking Activities.
|
|
|
2
|
See Note 3 for detail of fair value of derivative contracts by contract type.
|
|
Total
|
Quoted Prices in
Active Markets for Identical Instruments
|
Significant Other Observable Inputs
|
Significant Unobservable Inputs
|
|||||||||||||
|
Assets:
|
||||||||||||||||
|
Trading securities
|
$ | 62,159 | $ | 4,030 | $ | 58,129 | $ | – | ||||||||
|
Available for sale securities:
|
||||||||||||||||
|
Municipal and other tax-exempt
|
66,439 | – | 26,613 | 39,826 | ||||||||||||
|
U.S. agency residential mortgage-backed securities
|
8,223,719 | – | 8,223,719 | – | ||||||||||||
|
Privately issued residential mortgage-backed securities
|
735,516 | – | 735,516 | – | ||||||||||||
|
Other debt securities
|
13,064 | – | 29 | 13,035 | ||||||||||||
|
Perpetual preferred stock
|
19,881 | – | 19,881 | – | ||||||||||||
|
Equity securities and mutual funds
|
47,209 | 22,728 | 24,481 | – | ||||||||||||
|
Total available for sale securities
|
9,105,828 | 22,728 | 9,030,239 | 52,861 | ||||||||||||
|
Mortgage trading securities
|
534,641 | – | 534,641 | – | ||||||||||||
|
Residential mortgage loans held for sale
|
227,574 | – | 227,574 | – | ||||||||||||
|
Mortgage servicing rights
|
98,942 | – | – | 98,984 | 1 | |||||||||||
|
Derivative contracts, net of cash margin
2
|
334,576 | 16,991 | 317,585 | – | ||||||||||||
|
Other assets – private equity funds
|
23,834 | – | – | 23,834 | ||||||||||||
|
Liabilities:
|
||||||||||||||||
|
Certificates of deposit
|
27,957 | – | 27,957 | – | ||||||||||||
|
Derivative contracts, net of cash margin
2
|
299,851 | – | 299,851 | – | ||||||||||||
|
|
1
|
A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 5, Mortgage Banking Activities.
|
|
|
2
|
See Note 3 for detail of fair value of derivative contracts by contract type.
|
|
Available for Sale Securities
|
||||||||||||
|
Municipal and other tax-exempt
|
Other debt securities
|
Other assets – private equity funds
|
||||||||||
|
Balance, March 31, 2011
|
$ | 43,767 | $ | 5,899 | $ | 25,046 | ||||||
|
Purchases and capital calls
|
– | – | 746 | |||||||||
|
Redemptions and distributions
|
– | – | (783 | ) | ||||||||
|
Gain (loss) recognized in earnings:
|
||||||||||||
|
Gain on other assets, net
|
– | – | 3,304 | |||||||||
|
Other-than-temporary impairment losses
|
(521 | ) | – | – | ||||||||
|
Other comprehensive gain (loss)
|
412 | (6 | ) | – | ||||||||
|
Balance, June 30, 2011
|
$ | 43,658 | $ | 5,893 | $ | 28,313 | ||||||
|
Available for Sale Securities
|
||||||||||||
|
Municipal and other tax-exempt
|
Other debt securities
|
Other assets – private equity funds
|
||||||||||
|
Balance, December 31, 2010
|
$ | 47,093 | $ | 6,400 | $ | 25,436 | ||||||
|
Purchases and capital calls
|
7,520 | – | 1,652 | |||||||||
|
Redemptions and distributions
|
(9,975 | ) | (500 | ) | (2,185 | ) | ||||||
|
Gain (loss) recognized in earnings:
|
||||||||||||
|
Brokerage and trading revenue
|
(576 | ) | – | – | ||||||||
|
Gain on other assets, net
|
– | – | 3,410 | |||||||||
|
Gain on securities, net
|
18 | – | – | |||||||||
|
Other-than-temporary impairment losses
|
(521 | ) | – | – | ||||||||
|
Other comprehensive (loss)
|
99 | (7 | ) | – | ||||||||
|
Balance, June 30, 2011
|
$ | 43,658 | $ | 5,893 | $ | 28,313 | ||||||
|
Available for Sale Securities
|
||||||||||||
|
Municipal and other tax-exempt
|
Other debt securities
|
Other assets – private equity funds
|
||||||||||
|
Balance at March 31, 2010
|
$ | 38,004 | $ | 17,150 | $ | 22,825 | ||||||
|
Purchases, sales, issuances and settlements, net
|
1,775 | (4,250 | ) | 663 | ||||||||
|
Gain (loss) recognized in earnings
|
||||||||||||
|
Brokerage and trading revenue
|
(11 | ) | – | – | ||||||||
|
Gain (loss) on other assets, net
|
– | – | 346 | |||||||||
|
Gain on securities, net
|
– | – | – | |||||||||
|
Other comprehensive (loss)
|
58 | 135 | – | |||||||||
|
Balance June 30, 2010
|
$ | 39,826 | $ | 13,035 | $ | 23,834 | ||||||
|
Available for Sale Securities
|
||||||||||||||||
|
Trading Securities
|
Municipal and other tax-exempt
|
Other debt securities
|
Other assets – private equity funds
|
|||||||||||||
|
Balance, December 31, 2009
|
$ | 9,800 | $ | 36,598 | $ | 17,116 | $ | 22,917 | ||||||||
|
Purchases, sales, issuances and settlements, net
|
(9,800 | ) | 4,133 | (4,200 | ) | 1 | ||||||||||
|
Gain (loss) recognized in earnings
|
||||||||||||||||
|
Brokerage and trading revenue
|
– | (80 | ) | – | – | |||||||||||
|
Gain (loss) on other assets, net
|
– | – | – | 916 | ||||||||||||
|
Gain on securities, net
|
– | – | – | – | ||||||||||||
|
Other comprehensive (loss)
|
– | (825 | ) | 119 | – | |||||||||||
|
Balance, June 30, 2010
|
$ | – | $ | 39,826 | $ | 13,035 | $ | 23,834 | ||||||||
|
Carrying Value at June 30, 2011
|
Fair Value Adjustments for the Three Months
Ended June 30, 2011 Recognized In:
|
|||||||||||||||||||||||
|
Quoted Prices
in Active Markets for Identical Instruments
|
Significant
Other
Observable
Inputs
|
Significant
Unobservable
Inputs
|
Gross charge-offs against allowance for loan losses
|
Gross charge-offs against allowance for recourse loans
|
Net losses and expenses of repossessed assets, net
|
|||||||||||||||||||
|
Impaired loans
|
$ | – | $ | 17,949 | $ | – | $ | 4,071 | $ | 146 | $ | – | ||||||||||||
|
Real estate and other repossessed assets
|
– | 50,885 | – | – | – | 4,127 | ||||||||||||||||||
|
Carrying Value at June 30, 2010
|
Fair Value Adjustments for the Three Months Ended June 30, 2010 Recognized In:
|
|||||||||||||||||||
|
Quoted Prices
in Active Markets for Identical Instruments
|
Significant
Other
Observable
Inputs
|
Significant
Unobservable
Inputs
|
Gross charge-offs against allowance for loan losses
|
Net losses and expenses of repossessed assets, net
|
||||||||||||||||
|
Impaired loans
|
$ | – | $ | 55,893 | $ | – | $ | 28,243 | $ | – | ||||||||||
|
Real estate and other repossessed assets
|
– | 28,778 | 6,736 | – | 11,623 | |||||||||||||||
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
Amount:
|
||||||||||||||||
|
Federal statutory tax
|
$ | 38,868 | $ | 34,160 | $ | 75,100 | $ | 65,879 | ||||||||
|
Tax exempt revenue
|
(1,331 | ) | (1,388 | ) | (2,694 | ) | (2,793 | ) | ||||||||
|
Effect of state income taxes, net of federal benefit
|
2,738 | 2,003 | 5,376 | 3,718 | ||||||||||||
|
Utilization of tax credits
|
(594 | ) | (1,712 | ) | (1,093 | ) | (3,040 | ) | ||||||||
|
Bank-owned life insurance
|
(979 | ) | (877 | ) | (1,964 | ) | (1,742 | ) | ||||||||
|
Other, net
|
655 | (144 | ) | 3,384 | 303 | |||||||||||
|
Total
|
$ | 39,357 | $ | 32,042 | $ | 78,109 | $ | 62,325 | ||||||||
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
Percent of pretax income:
|
||||||||||||||||
|
Federal statutory tax
|
35 | % | 35 | % | 35 | % | 35 | % | ||||||||
|
Tax exempt revenue
|
(1 | ) | (1 | ) | (1 | ) | (1 | ) | ||||||||
|
Effect of state income taxes, net of federal benefit
|
3 | 2 | 3 | 2 | ||||||||||||
|
Utilization of tax credits
|
(1 | ) | (2 | ) | (1 | ) | (2 | ) | ||||||||
|
Bank-owned life insurance
|
(1 | ) | (1 | ) | (1 | ) | (1 | ) | ||||||||
|
Other, net
|
1 | – | 1 | – | ||||||||||||
|
Total
|
36 | % | 33 | % | 36 | % | 33 | % | ||||||||
|
Six Months Ended
|
||||||||||||||||||||||||
|
June 30, 2011
|
June 30, 2010
|
|||||||||||||||||||||||
|
Average
|
Revenue/
|
Yield/
|
Average
|
Revenue/
|
Yield/
|
|||||||||||||||||||
|
Balance
|
Expense
1
|
Rate
|
Balance
|
Expense
1
|
Rate
|
|||||||||||||||||||
|
Assets
|
||||||||||||||||||||||||
|
Funds sold and resell agreements
|
$ | 14,714 | $ | 7 | 0.10 | % | $ | 27,543 | $ | 16 | 0.12 | % | ||||||||||||
|
Trading securities
|
70,494 | 1,159 | 3.32 | 64,817 | 1,453 | 4.52 | ||||||||||||||||||
|
Investment securities
|
||||||||||||||||||||||||
|
Taxable
3
|
168,902 | 5,145 | 6.14 | 63,864 | 2,786 | 8.80 | ||||||||||||||||||
|
Tax-exempt
3
|
179,621 | 4,314 | 4.85 | 231,915 | 5,647 | 4.99 | ||||||||||||||||||
|
Total investment securities
|
348,523 | 9,459 | 5.48 | 295,779 | 8,433 | 5.82 | ||||||||||||||||||
|
Available for sale securities
|
||||||||||||||||||||||||
|
Taxable
3
|
9,393,136 | 138,992 | 3.08 | 8,699,466 | 152,804 | 3.70 | ||||||||||||||||||
|
Tax-exempt
3
|
67,402 | 1,801 | 5.39 | 63,655 | 1,802 | 5.71 | ||||||||||||||||||
|
Total available for sale securities
3
|
9,460,538 | 140,793 | 3.10 | 8,763,121 | 154,606 | 3.72 | ||||||||||||||||||
|
Mortgage trading securities
|
457,917 | 8,473 | 4.14 | 401,459 | 8,483 | 4.41 | ||||||||||||||||||
|
Residential mortgage loans held for sale
|
130,211 | 2,844 | 4.40 | 160,574 | 3,924 | 4.93 | ||||||||||||||||||
|
Loans
2
|
10,667,329 | 249,653 | 4.72 | 11,078,796 | 264,795 | 4.82 | ||||||||||||||||||
|
Less allowance for loan losses
|
293,151 | – | – | 310,904 | ||||||||||||||||||||
|
Loans, net of allowance
|
10,374,178 | 249,653 | 4.85 | 10,767,892 | 264,795 | 4.96 | ||||||||||||||||||
|
Total earning assets
3
|
20,903,052 | 412,388 | 4.05 | 20,481,185 | 441,710 | 4.44 | ||||||||||||||||||
|
Cash and other assets
|
2,993,036 | 3,096,852 | ||||||||||||||||||||||
|
Total assets
|
$ | 23,849,611 | $ | 23,578,037 | ||||||||||||||||||||
|
Liabilities and equity
|
||||||||||||||||||||||||
|
Interest-bearing deposits:
|
||||||||||||||||||||||||
|
Transaction
|
$ | 9,407,130 | $ | 13,714 | 0.29 | % | $ | 8,126,418 | $ | 20,179 | 0.50 | % | ||||||||||||
|
Savings
|
207,192 | 390 | 0.38 | 177,720 | 363 | 0.41 | ||||||||||||||||||
|
Time
|
3,624,602 | 33,098 | 1.84 | 3,736,535 | 33,367 | 1.80 | ||||||||||||||||||
|
Total interest-bearing deposits
|
13,238,924 | 47,202 | 0.72 | 12,040,673 | 53,910 | 0.90 | ||||||||||||||||||
|
Funds purchased
|
995,780 | 596 | 0.12 | 1,439,372 | 1,213 | 0.17 | ||||||||||||||||||
|
Repurchase agreements
|
1,033,127 | 1,554 | 0.30 | 1,093,581 | 3,063 | 0.56 | ||||||||||||||||||
|
Other borrowings
|
166,331 | 2,696 | 3.27 | 1,932,868 | 2,994 | 0.31 | ||||||||||||||||||
|
Subordinated debentures
|
398,745 | 11,118 | 5.62 | 398,578 | 11,101 | 5.62 | ||||||||||||||||||
|
Total interest-bearing liabilities
|
15,832,907 | 63,166 | 0.80 | 16,905,072 | 72,280 | 0.86 | ||||||||||||||||||
|
Non-interest bearing demand deposits
|
4,410,625 | 3,573,692 | ||||||||||||||||||||||
|
Other liabilities
|
997,998 | 760,374 | ||||||||||||||||||||||
|
Total equity
|
2,608,081 | 2,338,899 | ||||||||||||||||||||||
|
Total liabilities and equity
|
$ | 23,849,611 | $ | 23,578,037 | ||||||||||||||||||||
|
Tax-equivalent Net Interest Revenue
3
|
$ | 349,222 | 3.25 | % | $ | 369,430 | 3.57 | |||||||||||||||||
|
Tax-equivalent Net Interest Revenue to Earning Assets
3
|
3.43 | 3.71 | ||||||||||||||||||||||
|
Less tax-equivalent adjustment
1
|
4,582 | 4,743 | ||||||||||||||||||||||
|
Net Interest Revenue
|
344,640 | 364,687 | ||||||||||||||||||||||
|
Provision for credit losses
|
8,950 | 78,140 | ||||||||||||||||||||||
|
Other operating revenue
|
260,538 | 271,323 | ||||||||||||||||||||||
|
Other operating expense
|
381,658 | 369,645 | ||||||||||||||||||||||
|
Income before taxes
|
214,570 | 188,225 | ||||||||||||||||||||||
|
Federal and state income tax
|
78,109 | 62,325 | ||||||||||||||||||||||
|
Net income before non-controlling interest
|
136,461 | 125,900 | ||||||||||||||||||||||
|
Net income attributable to non-controlling interest
|
2,680 | 2,245 | ||||||||||||||||||||||
|
Net income attributable to BOK Financial Corp.
|
$ | 133,781 | $ | 123,655 | ||||||||||||||||||||
|
Earnings Per Average Common Share Equivalent:
|
||||||||||||||||||||||||
|
Net income:
|
||||||||||||||||||||||||
|
Basic
|
$ | 1.96 | $ | 1.82 | ||||||||||||||||||||
|
Diluted
|
$ | 1.95 | $ | 1.81 | ||||||||||||||||||||
|
|
1
|
Tax equivalent at the statutory federal and state rates for the periods presented. The taxable equivalent adjustments shown are for comparative purposes.
|
|
|
2
|
The loan averages included loans on which the accrual of interest has been discontinued and are stated net of unearned income.
|
|
|
3
|
Yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income.
|
|
Three Months Ended
|
||||||||||||||||||||||||
|
June 30, 2011
|
March 31, 2011
|
|||||||||||||||||||||||
|
Average
|
Revenue/
|
Yield/
|
Average
|
Revenue/
|
Yield/
|
|||||||||||||||||||
|
Balance
|
Expense
1
|
Rate
|
Balance
|
Expense
1
|
Rate
|
|||||||||||||||||||
|
Assets
|
||||||||||||||||||||||||
|
Funds sold and resell agreements
|
$ | 8,814 | $ | 3 | 0.14 | % | $ | 20,680 | $ | 4 | 0.08 | % | ||||||||||||
|
Trading securities
|
80,113 | 584 | 2.92 | 60,768 | 576 | 3.84 | ||||||||||||||||||
|
Investment securities
|
||||||||||||||||||||||||
|
Taxable
3
|
183,084 | 2,800 | 6.13 | 154,562 | 2,345 | 6.15 | ||||||||||||||||||
|
Tax-exempt
3
|
174,614 | 2,100 | 4.82 | 184,684 | 2,214 | 4.88 | ||||||||||||||||||
|
Total investment securities
|
357,698 | 4,900 | 5.49 | 339,246 | 4,559 | 5.46 | ||||||||||||||||||
|
Available for sale securities
|
||||||||||||||||||||||||
|
Taxable
3
|
9,473,401 | 69,978 | 3.02 | 9,311,980 | 69,014 | 3.15 | ||||||||||||||||||
|
Tax-exempt
3
|
70,081 | 894 | 5.12 | 64,694 | 906 | 5.68 | ||||||||||||||||||
|
Total available for sale securities
3
|
9,543,482 | 70,872 | 3.04 | 9,376,674 | 69,920 | 3.17 | ||||||||||||||||||
|
Mortgage trading securities
|
518,073 | 5,243 | 4.42 | 397,093 | 3,230 | 3.74 | ||||||||||||||||||
|
Residential mortgage loans held for sale
|
134,876 | 1,505 | 4.48 | 125,494 | 1,339 | 4.33 | ||||||||||||||||||
|
Loans
2
|
10,680,755 | 124,871 | 4.69 | 10,653,756 | 124,782 | 4.75 | ||||||||||||||||||
|
Less allowance for loan losses
|
291,308 | – | – | 295,014 | – | – | ||||||||||||||||||
|
Loans, net of allowance
|
10,389,447 | 124,871 | 4.82 | 10,358,742 | 124,782 | 4.89 | ||||||||||||||||||
|
Total earning assets
3
|
21,032,503 | 207,978 | 4.01 | 20,678,697 | 204,410 | 4.09 | ||||||||||||||||||
|
Cash and other assets
|
2,946,732 | 3,061,077 | ||||||||||||||||||||||
|
Total assets
|
$ | 23,979,235 | $ | 23,739,774 | ||||||||||||||||||||
|
Liabilities and equity
|
||||||||||||||||||||||||
|
Interest-bearing deposits:
|
||||||||||||||||||||||||
|
Transaction
|
$ | 9,184,141 | 6,130 | 0.27 | $ | 9,632,595 | 7,584 | 0.32 | ||||||||||||||||
|
Savings
|
210,707 | 203 | 0.39 | 203,638 | 187 | 0.37 | ||||||||||||||||||
|
Time
|
3,632,130 | 16,827 | 1.86 | 3,616,991 | 16,271 | 1.82 | ||||||||||||||||||
|
Total interest-bearing deposits
|
13,026,978 | 23,160 | 0.71 | 13,453,224 | 24,042 | 0.72 | ||||||||||||||||||
|
Funds purchased
|
1,168,670 | 276 | 0.09 | 820,969 | 320 | 0.16 | ||||||||||||||||||
|
Repurchase agreements
|
1,004,217 | 513 | 0.20 | 1,062,359 | 1,041 | 0.40 | ||||||||||||||||||
|
Other borrowings
|
187,441 | 2,226 | 4.76 | 144,987 | 470 | 1.31 | ||||||||||||||||||
|
Subordinated debentures
|
398,767 | 5,541 | 5.57 | 398,723 | 5,577 | 5.67 | ||||||||||||||||||
|
Total interest-bearing liabilities
|
15,786,073 | 31,716 | 0.81 | 15,880,262 | 31,450 | 0.80 | ||||||||||||||||||
|
Non-interest bearing demand deposits
|
4,554,000 | 4,265,657 | ||||||||||||||||||||||
|
Other liabilities
|
988,273 | 1,029,058 | ||||||||||||||||||||||
|
Total equity
|
2,650,889 | 2,564,797 | ||||||||||||||||||||||
|
Total liabilities and equity
|
$ | 23,979,235 | $ | 23,739,774 | ||||||||||||||||||||
|
Tax-equivalent Net Interest Revenue
3
|
$ | 176,262 | 3.20 | % | $ | 172,960 | 3.29 | % | ||||||||||||||||
|
Tax-equivalent Net Interest Revenue to Earning Assets
3
|
3.40 | 3.47 | ||||||||||||||||||||||
|
Less tax-equivalent adjustment
1
|
2,261 | 2,321 | ||||||||||||||||||||||
|
Net Interest Revenue
|
174,001 | 170,639 | ||||||||||||||||||||||
|
Provision for credit losses
|
2,700 | 6,250 | ||||||||||||||||||||||
|
Other operating revenue
|
142,960 | 117,578 | ||||||||||||||||||||||
|
Other operating expense
|
203,209 | 178,449 | ||||||||||||||||||||||
|
Income before taxes
|
111,052 | 103,518 | ||||||||||||||||||||||
|
Federal and state income tax
|
39,357 | 38,752 | ||||||||||||||||||||||
|
Net income before non-controlling interest
|
71,695 | 64,766 | ||||||||||||||||||||||
|
Net income (loss) attributable to non-controlling interest
|
2,688 | (8 | ) | |||||||||||||||||||||
|
Net income attributable to BOK Financial Corp.
|
$ | 69,007 | $ | 64,774 | ||||||||||||||||||||
|
Earnings Per Average Common Share Equivalent:
|
||||||||||||||||||||||||
|
Net income:
|
||||||||||||||||||||||||
|
Basic
|
$ | 1.01 | $ | 0.95 | ||||||||||||||||||||
|
Diluted
|
$ | 1.00 | $ | 0.94 | ||||||||||||||||||||
|
|
1
|
Tax equivalent at the statutory federal and state rates for the periods presented. The taxable equivalent adjustments shown are for comparative purposes.
|
|
|
2
|
The loan averages included loans on which the accrual of interest has been discontinued and are stated net of unearned income.
|
|
|
3
|
Yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income.
|
|
Three Months Ended
|
||||||||||||||||||||||||||||||||||
|
December 31, 2010
|
September 30, 2010
|
June 30, 2010
|
||||||||||||||||||||||||||||||||
|
Average
|
Revenue/
|
Yield/
|
Average
|
Revenue/
|
Yield/
|
Average
|
Revenue/
|
Yield/
|
||||||||||||||||||||||||||
|
Balance
|
Expense
1
|
Rate
|
Balance
|
Expense
1
|
Rate
|
Balance
|
Expense
1
|
Rate
|
||||||||||||||||||||||||||
| $ | 21,128 | $ | 7 | 0.13 | % | $ | 18,882 | $ | 4 | 0.08 | % | $ | 22,776 | $ | 8 | 0.14 | % | |||||||||||||||||
| 74,084 | 759 | 4.06 | 69,315 | 570 | 3.26 | 58,722 | 660 | 4.51 | ||||||||||||||||||||||||||
| 155,624 | 2,305 | 6.01 | 148,160 | 2,137 | 5.85 | 103,333 | 1,784 | 6.92 | ||||||||||||||||||||||||||
| 186,317 | 2,240 | 4.88 | 188,295 | 2,268 | 4.89 | 231,784 | 2,800 | 4.94 | ||||||||||||||||||||||||||
| 341,941 | 4,545 | 5.39 | 336,455 | 4,405 | 5.31 | 335,117 | 4,584 | 5.56 | ||||||||||||||||||||||||||
| 9,509,657 | 58,678 | 2.61 | 9,084,296 | 72,104 | 3.25 | 8,709,650 | 75,228 | 3.54 | ||||||||||||||||||||||||||
| 72,051 | 984 | 5.42 | 67,815 | 877 | 5.13 | 64,498 | 814 | 5.06 | ||||||||||||||||||||||||||
| 9,581,708 | 59,662 | 2.63 | 9,152,111 | 72,981 | 3.27 | 8,774,148 | 76,042 | 3.55 | ||||||||||||||||||||||||||
| 474,731 | 3,688 | 3.43 | 602,049 | 5,231 | 4.14 | 435,693 | 4,448 | 4.38 | ||||||||||||||||||||||||||
| 282,734 | 2,745 | 3.85 | 242,559 | 2,592 | 4.24 | 183,489 | 2,177 | 4.76 | ||||||||||||||||||||||||||
| 10,667,193 | 128,005 | 4.76 | 10,861,515 | 133,336 | 4.87 | 10,971,466 | 132,012 | 4.83 | ||||||||||||||||||||||||||
| 307,223 | – | – | 308,139 | – | – | 312,595 | – | – | ||||||||||||||||||||||||||
| 10,359,970 | 128,005 | 4.90 | 10,553,376 | 133,336 | 5.01 | 10,658,871 | 132,012 | 4.97 | ||||||||||||||||||||||||||
| 21,136,296 | 199,411 | 3.86 | 20,974,747 | 219,119 | 4.22 | 20,468,816 | 219,931 | 4.35 | ||||||||||||||||||||||||||
| 3,146,655 | 3,217,543 | 2,975,991 | ||||||||||||||||||||||||||||||||
| $ | 24,282,951 | $ | 24,192,290 | $ | 23,444,807 | |||||||||||||||||||||||||||||
| $ | 9,325,573 | 8,772 | 0.37 | $ | 8,699,495 | 9,935 | 0.45 | $ | 8,287,296 | 10,044 | 0.49 | |||||||||||||||||||||||
| 191,235 | 171 | 0.35 | 189,512 | 185 | 0.39 | 184,376 | 185 | 0.40 | ||||||||||||||||||||||||||
| 3,602,150 | 16,147 | 1.78 | 3,774,136 | 17,146 | 1.80 | 3,701,167 | 16,063 | 1.74 | ||||||||||||||||||||||||||
| 13,118,958 | 25,090 | 0.76 | 12,663,143 | 27,266 | 0.85 | 12,172,839 | 26,292 | 0.87 | ||||||||||||||||||||||||||
| 775,620 | 479 | 0.25 | 1,096,873 | 539 | 0.19 | 1,359,937 | 674 | 0.20 | ||||||||||||||||||||||||||
| 1,201,760 | 1,496 | 0.49 | 1,130,215 | 1,469 | 0.52 | 1,131,147 | 1,580 | 0.56 | ||||||||||||||||||||||||||
| 829,756 | 767 | 0.37 | 1,465,516 | 1,314 | 0.36 | 1,619,745 | 1,403 | 0.35 | ||||||||||||||||||||||||||
| 398,680 | 5,666 | 5.64 | 398,638 | 5,664 | 5.64 | 398,598 | 5,535 | 5.57 | ||||||||||||||||||||||||||
| 16,324,774 | 33,498 | 0.81 | 16,754,385 | 36,252 | 0.86 | 16,682,266 | 35,484 | 0.85 | ||||||||||||||||||||||||||
| 4,171,595 | 3,831,486 | 3,660,910 | ||||||||||||||||||||||||||||||||
| 1,251,025 | 1,124,000 | 722,902 | ||||||||||||||||||||||||||||||||
| 2,535,557 | 2,482,419 | 2,378,729 | ||||||||||||||||||||||||||||||||
| $ | 24,282,951 | $ | 24,192,290 | $ | 23,444,807 | |||||||||||||||||||||||||||||
| $ | 165,913 | 3.05 | % | $ | 182,867 | 3.36 | % | $ | 184,447 | 3.50 | % | |||||||||||||||||||||||
| 3.21 | 3.52 | 3.65 | ||||||||||||||||||||||||||||||||
| 2,263 | 2,152 | 2,327 | ||||||||||||||||||||||||||||||||
| 163,650 | 180,715 | 182,120 | ||||||||||||||||||||||||||||||||
| 6,999 | 20,000 | 36,040 | ||||||||||||||||||||||||||||||||
| 111,913 | 137,673 | 157,439 | ||||||||||||||||||||||||||||||||
| 178,361 | 205,165 | 205,912 | ||||||||||||||||||||||||||||||||
| 90,203 | 93,223 | 97,607 | ||||||||||||||||||||||||||||||||
| 31,097 | 29,935 | 32,042 | ||||||||||||||||||||||||||||||||
| 59,106 | 63,288 | 65,565 | ||||||||||||||||||||||||||||||||
| 274 | (979 | ) | 2,036 | |||||||||||||||||||||||||||||||
| $ | 58,832 | $ | 64,267 | $ | 63,529 | |||||||||||||||||||||||||||||
| $ | 0.86 | $ | 0.94 | $ | 0.93 | |||||||||||||||||||||||||||||
| $ | 0.86 | $ | 0.94 | $ | 0.93 | |||||||||||||||||||||||||||||
|
Three Months Ended
|
||||||||||||||||||||
|
June 30,
2011
|
March 31, 2011
|
Dec. 31,
2010
|
Sept. 30, 2010
|
June 30.
2010
|
||||||||||||||||
|
Interest revenue
|
$ | 205,717 | $ | 202,089 | $ | 197,148 | $ | 216,967 | $ | 217,597 | ||||||||||
|
Interest expense
|
31,716 | 31,450 | 33,498 | 36,252 | 35,484 | |||||||||||||||
|
Net interest revenue
|
174,001 | 170,639 | 163,650 | 180,715 | 182,113 | |||||||||||||||
|
Provision for credit losses
|
2,700 | 6,250 | 6,999 | 20,000 | 36,040 | |||||||||||||||
|
Net interest revenue after provision for credit losses
|
171,301 | 164,389 | 156,651 | 160,715 | 146,073 | |||||||||||||||
|
Other operating revenue
|
||||||||||||||||||||
|
Brokerage and trading revenue
|
23,725 | 25,376 | 28,610 | 27,072 | 24,754 | |||||||||||||||
|
Transaction card revenue
|
31,024 | 28,445 | 29,500 | 28,852 | 28,263 | |||||||||||||||
|
Trust fees and commissions
|
19,150 | 18,422 | 18,145 | 16,774 | 17,737 | |||||||||||||||
|
Deposit service charges and fees
|
23,857 | 22,480 | 23,732 | 24,290 | 28,797 | |||||||||||||||
|
Mortgage banking revenue
|
19,356 | 17,356 | 25,158 | 29,236 | 18,335 | |||||||||||||||
|
Bank-owned life insurance
|
2,872 | 2,863 | 3,182 | 3,004 | 2,908 | |||||||||||||||
|
Other revenue
|
7,842 | 8,332 | 7,648 | 7,708 | 7,374 | |||||||||||||||
|
Total fees and commissions
|
127,826 | 123,274 | 135,975 | 136,936 | 128,168 | |||||||||||||||
|
Gain (loss) on other assets, net
|
3,344 | (68 | ) | 15 | (1,331 | ) | 1,545 | |||||||||||||
|
Gain (loss) on derivatives, net
|
1,225 | (2,413 | ) | (7,286 | ) | 4,626 | 7,272 | |||||||||||||
|
Gain (loss) on mortgage trading securities
|
9,921 | (3,518 | ) | (11,117 | ) | 3,369 | 14,631 | |||||||||||||
|
Gain on available for sale securities, net
|
5,468 | 4,902 | 953 | 8,384 | 8,469 | |||||||||||||||
|
Total other-than-temporary impairment losses
|
– | – | (4,768 | ) | (4,525 | ) | (10,959 | ) | ||||||||||||
|
Portion of loss recognized in (reclassified from) other comprehensive income
|
(4,824 | ) | (4,599 | ) | (1,859 | ) | (9,786 | ) | 8,313 | |||||||||||
|
Net impairment losses recognized in earnings
|
(4,824 | ) | (4,599 | ) | (6,627 | ) | (14,311 | ) | (2,646 | ) | ||||||||||
|
Total other operating revenue
|
142,960 | 117,578 | 111,913 | 137,673 | 157,439 | |||||||||||||||
|
Other operating expense
|
||||||||||||||||||||
|
Personnel
|
105,603 | 99,994 | 106,770 | 101,216 | 97,054 | |||||||||||||||
|
Business promotion
|
4,777 | 4,624 | 4,377 | 4,426 | 4,945 | |||||||||||||||
|
Professional fees and services
|
6,258 | 7,458 | 9,527 | 7,621 | 6,668 | |||||||||||||||
|
Net occupancy and equipment
|
15,554 | 15,604 | 16,331 | 16,436 | 15,691 | |||||||||||||||
|
Insurance
|
4,771 | 6,186 | 6,139 | 6,052 | 5,596 | |||||||||||||||
|
Data processing and communications
|
24,428 | 22,503 | 23,902 | 21,601 | 21,940 | |||||||||||||||
|
Printing, postage and supplies
|
3,586 | 3,082 | 3,170 | 3,648 | 3,525 | |||||||||||||||
|
Net losses and operating expenses of repossessed assets
|
5,859 | 6,015 | 6,966 | 7,230 | 13,067 | |||||||||||||||
|
Amortization of intangible assets
|
896 | 896 | 1,365 | 1,324 | 1,323 | |||||||||||||||
|
Mortgage banking costs
|
8,968 | 6,471 | 11,999 | 9,093 | 10,380 | |||||||||||||||
|
Change in fair value of mortgage servicing rights
|
13,493 | (3,129 | ) | (25,111 | ) | 15,924 | 19,458 | |||||||||||||
|
Visa retrospective responsibility obligation
|
– | – | (1,103 | ) | 1,103 | – | ||||||||||||||
|
Other expense
|
9,016 | 8,745 | 14,029 | 9,491 | 6,265 | |||||||||||||||
|
Total other operating expense
|
203,209 | 178,449 | 178,361 | 205,165 | 205,912 | |||||||||||||||
|
Income before taxes
|
111,052 | 103,518 | 90,203 | 93,223 | 97,600 | |||||||||||||||
|
Federal and state income tax
|
39,357 | 38,752 | 31,097 | 29,935 | 32,042 | |||||||||||||||
|
Net income before non-controlling interest
|
71,695 | 64,766 | 59,106 | 63,288 | 65,558 | |||||||||||||||
|
Net income (loss) attributable to non-controlling interest
|
2,688 | (8 | ) | 274 | (979 | ) | 2,036 | |||||||||||||
|
Net income attributable to BOK Financial Corp.
|
$ | 69,007 | $ | 64,774 | $ | 58,832 | $ | 64,267 | $ | 63,522 | ||||||||||
|
Earnings per share:
|
||||||||||||||||||||
|
Basic
|
$ | 1.01 | $ | 0.95 | $ | 0.86 | $ | 0.94 | $ | 0.93 | ||||||||||
|
Diluted
|
$ | 1.00 | $ | 0.94 | $ | 0.86 | $ | 0.94 | $ | 0.93 | ||||||||||
|
Average shares used in computation:
|
||||||||||||||||||||
|
Basic
|
67,898,483 | 67,901,722 | 67,685,434 | 67,625,378 | 67,605,807 | |||||||||||||||
|
Diluted
|
68,169,485 | 68,176,527 | 67,888,950 | 67,765,344 | 67,880,587 | |||||||||||||||
|
Period
|
Total Number of Shares Purchased
2
|
Average Price Paid per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
1
|
Maximum Number of Shares that May Yet Be Purchased Under the Plans
|
||||||||||||
|
April 1, 2011 to
April 30, 2011
|
517 | $ | 52.92 | – | 1,215,927 | |||||||||||
|
May 1, 2011 to May 31, 2010
|
1,700 | $ | 53.74 | – | 1,215,927 | |||||||||||
|
June 1, 2011 to June 30, 2011
|
– | – | – | 1,215,927 | ||||||||||||
|
Total
|
2,217 | |||||||||||||||
|
1
|
On April 26, 2005, the Company’s board of directors authorizing the Company to repurchase up to two million shares of the Company’s common stock. As of June 30, 2011, the Company had repurchased 784,073 shares under this plan.
|
|
2
|
The Company routinely repurchases mature shares from employees to cover the exercise price and taxes in connection with employee stock option exercises.
|
|
31.1
|
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
31.2
|
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
32
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Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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101*
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Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Earnings, (iii) the Consolidated Statements of Changes in Equity, (iv) the Consolidated Statement of Cash Flows and (v) the Notes to Consolidated Financial Statements
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*
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To be filed within 30 days after the earlier of the due date or filing date of this Form 10-Q, as permitted by Section II (B) (4) of Securities and Exchange Commission Release No. 34-59324 effective April 13, 2009.
As provided in Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Section 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934
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No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
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| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
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No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
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