BOK Financial Reports Record Earnings of $351 Million for 2012 Fourth Quarter Earnings Total $83 Million

  BOK Financial Reports Record Earnings of $351 Million for 2012 Fourth
  Quarter Earnings Total $83 Million

Business Wire

TULSA, Okla. -- January 30, 2013

BOK Financial Corporation reported record net income of $351.2 million or
$5.13 per diluted share for the year ended December31, 2012, up $65.3 million
or 23% over 2011. Net income for the year ended December31, 2011 was $285.9
million or $4.17 per diluted share.

“BOK Financial's results for 2012 reflect the value of our diversified revenue
business model,” said President and CEO Stan Lybarger. “Non-interest revenue
increased by $103 million or 20% over 2011, led by tremendous growth in
mortgage banking revenue. Our mortgage banking professionals originated over
$3.7 billion in loans, assisting a record number of customers in the purchase
or refinance of their home during this year. In addition to mortgage banking
revenue, brokerage and trading revenue was up nearly $23 million over the
previous year, which more than offset the full year effect of regulatory
limits on interchange fees.”

"Our commercial loan portfolio grew by $1.1 billion or 16% and deposits grew
by $2.4 billion or 13% over December 31, 2011," said Lybarger. "Additionally,
continued improvements in credit quality in 2012 required us to further reduce
our combined allowances for credit losses by $45 million through net
charge-offs and a $22 million negative provision for credit losses."

"While persistently low interest rates and modest economic growth present a
challenge for all banks, including BOK Financial, we expect the Company to
continue to perform well," said Lybarger. "Our outlook for the upcoming year
includes continued loan growth, increased non-interest revenue and operating
expense discipline."

Net income for the fourth quarter of 2012 totaled $82.6 million or $1.21 per
diluted share, compared to net income of $87.4 million or $1.27 per diluted
share for the third quarter of 2012 and net income of $67.0 million or $0.98
per diluted share for the fourth quarter of 2011.

Highlights of fourth quarter of 2012 included:

  *Net interest revenue totaled $173.4 million for the fourth quarter of 2012
    compared to $176.0 million for the third quarter of 2012. Net interest
    margin was 2.95% for the fourth quarter of 2012 and 3.12% for the third
    quarter of 2012. Securities portfolio yield continued to decline as cash
    flows were reinvested at lower rates.
  *Fees and commissions revenue totaled $165.8 million, largely unchanged
    compared to the third quarter of 2012. Mortgage banking revenue decreased
    $3.9 million compared to the prior quarter primarily due to seasonal
    decreases in mortgage commitments and mortgage loans held for sale. Trust
    fees and commission revenue increased $2.4 million over the prior quarter.
    All other revenue sources were up $1.3 million over the prior quarter.
  *Operating expenses, excluding changes in the fair value of mortgage
    servicing rights, totaled $226.8 million, up $14.0 million over the
    previous quarter. Personnel expense increased $8.4 million. Non-personnel
    expense increased $5.6 million.
  *A $14.0 million negative provision for credit losses was recorded in the
    fourth quarter of 2012. Improving charge-off trends resulted in lower
    estimated loss rates. Most economic factors are stable or improving in our
    primary markets. No provision for credit losses was recorded in the third
    quarter of 2012. Net charge-offs totaled $4.3 million or 0.14% of average
    loans on an annualized basis in the fourth quarter of 2012 compared to net
    charge-offs of $5.7 million or 0.19% of average loans on an annualized
    basis in the third quarter of 2012. Gross charge-offs continue to decline,
    down $921 thousand from the previous quarter.
  *The combined allowance for credit losses totaled $217 million or 1.77% of
    outstanding loans at December31, 2012 compared to $236 million or 1.99%
    of outstanding loans at September30, 2012. Nonperforming assets totaled
    $277 million or 2.23% of outstanding loans and repossessed assets at
    December31, 2012 and $264 million or 2.21% of outstanding loans and
    repossessed assets at September30, 2012. Nonperforming assets increased
    $31 million due to the implementation of recent regulatory guidance
    concerning borrowers who have filed for Chapter 7 bankruptcy. Excluding
    the impact of this new guidance, nonperforming assets decreased $19
    million during the fourth quarter of 2012.
  *Outstanding loan balances were $12.3 billion at December31, 2012, up $479
    million over the prior quarter. Commercial loan balances grew by $351
    million or 19% on an annualized basis over September30, 2012. Commercial
    real estate loans grew by $68 million, residential mortgage loans grew by
    $32 million and consumer loans grew by $28 million.
  *Period end deposits totaled $21.2 billion at December31, 2012 compared to
    $19.1 billion at September30, 2012. Demand deposit accounts increased
    $1.2 billion and interest-bearing transaction accounts increased $885
    million, partially offset by a $54 million decrease in time deposits.
  *Tangible common equity ratio was 9.25% at December31, 2012 and 9.67% at
    September30, 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 12.78% at
    December31, 2012 and 13.21% at September30, 2012.
  *The Company paid a regular quarterly cash dividend of $26 million or $0.38
    per common share and a special cash dividend of $68 million or $1.00 per
    common share during the fourth quarter of 2012. On January 29, 2013, the
    board of directors approved a quarterly cash dividend of $0.38 per common
    share payable on or about March 1, 2013 to shareholders of record as of
    February 15, 2013.

Net Interest Revenue

Net interest revenue decreased $2.7 million compared to the third quarter of
2012. Net interest margin was 2.95% for the fourth quarter of 2012 compared to
3.12% for the third quarter of 2012.

The yield on average earning assets decreased 17 basis points compared to the
prior quarter. The available for sale securities portfolio yield decreased 28
basis points to 2.10% due primarily to the continued reinvestment of cash
flows from the portfolio at lower current rates. The loan portfolio yield of
4.33% was unchanged compared to the previous quarter.

"In the present low interest rate environment, our ability to further decrease
funding costs is limited," said Steven Nell, Chief Financial Officer. "In
addition, our ability to bolster near term net interest revenue through
continued securities portfolio growth may be constrained by our conservative
approach to interest rate risk management. We intend to focus on supporting
net interest revenue through continued loan portfolio growth. Based on the
current interest rate environment, we see continued pressure on net interest
margin in 2013."

Average earning assets increased $741 million during the fourth quarter of
2012. The average balance of the available for sale securities portfolio
increased $424 million over the third quarter of 2012 due primarily to growth
in residential and commercial mortgage-backed securities issued by U.S.
government agencies. Average outstanding loans increased $250 million due
primarily to a $209 million increase in commercial loan balances.

Average deposits increased $1.4 billion over the previous quarter. Demand
deposit balances were up $787 million and interest-bearing transaction account
balances increased $624 million. Time deposit account balances decreased $59
million. The average balance of borrowed funds decreased $328 million compared
to the third quarter of 2012.

Fees and Commissions Revenue

Fees and commissions revenue totaled $165.8 million, largely unchanged
compared to the third quarter of 2012. Increased revenue from an acquisition
made during the third quarter was mostly offset by decreased mortgage banking
revenue.

Mortgage banking revenue totaled $46.4 million, down $3.9 million from the
prior quarter. Record mortgage loan production volume during the fourth
quarter was offset by a seasonal decrease in mortgage loan commitments and
loans held for sale. Residential mortgage loans funded for sale totaled $1.1
billion for the fourth quarter of 2012, up $27 million or 3% over the previous
quarter. Refinanced mortgage loans were 62% of loans originated for sale in
the fourth quarter of 2012 compared to 61% of the loans originated for sale in
the third quarter of 2012. Outstanding mortgage loan commitments decreased $95
million and the unpaid principal balance of loans held for sale decreased $25
million compared to September30, 2012.

"Despite some industry forecasts of a reduction in mortgage lending activity,
we expect our mortgage banking revenue to remain strong in 2013," said Nell.
"During 2012, we increased the number of mortgage lenders, expanded further
into our regional markets and added correspondent loan origination channels.
In addition, it does not appear that government policies that stimulate
mortgage lending will end anytime soon. We also expect continued revenue
growth from our wealth management business in 2013 through a full year’s
performance from our Milestone acquisition and further expansion throughout
our regional markets."

Trust fees and commissions revenue were up $2.4 million primarily related to
revenue from The Milestone Group, Inc., a Denver-based Registered Investment
Adviser acquired by BOK Financial in the third quarter. Brokerage and trading
revenue increased $697 thousand, transaction card revenue increased $221
thousand and deposit service charges and fees decreased $974 thousand.

Operating Expenses

Total operating expenses were $222.1 million for the fourth quarter of 2012
compared to $222.3 million for the third quarter of 2012. Excluding changes in
the fair value of mortgage servicing rights, operating expenses totaled $226.8
million, up $14.0 million over the third quarter of 2012.

Personnel costs increased $8.4 million over the third quarter of 2012 due
largely to increased incentive compensation and health care costs. Incentive
compensation expense increased $5.8 million. Stock-based incentive
compensation expense increased $4.8 million primarily due to increased
incentive compensation accruals for executive compensation plans. 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 $1.0 million. Employee
health care costs increased $3.0 million over the third quarter of 2012
primarily due to an increased level of large dollar claims.

Non-personnel expense increased $5.6 million over the third quarter of 2012.
During the fourth quarter, the Company made a $2.1 million discretionary
contribution to the BOKF Foundation. The BOKF Foundation partners with various
charitable organizations to support needs within our communities. All other
non-personnel expenses were up $3.5 million over the previous quarter.

Loans, Deposits and Capital

Loans

Outstanding loans at December31, 2012 were $12.3 billion, up $479 million
over September30, 2012. All categories of loans experienced growth during the
fourth quarter.

Outstanding commercial loan balances grew by $351 million or 19% on an
annualized basis over September30, 2012. Outstanding balances were up in most
geographic markets, including $133 million in Oklahoma, $125 million in Texas,
$46 million in Kansas/Missouri and $33 million in Colorado. Service sector
loans grew by $134 million primarily in the Texas and Oklahoma markets. Energy
sector loans increased $57 million. Energy sector loans grew primarily in the
Oklahoma and Colorado markets, partially offset by a decrease in the Texas
market. Healthcare sector loans increased $56 million primarily in the Texas
market. Wholesale/retail sector loans increased $55 million primarily in the
Texas and Kansas/Missouri markets, partially offset by a decrease in the
Oklahoma market. Other commercial and industrial sector loans increased $33
million and manufacturing sector loans increased $18 million both primarily in
the Oklahoma market. Unfunded energy loan commitments increased $170 million
during the fourth quarter to $2.4 billion. All other unfunded commercial loan
commitments totaled $3.2 billion at December31, 2012, up slightly from
September30, 2012.

Commercial real estate loans were up $68 million over September30, 2012.
Loans secured by industrial properties increased by $59 million primarily in
the Texas market. Other real estate loans increased $24 million. Growth in the
Oklahoma and Colorado markets was partially offset by a decrease in the Texas
market. Loans secured by office buildings were up $20 million primarily due to
growth in the Texas market, partially offset by a decrease in loans attributed
to the Oklahoma market. Growth in these loan classes was partially offset by a
$40 million decrease in construction and land development loans primarily in
the Oklahoma, Texas and Colorado markets. Unfunded commercial real estate loan
commitments totaled $621 million at December31, 2012, up $47 million over
September30, 2012.

Residential mortgage loans increased $32 million over September30, 2012. Home
equity loans increased $46 million. Growth continues to be primarily focused
in first-lien, fully amortizing home equity loans. At December31, 2012,
approximately 63% of our $761 million home equity loan portfolio consisted of
first-lien, fully amortizing loans. Non-guaranteed permanent mortgage loans
decreased $11.0 million. Permanent mortgage loans guaranteed by U.S.
government agencies decreased $2.2 million.

Consumer loans increased $28 million from September30, 2012. Other consumer
loans were up $40 million over September30, 2012, partially offset by a $13
million decrease primarily related to continued runoff of indirect automobile
loans resulting from the previously announced decision to curtail that
business in favor of a customer-focused direct approach to consumer lending.
Approximately $35 million of indirect automobile loans remain outstanding at
December31, 2012.

Deposits

Deposits totaled $21.2 billion at December31, 2012 compared to $19.1 billion
at September30, 2012. Demand deposit balances increased $1.2 billion.
Interest-bearing transaction account balances increased $885 million and time
deposits decreased $54 million. Among the lines of business, commercial
deposits increased $1.1 billion, wealth management deposits increased $599
million and consumer deposits increased $80 million. Energy, commercial real
estate, treasury services 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. A significant
driver of deposit growth in the fourth quarter was sales of businesses or
assets by customers. During the first half of January 2013, demand deposit
balances decreased by approximately $700 million as customers redeployed these
funds.

The temporary unlimited deposit insurance coverage program for
noninterest-bearing transaction accounts at all FDIC-insured institutions
provided for by the Dodd-Frank Wall Street Reform and Consumer Protection Act
expired on December 31, 2012. Noninterest-bearing transaction accounts are now
insured up to $250,000.

Capital

The Company and its subsidiary bank exceeded the regulatory definition of well
capitalized at December31, 2012. The Company's Tier 1 capital ratio was
12.78% at December31, 2012 and 13.21% at September30, 2012. The total
capital ratio was 15.13% at December31, 2012 and 15.71% at September30,
2012. In addition, the Company's tangible common equity ratio, a non-GAAP
measure, was 9.25% at December31, 2012 and 9.67% at September30, 2012.
Unrealized securities gains added 48 basis points to the tangible common
equity ratio at December31, 2012. The decrease in Tier 1, total and tangible
common equity ratios was largely due to the $1.00 per share special dividend
paid in the fourth quarter.

"BOK Financial has increased cash dividends each year since paying its first
quarterly cash dividend in 2005," said Nell. "We will consider migrating
toward a higher regular dividend payout ratio in the future, subject to
attractive capital deployment opportunities."

In June 2012, 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 12.59% as of December31, 2012.
Our estimated Tier 1 common equity ratio under a fully phased in Basel III
framework is approximately 12.15%, nearly 515 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 increased $13 million during the fourth quarter of 2012
to $277 million or 2.23% of outstanding loans and repossessed assets at
December31, 2012. Excluding the impact of recent regulatory guidance that
primarily affected residential mortgage loans, nonperforming assets decreased
$19 million. Implementation of this guidance increased nonperforming assets by
$31 million in the fourth quarter.

The Office of the Comptroller of the Currency issued interpretive guidance in
the third quarter of 2012 regarding accounting for and classification of
retail loans to borrowers who have filed for Chapter 7 bankruptcy. This
guidance requires that these loans be charged-down to collateral value and
classified as nonaccruing and troubled debt restructurings, regardless of
current payment status. We have generally been complying with this guidance by
charging down such loans to collateral value. Implementation of this guidance
in the fourth quarter did not significantly affect charge-offs or provision
for credit losses. Nonaccruing loans increased by approximately $19 million.
At December 31, 2012, payments on approximately 65% of these newly-identified
nonaccruing loans are current. Most of this increase in nonaccruing loans is
attributed to residential mortgage loans in the Oklahoma market.
Implementation of this guidance also increased renegotiated residential
mortgage loans guaranteed by U.S. government agencies by $12 million.

Nonaccruing loans totaled $134 million or 1.09% of outstanding loans at
December31, 2012 and $132 million or 1.11% of outstanding loans at
September30, 2012. New nonaccruing loans identified in the fourth quarter
totaled $38 million, including $19 million identified related to the
implementation of the recent regulatory guidance on Chapter 7 bankruptcies.
This was offset by $16 million in payments received, $8.0 million in
charge-offs and $13 million in foreclosures and repossessions.

Nonaccruing commercial loans increased to $24 million or 0.32% of outstanding
commercial loans at December31, 2012 from $22 million or 0.30% of outstanding
commercial loans at September30, 2012. Nonaccruing commercial real estate
loans decreased to $61 million or 2.71% of outstanding commercial real estate
loans at December31, 2012 from $76 million or 3.50% of outstanding commercial
real estate loans at September30, 2012. Nonaccruing commercial real estate
loans consist primarily of land development and residential construction
loans. Nonaccruing land development and residential construction loans totaled
$26 million or 10.49% of all land development and construction loans at
December31, 2012, a decrease of $12 million during the fourth quarter.

Nonaccruing residential mortgage loans increased $17 million during the fourth
quarter of 2012 to $47 million or 2.27% 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 $11 million at December31, 2012 and $21 million
at September30, 2012.

The combined allowance for credit losses totaled $217 million or 1.77% of
outstanding loans and 161.76% of nonaccruing loans at December31, 2012. The
allowance for loan losses was $216 million and the accrual for off-balance
sheet credit losses was $1.9 million. Gross charge-offs continue to decrease,
totaling $8.0 million for the fourth quarter, compared to $8.9 million for the
previous quarter. Recoveries totaled $3.7 million for the fourth quarter of
2012. Net charge-offs totaled $4.3 million or 0.14% on an annualized basis for
the fourth quarter of 2012 compared with net charge-offs of $5.7 million or
0.19% on an annualized basis for the third quarter of 2012.

After evaluating all credit factors, the Company determined that a $14 million
negative provision for credit losses was necessary during the fourth quarter
of 2012. Improving trends in gross charge-offs and loan portfolio risk grading
across most loan classes resulted in lower estimated loss rates used in
developing the combined allowance for credit losses. Most economic factors are
stable or improving in our primary markets.

Real estate and other repossessed assets totaled $104 million at December31,
2012, primarily consisting of $44 million of 1-4 family residential properties
(including $22 million guaranteed by U.S. government agencies), $25 million of
developed commercial real estate properties, $18 million of undeveloped land
and $16 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, $18 million attributed to
New Mexico, $16 million attributed to Texas, $15 million attributed to
Oklahoma and $13 million attributed to Colorado. Real estate and other
repossessed assets decreased by $337 thousand during the fourth quarter of
2012. Additions of $36 million were partially offset by $33 million of sales.
Additions included $23 million and sales included $24 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 $4.1
million.

Securities and Derivatives

The fair value of the available for sale securities portfolio totaled $11.3
billion at December31, 2012 and $11.5 billion at September30, 2012. At
December31, 2012, the available for sale portfolio consisted primarily of
$9.9 billion of residential mortgage-backed securities fully backed by U.S.
government agencies, $895 million of commercial mortgage-backed securities
fully backed by U.S. government agencies, and $325 million of residential
mortgage-backed securities privately issued by publicly owned financial
institutions. Privately issued residential mortgage-backed securities included
$202 million backed by Jumbo-A mortgage loans and $123 million backed by Alt-A
mortgage loans. Net unamortized premiums are less than 1% of the securities
portfolio amortized cost.

Net unrealized gains on available for sale securities totaled $255 million at
December31, 2012 and $281 million at September30, 2012. Net unrealized gains
on residential mortgage-backed securities issued by U.S. government agencies
decreased $34 million during the fourth quarter to $239 million at
December31, 2012. The privately issued residential mortgage-backed securities
portfolio has a net unrealized gain of $2.3 million at December31, 2012
compared to a net unrealized loss of $5.3 million at September30, 2012.

The amortized cost of privately issued residential mortgage-backed securities
totaled $323 million at December31, 2012, down $14 million since
September30, 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 fourth quarter of 2012 by $14 million
of cash payments received and $197 thousand of credit-related impairment
charges during the quarter.

In the fourth quarter of 2012, the Company recognized net gains of $1.1
million from sales of $84 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 $209 million of available for sale securities in the third
quarter of 2012 totaled $8.0 million.

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. Due to changes in residential mortgage interest
rates during the fourth quarter of 2012, prepayment speeds decreased and the
value of our mortgage servicing rights increased by $4.7 million. This
increase was partially offset by a $2.9 million decrease in the value of
securities and interest rate derivative contracts held as an economic hedge.

About BOK Financial Corporation

BOK Financial is a $28 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., The Milestone Group, 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
December31, 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)

                           December 31,    September 30,   December 31,
                              2012             2012             2011
ASSETS
Cash and due from banks       $ 1,266,834      $ 596,590        $ 976,191
Funds sold and resell         19,405           18,904           10,174
agreements
Trading securities            214,102          204,242          76,800
Investment securities         499,534          432,114          439,236
Available for sale            11,287,221       11,506,434       10,179,365
securities
Fair value option             284,296          331,887          651,226
securities
Residential mortgage          293,762          325,102          188,125
loans held for sale
Loans:
Commercial                    7,624,420        7,273,217        6,555,070
Commercial real estate        2,233,158        2,165,526        2,291,303
Residential mortgage          2,051,354        2,018,980        1,974,527
Consumer                   402,524        374,644        448,843      
Total loans                   12,311,456       11,832,367       11,269,743
Less allowance for loan    (215,507     )  (233,756     )  (253,481     )
losses
Loans, net of allowance       12,095,949       11,598,611       11,016,262
Premises and equipment,       265,920          259,195          262,735
net
Receivables                   114,185          116,243          123,257
Goodwill                      361,979          358,962          335,601
Intangible assets, net        28,192           33,196           10,219
Mortgage servicing            100,812          89,653           86,783
rights, net
Real estate and other         103,791          104,128          122,753
repossessed assets
Bankers' acceptances          605              1,605            1,881
Derivative contracts          338,106          435,653          293,859
Cash surrender value of
bank-owned life               274,531          271,830          263,318
insurance
Receivable on unsettled       211,052          32,480           75,151
securities sales
Other assets               388,355        400,812        381,010      
TOTAL ASSETS               $ 28,148,631   $ 27,117,641   $ 25,493,946 
LIABILITIES AND EQUITY
Deposits:
Demand                        $ 8,038,286      $ 6,848,401      $ 5,799,785
Interest-bearing              9,888,038        9,002,567        9,354,456
transaction
Savings                       284,744          269,573          226,357
Time                       2,967,992      3,022,326      3,381,982    
Total deposits                21,179,060       19,142,867       18,762,580
Funds purchased               1,167,416        1,680,626        1,063,318
Repurchase agreements         887,030          1,109,696        1,233,064
Other borrowings              651,775          639,254          74,485
Subordinated debentures       347,633          347,592          398,881
Accrued interest,             176,678          182,410          149,508
taxes, and expense
Bankers' acceptances          605              1,605            1,881
Due on unsettled              297,453          556,998          653,371
securities purchases
Derivative contracts          283,589          254,422          236,522
Other liabilities          163,711        189,696        133,684      
TOTAL LIABILITIES             25,154,950       24,105,166       22,707,294
Shareholders' equity:
Capital, surplus and          2,807,940        2,813,264        2,621,489
retained earnings
Accumulated other          149,920        162,393        128,979      
comprehensive income
TOTAL SHAREHOLDERS'           2,957,860        2,975,657        2,750,468
EQUITY
Non-controlling            35,821         36,818         36,184       
interest
TOTAL EQUITY               2,993,681      3,012,475      2,786,652    
TOTAL LIABILITIES AND      $ 28,148,631   $ 27,117,641   $ 25,493,946 
EQUITY
                                                                             


AVERAGE BALANCE SHEETS -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands)
                   Three Months Ended
                     December 31,    September 30,   June 30,        March 31,       December 31,
                     2012             2012             2012             2012             2011
ASSETS
Funds sold and
resell               $ 19,553         $ 17,837         $ 19,187         $ 11,385         $ 12,035
agreements
Trading              165,109          132,213          143,770          95,293           97,972
securities
Investment           474,085          408,646          416,284          430,890          443,326
securities
Available for        11,482,212       11,058,055       10,091,279       9,947,227        9,914,523
sale securities
Fair value
option               292,490          336,160          335,965          555,233          660,025
securities
Residential
mortgage loans       272,581          264,024          191,311          182,372          201,242
held for sale
Loans:
Commercial           7,424,922        7,216,232        7,075,871        6,882,277        6,502,981
Commercial real      2,174,726        2,148,559        2,133,247        2,198,832        2,256,153
estate
Residential          1,997,679        2,003,162        2,011,729        1,944,462        1,949,929
mortgage
Consumer           391,992        371,709        393,875        411,240        443,252      
Total loans          11,989,319       11,739,662       11,614,722       11,436,811       11,152,315
Less allowance     (229,095     )  (231,177     )  (242,605     )  (252,538     )  (266,473     )
for loan losses
Total loans, net   11,760,224     11,508,485     11,372,117     11,184,273     10,885,842   
Total earning        24,466,254       23,725,420       22,569,913       22,406,673       22,214,965
assets
Cash and due         849,614          746,364          748,811          908,628          1,234,312
from banks
Cash surrender
value of             272,778          270,084          267,246          264,354          261,496
bank-owned life
insurance
Derivative           316,579          291,965          371,690          311,178          247,411
contracts
Other assets       1,591,551      1,554,339      1,580,857      1,625,750      1,679,256    
TOTAL ASSETS       $ 27,496,776   $ 26,588,172   $ 25,538,517   $ 25,516,583   $ 25,637,440 
                                                                                         
LIABILITIES AND
EQUITY
Deposits:
Demand               $ 7,505,074      $ 6,718,572      $ 6,278,342      $ 5,847,682      $ 5,588,596
Interest-bearing     9,343,421        8,719,648        8,779,659        9,319,978        9,276,608
transaction
Savings              278,714          267,498          259,386          241,442          220,236
Time               3,010,367      3,068,870      3,132,220      3,246,362      3,485,059    
Total deposits       20,137,576       18,774,588       18,449,607       18,655,464       18,570,499
Funds purchased      1,295,442        1,678,006        1,740,354        1,337,614        1,197,154
Repurchase           900,131          1,112,847        1,095,298        1,183,778        1,189,861
agreements
Other borrowings     364,425          97,003           86,667           72,911           88,489
Subordinated         347,613          352,432          357,609          397,440          398,858
debentures
Derivative           246,296          247,148          302,329          207,864          180,623
contracts
Other              1,233,806      1,378,956      637,920        826,279        1,241,469    
liabilities
TOTAL                24,525,289       23,640,980       22,669,784       22,681,350       22,866,953
LIABILITIES
Total equity       2,971,487      2,947,192      2,868,733      2,835,233      2,770,487    
TOTAL
LIABILITIES AND    $ 27,496,776   $ 26,588,172   $ 25,538,517   $ 25,516,583   $ 25,637,440 
EQUITY
                                                                                                      


STATEMENTS OF EARNINGS -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands, except per share data)
                       Three Months Ended              Year Ended
                         December 31,                      December 31,
                         2012           2011             2012           2011
                                                                            
Interest revenue         $  194,314       $  198,040       $  791,648       $  811,595
Interest expense       20,945        26,570        87,322        120,101    
Net interest revenue     173,369          171,470          704,326          691,494
Provision for credit   (14,000    )   (15,000    )   (22,000    )   (6,050     )
losses
Net interest revenue
after provision for    187,369       186,470       726,326       697,544    
credit losses
Other operating
revenue:
Brokerage and            31,958           25,629           126,930          104,181
trading revenue
Transaction card         28,009           25,960           107,985          116,757
revenue
Trust fees and           22,030           17,865           80,053           73,290
commissions
Deposit service          24,174           24,921           98,917           95,872
charges and fees
Mortgage banking         46,410           25,438           169,302          91,643
revenue
Bank-owned life          2,673            2,784            11,089           11,280
insurance
Other revenue          10,554        9,189         37,827        35,620     
Total fees and           165,808          131,786          632,103          528,643
commissions
Gain (loss) on other     137              1,682            (1,415     )     4,156
assets, net
Gain (loss) on           (637       )     (174       )     (301       )     2,686
derivatives, net
Gain (loss) on fair
value option             (2,081     )     222              9,230            24,413
securities, net
Gain on available
for sale securities,     1,066            7,080            33,845           34,144
net
Total
other-than-temporary     (504       )     (1,037     )     (1,144     )     (10,578    )
impairment losses
Portion of loss
recognized in
(reclassified from)    (1,163     )   (1,747     )   (6,207     )   (12,929    )
other
comprehensive income
Net impairment
losses recognized in   (1,667     )   (2,784     )   (7,351     )   (23,507    )
earnings
Total other              162,626          137,812          666,111          570,535
operating revenue
Other operating
expense:
Personnel                131,192          121,129          491,033          429,986
Business promotion       6,150            5,868            23,338           20,549
Contribution to BOKF
Charitable               2,062            —                2,062            4,000
Foundation
Professional fees        10,082           7,664            34,015           28,798
and services
Net occupancy and        16,883           16,826           66,726           64,611
equipment
Insurance                3,789            3,636            15,356           16,799
Data processing and      25,010           26,599           98,904           97,976
communications
Printing, postage        3,403            3,637            14,228           14,085
and supplies
Net losses and
operating expenses       6,665            6,180            20,528           23,715
of repossessed
assets
Amortization of          1,065            895              2,927            3,583
intangible assets
Mortgage banking         8,653            10,154           38,965           34,942
costs
Change in fair value
of mortgage              (4,689     )     5,261            9,210            40,447
servicing rights
Other expense          11,820        11,133        32,281        40,253     
Total other              222,085          218,982          849,573          819,744
operating expense
                                                                            
Net income before        127,910          105,300          542,864          448,335
taxes
Federal and state      44,293        37,396        188,740       158,511    
income taxes
                                                                            
Net income               83,617           67,904           354,124          289,824
Net income
attributable to        1,051         911           2,933         3,949      
non-controlling
interest
Net income
attributable to BOK
Financial              $  82,566     $  66,993     $  351,191    $  285,875 
Corporation
shareholders
                                                                            
Average shares
outstanding:
Basic                    67,622,777       67,526,009       67,684,043       67,787,676
Diluted                  67,914,717       67,774,721       67,964,940       68,038,763
                                                                            
Net income per
share:
Basic                    $  1.21          $  0.98          $  5.15          $  4.18
Diluted                  $  1.21          $  0.98          $  5.13          $  4.17
                                                                                       


FINANCIAL HIGHLIGHTS -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands, except ratio and share data)
                  Three Months Ended
                    December 31,     September 30,    June 30,         March 31,        December 31,
                    2012               2012               2012               2012               2011
Capital:
Period-end
shareholders'       $ 2,957,860        $ 2,975,657        $ 2,885,934        $ 2,834,419        $ 2,750,468
equity
Risk weighted       $ 19,016,673       $ 18,448,854       $ 17,758,118       $ 17,993,379       $ 17,291,105
assets
Risk-based
capital ratios:
Tier 1              12.78        %     13.21        %     13.62        %     13.03        %     13.27        %
Total capital       15.13        %     15.71        %     16.19        %     16.16        %     16.49        %
Leverage ratio      9.01         %     9.34         %     9.64         %     9.35         %     9.15         %
Tangible common     9.25         %     9.67         %     10.07        %     9.75         %     9.56         %
equity ratio^1
Tier 1 common       12.59        %     13.01        %     13.41        %     12.83        %     13.06        %
equity ratio^2
                                                                                                
Common stock:
Book value per      $ 43.29            $ 43.62            $ 42.35            $ 41.61            $ 40.36
share
Market value
per share:
High                $ 59.77            $ 59.47            $ 58.12            $ 59.02            $ 55.90
Low                 $ 54.19            $ 55.63            $ 53.34            $ 52.56            $ 45.68
Cash dividends      $ 94,231           $ 25,912           $ 25,904           $ 22,571           $ 22,451
paid
Dividend payout     114.13       %     29.65        %     26.53        %     26.99        %     33.51        %
ratio
Shares
outstanding,        68,327,351         68,215,354         68,144,159         68,116,893         68,153,044
net
Stock buy-back
program:
Shares              —                  —                  39,496             345,300            69,581
repurchased
Amount            $ —             $ —             $ 2,125         $ 18,432        $ 3,579      
Average price     $ —             $ —             $ 53.81         $ 53.38         $ 51.44      
per share
                                                                                                
Performance ratios (quarter annualized):
Return on           1.19         %     1.31         %     1.54         %     1.32         %     1.04         %
average assets
Return on           11.05        %     11.80        %     13.69        %     11.86        %     9.59         %
average equity
Net interest        2.95         %     3.12         %     3.30         %     3.19         %     3.20         %
margin
Efficiency          66.00        %     61.18        %     61.98        %     58.76        %     69.66        %
ratio
                                                                                                
Reconciliation of non-GAAP measures:
^1 Tangible
common equity
ratio:
Total
shareholders'       $ 2,957,860        $ 2,975,657        $ 2,885,934        $ 2,834,419        $ 2,750,468
equity
Less: Goodwill
and intangible    (390,171     )   (392,158     )   (344,699     )   (345,246     )   (345,820     )
assets, net
Tangible common   $ 2,567,689     $ 2,583,499     $ 2,541,235     $ 2,489,173     $ 2,404,648  
equity
                                                                                                
Total assets        $ 28,148,631       $ 27,117,641       $ 25,576,046       $ 25,884,173       $ 25,493,946
Less: Goodwill
and intangible    (390,171     )   (392,158     )   (344,699     )   (345,246     )   (345,820     )
assets, net
Tangible assets   $ 27,758,460    $ 26,725,483    $ 25,231,347    $ 25,538,927    $ 25,148,126 
                                                                                                
Tangible common   9.25         %   9.67         %   10.07        %   9.75         %   9.56         %
equity ratio
                                                                                                
^2 Tier 1
common equity
ratio:
Tier 1 capital      $ 2,430,671        $ 2,436,791        $ 2,418,985        $ 2,344,779        $ 2,295,061
Less:
Non-controlling   (35,821      )   (36,818      )   (36,787      )   (35,982      )   (36,184      )
interest
Tier 1 common     $ 2,394,850     $ 2,399,973     $ 2,382,198     $ 2,308,797     $ 2,258,877  
equity
                                                                                                
Risk weighted     $ 19,016,673    $ 18,448,854    $ 17,758,118    $ 17,993,379    $ 17,291,105 
assets
                                                                                                
Tier 1 common     12.59        %   13.01        %   13.41        %   12.83        %   13.06        %
equity ratio
                                                                                                             


FINANCIAL HIGHLIGHTS -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands, except ratio and share data)
              Three Months Ended
                 December 31,     September 30,    June 30,         March 31,        December 31,
                 2012               2012               2012               2012               2011
Other
data:
Fiduciary        $ 25,829,038       $ 25,208,276       $ 23,136,625       $ 23,774,788       $ 22,821,813
assets
Mortgage
servicing        $ 11,981,624       $ 11,756,350       $ 11,564,643       $ 11,378,806       $ 11,300,986
portfolio
Mortgage
loans            $ 1,073,541        $ 1,046,608        $ 841,960          $ 746,241          $ 753,215
funded for
sale
Mortgage
loan
refinances
to total
fundings         62           %     61           %     51           %     67           %     66           %
Tax
equivalent       $ 2,472            $ 2,509            $ 2,252            $ 2,094            $ 2,274
adjustment
Net
unrealized
gain on
available
for sale         $ 254,587          $ 281,455          $ 242,253          $ 277,277          $ 222,160
securities
                                                                                             
Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain
(loss) on
mortgage
hedge
derivative       $ (707       )     $ 645              $ 2,623            $ (2,445     )     $ 121
contracts
Gain
(loss) on
mortgage
trading
securities    (2,177       )   5,455           6,908           (2,393       )   222          
Gain
(loss) on
economic
hedge of
mortgage
servicing        (2,884       )     6,100              9,531              (4,838       )     343
rights
Gain
(loss) on
changes in
fair
value of
mortgage      4,689           (9,576       )   (11,450      )   7,127           (5,261       )
servicing
rights
Gain
(loss) on
changes in
fair
value of
mortgage
servicing
rights,
net of        $ 1,805         $ (3,476     )   $ (1,919     )   $ 2,289         $ (4,918     )
economic
hedges
                                                                                             
Net
interest
revenue on
mortgage
trading       $ 748           $ 1,750         $ 2,148         $ 3,165         $ 4,436      
securities
                                                                                                          


QUARTERLY EARNINGS TREND -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands, except ratio and per share data)
                       Three Months Ended
                         December 31,     September        June 30,         March 31,        December 31,
                         2012           30,            2012           2012           2011
                                          2012
Interest revenue         $  194,314       $  196,071       $  203,055       $  198,208       $  198,040
Interest expense       20,945        20,044        21,694        24,639        26,570     
Net interest revenue     173,369          176,027          181,361          173,569          171,470
Provision for credit   (14,000    )   —             (8,000     )   —             (15,000    )
losses
Net interest revenue
after provision for
credit
losses                   187,369          176,027          189,361          173,569          186,470
Other operating
revenue:
Brokerage and            31,958           31,261           32,600           31,111           25,629
trading revenue
Transaction card         28,009           27,788           26,758           25,430           25,960
revenue
Trust fees and           22,030           19,654           19,931           18,438           17,865
commissions
Deposit service          24,174           25,148           25,216           24,379           24,921
charges and fees
Mortgage banking         46,410           50,266           39,548           33,078           25,438
revenue
Bank-owned life          2,673            2,707            2,838            2,871            2,784
insurance
Other revenue          10,554        9,149         8,860         9,264         9,189      
Total fees and           165,808          165,973          155,751          144,571          131,786
commissions
Gain (loss) on other     137              452              1,689            (3,693     )     1,682
assets, net
Gain (loss) on           (637       )     464              2,345            (2,473     )     (174       )
derivatives, net
Gain (loss) on fair
value option             (2,081     )     6,192            6,852            (1,733     )     222
securities, net
Gain on available
for sale securities,     1,066            7,967            20,481           4,331            7,080
net
Total
other-than-temporary     (504       )     —                (135       )     (505       )     (1,037     )
impairment losses
Portion of loss
recognized in
(reclassified from)
other comprehensive    (1,163     )   (1,104     )   (723       )   (3,217     )   (1,747     )
income
Net impairment
losses recognized in   (1,667     )   (1,104     )   (858       )   (3,722     )   (2,784     )
earnings
Total other              162,626          179,944          186,260          137,281          137,812
operating revenue
Other operating
expense:
Personnel                131,192          122,775          122,297          114,769          121,129
Business promotion       6,150            6,054            6,746            4,388            5,868
Contribution to BOKF
Charitable               2,062            —                —                —                —
Foundation
Professional fees        10,082           7,991            8,343            7,599            7,664
and services
Net occupancy and        16,883           16,914           16,906           16,023           16,826
equipment
Insurance                3,789            3,690            4,011            3,866            3,636
Data processing and      25,010           26,486           25,264           22,144           26,599
communications
Printing, postage        3,403            3,611            3,903            3,311            3,637
and supplies
Net losses and
operating expenses
of
repossessed assets       6,665            5,706            5,912            2,245            6,180
Amortization of          1,065            742              545              575              895
intangible assets
Mortgage banking         8,653            11,566           11,173           7,573            10,154
costs
Change in fair value
of mortgage
servicing
rights                   (4,689     )     9,576            11,450           (7,127     )     5,261
Other expense          11,820        7,229         6,461         6,771         11,133     
Total other              222,085          222,340          223,011          182,137          218,982
operating expense
Net income before        127,910          133,631          152,610          128,713          105,300
taxes
Federal and state      44,293        45,778        53,149        45,520        37,396     
income taxes
Net income               83,617           87,853           99,461           83,193           67,904
Net income (loss)
attributable to
non-controlling
interest               1,051         471           1,833         (422       )   911        
Net income
attributable to BOK
Financial
Corporation            $  82,566     $  87,382     $  97,628     $  83,615     $  66,993  
shareholders
                                                                                             
Average shares
outstanding:
Basic                    67,622,777       67,966,700       67,472,665       67,665,300       67,526,009
Diluted                  67,914,717       68,334,989       67,744,828       67,941,895       67,774,721
Net income per
share:
Basic                    $  1.21          $  1.28          $  1.43          $  1.22          $  0.98
Diluted                  $  1.21          $  1.27          $  1.43          $  1.22          $  0.98
                                                                                                        


LOANS BY PRINCIPAL MARKET AREA -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands)
                Three Months Ended
                   December 31,     September 30,    June 30,         March 31,        December 31,
                   2012               2012               2012               2012               2011
                                                                                               
Bank of
Oklahoma:
Commercial         $ 3,273,833        $ 3,141,217        $ 3,098,651        $ 3,107,726        $ 2,826,649
Commercial         636,398            639,156            644,761            631,891            607,030
real estate
Residential        1,501,000          1,477,583          1,460,173          1,426,827          1,411,560
mortgage
Consumer        227,115         200,217         205,436         215,693         235,909
Total Bank      5,638,346       5,458,173       5,409,021       5,382,137       5,081,148
of Oklahoma
                                                                                               
Bank of
Texas:
Commercial         2,654,875          2,529,473          2,414,824          2,354,593          2,249,888
Commercial         771,791            712,895            678,745            802,979            830,642
real estate
Residential        274,388            266,791            268,639            262,556            268,053
mortgage
Consumer        116,252         108,854         115,602         124,692         126,570
Total Bank      3,817,306       3,618,013       3,477,810       3,544,820       3,475,153
of Texas
                                                                                               
Bank of
Albuquerque:
Commercial         255,382            267,469            262,144            273,284            258,668
Commercial         305,049            294,731            285,871            282,834            303,500
real estate
Residential        128,201            117,783            113,987            106,754            104,695
mortgage
Consumer        15,456          15,883          15,828          18,378          19,369
Total Bank
of              704,088         695,866         677,830         681,250         686,232
Albuquerque
                                                                                               
Bank of
Arkansas:
Commercial         62,049             48,097             49,305             64,595             76,199
Commercial         90,821             119,305            119,895            139,670            136,170
real estate
Residential        12,684             12,408             12,513             14,557             15,772
mortgage
Consumer        15,421          19,720          24,270          28,783          35,911
Total Bank      180,975         199,530         205,983         247,605         264,052
of Arkansas
                                                                                               
Colorado
State Bank &
Trust:
Commercial         649,203            616,321            610,384            541,280            544,020
Commercial         160,344            145,077            149,541            144,757            156,013
real estate
Residential        57,712             57,637             60,893             61,329             64,627
mortgage
Consumer        19,333          19,028          20,612          19,790          21,598
Total
Colorado        886,592         838,063         841,430         767,156         786,258
State Bank &
Trust
                                                                                               
Bank of
Arizona:
Commercial         313,294            300,557            278,119            269,099            271,914
Commercial         184,290            186,553            181,513            180,830            198,160
real estate
Residential        57,559             65,234             67,822             76,699             89,315
mortgage
Consumer        4,686           6,150           6,227           5,381           5,633
Total Bank      559,829         558,494         533,681         532,009         565,022
of Arizona
                                                                                               
Bank of
Kansas City:
Commercial         415,784            370,083            339,117            348,515            327,732
Commercial         84,465             67,809             65,888             50,722             59,788
real estate
Residential        19,810             21,544             21,070             19,650             20,505
mortgage
Consumer        4,261           4,792           4,601           3,580           3,853
Total Bank
of Kansas       524,320         464,228         430,676         422,467         411,878
City
                                                                                               
TOTAL BOK       $ 12,311,456    $ 11,832,367    $ 11,576,431    $ 11,577,444    $ 11,269,743
FINANCIAL

Loans attributed to a geographical region may not always represent the
location of the borrower or the collateral.


DEPOSITS BY PRINCIPAL MARKET AREA -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands)
                    Three Months Ended
                      December 31,     September 30,    June 30,         March 31,        December 31,
                      2012               2012               2012               2012               2011
Bank of Oklahoma:
Demand                $ 4,223,923        $ 3,734,900        $ 3,499,834        $ 3,445,424        $ 3,223,201
Interest-bearing:
Transaction           6,031,541          5,496,724          5,412,002          5,889,625          6,050,986
Savings               163,512            155,277            150,353            148,556            126,763
Time                1,267,904       1,274,336       1,354,148       1,370,868       1,450,571
Total               7,462,957       6,926,337       6,916,503       7,409,049       7,628,320
interest-bearing
Total Bank of       11,686,880      10,661,237      10,416,337      10,854,473      10,851,521
Oklahoma
Bank of Texas:
Demand                2,606,176          1,983,678          1,966,465          1,876,133          1,808,491
Interest-bearing:
Transaction           2,129,084          1,782,296          1,813,209          1,734,655          1,940,819
Savings               58,429             52,561             51,114             50,331             45,872
Time                762,233         789,725         772,809         789,860         867,664
Total               2,949,746       2,624,582       2,637,132       2,574,846       2,854,355
interest-bearing
Total Bank of       5,555,922       4,608,260       4,603,597       4,450,979       4,662,846
Texas
Bank of
Albuquerque:
Demand                427,510            416,796            357,367            333,707            319,269
Interest-bearing:
Transaction           511,593            526,029            506,165            503,015            491,068
Savings               31,926             31,940             31,215             32,688             27,487
Time                364,928         375,611         383,350         392,234         410,722
Total               908,447         933,580         920,730         927,937         929,277
interest-bearing
Total Bank of       1,335,957       1,350,376       1,278,097       1,261,644       1,248,546
Albuquerque
Bank of Arkansas:
Demand                38,935             29,254             16,921             22,843             18,513
Interest-bearing:
Transaction           101,366            168,827            172,829            151,708            131,181
Savings               2,239              2,246              2,220              2,358              1,727
Time                42,573          45,719          48,517          54,157          61,329
Total               146,178         216,792         223,566         208,223         194,237
interest-bearing
Total Bank of       185,113         246,046         240,487         231,066         212,750
Arkansas
Colorado State
Bank & Trust:
Demand                331,157            330,641            301,646            311,057            272,565
Interest-bearing:
Transaction           676,140            627,015            465,276            476,718            511,993
Savings               25,889             24,689             24,202             23,409             22,771
Time                472,305         476,564         491,280         498,124         523,969
Total               1,174,334       1,128,268       980,758         998,251         1,058,733
interest-bearing
Total Colorado
State Bank &        1,505,491       1,458,909       1,282,404       1,309,308       1,331,298
Trust
Bank of Arizona:
Demand                161,094            151,738            137,313            131,539            106,741
Interest-bearing:
Transaction           360,275            298,048            113,310            95,010             104,961
Savings               1,978              2,201              2,313              1,772              1,192
Time                31,371          33,169          31,539          34,199          37,641
Total               393,624         333,418         147,162         130,981         143,794
interest-bearing
Total Bank of       554,718         485,156         284,475         262,520         250,535
Arizona
Bank of Kansas
City:
Demand                249,491            201,393            160,829            68,469             51,004
Interest-bearing:
Transaction           78,039             103,628            69,083             57,666             123,449
Savings               771                660                581                505                545
Time                26,678          27,202          26,307          26,657          30,086
Total               105,488         131,490         95,971          84,828          154,080
interest-bearing
Total Bank of       354,979         332,883         256,800         153,297         205,084
Kansas City
                                                                                                  
TOTAL BOK           $ 21,179,060    $ 19,142,867    $ 18,362,197    $ 18,523,287    $ 18,762,580
FINANCIAL
                                                                                                    


NET INTEREST MARGIN TREND -- UNAUDITED

BOK FINANCIAL CORPORATION
                      Three Months Ended
                        December     September     June       March      December
                        31,        30,         30,      31,      31,
                        2012         2012          2012       2012       2011
                                                                         
TAX-EQUIVALENT
ASSETS YIELDS
Funds sold and          0.06  %      0.07   %      0.08 %     0.07 %     0.10  %
resell agreements
Trading securities      1.06  %      2.12   %      1.53 %     1.88 %     2.79  %
Investment
securities:
Taxable^1               5.86  %      5.83   %      5.93 %     5.89 %     5.91  %
Tax-exempt^1          2.93  %    4.12   %    4.90 %   4.87 %   4.81  %
Total investment      4.67  %    5.33   %    5.63 %   5.59 %   5.59  %
securities^1
Available for sale
securities:
Taxable^1               2.08  %      2.36   %      2.52 %     2.48 %     2.37  %
Tax-exempt^1          3.80  %    4.70   %    4.69 %   5.17 %   5.14  %
Total available for   2.10  %    2.38   %    2.54 %   2.50 %   2.39  %
sale securities^1
Fair value option       1.58  %      2.27   %      2.62 %     2.79 %     2.98  %
securities
Residential
mortgage loans held     3.39  %      3.48   %      3.75 %     3.90 %     4.01  %
for sale
Loans                   4.33  %      4.33   %      4.58 %     4.50 %     4.65  %
Less allowance for    —         —          —       —       —     
loan losses
Loans, net of           4.41  %      4.42   %      4.68 %     4.61 %     4.76  %
allowance
Total
tax-equivalent          3.30  %      3.47   %      3.69 %     3.64 %     3.69  %
yield on earning
assets^1
                                                                         
COST OF
INTEREST-BEARING
LIABILITIES
Interest-bearing
deposits:
Interest-bearing        0.15  %      0.16   %      0.16 %     0.17 %     0.18  %
transaction
Savings                 0.18  %      0.19   %      0.23 %     0.24 %     0.26  %
Time                  1.80  %    1.61   %    1.63 %   1.68 %   1.70  %
Total
interest-bearing        0.54  %      0.53   %      0.54 %     0.55 %     0.59  %
deposits
Funds purchased         0.15  %      0.15   %      0.16 %     0.09 %     0.06  %
Repurchase              0.09  %      0.10   %      0.10 %     0.09 %     0.13  %
agreements
Other borrowings        0.90  %      3.03   %      3.96 %     5.58 %     4.75  %
Subordinated debt     2.56  %    2.79   %    3.95 %   5.62 %   5.61  %
Total cost of
interest-bearing      0.54  %    0.52   %    0.56 %   0.63 %   0.66  %
liabilities
Tax-equivalent net
interest revenue        2.76  %      2.95   %      3.13 %     3.01 %     3.03  %
spread
Effect of
noninterest-bearing   0.19  %    0.17   %    0.17 %   0.18 %   0.17  %
funding sources and
other
Tax-equivalent net    2.95  %    3.12   %    3.30 %   3.19 %   3.20  %
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
                   December 31,     September      June     March     December
                   2012           30,          30,    31,     31,
                                    2012           2012     2012      2011
Nonperforming
assets:
Nonaccruing
loans:
Commercial         $   24,467       $  21,762

[TRUNCATED]
 
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