BOK Financial Reports Quarterly Earnings of $87 Million

  BOK Financial Reports Quarterly Earnings of $87 Million

  Mortgage Banking Revenue Drives Results; Company Declares Special Dividend

Business Wire

TULSA, Okla. -- October 31, 2012

BOK Financial Corporation reported net income of $87.4 million or $1.27 per
diluted share for the third quarter of 2012, compared to net income of $97.6
million or $1.43 per diluted share for the second quarter of 2012 and net
income of $85.1 million or $1.24 per diluted share for the third quarter of
2011. A gain on the sale of common stock received in settlement of a defaulted
loan and a negative provision for credit losses increased net income by $14
million or $0.21 per diluted share in the second quarter of 2012.

Net income for the nine months ended September30, 2012 totaled $268.6 million
or $3.92 per diluted share compared to $218.9 million or $3.19 per diluted
share for the nine months ended September30, 2011.

“BOK Financial's strong financial results for the third quarter continue to
reflect the strength of our diversified revenue business model,” said
President and CEO Stan Lybarger. “The prolonged low interest rate environment
has enabled our mortgage banking professionals to assist a record number of
customers in the purchase or refinance of their home. We experienced strong
commercial loan growth and continued growth in our deposit base. We are also
very pleased to welcome The Milestone Group to BOK Financial. The Milestone
Group is a Denver-based registered investment adviser which provides wealth
management services to high net worth clients in Colorado and Nebraska."

Highlights of third quarter of 2012 included:

  *Net interest revenue totaled $176.0 million for the third quarter of 2012
    compared to $181.4 million for the second quarter of 2012. Net interest
    margin was 3.12% for the third quarter of 2012 and 3.30% for the second
    quarter of 2012. The yield on our securities portfolio continued to
    decline as cash flows are reinvested at lower rates. In addition, net
    interest revenue for the second quarter of 2012 included $2.9 million from
    the full recovery of a nonaccruing commercial loan. Excluding this
    recovery, net interest margin for the second quarter was 3.25%.
  *Fees and commissions revenue totaled $166.3 million, up $11.9 million or
    8% over the second quarter of 2012. Mortgage banking revenue increased
    $10.7 million due to record mortgage loan production volumes and improved
    pricing of loans sold.
  *Operating expenses, excluding changes in the fair value of mortgage
    servicing rights, totaled $212.8 million, up $1.2 million or less than 1%
    over the previous quarter. Personnel expense increased $478 thousand.
    Non-personnel expense increased $725 thousand.
  *No provision for credit losses was recorded in the third quarter of 2012
    compared to an $8.0 million negative provision for credit losses in the
    second quarter of 2012. Net charge-offs totaled $5.7 million or 0.19% of
    average loans on an annualized basis in the third quarter of 2012 compared
    to net charge-offs of $4.8 million or 0.17% of average loans on an
    annualized basis in the second quarter of 2012. Gross charge-offs continue
    to decline, down $2.6 million from the previous quarter. Third quarter
    recoveries were reduced by $7.1 million due to the refund of a settlement
    between BOK Financial and the City of Tulsa.
  *The combined allowance for credit losses totaled $236 million or 1.99% of
    outstanding loans at September30, 2012 compared to $241 million or 2.09%
    of outstanding loans at June30, 2012. Nonperforming assets totaled $264
    million or 2.21% of outstanding loans and repossessed assets at
    September30, 2012 and $279 million or 2.38% of outstanding loans and
    repossessed assets at June30, 2012.
  *Outstanding loan balances were $11.8 billion at September30, 2012, up
    $256 million over the prior quarter. Commercial loan balances grew by $221
    million or 13% on an annualized basis over June30, 2012. Commercial real
    estate loans grew by $39 million and residential mortgage loans grew by
    $14 million, partially offset by an $18 million decrease in consumer
    loans.
  *Available for sale securities grew by $1.1 billion during the third
    quarter to $11.5 billion at September30, 2012. The Company increased its
    holdings of short-duration U.S. government guaranteed residential
    mortgage-backed securities during the third quarter.
  *Period end deposits totaled $19.1 billion at September30, 2012 compared
    to $18.4 billion at June30, 2012. Interest-bearing transaction accounts
    increased $451 million and demand deposit accounts increased $408 million,
    partially offset by an $86 million decrease in time deposits.
  *Tangible common equity ratio was 9.67% at September30, 2012 and 10.07% at
    June30, 2012. The tangible common equity ratio is a non-GAAP measure of
    capital strength used by the Company and investors based on shareholders'
    equity minus intangible assets and equity that does not benefit common
    shareholders. The Company and its subsidiary bank continue to exceed the
    regulatory definition of well capitalized. The Company's Tier 1 capital
    ratios, as defined by banking regulations, were 13.21% at September30,
    2012 and 13.62% at June30, 2012.
  *The Company paid a cash dividend of $26 million or $0.38 per common share
    during the third quarter of 2012. On October 30, 2012, the board of
    directors approved a quarterly cash dividend of $0.38 per common share
    payable on or about November 30, 2012 to shareholders of record as of
    November 16, 2012.
  *On October 30, 2012, the board of directors also approved a special cash
    dividend of $1.00 per common share payable on or about November 30, 2012
    to shareholders of record as of November 16, 2012.

Net Interest Revenue

Net interest revenue decreased $5.3 million compared to the second quarter of
2012. Net interest margin was 3.12% for the third quarter of 2012 compared to
3.30% for the second quarter of 2012. Net interest revenue for the second
quarter included $2.9 million from the full recovery of a nonaccruing
commercial loan. Excluding this interest recovery, net interest margin was
3.25% for the second quarter of 2012.

The yield on average earning assets decreased 22 basis points compared to the
prior quarter. The available for sale securities portfolio yield decreased 16
basis points to 2.38% due primarily to the continued reinvestment of cash
flows from the portfolio at lower current rates. The loan portfolio yield
decreased by 15 basis points to 4.33%, excluding the impact of the previously
noted interest recovery in the second quarter. The loan yield decrease was
largely due to renewals of maturing fixed-rate loans at current lower rates
and narrowing credit spreads in this prolonged low interest rate environment,
and a reduction in fees recognized when loans prepay. The cost of
interest-bearing liabilities decreased 4 basis points from the previous
quarter to 0.52%. The average rate of interest paid on subordinated debentures
decreased to 2.79% in the third quarter of 2012 compared to 3.95% in the
second quarter of 2012. The interest rate on $233 million of these
subordinated debentures converted from a fixed interest rate of 5.75% to a
floating interest rate based on LIBOR plus 0.69% during the second quarter.

Average earning assets increased $1.2 billion during the third quarter of
2012. The average balance of the available for sale securities portfolio
increased $967 million over the second quarter of 2012 due primarily to growth
in residential and commercial mortgage-backed securities issued by U.S.
government agencies. Average outstanding loans increased $125 million due
primarily to a $140 million increase in commercial loan balances. The average
balance of residential mortgage loans held for sale increased $73 million over
the second quarter of 2012 due to increased origination volumes.

Average deposits increased $325 million over the previous quarter. Demand
deposit balances were up $440 million. Time deposit account balances decreased
$63 million and interest-bearing transaction account balances decreased $60
million. In addition, average balances of borrowed funds decreased $34 million
compared to the second quarter of 2012.

Fees and Commissions Revenue

Fees and commissions revenue totaled $166.3 million, up $11.9 million over the
second quarter of 2012 due primarily to a $10.7 million increase in mortgage
banking revenue.

Growth in mortgage banking revenue was due to record mortgage loan production
volumes and improved pricing of loans sold. Residential mortgage loans funded
for sale totaled $1.0 billion for the third quarter of 2012, up $205 million
or 24% over the previous quarter. Refinanced mortgage loans were 61% of loans
originated for sale in the third quarter of 2012 compared to 51% of the loans
originated for sale in the second quarter of 2012. Growth in mortgage loan
production volume was stimulated by continued low primary mortgage interest
rates and government programs that encourage refinancing. In addition to
growth in loans funded, outstanding mortgage loan commitments at September 30,
2012 were up $60 million or 15% over June30, 2012. Mortgage banking revenue
also increased due to improved pricing of loans sold which resulted from
government actions to reduce secondary market interest rates. Average
secondary market rates for the third quarter of 2012 decreased nearly 50 basis
points compared to the previous quarter.

Other sources of fees and commissions revenue were up modestly over the
previous quarter. Transaction card revenue increased $1.0 million due
primarily to an increase in the number of transactions processed by our
TransFund electronic funds transfer network and for merchant services clients.
Brokerage and trading revenue was down $1.3 million. Growth in securities
trading and customer hedging revenue was partially offset by decreased retail
brokerage and investment banking fees. Securities trading revenue increased
$2.9 million. Excluding the impact of a $2.9 million recovery of derivative
contract losses from the 2008 Lehman Brothers bankruptcy during the second
quarter of 2012, customer hedging revenue increased $673 thousand. Retail
brokerage revenue decreased $1.4 million and investment banking revenues
decreased $577 thousand. Trust fees and commissions revenue and deposit
service charges and fees were largely unchanged compared to the second quarter
of 2012.

Operating Expenses

Total operating expenses were $222.3 million for the third quarter of 2012
compared to $223.0 million for the second quarter of 2012. Excluding changes
in the fair value of mortgage servicing rights, operating expenses totaled
$212.8 million, up $1.2 million over the second quarter of 2012.

Personnel costs increased $478 thousand over the second quarter of 2012.
Regular compensation expense was up $1.5 million primarily due to increases in
personnel headcount. Incentive compensation expense decreased $1.3 million.
Stock-based incentive compensation expense decreased $4.1 million primarily
due to the timing of accruals for the BOK Financial Corporation True-Up Plan,
which provides incentive compensation for certain senior executives based on
earnings per share performance and compensation of comparable senior
executives at peer banks. Cash-based incentive compensation, which rewards
employees as they generate business opportunities for the Company by growing
loans, deposits, customer relationships or other measurable metrics, increased
$2.8 million.

Non-personnel expense increased $725 thousand over the second quarter of 2012.
Data processing and communications expense increased $1.2 million primarily
due to impairment charges on two discontinued software projects. Net losses
and operating expenses on repossessed properties were down $206 thousand
compared to the second quarter of 2012. All other expenses were down $291
thousand from the second quarter of 2012.

Loans, Deposits and Capital

Loans

Outstanding loans at September30, 2012 were $11.8 billion, up $256 million
over June30, 2012. Growth in commercial, commercial real estate and
residential mortgage loans was partially offset by a decrease in consumer
loans.

Outstanding commercial loan balances grew by $221 million or 13% on an
annualized basis over June30, 2012. Outstanding balances were up in most
geographic markets, including $115 million in Texas, $43 million in Oklahoma,
$31 million in Kansas/Missouri and $22 million in Arizona. Energy sector loans
increased $155 million, growing primarily in the Texas and Colorado markets.
Wholesale/retail sector loans increased $119 million primarily in the Oklahoma
and Texas markets. Service sector loans were down $40 million compared to June
30, 2012 primarily in the Oklahoma market and other commercial and industrial
sector loans decreased $39 million primarily in the Texas market. Unfunded
energy loan commitments increased $76 million during the third quarter to $2.2
billion. All other unfunded commercial loan commitments totaled $3.2 billion
at September30, 2012, up slightly from June 30, 2012.

Commercial real estate loans were up $39 million over June30, 2012. Loans
secured by multifamily residential properties increased $36 million primarily
related to loans in the Texas market. Loans secured by retail facilities grew
by $33 million primarily related to loans in the Oklahoma market. Loans
secured by office buildings were up $22 million primarily in the Oklahoma and
Texas markets. Growth in these loan classes was partially offset by a $44
million decrease in loans secured by industrial properties, primarily in the
Texas and Oklahoma markets. Unfunded commercial real estate loan commitments
totaled $574 million at September30, 2012, up $40 million over June30, 2012.

Residential mortgage loans increased $14 million over June30, 2012. Home
equity loans increased $19 million. Growth was primarily in first-lien, fully
amortizing home equity loans. Non-guaranteed permanent mortgage loans
decreased $6.9 million and permanent mortgage loans guaranteed by U.S.
government agencies increased $1.3 million.

Consumer loans decreased $18 million from June30, 2012, primarily due to
continued runoff of indirect automobile loans related to the previously
announced decision to curtail that business in favor of a customer-focused
direct approach to consumer lending. Approximately $47 million of indirect
automobile loans remain outstanding at September30, 2012.

Deposits

Deposits totaled $19.1 billion at September30, 2012 compared to $18.4 billion
at June30, 2012. Demand deposit balances increased $408 million.
Interest-bearing transaction account balances increased $451 million and time
deposits decreased $86 million. Among the lines of business, commercial
deposits increased $623 million, wealth management deposits increased $210
million and consumer deposits increased $17 million. Commercial and
industrial, treasury services, commercial real estate, energy and small
business customer account balances all increased over the prior quarter.
Commercial customers continue to maintain high account balances due to
continued economic uncertainty and persistently low yields available on high
quality investment alternatives.

The Dodd-Frank Wall Street Reform and Consumer Protection Act temporarily
provided unlimited deposit insurance coverage for noninterest-bearing
transaction accounts at all FDIC-insured institutions. Although an extension
is currently being considered, this temporary program is set to expire on
December 31, 2012. Upon expiration, noninterest-bearing transaction accounts
will be insured only up to $250,000. The impact of the expiration of this
temporary program is uncertain, but could result in a decrease in average
demand deposit balances held by customers.

Capital

The Company and its subsidiary bank exceeded the regulatory definition of well
capitalized at September30, 2012. The Company's Tier 1 capital ratio was
13.21% at September30, 2012 and 13.62% at June30, 2012. The total capital
ratio was 15.71% at September30, 2012 and 16.19% at June30, 2012. In
addition, the Company's tangible common equity ratio, a non-GAAP measure, was
9.67% at September30, 2012 and 10.07% at June30, 2012. Unrealized securities
gains added 54 basis points to the tangible common equity ratio at
September30, 2012. The decrease in Tier 1, total and tangible common equity
ratios was largely due to asset growth. In each case, capital used to
calculate these ratios at September 30 exceeded June 30.

In June, banking regulators issued a Notice of Proposed Rulemaking that will
incorporate Basel III capital changes for substantially all U.S. banking
organizations. If adopted as proposed, these changes will establish a 7%
threshold for the Tier 1 common equity ratio consisting of a minimum level
plus a capital conservation buffer. BOK Financial's Tier 1 common equity ratio
based on the existing Basel I standards was 13.01% as of September30, 2012.
Our estimated Tier 1 common equity ratio under a fully phased in Basel III
framework is approximately 12.35%, nearly 535 basis points above the 7%
regulatory threshold. This estimate is subject to interpretation of rules that
are not yet final. Additionally, the proposed definition of Tier 1 common
equity includes unrealized gains and losses on available for sale securities
which will vary based on market conditions.

Credit Quality

Nonperforming assets decreased $15 million during the third quarter of 2012 to
$264 million or 2.21% of outstanding loans and repossessed assets at
September30, 2012. Nonaccruing loans decreased $13 million and real estate
and other repossessed assets decreased $1.6 million. Accruing renegotiated
loans, largely consisting of residential mortgage loans guaranteed by U.S.
government agencies, decreased $423 thousand.

During the third quarter of 2012, the Office of the Comptroller of the
Currency issued interpretive guidance regarding accounting for and
classification of retail loans to borrowers who have filed for Chapter 7
bankruptcy. This guidance states that these loans should be charged-down to
collateral value and classified as nonaccruing and troubled debt
restructurings, regardless of current payment status. Generally, we have been
complying with this guidance by charging down such loans to collateral value
within 60 days of being notified of the borrower's bankruptcy filing. Based on
available information we do not expect implementation to significantly affect
charge-offs or provision for credit losses. We estimate that nonaccruing loans
and troubled debt restructuring may increase by $10 million to $15 million. At
September 30, 2012, payments on approximately 89% of loans that may be
classified as nonaccruing are current. We expect to implement this guidance in
the fourth quarter.

Nonaccruing loans totaled $132 million or 1.11% of outstanding loans at
September30, 2012 and $144 million or 1.25% of outstanding loans at June30,
2012. During the third quarter of 2012, $20 million of new nonaccruing loans
were identified, offset by $18 million in payments received, $8.9 million in
charge-offs and $7.0 million in foreclosures and repossessions.

Nonaccruing commercial loans decreased to $22 million or 0.30% of outstanding
commercial loans at September30, 2012 from $35 million or 0.49% of
outstanding commercial loans at June30, 2012. The decrease was due primarily
to the repayment of a $9.5 million manufacturing sector loan in the Oklahoma
market. The Company also received a $1.8 million partial recovery of amounts
previously charged off on this loan. Nonaccruing commercial real estate loans
decreased to $76 million or 3.50% of outstanding commercial real estate loans
at September30, 2012 from $80 million or 3.77% of outstanding commercial real
estate loans at June30, 2012. Nonaccruing commercial real estate loans
consist primarily of land development and residential construction loans.
Nonaccruing land development and residential construction loans totaled $38
million or 13.17% of all land development and construction loans at
September30, 2012, a decrease of $7.9 million from June30, 2012.

Nonaccruing residential mortgage loans increased $6.5 million during the third
quarter of 2012 to $29 million or 1.45% of outstanding residential mortgage
loans. Principally all non-guaranteed residential mortgage loans past due 90
days or more are nonaccruing. Residential mortgage loans past due 30 to 89
days and still accruing interest, excluding loans guaranteed by U.S.
government agencies, totaled $21 million at September30, 2012 and $17 million
at June30, 2012.

The combined allowance for credit losses totaled $236 million or 1.99% of
outstanding loans and 178.70% of nonaccruing loans at September30, 2012. The
allowance for loan losses was $234 million and the accrual for off-balance
sheet credit losses was $1.9 million. Gross charge-offs continue to decrease,
totaling $8.9 million for the third quarter, compared to $11.5 million for the
previous quarter. Recoveries of $10.3 million during the third quarter were
partially offset by the return of $7.1 million received from the City of Tulsa
in 2008 to settle claims related to a defaulted loan. The settlement agreement
between BOK Financial and the City of Tulsa was invalidated by the Oklahoma
Supreme Court in 2011. Recoveries totaled $6.7 million for the second quarter
of 2012. Net charge-offs totaled $5.7 million or 0.19% on an annualized basis
for the third quarter of 2012 compared with net charge-offs of $4.8 million or
0.17% on an annualized basis for the second quarter of 2012.

After evaluating all credit factors, no provision for credit losses was
necessary during the third quarter of 2012. The previously noted recovery
refund was expected and had been accrued in prior periods. Net recoveries
recorded during the quarter offset an increase in required reserves due to
loan portfolio growth. Credit quality indicators and most economic factors are
stable or improving in our primary markets.

Real estate and other repossessed assets totaled $104 million at September30,
2012, primarily consisting of $40 million of 1-4 family residential properties
(including $23 million guaranteed by U.S. government agencies), $29 million of
developed commercial real estate properties, $21 million of undeveloped land
and $12 million of residential land and land development properties. The
distribution of real estate owned and other repossessed assets among various
markets included $29 million attributed to Arizona, $20 million attributed to
New Mexico, $19 million attributed to Texas and $14 million attributed to
Oklahoma. Real estate and other repossessed assets decreased by $1.6 million
during the third quarter of 2012. Additions of $41 million were partially
offset by $38 million of sales. Additions included $23 million and sales
included $21 million of 1-4 family residential properties guaranteed by U.S.
government agencies. Write-downs and net losses on sales of real estate and
other repossessed assets totaled $3.6 million.

The Company also has off-balance sheet credit risk related to residential
mortgage loans sold prior to 2008 to U.S. government agencies under various
community development programs with full recourse for the life of the loans.
The outstanding principal balance of these loans decreased to $238 million at
September30, 2012 from $241 million at June30, 2012. The loans are primarily
to borrowers in our market areas, including $167 million in Oklahoma. At
September30, 2012, approximately 5% of these loans are nonperforming and 6%
were past due 30 to 89 days. A separate accrual for credit risk of $18 million
is available to absorb losses on these loans.

Securities and Derivatives

The fair value of the available for sale securities portfolio totaled $11.5
billion at September30, 2012 and $10.4 billion at June30, 2012. The increase
came primarily in short-duration U.S. government agency residential
mortgage-backed securities and U.S. government agency commercial
mortgage-backed securities. At September 30, 2012, the available for sale
portfolio consisted primarily of $10.7 billion of residential mortgage-backed
securities fully backed by U.S. government agencies, $339 million of
commercial mortgage-backed securities fully backed by U.S. government
agencies, and $332 million privately issued by publicly owned financial
institutions. Privately issued mortgage-backed securities included $208
million backed by Jumbo-A residential mortgage loans and $124 million backed
by Alt-A residential mortgage loans. Net unamortized premiums are less than 1%
of the securities portfolio amortized cost.

Net unrealized gains on available for sale securities totaled $281 million at
September30, 2012 and $242 million at June30, 2012. Net unrealized gains on
residential mortgage-backed securities issued by U.S. government agencies
increased $2.0 million during the second quarter to $274 million at
September30, 2012. Net unrealized losses on privately issued residential
mortgage-backed securities totaled $5.3 million at September30, 2012 and $36
million at June30, 2012.

The amortized cost of privately issued residential mortgage-backed securities
totaled $337 million at September30, 2012, down $17 million since June30,
2012. All of these securities are rated below investment grade by at least one
nationally-recognized rating agency. The amortized cost of these securities
was reduced during the third quarter of 2012 by $16 million of cash payments
received and $1.1 million of credit-related impairment charges during the
quarter.

In the third quarter of 2012, the Company recognized net gains of $8.0 million
from sales of $209 million of available for sale securities. These securities
were sold either because they had reached their expected maximum potential
total return or to mitigate exposure to prepayment risk. Net gains from sales
of available for sale securities totaled $20.5 million in the second quarter
of 2012 and included a gain of $14.2 million from the sale of $26 million of
stock received in settlement of a defaulted loan.

The Company also maintains a portfolio of residential mortgage-backed
securities issued by U.S. government agencies and interest rate derivative
contracts designated as an economic hedge of the changes in the fair value of
our mortgage servicing rights. Residential mortgage interest rates decreased
during the third quarter of 2012, causing prepayment speeds to increase and
the value of our mortgage servicing rights to decrease by $9.6 million. This
decrease was partially offset by a $6.1 million increase in the value of
securities and interest rate derivative contracts held as an economic hedge.

About BOK Financial Corporation

BOK Financial is a $27 billion regional financial services company based in
Tulsa, Oklahoma. The Company's stock is publicly traded on NASDAQ under the
Global Select market listings (symbol: BOKF). BOK Financial's holdings include
BOKF, NA, BOSC, Inc. and Cavanal Hill Investment Management, Inc. BOKF, NA
operates the TransFund electronic funds network and seven banking divisions:
Bank of Albuquerque, Bank of Arizona, Bank of Arkansas, Bank of Kansas City,
Bank of Oklahoma, Bank of Texas and Colorado State Bank and Trust. Through its
subsidiaries, the Company provides commercial and consumer banking, investment
and trust services, mortgage origination and servicing, and an electronic
funds transfer network. For more information, visit www.bokf.com.

The Company will continue to evaluate critical assumptions and estimates, such
as the adequacy of the allowance for credit losses and asset impairment as of
September30, 2012 through the date its financial statements are filed with
the Securities and Exchange Commission and will adjust amounts reported if
necessary.

This news release contains forward-looking statements that are based on
management's beliefs, assumptions, current expectations, estimates and
projections about BOK Financial, the financial services industry and the
economy generally. Words such as “anticipates,” “believes,” “estimates,”
“expects,” “forecasts,” “plans,” “projects,” variations of such words and
similar expressions are intended to identify such forward-looking statements.
Management judgments relating to and discussion of the provision and allowance
for credit losses involve judgments as to future events and are inherently
forward-looking statements. Assessments that BOK Financial's acquisitions and
other growth endeavors will be profitable are necessary statements of belief
as to the outcome of future events based in part on information provided by
others which BOK Financial has not independently verified. These statements
are not guarantees of future performance and involve certain risks,
uncertainties, and assumptions which are difficult to predict with regard to
timing, extent, likelihood and degree of occurrence. Therefore, actual results
and outcomes may materially differ from what is expected, implied or
forecasted in such forward-looking statements. Internal and external factors
that might cause such a difference include, but are not limited to (1) the
ability to fully realize expected cost savings from mergers within the
expected time frames, (2) the ability of other companies on which BOK
Financial relies to provide goods and services in a timely and accurate
manner, (3) changes in interest rates and interest rate relationships, (4)
demand for products and services, (5) the degree of competition by traditional
and nontraditional competitors, (6) changes in banking regulations, tax laws,
prices, levies and assessments, (7) the impact of technological advances and
(8) trends in consumer behavior as well as their ability to repay loans. BOK
Financial and its affiliates undertake no obligation to update, amend or
clarify forward-looking statements, whether as a result of new information,
future events, or otherwise.


BALANCE SHEETS -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands)
                        September 30,    June 30,         September 30,
                           2012               2012               2011
ASSETS
Cash and due from          $ 596,590          $ 628,092          $  953,688
banks
Funds sold and             18,904             11,171             19,193
resell agreements
Trading securities         204,242            149,317            109,659
Investment                 432,114            412,479            452,652
securities
Available for sale         11,506,434         10,395,415         9,619,631
securities
Fair value option          331,887            325,177            672,191
securities
Residential mortgage       325,102            259,174            256,397
loans held for sale
Loans:
Commercial                 7,273,217          7,052,544          6,421,602
Commercial real            2,165,526          2,126,214          2,272,833
estate
Residential mortgage       2,018,980          2,005,097          1,949,901
Consumer                374,644         392,576         480,233
Total loans                11,832,367         11,576,431         11,124,569
Less allowance for      (233,756     )   (231,669     )   (271,456)
loan losses
Loans, net of              11,598,611         11,344,762         10,853,113
allowance
Premises and               259,195            261,508            264,325
equipment, net
Receivables                116,243            121,944            111,427
Goodwill                   358,962            335,601            335,601
Intangible assets,         33,196             9,098              11,115
net
Mortgage servicing         89,653             91,783             87,948
rights, net
Real estate and
other repossessed          104,128            105,708            127,943
assets
Bankers' acceptances       1,605              2,873              211
Derivative contracts       435,653            366,204            370,616
Cash surrender value
of bank-owned life         271,830            269,093            260,506
insurance
Receivable on
unsettled securities       32,480             32,876             172,641
sales
Other assets            400,812         453,771         387,408
TOTAL ASSETS            $ 27,117,641    $ 25,576,046    $  25,066,265
LIABILITIES AND
EQUITY
Deposits:
Demand                     $ 6,848,401        $ 6,440,375        $  5,414,284
Interest-bearing           9,002,567          8,551,874          9,252,837
transaction
Savings                    269,573            261,998            217,431
Time                    3,022,326       3,107,950       3,554,470
Total deposits             19,142,867         18,362,197         18,439,022
Funds purchased            1,680,626          1,453,750          1,318,668
Repurchase                 1,109,696          1,136,948          1,206,793
agreements
Other borrowings           639,254            58,056             80,276
Subordinated               347,592            353,378            398,834
debentures
Accrued interest,          182,410            140,434            155,188
taxes, and expense
Bankers' acceptances       1,605              2,873              211
Due on unsettled           556,998            603,800            218,097
securities purchases
Derivative contracts       254,422            370,053            341,822
Other liabilities       189,696         171,836         139,804
TOTAL LIABILITIES          24,105,166         22,653,325         22,298,715
Shareholders'
equity:
Capital, surplus and       2,813,264          2,746,744          2,569,021
retained earnings
Accumulated other       162,393         139,190         163,571
comprehensive income
TOTAL SHAREHOLDERS'        2,975,657          2,885,934          2,732,592
EQUITY
Non-controlling         36,818          36,787          34,958
interest
TOTAL EQUITY            3,012,475       2,922,721       2,767,550
TOTAL LIABILITIES       $ 27,117,641    $ 25,576,046    $  25,066,265
AND EQUITY


AVERAGE BALANCE SHEETS -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands)
                    Three Months Ended
                       September 30,    June 30,         March 31,        December 31,     September 30,
                       2012               2012               2012               2011               2011
ASSETS
Funds sold and
resell                 $ 17,837           $ 19,187           $ 11,385           $ 12,035           $ 12,344
agreements
Trading                132,213            143,770            95,293             97,972             88,576
securities
Investment             408,646            416,284            430,890            443,326            329,627
securities
Available for          11,058,055         10,091,279         9,947,227          9,914,523          9,656,592
sale securities
Fair value
option                 336,160            335,965            555,233            660,025            594,629
securities
Residential
mortgage loans         264,024            191,311            182,372            201,242            156,621
held for sale
Loans:
Commercial             7,216,232          7,075,871          6,882,277          6,502,981          6,329,136
Commercial real        2,148,559          2,133,247          2,198,832          2,256,153          2,208,757
estate
Residential            2,003,162          2,011,729          1,944,462          1,949,929          1,868,627
mortgage
Consumer            371,709         393,875         411,240         443,252         466,285      
Total loans            11,739,662         11,614,722         11,436,811         11,152,315         10,872,805
Less allowance      (231,177     )   (242,605     )   (252,538     )   (266,473     )   (285,570     )
for loan losses
Total loans, net    11,508,485      11,372,117      11,184,273      10,885,842      10,587,235   
Total earning          23,725,420         22,569,913         22,406,673         22,214,965         21,425,624
assets
Cash and due           746,364            748,811            908,628            1,234,312          1,045,450
from banks
Cash surrender
value of               270,084            267,246            264,354            261,496            260,505
bank-owned life
insurance
Derivative             291,965            371,690            311,178            247,411            228,466
contracts
Other assets        1,554,339       1,580,857       1,625,750       1,679,256       1,661,693    
TOTAL ASSETS        $ 26,588,172    $ 25,538,517    $ 25,516,583    $ 25,637,440    $ 24,621,738 
                                                                                                   
LIABILITIES AND
EQUITY
Deposits:
Demand                 $ 6,718,572        $ 6,278,342        $ 5,847,682        $ 5,588,596        $ 5,086,538
Interest-bearing       8,719,648          8,779,659          9,319,978          9,276,608          9,310,046
transaction
Savings                267,498            259,386            241,442            220,236            214,979
Time                3,068,870       3,132,220       3,246,362       3,485,059       3,617,731    
Total deposits         18,774,588         18,449,607         18,655,464         18,570,499         18,229,294
Funds purchased        1,678,006          1,740,354          1,337,614          1,197,154          994,099
Repurchase             1,112,847          1,095,298          1,183,778          1,189,861          1,128,275
agreements
Other borrowings       97,003             86,667             72,911             88,489             128,288
Subordinated           352,432            357,609            397,440            398,858            398,812
debentures
Derivative             247,148            302,329            207,864            180,623            187,515
contracts
Other               1,379,495       637,920         826,279         1,241,469       817,049      
liabilities
TOTAL                  23,641,519         22,669,784         22,681,350         22,866,953         21,883,332
LIABILITIES
Total equity        2,946,653       2,868,733       2,835,233       2,770,487       2,738,406    
TOTAL
LIABILITIES AND     $ 26,588,172    $ 25,538,517    $ 25,516,583    $ 25,637,440    $ 24,621,738 
EQUITY


STATEMENTS OF EARNINGS -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands, except per share data)
                        Three Months Ended              Nine Months Ended
                           September        September        September        September
                           30,            30,             30,            30,

                           2012             2011             2012             2011
                                                                              
Interest revenue           $  196,071       $  205,749       $  597,334       $  613,555
Interest expense        20,044        30,365        66,377        93,531     
Net interest revenue       176,027          175,384          530,957          520,024
Provision for credit    —             —             (8,000     )   8,950      
losses
Net interest revenue
after provision for     176,027       175,384       538,957       511,074    
credit losses
Other operating
revenue:
Brokerage and              31,261           29,451           94,972           78,552
trading revenue
Transaction card           27,788           31,328           79,976           90,797
revenue
Trust fees and             19,654           17,853           58,023           55,425
commissions
Deposit service            25,148           24,614           74,743           70,951
charges and fees
Mortgage banking           50,266           29,493           122,892          66,205
revenue
Bank-owned life            2,707            2,761            8,416            8,496
insurance
Other revenue           9,476         10,535        26,062        26,709     
Total fees and             166,300          146,035          465,084          397,135
commissions
Gain (loss) on other       125              351              (341       )     2,474
assets, net
Gain on derivatives,       464              4,048            336              2,860
net
Gain on fair value
option securities,         6,192            17,788           11,311           24,191
net
Gain on available
for sale securities,       7,967            16,694           32,779           27,064
net
Total
other-than-temporary       —                (9,467     )     (640       )     (9,541     )
impairment losses
Portion of loss
recognized in
(reclassified from)     (1,104     )   (1,833     )   (5,044     )   (11,182    )
other comprehensive
income
Net impairment
losses recognized in    (1,104     )   (11,300    )   (5,684     )   (20,723    )
earnings
Total other                179,944          173,616          503,485          433,001
operating revenue
Other operating
expense:
Personnel                  122,775          103,260          359,841          308,857
Business promotion         6,054            5,280            17,188           14,681
Contribution to BOKF
Charitable                 —                4,000            —                4,000
Foundation
Professional fees          7,991            7,418            23,933           21,134
and services
Net occupancy and          16,914           16,627           49,843           47,785
equipment
Insurance                  3,690            2,206            11,567           13,163
Data processing and        26,486           24,446           73,894           71,377
communications
Printing, postage          3,611            3,780            10,825           10,448
and supplies
Net losses and
operating expenses         5,706            5,939            13,863           17,813
of repossessed
assets
Amortization of            742              896              1,862            2,688
intangible assets
Mortgage banking           11,566           9,349            30,312           24,788
costs
Change in fair value
of mortgage                9,576            24,822           13,899           35,186
servicing rights
Other expense           7,229         12,512        20,460        29,120     
Total other                222,340          220,535          627,487          601,040
operating expense
                                                                              
Net income before          133,631          128,465          414,955          343,035
taxes
Federal and state       45,778        43,006        144,447       121,115    
income taxes
                                                                              
Net income                 87,853           85,459           270,508          221,920
Net income
attributable to         471           358           1,882         3,038      
non-controlling
interest
Net income
attributable to BOK
Financial               $  87,382     $  85,101     $  268,626    $  218,882 
Corporation
shareholders
                                                                              
Average shares
outstanding:
Basic                      67,966,700       67,827,591       67,704,343       67,875,875
Diluted                    68,334,989       68,037,419       67,981,558       68,127,754
                                                                              
Net income per
share:
Basic                      $  1.28          $  1.24          $  3.94          $  3.20
Diluted                    $  1.27          $  1.24          $  3.92          $  3.19


FINANCIAL HIGHLIGHTS -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands, except ratio and share data)
                   Three Months Ended
                      September 30,    June 30,         March 31,        December 31,     September 30,
                      2012               2012               2012               2011               2011
Capital:
Period-end
shareholders'         $ 2,975,657        $ 2,885,934        $ 2,834,419        $ 2,750,468        $ 2,732,592
equity
Risk weighted         $ 18,448,854       $ 17,758,118       $ 17,993,379       $ 17,291,105       $ 17,106,533
assets
Risk-based
capital ratios:
Tier 1                13.21        %     13.62        %     13.03        %     13.27        %     13.14        %
Total capital         15.71        %     16.19        %     16.16        %     16.49        %     16.54        %
Leverage ratio        9.34         %     9.64         %     9.35         %     9.15         %     9.37         %
Tangible common       9.67         %     10.07        %     9.75         %     9.56         %     9.65         %
equity ratio^1
Tier 1 common         13.01        %     13.41        %     12.83        %     13.06        %     12.93        %
equity ratio^2
                                                                                                  
Common stock:
Book value per        $ 43.62            $ 42.35            $ 41.61            $ 40.36            $ 40.18
share
Market value
per share:
High                  $ 59.47            $ 58.12            $ 59.02            $ 55.90            $ 55.81
Low                   $ 55.63            $ 53.34            $ 52.56            $ 45.68            $ 44.00
Cash dividends        $ 25,912           $ 25,904           $ 22,571           $ 22,451           $ 18,836
paid
Dividend payout       29.65        %     26.53        %     26.99        %     33.51        %     22.13        %
ratio
Shares
outstanding,          68,215,354         68,144,159         68,116,893         68,153,044         68,006,390
net
Stock buy-back
program:
Shares                —                  39,496             345,300            69,581             492,444
repurchased
Amount             $ —             $ 2,125         $ 18,432        $ 3,579         $ 22,866     
Average price      $ —             $ 53.81         $ 53.38         $ 51.44         $ 46.43      
per share
                                                                                                  
Performance ratios (quarter annualized):
Return on             1.31         %     1.54         %     1.32         %     1.04         %     1.37         %
average assets
Return on             11.80        %     13.69        %     11.86        %     9.59         %     12.33        %
average equity
Net interest          3.12         %     3.30         %     3.19         %     3.20         %     3.34         %
margin
Efficiency            61.12        %     62.45        %     59.77        %     69.73        %     60.13        %
ratio
                                                                                                  
Reconciliation of non-GAAP measures:
^1 Tangible
common equity
ratio:
Total
shareholders'         $ 2,975,657        $ 2,885,934        $ 2,834,419        $ 2,750,468        $ 2,732,592
equity
Less: Goodwill
and intangible     (392,158     )   (344,699     )   (345,246     )   (345,820     )   (346,716     )
assets, net
Tangible common    $ 2,583,499     $ 2,541,235     $ 2,489,173     $ 2,404,648     $ 2,385,876  
equity
                                                                                                  
Total assets          $ 27,117,641       $ 25,576,046       $ 25,884,173       $ 25,493,946       $ 25,066,265
Less: Goodwill
and intangible     (392,158     )   (344,699     )   (345,246     )   (345,820     )   (346,716     )
assets, net
Tangible assets    $ 26,725,483    $ 25,231,347    $ 25,538,927    $ 25,148,126    $ 24,719,549 
                                                                                                  
Tangible common    9.67         %   10.07        %   9.75         %   9.56         %   9.65         %
equity ratio
                                                                                                  
^2 Tier 1
common equity
ratio:
Tier 1 capital        $ 2,436,791        $ 2,418,985        $ 2,344,779        $ 2,295,061        $ 2,247,576
Less:
Non-controlling    (36,818      )   (36,787      )   (35,982      )   (36,184      )   (34,958      )
interest
Tier 1 common      $ 2,399,973     $ 2,382,198     $ 2,308,797     $ 2,258,877     $ 2,212,618  
equity
                                                                                                  
Risk weighted      $ 18,448,854    $ 17,758,118    $ 17,993,379    $ 17,291,105    $ 17,106,533 
assets
                                                                                                  
Tier 1 common      13.01        %   13.41        %   12.83        %   13.06        %   12.93        %
equity ratio


FINANCIAL HIGHLIGHTS -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands, except ratio and share data)
              Three Months Ended
                 September 30,    June 30,         March 31,        December 31,     September 30,
                 2012               2012               2012               2011               2011
Other
data:
Trust            $ 37,721,780       $ 35,748,719       $ 35,650,798       $ 34,398,796       $ 31,750,636
assets
Mortgage
servicing        $ 11,756,350       $ 11,564,643       $ 11,378,806       $ 11,300,986       $ 11,249,503
portfolio
Mortgage
loans            $ 1,046,608        $ 841,959          $ 746,241          $ 753,215          $ 637,127
funded for
sale
Mortgage
loan
refinances       61           %     51           %     67           %     66           %     54           %
to total
fundings
Tax
equivalent       $ 2,509            $ 2,252            $ 2,094            $ 2,274            $ 2,233
adjustment
Net
unrealized
gain on          $ 281,455          $ 242,253          $ 201,340          $ 222,160          $ 278,616
available
for sale
securities
                                                                                             
Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain
(loss) on
mortgage         $ 645              $ 2,623            $ (2,445     )     $ 121              $ 4,048
hedge
derivative
contracts
Gain
(loss) on
mortgage      5,455           6,908           (2,393       )   222             17,788       
trading
securities
Gain
(loss) on
economic
hedge of         6,100              9,531              (4,838       )     343                21,836
mortgage
servicing
rights
Gain
(loss) on
changes in
fair value    (9,576       )   (11,450      )   7,127           (5,261       )   (24,822      )
of
mortgage
servicing
rights
Gain
(loss) on
changes in
fair value
of
mortgage      $ (3,476     )   $ (1,919     )   $ 2,289         $ (4,918     )   $ (2,986     )
servicing
rights,
net of
economic
hedges
                                                                                             
Net
interest
revenue on    $ 1,750         $ 2,148         $ 3,165         $ 4,436         $ 5,036      
mortgage
trading
securities


QUARTERLY EARNINGS TREND -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands, except ratio and per share data)
                        Three Months Ended
                           September        June 30,         March 31,        December 31,     September
                           30,            2012           2012           2011           30,
                           2012                                                                2011
Interest revenue           $  196,071       $  203,055       $  198,208       $  198,040       $  205,749
Interest expense        20,044        21,694        24,639        26,570        30,365     
Net interest revenue       176,027          181,361          173,569          171,470          175,384
Provision for credit    —             (8,000     )   —             (15,000    )   —          
losses
Net interest revenue
after provision for        176,027          189,361          173,569          186,470          175,384
credit losses
Other operating
revenue:
Brokerage and              31,261           32,600           31,111           25,629           29,451
trading revenue
Transaction card           27,788           26,758           25,430           25,960           31,328
revenue
Trust fees and             19,654           19,931           18,438           17,865           17,853
commissions
Deposit service            25,148           25,216           24,379           24,921           24,614
charges and fees
Mortgage banking           50,266           39,548           33,078           25,438           29,493
revenue
Bank-owned life            2,707            2,838            2,871            2,784            2,761
insurance
Other revenue           9,476         7,559         9,027         9,189         10,535     
Total fees and             166,300          154,450          144,334          131,786          146,035
commissions
Gain (loss) on other       125              2,990            (3,456     )     1,682            351
assets, net
Gain (loss) on             464              2,345            (2,473     )     (174       )     4,048
derivatives, net
Gain (loss) on fair
value option               6,192            6,852            (1,733     )     222              17,788
securities, net
Gain on available
for sale securities,       7,967            20,481           4,331            7,080            16,694
net
Total
other-than-temporary       —                (135       )     (505       )     (1,037     )     (9,467     )
impairment losses
Portion of loss
recognized in
(reclassified from)     (1,104     )   (723       )   (3,217     )   (1,747     )   (1,833     )
other comprehensive
income
Net impairment
losses recognized in    (1,104     )   (858       )   (3,722     )   (2,784     )   (11,300    )
earnings
Total other                179,944          186,260          137,281          137,812          173,616
operating revenue
Other operating
expense:
Personnel                  122,775          122,297          114,769          121,129          103,260
Business promotion         6,054            6,746            4,388            5,868            5,280
Contribution to BOKF
Charitable                 —                —                —                —                4,000
Foundation
Professional fees          7,991            8,343            7,599            7,664            7,418
and services
Net occupancy and          16,914           16,906           16,023           16,826           16,627
equipment
Insurance                  3,690            4,011            3,866            3,636            2,206
Data processing and        26,486           25,264           22,144           26,599           24,446
communications
Printing, postage          3,611            3,903            3,311            3,637            3,780
and supplies
Net losses and
operating expenses         5,706            5,912            2,245            6,180            5,939
of repossessed
assets
Amortization of            742              545              575              895              896
intangible assets
Mortgage banking           11,566           11,173           7,573            10,154           9,349
costs
Change in fair value
of mortgage                9,576            11,450           (7,127     )     5,261            24,822
servicing rights
Other expense           7,229         6,461         6,770         11,133        12,512     
Total other                222,340          223,011          182,136          218,982          220,535
operating expense
Net income before          133,631          152,610          128,714          105,300          128,465
taxes
Federal and state       45,778        53,149        45,520        37,396        43,006     
income taxes
Net income                 87,853           99,461           83,194           67,904           85,459
Net income (loss)
attributable to         471           1,833         (422       )   911           358        
non-controlling
interest
Net income
attributable to BOK
Financial               $  87,382     $  97,628     $  83,616     $  66,993     $  85,101  
Corporation
shareholders
                                                                                               
Average shares
outstanding:
Basic                      67,966,700       67,472,665       67,665,300       67,526,009       67,827,591
Diluted                    68,334,989       67,744,828       67,941,895       67,774,721       68,037,419
Net income per
share:
Basic                      $  1.28          $  1.43          $  1.22          $  0.98          $  1.24
Diluted                    $  1.27          $  1.43          $  1.22          $  0.98          $  1.24


LOANS BY PRINCIPAL MARKET AREA -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands)
                Three Months Ended
                   September 30,      June 30,           March 31,          December 31,       September
                   2012             2012             2012             2011             30,
                                                                                               2011
                                                                                               
Bank of
Oklahoma:
Commercial         $ 3,141,217        $ 3,098,651        $ 3,107,726        $ 2,826,649        $ 2,865,740
Commercial         639,156            644,761            631,891            607,030            615,848
real estate
Residential        1,477,583          1,460,173          1,426,827          1,411,560          1,378,519
mortgage
Consumer        200,217         205,436         215,693         235,909         250,048
Total Bank      5,458,173       5,409,021       5,382,137       5,081,148       5,110,155
of Oklahoma
                                                                                               
Bank of
Texas:
Commercial         2,529,473          2,414,824          2,354,593          2,249,888          2,116,377
Commercial         712,895            678,745            802,979            830,642            759,574
real estate
Residential        266,791            268,639            262,556            268,053            276,721
mortgage
Consumer        108,854         115,602         124,692         126,570         133,454
Total Bank      3,618,013       3,477,810       3,544,820       3,475,153       3,286,126
of Texas
                                                                                               
Bank of
Albuquerque:
Commercial         267,469            262,144            273,284            258,668            279,319
Commercial         294,731            285,871            282,834            303,500            302,980
real estate
Residential        117,783            113,987            106,754            104,695            99,191
mortgage
Consumer        15,883          15,828          18,378          19,369          19,393
Total Bank
of              695,866         677,830         681,250         686,232         700,883
Albuquerque
                                                                                               
Bank of
Arkansas:
Commercial         48,097             49,305             64,595             76,199             80,304
Commercial         119,305            119,895            139,670            136,170            134,028
real estate
Residential        12,408             12,513             14,557             15,772             15,793
mortgage
Consumer        19,720          24,270          28,783          35,911          44,445
Total Bank      199,530         205,983         247,605         264,052         274,570
of Arkansas
                                                                                               
Colorado
State Bank &
Trust:
Commercial         616,321            610,384            541,280            544,020            495,429
Commercial         145,077            149,541            144,757            156,013            189,948
real estate
Residential        57,637             60,893             61,329             64,627             66,491
mortgage
Consumer        19,028          20,612          19,790          21,598          22,183
Total
Colorado        838,063         841,430         767,156         786,258         774,051
State Bank &
Trust
                                                                                               
Bank of
Arizona:
Commercial         300,557            278,119            269,099            271,914            269,381
Commercial         186,553            181,513            180,830            198,160            227,085
real estate
Residential        65,234             67,822             76,699             89,315             92,293
mortgage
Consumer        6,150           6,227           5,381           5,633           6,670
Total Bank      558,494         533,681         532,009         565,022         595,429
of Arizona
                                                                                               
Bank of
Kansas City:
Commercial         370,083            339,117            348,515            327,732            315,052
Commercial         67,809             65,888             50,722             59,788             43,370
real estate
Residential        21,544             21,070             19,650             20,505             20,893
mortgage
Consumer        4,792           4,601           3,580           3,853           4,040
Total Bank
of Kansas       464,228         430,676         422,467         411,878         383,355
City
                                                                                               
TOTAL BOK       $ 11,832,367    $ 11,576,431    $ 11,577,444    $ 11,269,743    $ 11,124,569
FINANCIAL
                                                                                                 
Loans attributed to a geographical region may not always represent the location of the borrower or the
collateral. The previous periods have been reclassified to conform to the current period loan
classification and market attribution.
                                                                                                 


DEPOSITS BY PRINCIPAL MARKET AREA -- UNAUDITED

BOK FINANCIAL CORPORATION
(in thousands)       Three Months Ended
                        September 30,      June 30,           March 31,          December 31,       September
                        2012             2012             2012             2011             30,
                                                                                                    2011
Bank of Oklahoma:
Demand                  $ 3,734,900        $ 3,499,834        $ 3,445,424        $ 3,223,201        $ 2,953,410
Interest-bearing:
Transaction             5,496,724          5,412,002          5,889,625          6,050,986          6,038,770
Savings                 155,277            150,353            148,556            126,763            122,829
Time                 1,274,336       1,354,148       1,370,868       1,450,571       1,489,486
Total                6,926,337       6,916,503       7,409,049       7,628,320       7,651,085
interest-bearing
Total Bank of        10,661,237      10,416,337      10,854,473      10,851,521      10,604,495
Oklahoma
Bank of Texas:
Demand                  1,983,678          1,966,465          1,876,133          1,808,491          1,710,315
Interest-bearing:
Transaction             1,782,296          1,813,209          1,734,655          1,940,819          1,820,116
Savings                 52,561             51,114             50,331             45,872             42,272
Time                 789,725         772,809         789,860         867,664         938,200
Total                2,624,582       2,637,132       2,574,846       2,854,355       2,800,588
interest-bearing
Total Bank of        4,608,260       4,603,597       4,450,979       4,662,846       4,510,903
Texas
Bank of
Albuquerque:
Demand                  416,796            357,367            333,707            319,269            325,612
Interest-bearing:
Transaction             526,029            506,165            503,015            491,068            480,816
Savings                 31,940             31,215             32,688             27,487             26,127
Time                 375,611         383,350         392,234         410,722         431,436
Total                933,580         920,730         927,937         929,277         938,379
interest-bearing
Total Bank of        1,350,376       1,278,097       1,261,644       1,248,546       1,263,991
Albuquerque
Bank of Arkansas:
Demand                  29,254             16,921             22,843             18,513             21,809
Interest-bearing:
Transaction             168,827            172,829            151,708            131,181            181,486
Savings                 2,246              2,220              2,358              1,727              1,735
Time                 45,719          48,517          54,157          61,329          74,163
Total                216,792         223,566         208,223         194,237         257,384
interest-bearing
Total Bank of        246,046         240,487         231,066         212,750         279,193
Arkansas
Colorado State
Bank & Trust:
Demand                  330,641            301,646            311,057            272,565            217,394
Interest-bearing:
Transaction             627,015            465,276            476,718            511,993            520,743
Savings                 24,689             24,202             23,409             22,771             22,599
Time                 476,564         491,280         498,124         523,969         547,481
Total                1,128,268       980,758         998,251         1,058,733       1,090,823
interest-bearing
Total Colorado
State Bank &         1,458,909       1,282,404       1,309,308       1,331,298       1,308,217
Trust
Bank of Arizona:
Demand                  151,738            137,313            131,539            106,741            138,971
Interest-bearing:
Transaction             298,048            113,310            95,010             104,961            101,933
Savings                 2,201              2,313              1,772              1,192              1,366
Time                 33,169          31,539          34,199          37,641          40,007
Total                333,418         147,162         130,981         143,794         143,306
interest-bearing
Total Bank of        485,156         284,475         262,520         250,535         282,277
Arizona
Bank of Kansas
City:
Demand                  201,393            160,829            68,469             51,004             46,773
Interest-bearing:
Transaction             103,628            69,083             57,666             123,449            108,973
Savings                 660                581                505                545                503
Time                 27,202          26,307          26,657          30,086          33,697
Total                131,490         95,971          84,828          154,080         143,173
interest-bearing
Total Bank of        332,883         256,800         153,297         205,084         189,946
Kansas City
                                                                                                    
TOTAL BOK            $ 19,142,867    $ 18,362,197    $ 18,523,287    $ 18,762,580    $ 18,439,022
FINANCIAL


NET INTEREST MARGIN TREND -- UNAUDITED

BOK FINANCIAL CORPORATION
                       Three Months Ended                                      
                          September     June       March      December     September
                          30,         30,      31,      31,        30,
                          2012          2012       2012       2011         2011
                                                                           
TAX-EQUIVALENT
ASSETS YIELDS
Funds sold and            0.07   %      0.08 %     0.07 %     0.10  %      0.16   %
resell agreements
Trading securities        2.12   %      1.53 %     1.88 %     2.79  %      2.85   %
Investment
securities:
Taxable^1                 5.83   %      5.93 %     5.89 %     5.91  %      5.63   %
Tax-exempt^1           4.12   %    4.90 %   4.87 %   4.81  %    4.94   %
Total investment       5.33   %    5.63 %   5.59 %   5.59  %    5.35   %
securities^1
Available for sale
securities:
Taxable^1                 2.36   %      2.52 %     2.48 %     2.36  %      2.82   %
Tax-exempt^1           4.70   %    4.69 %   5.17 %   5.14  %    4.92   %
Total available for    2.38   %    2.54 %   2.50 %   2.38  %    2.83   %
sale securities^1
Fair value option         2.27   %      2.62 %     2.79 %     2.98  %      3.66   %
securities
Residential
mortgage loans held       3.48   %      3.75 %     3.90 %     4.01  %      4.09   %
for sale
Loans                     4.33   %      4.58 %     4.50 %     4.65  %      4.71   %
Less allowance for     —      %    —    %   —    %   —     %    —      %
loan losses
Loans, net of             4.42   %      4.68 %     4.61 %     4.76  %      4.84   %
allowance
Total
tax-equivalent            3.47   %      3.69 %     3.64 %     3.69  %      3.91   %
yield on earning
assets^1
                                                                           
COST OF
INTEREST-BEARING
LIABILITIES
Interest-bearing
deposits:
Interest-bearing          0.16   %      0.16 %     0.17 %     0.18  %      0.23   %
transaction
Savings                   0.19   %      0.23 %     0.24 %     0.26  %      0.34   %
Time                   1.61   %    1.63 %   1.68 %   1.70  %    1.84   %
Total
interest-bearing          0.53   %      0.54 %     0.55 %     0.59  %      0.68   %
deposits
Funds purchased           0.15   %      0.16 %     0.09 %     0.06  %      0.05   %
Repurchase                0.10   %      0.10 %     0.09 %     0.13  %      0.17   %
agreements
Other borrowings          3.03   %      3.96 %     5.58 %     4.75  %      5.26   %
Subordinated debt      2.79   %    3.95 %   5.62 %   5.61  %    5.60   %
Total cost of
interest-bearing       0.52   %    0.56 %   0.63 %   0.66  %    0.76   %
liabilities
Tax-equivalent net
interest revenue          2.95   %      3.13 %     3.01 %     3.03  %      3.15   %
spread
Effect of
noninterest-bearing    0.17   %    0.17 %   0.18 %   0.17  %    0.19   %
funding sources and
other
Tax-equivalent net     3.12   %    3.30 %   3.19 %   3.20  %    3.34   %
interest margin^1
1 Yield calculations exclude security trades that have been recorded on trade date
with no corresponding interest income.


*Story too large*

CREDIT QUALITY INDICATORS

BOK FINANCIAL CORPORATION

(in thousands, except ratios)
                 Quarter Ended
                    September     June 30,      March 31,     December      September
                    30,         2012        2012        31,         30,
                    2012                                      2011          2011
Nonperforming
assets:
Nonaccruing
loans:
Commercial          $ 21,762      $ 34,529      $ 61,750      $ 68,811      $  83,736
Commercial          75,761        80,214        86,475        99,193        110,048
real estate

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