ý
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Oklahoma
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73-1373454
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(State or other jurisdiction
of Incorporation or Organization)
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(IRS Employer
Identification No.)
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Bank of Oklahoma Tower
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Boston Avenue at Second Street
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Tulsa, Oklahoma
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74172
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(Address of Principal Executive Offices)
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(Zip Code)
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Item 1
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Item 1A
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Item 1B
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Item 2
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Item 3
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Item 4
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Item 5
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Item 6
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Item 7
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Item 7A
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Item 8
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Item 9
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Item 9A
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Item 9B
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Item 10
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Item 11
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Item 12
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Item 13
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Item 14
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Item 15
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Exhibit 10.4.11
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Employment Agreement between BOK Financial and Scott B. Grauer dated December 18, 2013
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Exhibit 21
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Subsidiaries of the Registrant
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Exhibit 23
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Consent of Independent Registered Public Accounting Firm
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Exhibit 31.1
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Chief Executive Officer Section 302 Certification
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Exhibit 31.2
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Chief Financial Officer Section 302 Certification
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Exhibit 32
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Section 906 Certifications
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•
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deterioration of BOK Financial's asset quality;
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•
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deterioration in general economic conditions, especially in BOK Financial's core markets;
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•
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inability to control BOK Financial's non-interest expenses;
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•
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inability to increase non-interest income;
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•
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inability to access capital;
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•
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decreases in net interest margins;
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•
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increases in competition; and
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•
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adverse regulatory developments.
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•
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the monetary policies implemented by the Federal Reserve Board, including the discount rate on bank borrowings and changes in reserve requirements, which affect BOK Financial's ability to make loans and the interest rates we may charge;
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•
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changes in prevailing interest rates, due to the dependency of the subsidiary banks on interest income;
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•
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open market operations in U.S. Government securities.
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•
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Successful integration of the acquired business into current operations;
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•
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Retention of acquired deposits and earning assets;
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•
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Control over incremental non-interest expense;
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•
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Retention of certain key employees; and
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•
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Continued performance of the CoBiz credit portfolio.
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First
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Second
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Third
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Fourth
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||||||||
2018:
|
|
|
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||||||||
Low
|
|
$
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90.62
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$
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93.00
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$
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93.33
|
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$
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70.61
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High
|
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100.98
|
|
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105.24
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|
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104.74
|
|
|
96.91
|
|
||||
Cash dividends declared
|
|
0.45
|
|
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0.45
|
|
|
0.50
|
|
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0.50
|
|
||||
2017:
|
|
|
|
|
|
|
|
|
|
|
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|
||||
Low
|
|
$
|
75.15
|
|
|
$
|
74.34
|
|
|
$
|
77.30
|
|
|
$
|
82.30
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High
|
|
84.81
|
|
|
85.83
|
|
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89.08
|
|
|
93.50
|
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||||
Cash dividends declared
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0.44
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|
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0.44
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|
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0.44
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|
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0.45
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Period Ending December 31,
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||||||||||||||||
Index
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2013
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2014
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2015
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2016
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2017
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2018
|
||||||
BOK Financial Corporation
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100.00
|
|
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92.79
|
|
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94.85
|
|
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135.55
|
|
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154.01
|
|
|
124.75
|
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NASDAQ Composite
|
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100.00
|
|
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114.75
|
|
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122.74
|
|
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133.62
|
|
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173.22
|
|
|
168.30
|
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SNL U.S. Bank NASDAQ
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100.00
|
|
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103.57
|
|
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111.80
|
|
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155.02
|
|
|
163.20
|
|
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137.56
|
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KBW NASDAQ Bank Index
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100.00
|
|
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109.37
|
|
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109.91
|
|
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141.24
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|
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167.50
|
|
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137.83
|
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*
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Graph assumes value of an investment in the Company's Common Stock for each index was $100 on December 31, 2013. Cash dividends on Common Stock are assumed to have been reinvested in BOK Financial Common Stock.
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Period
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Total Number of Shares Purchased 2
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Average Price Paid per Share
|
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Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs 1
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Maximum Number of Shares that May Yet Be Purchased Under the Plans
|
|||||
October 1, 2018 to October 31, 2018
|
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200,000
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$
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85.08
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200,000
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1,749,917
|
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November 1, 2018 to November 30, 2018
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235,000
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$
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88.68
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|
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235,000
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1,514,917
|
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December 1, 2018 to December 31, 2018
|
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90,000
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|
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$
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80.02
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90,000
|
|
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1,424,917
|
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Total
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525,000
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|
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525,000
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1
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On October 1, 2015, the Company's board of directors authorized the Company to repurchase up to five million shares of the Company's common stock. As of December 31, 2018, the Company had repurchased 3,575,083 shares under this plan. Future repurchases of the Company's common stock will vary based on market conditions, regulatory limitations and other factors.
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2
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The Company may repurchase shares from employees to cover the exercise price and taxes in connection with employee shared-based compensation.
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1
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Includes nonaccruing loans, renegotiated loans and assets acquired in satisfaction of loans. Excludes loans past due 90 days or more and still accruing.
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2
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Risk-based capital ratios for 2018, 2017, 2016 and 2015 calculated under revised regulatory capital rules issued July 2013 and effective for the Company on January 1, 2015. Previous risk-based ratios presented are calculated in accordance with then current regulatory capital rules.
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3
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Includes allowance for loan losses and accrual for off-balance sheet credit risk.
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4
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Excludes residential mortgage loans guaranteed by agencies of the U.S. government.
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5
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Non-GAAP measure to net interchange charges from prior years between transaction card revenue and data processing and communications expense as a result of the recent revenue recognition standard. This measure has no effect on net income or earnings per share.
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•
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Net interest revenue totaled $984.9 million for 2018, up from $841.7 million for 2017. CoBiz added $43.1 million to net interest revenue. The remaining increase was driven by both widening spreads and growth in average assets. Net interest margin was 3.20% for 2018 compared to 2.92% for 2017. Average earning assets were $31.0 billion for 2018, up $1.4 billion over 2017 with $950 million due to CoBiz.
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•
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Fees and commissions revenue was $643.6 million for 2018, a decrease of $14.1 million compared to 2017. Brokerage and trading revenue decreased $23.3 million primarily due to the cost of financial instruments used to hedge our trading portfolio. Mortgage banking revenue decreased $6.9 million affected by the impact of rising interest rates on mortgage loan origination volumes. Fiduciary and asset management revenue increased $6.4 million.
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•
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The change in the fair value of mortgage servicing rights, net of economic hedges, decreased other operating revenue by $20.4 million in 2018, compared to $1.9 million in 2017. This increase is due to the combination of unhedgeable factors and significant mortgage rate volatility. This amount does not include hedge-related net interest revenue of $4.8 million.
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•
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Other operating expense totaled $1.0 billion, a $24.9 million increase compared to 2017, including $29.7 million of costs related to CoBiz operations in the fourth quarter of 2018. Excluding CoBiz operating costs, personnel expense decreased $15.2 million. Annual merit increases were offset by a decrease in incentive compensation expense. Non-personnel expense increased $10.4 million. Increases in occupancy and equipment, data processing and communications, and net losses and expenses on repossessed assets were partially offset by a decrease in mortgage banking costs.
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•
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The Company recorded an $8.0 million provision for credit losses in 2018, compared to a $7.0 million negative provision for credit losses in 2017. The 2018 provision reflected loan growth partially offset by continued improvement in credit metrics. Nonaccruing loans not guaranteed by U.S. government agencies decreased $23 million compared to December 31, 2017. Potential problem loans decreased $26 million while other loans especially mentioned increased $64 million. Net charge-offs were $33 million or 0.18% of average loans for 2018, compared to net charge-offs of $16 million or 0.09% of average loans for 2017. The combined allowance for credit losses totaled $209 million or 0.97% of outstanding loans and 1.12%, excluding loans from CoBiz, at December 31, 2018.
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•
|
Period-end outstanding loan balances were $21.7 billion at December 31, 2018, a $4.5 billion increase over the prior year. CoBiz added $2.9 billion of loans during 2018. Excluding acquired loans, commercial loan balances grew by $1.1 billion or 10% and commercial real estate loans grew by $447 million or 13%.
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•
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Period-end deposits totaled $25.3 billion at December 31, 2018, a $3.2 billion increase compared to December 31, 2017. Excluding $3.3 billion of acquired deposits, interest-bearing transaction deposits increased $244 million, while demand deposit balances decreased $330 million.
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•
|
Common equity Tier 1 capital ratio was 10.92% at December 31, 2018. In addition, the Tier 1 capital ratio was 10.92%, total capital ratio was 12.50% and leverage ratio was 8.96% at December 31, 2018. At December 31, 2017, the Tier 1 capital ratio was 12.05%, the total capital ratio was 13.54% and the leverage ratio was 9.31%.
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•
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The Company repurchased 615,840 shares at an average price of $86.82 per share during 2018 and 80,000 shares at an average price of $92.54 during 2017.
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•
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The Company paid cash dividends of $1.90 per common share during 2018 and $1.77 per common share in 2017.
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•
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Net interest revenue totaled $285.7 million for the fourth quarter of 2018, up $68.8 million over the fourth quarter of 2017. CoBiz added $43.1 million to net interest revenue in the fourth quarter of 2018. Net interest margin was 3.40% for the fourth quarter of 2018, up from 2.97% for the fourth quarter of 2017. Net interest revenue increased primarily due to four 25 basis point increases in the federal funds rate by the Federal Reserve during 2018 and growth in average loan balances.
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•
|
Fees and commissions revenue totaled $160.1 million, up $2.2 million over the fourth quarter of 2017. Increases in trust fees and commissions, service charges, and other revenue were partially offset by decreases in brokerage and trading and mortgage banking revenue. This amount does not include hedge-related net interest revenue of $695 thousand.
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•
|
The loss in the fair value of mortgage servicing rights, net of economic hedges, was $12.4 million in the fourth quarter of 2018 compared to $1.4 million in the fourth quarter of 2017. This increase is due primarily to the combination of unhedgeable factors and significant mortgage volatility in the fourth quarter of 2018.
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•
|
Operating expenses in the fourth quarter totaled $270.1 million, a $15.6 million increase compared to the prior year, including $29.7 million related to CoBiz operations. Excluding these costs, personnel expense decreased $9.6 million primarily due to changes in vesting assumptions related to share-based compensation. Non-personnel expenses decreased $4.5 million. An increase in occupancy and equipment and net losses and expenses of repossessed assets was offset by a decrease in mortgage banking costs and professional fees and services.
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Year Ended
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Year Ended
|
||||||||||||||||||||
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December 31, 2018 / 2017
|
|
December 31, 2017 / 2016
|
||||||||||||||||||||
|
|
|
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Change Due To1
|
|
|
|
Change Due To1
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||||||||||||||||
|
|
Change
|
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Volume
|
|
Yield /
Rate
|
|
Change
|
|
Volume
|
|
Yield /
Rate |
||||||||||||
Tax-equivalent interest revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing cash and cash equivalents
|
|
$
|
205
|
|
|
$
|
(11,155
|
)
|
|
$
|
11,360
|
|
|
$
|
11,402
|
|
|
$
|
(252
|
)
|
|
$
|
11,654
|
|
Trading securities
|
|
40,311
|
|
|
37,008
|
|
|
3,303
|
|
|
8,424
|
|
|
8,122
|
|
|
302
|
|
||||||
Investment securities
|
|
(2,944
|
)
|
|
(2,504
|
)
|
|
(440
|
)
|
|
(1,043
|
)
|
|
(1,763
|
)
|
|
720
|
|
||||||
Available for sale securities
|
|
19,404
|
|
|
581
|
|
|
18,823
|
|
|
1,443
|
|
|
(7,895
|
)
|
|
9,338
|
|
||||||
Fair value option securities
|
|
(1,550
|
)
|
|
(3,541
|
)
|
|
1,991
|
|
|
10,032
|
|
|
5,886
|
|
|
4,146
|
|
||||||
Restricted equity securities
|
|
3,065
|
|
|
1,880
|
|
|
1,185
|
|
|
1,252
|
|
|
(257
|
)
|
|
1,509
|
|
||||||
Residential mortgage loans held for sale
|
|
(583
|
)
|
|
(1,645
|
)
|
|
1,062
|
|
|
(3,952
|
)
|
|
(4,389
|
)
|
|
437
|
|
||||||
Loans
|
|
189,518
|
|
|
68,882
|
|
|
120,636
|
|
|
115,678
|
|
|
29,407
|
|
|
86,271
|
|
||||||
Total tax-equivalent interest revenue
|
|
247,426
|
|
|
89,506
|
|
|
157,920
|
|
|
143,236
|
|
|
28,859
|
|
|
114,377
|
|
||||||
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Transaction deposits
|
|
37,232
|
|
|
1,748
|
|
|
35,484
|
|
|
14,721
|
|
|
851
|
|
|
13,870
|
|
||||||
Savings deposits
|
|
80
|
|
|
35
|
|
|
45
|
|
|
(27
|
)
|
|
27
|
|
|
(54
|
)
|
||||||
Time deposits
|
|
4,402
|
|
|
(769
|
)
|
|
5,171
|
|
|
(1,385
|
)
|
|
(728
|
)
|
|
(657
|
)
|
||||||
Funds purchased and repurchase agreements
|
|
8,351
|
|
|
2,369
|
|
|
5,982
|
|
|
422
|
|
|
(213
|
)
|
|
635
|
|
||||||
Other borrowings
|
|
60,856
|
|
|
5,023
|
|
|
55,833
|
|
|
33,270
|
|
|
(1,001
|
)
|
|
34,271
|
|
||||||
Subordinated debentures
|
|
1,588
|
|
|
1,665
|
|
|
(77
|
)
|
|
2,160
|
|
|
(2,892
|
)
|
|
5,052
|
|
||||||
Total interest expense
|
|
112,509
|
|
|
10,071
|
|
|
102,438
|
|
|
49,161
|
|
|
(3,956
|
)
|
|
53,117
|
|
||||||
Tax-equivalent net interest revenue
|
|
134,917
|
|
|
79,435
|
|
|
55,482
|
|
|
94,075
|
|
|
32,815
|
|
|
61,260
|
|
||||||
Change in tax-equivalent adjustment
|
|
(8,249
|
)
|
|
|
|
|
|
(398
|
)
|
|
|
|
|
||||||||||
Net interest revenue
|
|
$
|
143,166
|
|
|
|
|
|
|
$
|
94,473
|
|
|
|
|
|
|
|
Three Months Ended
|
||||||||||
|
|
December 31, 2018 / 2017
|
||||||||||
|
|
|
|
Change Due To1
|
||||||||
|
|
Change
|
|
Volume
|
|
Yield /
Rate
|
||||||
Tax-equivalent interest revenue:
|
|
|
|
|
|
|
||||||
Interest-bearing cash and cash equivalents
|
|
$
|
(3,141
|
)
|
|
$
|
(6,234
|
)
|
|
$
|
3,093
|
|
Trading securities
|
|
15,007
|
|
|
12,843
|
|
|
2,164
|
|
|||
Investment securities
|
|
(719
|
)
|
|
(760
|
)
|
|
41
|
|
|||
Available for sale securities
|
|
9,462
|
|
|
2,391
|
|
|
7,071
|
|
|||
Fair value option securities
|
|
(3,192
|
)
|
|
(4,103
|
)
|
|
911
|
|
|||
Restricted equity securities
|
|
842
|
|
|
438
|
|
|
404
|
|
|||
Residential mortgage loans held for sale
|
|
(594
|
)
|
|
(751
|
)
|
|
157
|
|
|||
Loans
|
|
91,097
|
|
|
52,006
|
|
|
39,091
|
|
|||
Total tax-equivalent interest revenue
|
|
108,762
|
|
|
55,830
|
|
|
52,932
|
|
|||
Interest expense:
|
|
|
|
|
|
|
||||||
Transaction deposits
|
|
14,429
|
|
|
2,310
|
|
|
12,119
|
|
|||
Savings deposits
|
|
61
|
|
|
12
|
|
|
49
|
|
|||
Time deposits
|
|
2,013
|
|
|
29
|
|
|
1,984
|
|
|||
Funds purchased and repurchase agreements
|
|
3,795
|
|
|
1,486
|
|
|
2,309
|
|
|||
Other borrowings
|
|
18,978
|
|
|
748
|
|
|
18,230
|
|
|||
Subordinated debentures
|
|
1,727
|
|
|
1,816
|
|
|
(89
|
)
|
|||
Total interest expense
|
|
41,003
|
|
|
6,401
|
|
|
34,602
|
|
|||
Tax-equivalent net interest revenue
|
|
67,759
|
|
|
49,429
|
|
|
18,330
|
|
|||
Change in tax-equivalent adjustment
|
|
(1,064
|
)
|
|
|
|
|
|||||
Net interest revenue
|
|
$
|
68,823
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Brokerage and trading revenue
|
$
|
108,323
|
|
|
$
|
131,601
|
|
|
$
|
138,377
|
|
|
$
|
129,556
|
|
|
$
|
134,437
|
|
Transaction card revenue1
|
84,025
|
|
|
81,143
|
|
|
78,347
|
|
|
73,650
|
|
|
71,671
|
|
|||||
Fiduciary and asset management revenue
|
184,703
|
|
|
162,889
|
|
|
135,387
|
|
|
126,034
|
|
|
115,529
|
|
|||||
Deposit service charges and fees
|
112,153
|
|
|
112,079
|
|
|
111,589
|
|
|
109,592
|
|
|
109,783
|
|
|||||
Mortgage banking revenue
|
97,787
|
|
|
104,719
|
|
|
133,914
|
|
|
126,002
|
|
|
109,093
|
|
|||||
Other revenue
|
56,651
|
|
|
49,959
|
|
|
50,112
|
|
|
50,126
|
|
|
47,499
|
|
|||||
Total fees and commissions revenue
|
643,642
|
|
|
642,390
|
|
|
647,726
|
|
|
614,960
|
|
|
588,012
|
|
|||||
Other gains (losses), net
|
(2,731
|
)
|
|
11,213
|
|
|
4,947
|
|
|
5,459
|
|
|
2,991
|
|
|||||
Gain (loss) on derivatives, net
|
(422
|
)
|
|
779
|
|
|
(15,685
|
)
|
|
430
|
|
|
2,776
|
|
|||||
Gain (loss) on fair value option securities, net
|
(25,572
|
)
|
|
(2,733
|
)
|
|
(10,555
|
)
|
|
(3,684
|
)
|
|
10,189
|
|
|||||
Change in fair value of mortgage servicing rights
|
4,668
|
|
|
172
|
|
|
(2,193
|
)
|
|
(4,853
|
)
|
|
(16,445
|
)
|
|||||
Gain (loss) on available for sale securities, net
|
(2,801
|
)
|
|
4,428
|
|
|
11,675
|
|
|
12,058
|
|
|
1,539
|
|
|||||
Total other-than-temporary impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,443
|
)
|
|
(373
|
)
|
|||||
Portion of loss recognized in (reclassified from) other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
624
|
|
|
—
|
|
|||||
Net impairment losses recognized in earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,819
|
)
|
|
(373
|
)
|
|||||
Total other operating revenue
|
$
|
616,784
|
|
|
$
|
656,249
|
|
|
$
|
635,915
|
|
|
$
|
622,551
|
|
|
$
|
588,689
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-GAAP Reconciliation:1
|
|
|
|
|
|
|
|
|
|
||||||||||
Transaction card revenue on income statement
|
84,025
|
|
|
119,988
|
|
|
116,452
|
|
|
109,579
|
|
|
104,940
|
|
|||||
Netting adjustment
|
—
|
|
|
(38,845
|
)
|
|
(38,105
|
)
|
|
(35,929
|
)
|
|
(33,269
|
)
|
|||||
Transaction card revenue after netting adjustment
|
84,025
|
|
|
81,143
|
|
|
78,347
|
|
|
73,650
|
|
|
71,671
|
|
1
|
Non-GAAP measure to net interchange charges from prior years between transaction card revenue and data processing and communications expense as a result of the recent revenue recognition standard. This measure has no effect on net income or earnings per share.
|
|
Year Ended December 31,
|
|||||||||||||||||||||
|
2018
|
|
2017
|
|||||||||||||||||||
|
Balance
|
|
Revenue1
|
|
Margin2
|
|
Balance
|
|
Revenue1
|
|
Margin2
|
|||||||||||
Managed fiduciary assets:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Personal
|
$
|
8,115,503
|
|
|
$
|
92,633
|
|
|
1.14
|
%
|
|
$
|
7,801,968
|
|
|
$
|
85,328
|
|
|
1.09
|
%
|
|
Institutional
|
13,119,497
|
|
|
22,488
|
|
|
0.17
|
%
|
|
13,192,969
|
|
|
21,630
|
|
|
0.16
|
%
|
|||||
Total managed fiduciary assets
|
21,235,000
|
|
|
115,121
|
|
|
0.54
|
%
|
|
20,994,937
|
|
|
106,958
|
|
|
0.51
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Non-managed assets:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Fiduciary
|
23,606,339
|
|
|
67,460
|
|
|
0.22
|
%
|
3
|
|
27,766,540
|
|
|
53,511
|
|
|
0.19
|
%
|
||||
Non-fiduciary
|
15,964,854
|
|
|
2,122
|
|
|
0.01
|
%
|
|
16,969,222
|
|
|
2,420
|
|
|
0.01
|
%
|
|||||
Safekeeping and brokerage assets under administration
|
15,473,584
|
|
|
—
|
|
|
—
|
%
|
|
16,097,098
|
|
|
—
|
|
|
—
|
%
|
|||||
Total non-managed assets
|
55,044,777
|
|
|
69,582
|
|
|
0.10
|
%
|
|
60,832,860
|
|
|
55,931
|
|
|
0.09
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets under management or administration
|
$
|
76,279,777
|
|
|
$
|
184,703
|
|
|
0.22
|
%
|
3
|
$
|
81,827,797
|
|
|
$
|
162,889
|
|
|
0.20
|
%
|
1
|
Fiduciary and asset management revenue includes asset-based and other fees associated with the assets.
|
2
|
Revenue divided by period-end balance.
|
|
|
Year Ended
December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Beginning balance
|
|
$
|
81,827,797
|
|
|
$
|
75,407,863
|
|
Net inflows (outflows)
|
|
(6,812,199
|
)
|
|
(406,469
|
)
|
||
Change in assets from acquisitions
|
|
998,705
|
|
|
—
|
|
||
Net change in fair value
|
|
265,474
|
|
|
6,826,403
|
|
||
Ending balance
|
|
$
|
76,279,777
|
|
|
$
|
81,827,797
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Mortgage production revenue
|
$
|
31,690
|
|
|
$
|
38,498
|
|
|
$
|
69,628
|
|
|
$
|
69,587
|
|
|
$
|
61,061
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage loans funded for sale
|
$
|
2,587,297
|
|
|
$
|
3,286,873
|
|
|
$
|
6,117,417
|
|
|
$
|
6,372,956
|
|
|
$
|
4,484,394
|
|
Add: Current year end outstanding commitments
|
160,848
|
|
|
222,919
|
|
|
318,359
|
|
|
601,147
|
|
|
627,505
|
|
|||||
Less: Prior year end outstanding commitments
|
222,919
|
|
|
318,359
|
|
|
601,147
|
|
|
627,505
|
|
|
258,873
|
|
|||||
Total mortgage production volume
|
2,525,226
|
|
|
3,191,433
|
|
|
5,834,629
|
|
|
6,346,598
|
|
|
4,853,026
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Gain on sale margin
|
1.25
|
%
|
|
1.21
|
%
|
|
1.19
|
%
|
|
1.10
|
%
|
|
1.26
|
%
|
|||||
Mortgage loan refinances to mortgage loans funded for sale
|
28
|
%
|
|
40
|
%
|
|
51
|
%
|
|
42
|
%
|
|
30
|
%
|
|||||
Primary mortgage interest rates:
|
|
|
|
|
|
|
|
|
|
||||||||||
Average
|
4.54
|
%
|
|
3.99
|
%
|
|
3.65
|
%
|
|
3.85
|
%
|
|
4.17
|
%
|
|||||
Period end
|
4.55
|
%
|
|
3.99
|
%
|
|
4.32
|
%
|
|
3.96
|
%
|
|
3.83
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage servicing revenue
|
$
|
66,097
|
|
|
$
|
66,221
|
|
|
$
|
64,286
|
|
|
$
|
56,415
|
|
|
$
|
48,032
|
|
Average outstanding principal balance of mortgage loans serviced for others
|
21,891,749
|
|
|
22,055,002
|
|
|
20,837,897
|
|
|
17,920,557
|
|
|
14,940,915
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Average mortgage servicing fee rates
|
0.30
|
%
|
|
0.30
|
%
|
|
0.31
|
%
|
|
0.31
|
%
|
|
0.32
|
%
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Gain (loss) on mortgage hedge derivative contracts, net
|
$
|
551
|
|
|
$
|
681
|
|
|
$
|
(15,696
|
)
|
|
$
|
634
|
|
|
$
|
2,776
|
|
Gain (loss) on fair value option securities, net
|
(25,572
|
)
|
|
(2,733
|
)
|
|
(10,555
|
)
|
|
(3,684
|
)
|
|
10,003
|
|
|||||
Gain (loss) on economic hedge of mortgage servicing rights
|
(25,021
|
)
|
|
(2,052
|
)
|
|
(26,251
|
)
|
|
(3,050
|
)
|
|
12,779
|
|
|||||
Gain (loss) on change in fair value of mortgage servicing rights
|
4,668
|
|
|
172
|
|
|
(2,193
|
)
|
|
(4,853
|
)
|
|
(16,445
|
)
|
|||||
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges included in other operating revenue
|
(20,353
|
)
|
|
(1,880
|
)
|
|
(28,444
|
)
|
|
(7,903
|
)
|
|
(3,666
|
)
|
|||||
Net interest revenue on fair value option securities1
|
4,798
|
|
|
8,435
|
|
|
4,356
|
|
|
8,001
|
|
|
3,253
|
|
|||||
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges
|
$
|
(15,555
|
)
|
|
$
|
6,555
|
|
|
$
|
(24,088
|
)
|
|
$
|
98
|
|
|
$
|
(413
|
)
|
1
|
Actual interest earned on fair value option securities less internal transfer-priced cost of funds.
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Regular compensation
|
$
|
358,280
|
|
|
$
|
333,226
|
|
|
$
|
332,740
|
|
|
$
|
313,403
|
|
|
$
|
298,420
|
|
Incentive compensation:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash-based compensation
|
132,593
|
|
|
127,964
|
|
|
128,077
|
|
|
114,305
|
|
|
111,748
|
|
|||||
Share-based compensation
|
3,572
|
|
|
23,602
|
|
|
10,464
|
|
|
12,358
|
|
|
10,875
|
|
|||||
Deferred compensation
|
(419
|
)
|
|
4,091
|
|
|
1,687
|
|
|
361
|
|
|
(13,692
|
)
|
|||||
Total incentive compensation
|
135,746
|
|
|
155,657
|
|
|
140,228
|
|
|
127,024
|
|
|
108,931
|
|
|||||
Employee benefits
|
89,105
|
|
|
84,525
|
|
|
80,151
|
|
|
74,871
|
|
|
69,580
|
|
|||||
Total personnel expense
|
583,131
|
|
|
573,408
|
|
|
553,119
|
|
|
515,298
|
|
|
476,931
|
|
|||||
Business promotion
|
30,523
|
|
|
28,877
|
|
|
26,582
|
|
|
27,851
|
|
|
26,649
|
|
|||||
Charitable contributions to BOKF Foundation
|
2,846
|
|
|
2,000
|
|
|
2,000
|
|
|
796
|
|
|
4,267
|
|
|||||
Professional fees and services
|
59,099
|
|
|
51,067
|
|
|
56,783
|
|
|
40,123
|
|
|
44,440
|
|
|||||
Net occupancy and equipment
|
97,981
|
|
|
86,477
|
|
|
80,024
|
|
|
76,016
|
|
|
77,232
|
|
|||||
Insurance
|
23,318
|
|
|
19,653
|
|
|
32,489
|
|
|
20,375
|
|
|
18,578
|
|
|||||
Data processing & communications1
|
114,796
|
|
|
108,125
|
|
|
93,736
|
|
|
86,454
|
|
|
81,956
|
|
|||||
Printing, postage and supplies
|
17,169
|
|
|
15,689
|
|
|
15,584
|
|
|
13,498
|
|
|
13,518
|
|
|||||
Net losses & operating expenses of repossessed assets
|
17,052
|
|
|
9,687
|
|
|
3,359
|
|
|
1,446
|
|
|
6,019
|
|
|||||
Amortization of intangible assets
|
9,620
|
|
|
6,779
|
|
|
6,862
|
|
|
4,359
|
|
|
3,965
|
|
|||||
Mortgage banking costs
|
46,298
|
|
|
52,856
|
|
|
61,387
|
|
|
38,813
|
|
|
31,705
|
|
|||||
Other expense
|
26,333
|
|
|
32,054
|
|
|
47,560
|
|
|
35,233
|
|
|
28,993
|
|
|||||
Total other operating expense
|
$
|
1,028,166
|
|
|
$
|
986,672
|
|
|
$
|
979,485
|
|
|
$
|
860,262
|
|
|
$
|
814,253
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average number of employees (full-time equivalent)
|
4,993
|
|
|
4,900
|
|
|
4,872
|
|
|
4,797
|
|
|
4,679
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-GAAP Reconciliation:1
|
|
|
|
|
|
|
|
|
|
||||||||||
Data processing and communications expense on income statement
|
114,796
|
|
|
146,970
|
|
|
131,841
|
|
|
122,383
|
|
|
115,225
|
|
|||||
Netting adjustment
|
—
|
|
|
(38,845
|
)
|
|
(38,105
|
)
|
|
(35,929
|
)
|
|
(33,269
|
)
|
|||||
Data processing and communications expense after netting adjustment
|
114,796
|
|
|
108,125
|
|
|
93,736
|
|
|
86,454
|
|
|
81,956
|
|
1
|
Non-GAAP measure to net interchange charges from prior quarters between transaction card revenue and data processing and communications expense as a result of the recent revenue recognition standard. This measure has no effect on net income or earnings per share.
|
|
2018
|
||||||||||||||
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
||||||||
Interest revenue
|
$
|
265,407
|
|
|
$
|
294,180
|
|
|
$
|
303,247
|
|
|
$
|
365,592
|
|
Interest expense
|
45,671
|
|
|
55,618
|
|
|
62,364
|
|
|
79,906
|
|
||||
Net interest revenue
|
219,736
|
|
|
238,562
|
|
|
240,883
|
|
|
285,686
|
|
||||
Provision for credit losses
|
(5,000
|
)
|
|
—
|
|
|
4,000
|
|
|
9,000
|
|
||||
Net interest revenue after provision for credit losses
|
224,736
|
|
|
238,562
|
|
|
236,883
|
|
|
276,686
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Fees and commissions revenue
|
159,913
|
|
|
157,331
|
|
|
166,265
|
|
|
160,133
|
|
||||
Gain (loss) on financial instruments and other assets, net
|
(25,130
|
)
|
|
(2,655
|
)
|
|
(4,296
|
)
|
|
555
|
|
||||
Change in fair value of mortgage servicing rights
|
21,206
|
|
|
1,723
|
|
|
5,972
|
|
|
(24,233
|
)
|
||||
Other operating revenue
|
155,989
|
|
|
156,399
|
|
|
167,941
|
|
|
136,455
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Personnel expense
|
139,947
|
|
|
138,947
|
|
|
143,531
|
|
|
160,706
|
|
||||
Other non-personnel expense
|
104,483
|
|
|
107,529
|
|
|
109,086
|
|
|
123,937
|
|
||||
Total other operating expense
|
244,430
|
|
|
246,476
|
|
|
252,617
|
|
|
284,643
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income before taxes
|
136,295
|
|
|
148,485
|
|
|
152,207
|
|
|
128,498
|
|
||||
Federal and state income taxes
|
30,948
|
|
|
33,330
|
|
|
34,662
|
|
|
20,121
|
|
||||
Net income
|
105,347
|
|
|
115,155
|
|
|
117,545
|
|
|
108,377
|
|
||||
Net income (loss) attributable to non-controlling interests
|
(215
|
)
|
|
783
|
|
|
289
|
|
|
(79
|
)
|
||||
Net income attributable to shareholders of BOK Financial Corp. shareholders
|
$
|
105,562
|
|
|
$
|
114,372
|
|
|
$
|
117,256
|
|
|
$
|
108,456
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.61
|
|
|
$
|
1.75
|
|
|
$
|
1.79
|
|
|
$
|
1.50
|
|
Diluted
|
$
|
1.61
|
|
|
$
|
1.75
|
|
|
$
|
1.79
|
|
|
$
|
1.50
|
|
|
|
|
|
|
|
|
|
||||||||
Average shares:
|
|
|
|
|
|
|
|
||||||||
Basic
|
64,847,334
|
|
|
64,901,975
|
|
|
64,901,095
|
|
|
71,808,029
|
|
||||
Diluted
|
64,888,033
|
|
|
64,937,226
|
|
|
64,934,351
|
|
|
71,833,334
|
|
|
2017
|
||||||||||||||
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
||||||||
Interest revenue
|
$
|
226,390
|
|
|
$
|
235,181
|
|
|
$
|
255,413
|
|
|
$
|
255,767
|
|
Interest expense
|
25,208
|
|
|
29,977
|
|
|
36,961
|
|
|
38,904
|
|
||||
Net interest revenue
|
201,182
|
|
|
205,204
|
|
|
218,452
|
|
|
216,863
|
|
||||
Provision for credit losses
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,000
|
)
|
||||
Net interest revenue after provision for credit losses
|
201,182
|
|
|
205,204
|
|
|
218,452
|
|
|
223,863
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Fees and commissions revenue1
|
154,712
|
|
|
166,617
|
|
|
163,163
|
|
|
157,900
|
|
||||
Gain (loss) on financial instruments and other assets, net
|
4,525
|
|
|
12,359
|
|
|
3,271
|
|
|
(6,470
|
)
|
||||
Change in fair value of mortgage servicing rights
|
1,856
|
|
|
(6,943
|
)
|
|
(639
|
)
|
|
5,898
|
|
||||
Other operating revenue
|
161,093
|
|
|
172,033
|
|
|
165,795
|
|
|
157,328
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Personnel expense
|
136,425
|
|
|
143,744
|
|
|
147,910
|
|
|
145,329
|
|
||||
Other non-personnel expense1
|
99,083
|
|
|
96,922
|
|
|
108,109
|
|
|
109,150
|
|
||||
Total other operating expense
|
235,508
|
|
|
240,666
|
|
|
256,019
|
|
|
254,479
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income before taxes
|
126,767
|
|
|
136,571
|
|
|
128,228
|
|
|
126,712
|
|
||||
Federal and state income taxes
|
38,103
|
|
|
47,705
|
|
|
42,438
|
|
|
54,347
|
|
||||
Net income
|
$
|
88,664
|
|
|
$
|
88,866
|
|
|
$
|
85,790
|
|
|
$
|
72,365
|
|
Net income (loss) attributable to non-controlling interests
|
308
|
|
|
719
|
|
|
141
|
|
|
(127
|
)
|
||||
Net income attributable to shareholders of BOK Financial Corp. shareholders
|
$
|
88,356
|
|
|
$
|
88,147
|
|
|
85,649
|
|
|
72,492
|
|
||
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.35
|
|
|
$
|
1.35
|
|
|
$
|
1.31
|
|
|
$
|
1.11
|
|
Diluted
|
$
|
1.35
|
|
|
$
|
1.35
|
|
|
$
|
1.31
|
|
|
$
|
1.11
|
|
|
|
|
|
|
|
|
|
||||||||
Average shares:
|
|
|
|
|
|
|
|
||||||||
Basic
|
64,715,964
|
|
|
64,729,752
|
|
|
64,742,822
|
|
|
64,793,005
|
|
||||
Diluted
|
64,783,737
|
|
|
64,793,134
|
|
|
64,805,172
|
|
|
64,843,179
|
|
1
|
Non-GAAP measure to net interchange charges from prior years between transaction card revenue and data processing and communications expense as a result of the recent revenue recognition standard. This measure has no effect on net income or earnings per share.
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Commercial Banking
|
$
|
336,376
|
|
|
$
|
270,504
|
|
|
$
|
204,140
|
|
Consumer Banking
|
26,581
|
|
|
16,886
|
|
|
(5,323
|
)
|
|||
Wealth Management
|
86,544
|
|
|
59,849
|
|
|
31,681
|
|
|||
Subtotal
|
449,501
|
|
|
347,239
|
|
|
230,498
|
|
|||
Funds Management and other
|
(3,855
|
)
|
|
(12,595
|
)
|
|
2,170
|
|
|||
Total
|
$
|
445,646
|
|
|
$
|
334,644
|
|
|
$
|
232,668
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Net interest revenue from external sources
|
$
|
726,856
|
|
|
$
|
618,325
|
|
|
$
|
501,042
|
|
Net interest expense from internal sources
|
(156,254
|
)
|
|
(89,106
|
)
|
|
(62,655
|
)
|
|||
Total net interest revenue
|
570,602
|
|
|
529,219
|
|
|
438,387
|
|
|||
Net loans charged off
|
30,358
|
|
|
13,877
|
|
|
32,961
|
|
|||
Net interest revenue after net loans charged off
|
540,244
|
|
|
515,342
|
|
|
405,426
|
|
|||
|
|
|
|
|
|
||||||
Fees and commissions revenue1
|
161,949
|
|
|
163,107
|
|
|
158,664
|
|
|||
Other gains, net
|
752
|
|
|
7,192
|
|
|
1,393
|
|
|||
Other operating revenue
|
162,701
|
|
|
170,299
|
|
|
160,057
|
|
|||
|
|
|
|
|
|
||||||
Personnel expense
|
121,686
|
|
|
116,684
|
|
|
113,192
|
|
|||
Non-personnel expense1
|
71,125
|
|
|
73,330
|
|
|
65,956
|
|
|||
Other operating expense
|
192,811
|
|
|
190,014
|
|
|
179,148
|
|
|||
|
|
|
|
|
|
||||||
Net direct contribution
|
510,134
|
|
|
495,627
|
|
|
386,335
|
|
|||
Gain on financial instruments, net
|
26
|
|
|
52
|
|
|
10
|
|
|||
Gain (loss) on repossessed assets, net
|
(6,532
|
)
|
|
(2,681
|
)
|
|
669
|
|
|||
Corporate expense allocations
|
45,818
|
|
|
34,253
|
|
|
36,134
|
|
|||
Income before taxes
|
457,810
|
|
|
458,745
|
|
|
350,880
|
|
|||
Federal and state income taxes
|
121,434
|
|
|
188,241
|
|
|
146,740
|
|
|||
Net income
|
$
|
336,376
|
|
|
$
|
270,504
|
|
|
$
|
204,140
|
|
|
|
|
|
|
|
||||||
Average assets
|
$
|
18,431,411
|
|
|
$
|
17,730,654
|
|
|
$
|
17,175,325
|
|
Average loans
|
15,073,484
|
|
|
14,373,830
|
|
|
13,757,245
|
|
|||
Average deposits
|
8,517,137
|
|
|
8,725,920
|
|
|
8,477,829
|
|
|||
Average invested capital
|
1,525,077
|
|
|
1,312,438
|
|
|
1,256,211
|
|
1
|
Fees and commission revenue for 2017 and 2016 has been adjusted on a comparable basis with 2018 (Non-GAAP measure) to net interchange fees paid to issuing banks on card transactions processed by our TransFund merchant processing services for the twelve months ended December 31, 2017 and December 31, 2016 as a result of the recent revenue recognition standard. The discussion following is based on this comparable basis.
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Net interest revenue from external sources
|
$
|
83,231
|
|
|
$
|
84,286
|
|
|
$
|
77,283
|
|
Net interest revenue from internal sources
|
73,448
|
|
|
53,916
|
|
|
43,156
|
|
|||
Total net interest revenue
|
156,679
|
|
|
138,202
|
|
|
120,439
|
|
|||
Net loans charged off
|
5,143
|
|
|
4,786
|
|
|
4,925
|
|
|||
Net interest revenue after net loans charged off
|
151,536
|
|
|
133,416
|
|
|
115,514
|
|
|||
|
|
|
|
|
|
||||||
Fees and commissions revenue
|
178,174
|
|
|
185,030
|
|
|
216,324
|
|
|||
Other losses, net
|
(51
|
)
|
|
(152
|
)
|
|
(39
|
)
|
|||
Other operating revenue
|
178,123
|
|
|
184,878
|
|
|
216,285
|
|
|||
|
|
|
|
|
|
||||||
Personnel expense
|
95,427
|
|
|
99,889
|
|
|
101,295
|
|
|||
Other non-personnel expense
|
114,760
|
|
|
121,790
|
|
|
146,183
|
|
|||
Total other operating expense
|
210,187
|
|
|
221,679
|
|
|
247,478
|
|
|||
|
|
|
|
|
|
||||||
Net direct contribution
|
119,472
|
|
|
96,615
|
|
|
84,321
|
|
|||
Loss on financial instruments, net
|
(25,021
|
)
|
|
(2,054
|
)
|
|
(26,252
|
)
|
|||
Change in fair value of mortgage servicing rights
|
4,668
|
|
|
172
|
|
|
(2,193
|
)
|
|||
Gain on repossessed assets, net
|
247
|
|
|
223
|
|
|
979
|
|
|||
Corporate expense allocations
|
63,700
|
|
|
67,320
|
|
|
65,567
|
|
|||
Net income before taxes
|
35,666
|
|
|
27,636
|
|
|
(8,712
|
)
|
|||
Federal and state income taxes
|
9,085
|
|
|
10,750
|
|
|
(3,389
|
)
|
|||
|
|
|
|
|
|
||||||
Net income
|
$
|
26,581
|
|
|
$
|
16,886
|
|
|
$
|
(5,323
|
)
|
|
|
|
|
|
|
||||||
Average assets
|
$
|
8,303,262
|
|
|
$
|
8,544,117
|
|
|
$
|
8,254,666
|
|
Average loans
|
1,731,894
|
|
|
1,734,836
|
|
|
1,736,260
|
|
|||
Average deposits
|
6,560,145
|
|
|
6,610,134
|
|
|
6,607,816
|
|
|||
Average invested capital
|
285,521
|
|
|
298,243
|
|
|
351,750
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Net interest revenue from external sources
|
$
|
81,527
|
|
|
$
|
45,024
|
|
|
$
|
33,006
|
|
Net interest revenue from internal sources
|
31,505
|
|
|
38,344
|
|
|
29,043
|
|
|||
Total net interest revenue
|
113,032
|
|
|
83,368
|
|
|
62,049
|
|
|||
Net loans charged off (recovered)
|
(288
|
)
|
|
(696
|
)
|
|
(801
|
)
|
|||
Net interest revenue after net loans charged off (recovered)
|
113,320
|
|
|
84,064
|
|
|
62,850
|
|
|||
|
|
|
|
|
|
||||||
Fees and commissions revenue
|
296,465
|
|
|
301,485
|
|
|
282,710
|
|
|||
Other gains (losses), net
|
(96
|
)
|
|
(51
|
)
|
|
512
|
|
|||
Other operating revenue
|
296,369
|
|
|
301,434
|
|
|
283,222
|
|
|||
|
|
|
|
|
|
||||||
Personnel expense
|
184,144
|
|
|
183,727
|
|
|
190,756
|
|
|||
Other non-personnel expense
|
64,815
|
|
|
62,899
|
|
|
60,239
|
|
|||
Other operating expense
|
248,959
|
|
|
246,626
|
|
|
250,995
|
|
|||
|
|
|
|
|
|
||||||
Net direct contribution
|
160,730
|
|
|
138,872
|
|
|
95,077
|
|
|||
Loss on financial instruments, net
|
7
|
|
|
—
|
|
|
(42
|
)
|
|||
Gain (loss) on repossessed assets, net
|
—
|
|
|
387
|
|
|
—
|
|
|||
Corporate expense allocations
|
44,190
|
|
|
40,562
|
|
|
42,378
|
|
|||
Net income before taxes
|
116,547
|
|
|
98,697
|
|
|
52,657
|
|
|||
Federal and state income tax
|
30,003
|
|
|
38,848
|
|
|
20,976
|
|
|||
|
|
|
|
|
|
||||||
Net income
|
$
|
86,544
|
|
|
$
|
59,849
|
|
|
$
|
31,681
|
|
|
|
|
|
|
|
||||||
Average assets
|
$
|
8,446,006
|
|
|
$
|
7,072,622
|
|
|
$
|
7,373,080
|
|
Average loans
|
1,423,126
|
|
|
1,314,441
|
|
|
1,352,694
|
|
|||
Average deposits
|
5,617,325
|
|
|
5,516,214
|
|
|
5,457,566
|
|
|||
Average invested capital
|
252,961
|
|
|
236,815
|
|
|
351,750
|
|
|
|
December 31,
|
||||||||||||||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||||||||
|
|
Amortized
Cost
|
|
Fair
Value
|
|
Amortized
Cost |
|
Fair
Value |
|
Amortized
Cost |
|
Fair
Value |
||||||||||||
Trading:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. government agency debentures
|
|
$
|
63,511
|
|
|
$
|
63,765
|
|
|
$
|
21,188
|
|
|
$
|
21,196
|
|
|
$
|
6,238
|
|
|
$
|
6,234
|
|
U.S. government agency residential mortgage-backed securities
|
|
1,781,618
|
|
|
1,791,584
|
|
|
393,190
|
|
|
392,673
|
|
|
309,432
|
|
|
310,067
|
|
||||||
Municipal and other tax-exempt securities
|
|
34,508
|
|
|
34,507
|
|
|
13,476
|
|
|
13,559
|
|
|
14,377
|
|
|
14,427
|
|
||||||
Asset-backed securities
|
|
41,971
|
|
|
42,656
|
|
|
23,911
|
|
|
23,885
|
|
|
—
|
|
|
—
|
|
||||||
Other trading securities
|
|
24,346
|
|
|
24,411
|
|
|
11,359
|
|
|
11,363
|
|
|
6,843
|
|
|
6,900
|
|
||||||
Total trading securities
|
|
$
|
1,945,954
|
|
|
$
|
1,956,923
|
|
|
$
|
463,124
|
|
|
$
|
462,676
|
|
|
$
|
336,890
|
|
|
$
|
337,628
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Municipal and other tax-exempt securities
|
|
$
|
137,296
|
|
|
$
|
138,562
|
|
|
$
|
228,186
|
|
|
230,349
|
|
|
$
|
320,364
|
|
|
$
|
321,225
|
|
|
U.S. government agency residential mortgage-backed securities
|
|
12,612
|
|
|
12,770
|
|
|
15,891
|
|
|
16,242
|
|
|
20,777
|
|
|
21,473
|
|
||||||
Other debt securities
|
|
205,279
|
|
|
215,966
|
|
|
217,716
|
|
|
233,444
|
|
|
205,004
|
|
|
222,795
|
|
||||||
Total investment securities
|
|
$
|
355,187
|
|
|
$
|
367,298
|
|
|
$
|
461,793
|
|
|
$
|
480,035
|
|
|
$
|
546,145
|
|
|
$
|
565,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Treasury securities
|
|
$
|
496
|
|
|
$
|
493
|
|
|
$
|
1,000
|
|
|
$
|
1,000
|
|
|
$
|
1,000
|
|
|
$
|
999
|
|
Municipal and other tax-exempt securities
|
|
2,782
|
|
|
2,864
|
|
|
27,182
|
|
|
27,080
|
|
|
41,050
|
|
|
40,993
|
|
||||||
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. government agencies
|
|
5,886,323
|
|
|
5,804,708
|
|
|
5,355,148
|
|
|
5,309,152
|
|
|
5,475,351
|
|
|
5,460,386
|
|
||||||
Private issue
|
|
40,948
|
|
|
59,736
|
|
|
74,311
|
|
|
93,221
|
|
|
101,192
|
|
|
115,535
|
|
||||||
Total residential mortgage-backed securities
|
|
5,927,271
|
|
|
5,864,444
|
|
|
5,429,459
|
|
|
5,402,373
|
|
|
5,576,543
|
|
|
5,575,921
|
|
||||||
Commercial mortgage-backed securities guaranteed by U.S. government agencies
|
|
2,986,297
|
|
|
2,953,889
|
|
|
2,858,885
|
|
|
2,834,961
|
|
|
3,035,750
|
|
|
3,017,933
|
|
||||||
Other debt securities
|
|
35,545
|
|
|
35,430
|
|
|
25,500
|
|
|
25,481
|
|
|
4,400
|
|
|
4,152
|
|
||||||
Perpetual preferred stock1
|
|
—
|
|
|
—
|
|
|
12,562
|
|
|
15,767
|
|
|
15,561
|
|
|
18,474
|
|
||||||
Equity securities and mutual funds1
|
|
—
|
|
|
—
|
|
|
14,487
|
|
|
14,916
|
|
|
17,424
|
|
|
18,357
|
|
||||||
Total available for sale securities
|
|
$
|
8,952,391
|
|
|
$
|
8,857,120
|
|
|
$
|
8,369,075
|
|
|
$
|
8,321,578
|
|
|
$
|
8,691,728
|
|
|
$
|
8,676,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fair value option securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. government agency residential mortgage-backed securities
|
|
$
|
280,469
|
|
|
$
|
283,235
|
|
|
$
|
756,931
|
|
|
$
|
755,054
|
|
|
$
|
78,823
|
|
|
$
|
77,046
|
|
1
|
As a result of the recent measurement accounting standard effective January 1, 2018, equity securities are no longer considered part of the available for sale portfolio and have been moved to other assets.
|
|
|
December 31,
|
||||||||||||||||||
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Energy
|
|
$
|
3,590,333
|
|
|
$
|
2,930,156
|
|
|
$
|
2,497,868
|
|
|
$
|
3,097,328
|
|
|
$
|
2,860,428
|
|
Services
|
|
3,252,146
|
|
|
2,522,025
|
|
|
2,632,036
|
|
|
2,480,361
|
|
|
2,033,082
|
|
|||||
Healthcare
|
|
2,733,537
|
|
|
2,243,487
|
|
|
2,120,722
|
|
|
1,867,172
|
|
|
1,397,912
|
|
|||||
Wholesale/retail
|
|
1,621,158
|
|
|
1,471,256
|
|
|
1,576,818
|
|
|
1,418,024
|
|
|
1,435,650
|
|
|||||
Public finance
|
|
876,336
|
|
|
541,775
|
|
|
568,214
|
|
|
324,922
|
|
|
428,302
|
|
|||||
Manufacturing
|
|
730,521
|
|
|
496,774
|
|
|
514,975
|
|
|
556,729
|
|
|
532,594
|
|
|||||
Other commercial and industrial
|
|
832,047
|
|
|
528,502
|
|
|
480,191
|
|
|
507,995
|
|
|
407,702
|
|
|||||
Total commercial
|
|
13,636,078
|
|
|
10,733,975
|
|
|
10,390,824
|
|
|
10,252,531
|
|
|
9,095,670
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Multifamily
|
|
1,288,065
|
|
|
980,017
|
|
|
903,272
|
|
|
751,085
|
|
|
704,298
|
|
|||||
Office
|
|
1,072,920
|
|
|
831,770
|
|
|
798,888
|
|
|
637,707
|
|
|
415,544
|
|
|||||
Retail
|
|
919,082
|
|
|
691,532
|
|
|
761,888
|
|
|
796,499
|
|
|
666,889
|
|
|||||
Industrial
|
|
778,106
|
|
|
573,014
|
|
|
871,749
|
|
|
563,169
|
|
|
428,817
|
|
|||||
Residential construction and land development
|
|
148,584
|
|
|
117,245
|
|
|
135,533
|
|
|
160,426
|
|
|
143,591
|
|
|||||
Other commercial real estate
|
|
558,056
|
|
|
286,409
|
|
|
337,716
|
|
|
350,147
|
|
|
369,011
|
|
|||||
Total commercial real estate
|
|
4,764,813
|
|
|
3,479,987
|
|
|
3,809,046
|
|
|
3,259,033
|
|
|
2,728,150
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Permanent mortgage
|
|
1,320,165
|
|
|
1,043,435
|
|
|
1,006,820
|
|
|
945,336
|
|
|
969,951
|
|
|||||
Permanent mortgages guaranteed by U.S. government agencies
|
|
190,866
|
|
|
197,506
|
|
|
199,387
|
|
|
196,937
|
|
|
205,950
|
|
|||||
Home equity
|
|
719,002
|
|
|
732,745
|
|
|
743,625
|
|
|
734,620
|
|
|
773,611
|
|
|||||
Total residential mortgage
|
|
2,230,033
|
|
|
1,973,686
|
|
|
1,949,832
|
|
|
1,876,893
|
|
|
1,949,512
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Personal
|
|
1,025,806
|
|
|
965,776
|
|
|
839,958
|
|
|
552,697
|
|
|
434,705
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total
|
|
$
|
21,656,730
|
|
|
$
|
17,153,424
|
|
|
$
|
16,989,660
|
|
|
$
|
15,941,154
|
|
|
$
|
14,208,037
|
|
|
Oklahoma
|
|
Texas
|
|
New Mexico
|
|
Arkansas
|
|
Colorado
|
|
Arizona
|
|
Kansas/Missouri
|
|
Other
|
|
Total
|
||||||||||||||||||
Energy
|
$
|
803,550
|
|
|
$
|
1,935,449
|
|
|
$
|
35,021
|
|
|
$
|
2,615
|
|
|
$
|
368,819
|
|
|
$
|
6,517
|
|
|
$
|
82,914
|
|
|
$
|
355,448
|
|
|
$
|
3,590,333
|
|
Services
|
637,835
|
|
|
695,096
|
|
|
167,297
|
|
|
14,281
|
|
|
656,504
|
|
|
405,450
|
|
|
282,613
|
|
|
393,070
|
|
|
3,252,146
|
|
|||||||||
Healthcare
|
221,520
|
|
|
362,984
|
|
|
123,372
|
|
|
80,046
|
|
|
331,458
|
|
|
217,383
|
|
|
202,688
|
|
|
1,194,086
|
|
|
2,733,537
|
|
|||||||||
Wholesale/retail
|
204,660
|
|
|
615,880
|
|
|
36,299
|
|
|
30,711
|
|
|
179,976
|
|
|
113,878
|
|
|
70,220
|
|
|
369,534
|
|
|
1,621,158
|
|
|||||||||
Public finance
|
98,705
|
|
|
185,817
|
|
|
42,908
|
|
|
—
|
|
|
165,320
|
|
|
113,427
|
|
|
55,207
|
|
|
214,952
|
|
|
876,336
|
|
|||||||||
Manufacturing
|
95,539
|
|
|
166,072
|
|
|
189
|
|
|
5,115
|
|
|
187,979
|
|
|
126,634
|
|
|
71,362
|
|
|
77,631
|
|
|
730,521
|
|
|||||||||
Other commercial and industrial
|
94,259
|
|
|
184,290
|
|
|
3,585
|
|
|
67,413
|
|
|
142,692
|
|
|
54,483
|
|
|
62,265
|
|
|
223,060
|
|
|
832,047
|
|
|||||||||
Total commercial loans
|
$
|
2,156,068
|
|
|
$
|
4,145,588
|
|
|
$
|
408,671
|
|
|
$
|
200,181
|
|
|
$
|
2,032,748
|
|
|
$
|
1,037,772
|
|
|
$
|
827,269
|
|
|
$
|
2,827,781
|
|
|
$
|
13,636,078
|
|
|
|
Oklahoma
|
|
Texas
|
|
New
Mexico |
|
Arkansas
|
|
Colorado
|
|
Arizona
|
|
Kansas/
Missouri |
|
Other
|
|
Total
|
||||||||||||||||||
Multifamily
|
|
$
|
138,803
|
|
|
$
|
491,322
|
|
|
$
|
30,288
|
|
|
$
|
57,008
|
|
|
$
|
134,394
|
|
|
$
|
121,218
|
|
|
$
|
166,680
|
|
|
$
|
148,352
|
|
|
$
|
1,288,065
|
|
Office
|
|
107,725
|
|
|
278,001
|
|
|
86,370
|
|
|
15,000
|
|
|
153,545
|
|
|
91,913
|
|
|
55,395
|
|
|
284,971
|
|
|
1,072,920
|
|
|||||||||
Retail
|
|
56,863
|
|
|
258,957
|
|
|
133,155
|
|
|
5,524
|
|
|
146,038
|
|
|
80,349
|
|
|
14,560
|
|
|
223,636
|
|
|
919,082
|
|
|||||||||
Industrial
|
|
81,096
|
|
|
168,792
|
|
|
21,048
|
|
|
97
|
|
|
79,733
|
|
|
33,830
|
|
|
40,027
|
|
|
353,483
|
|
|
778,106
|
|
|||||||||
Residential construction and land development
|
|
8,592
|
|
|
17,449
|
|
|
14,974
|
|
|
555
|
|
|
63,818
|
|
|
11,564
|
|
|
12,152
|
|
|
19,480
|
|
|
148,584
|
|
|||||||||
Other commercial real estate
|
|
47,992
|
|
|
36,574
|
|
|
11,722
|
|
|
1,484
|
|
|
180,151
|
|
|
106,195
|
|
|
26,282
|
|
|
147,656
|
|
|
558,056
|
|
|||||||||
Total commercial real estate loans
|
|
$
|
441,071
|
|
|
$
|
1,251,095
|
|
|
$
|
297,557
|
|
|
$
|
79,668
|
|
|
$
|
757,679
|
|
|
$
|
445,069
|
|
|
$
|
315,096
|
|
|
$
|
1,177,578
|
|
|
$
|
4,764,813
|
|
|
|
Revolving
|
|
Amortizing
|
|
Total
|
||||||
First lien
|
|
$
|
87,866
|
|
|
$
|
337,234
|
|
|
$
|
425,100
|
|
Junior lien
|
|
175,728
|
|
|
118,174
|
|
|
293,902
|
|
|||
Total home equity
|
|
$
|
263,594
|
|
|
$
|
455,408
|
|
|
$
|
719,002
|
|
|
|
Oklahoma
|
|
Texas
|
|
New
Mexico |
|
Arkansas
|
|
Colorado
|
|
Arizona
|
|
Kansas/
Missouri |
|
Other
|
|
Total
|
||||||||||||||||||
Residential mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Permanent mortgage
|
|
$
|
173,991
|
|
|
$
|
448,594
|
|
|
$
|
60,396
|
|
|
$
|
13,565
|
|
|
$
|
353,510
|
|
|
$
|
146,173
|
|
|
$
|
67,010
|
|
|
$
|
56,926
|
|
|
$
|
1,320,165
|
|
Permanent mortgages guaranteed by U.S. government agencies
|
|
47,810
|
|
|
30,524
|
|
|
33,534
|
|
|
9,350
|
|
|
4,924
|
|
|
1,233
|
|
|
15,355
|
|
|
48,136
|
|
|
190,866
|
|
|||||||||
Home equity
|
|
364,838
|
|
|
135,486
|
|
|
81,985
|
|
|
6,430
|
|
|
63,692
|
|
|
14,478
|
|
|
49,308
|
|
|
2,785
|
|
|
719,002
|
|
|||||||||
Total residential mortgage
|
|
$
|
586,639
|
|
|
$
|
614,604
|
|
|
$
|
175,915
|
|
|
$
|
29,345
|
|
|
$
|
422,126
|
|
|
$
|
161,884
|
|
|
$
|
131,673
|
|
|
$
|
107,847
|
|
|
$
|
2,230,033
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Personal
|
|
$
|
313,077
|
|
|
$
|
418,214
|
|
|
$
|
11,844
|
|
|
$
|
12,360
|
|
|
$
|
79,475
|
|
|
$
|
61,840
|
|
|
$
|
62,064
|
|
|
$
|
66,932
|
|
|
$
|
1,025,806
|
|
|
|
December 31,
|
||||||||||||||||||
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Oklahoma:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
$
|
3,491,117
|
|
|
$
|
3,238,720
|
|
|
$
|
3,370,259
|
|
|
$
|
3,782,687
|
|
|
$
|
3,142,689
|
|
Commercial real estate
|
|
700,756
|
|
|
682,037
|
|
|
684,381
|
|
|
739,829
|
|
|
603,610
|
|
|||||
Residential mortgage
|
|
1,440,566
|
|
|
1,435,432
|
|
|
1,407,197
|
|
|
1,409,114
|
|
|
1,467,096
|
|
|||||
Personal
|
|
375,543
|
|
|
342,212
|
|
|
303,823
|
|
|
255,387
|
|
|
206,115
|
|
|||||
Total Oklahoma
|
|
6,007,982
|
|
|
5,698,401
|
|
|
5,765,660
|
|
|
6,187,017
|
|
|
5,419,510
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Texas:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial
|
|
5,438,133
|
|
|
4,520,401
|
|
|
4,022,455
|
|
|
3,908,425
|
|
|
3,549,128
|
|
|||||
Commercial real estate
|
|
1,341,783
|
|
|
1,261,864
|
|
|
1,415,011
|
|
|
1,204,202
|
|
|
1,027,817
|
|
|||||
Residential mortgage
|
|
266,805
|
|
|
233,675
|
|
|
233,981
|
|
|
219,126
|
|
|
235,948
|
|
|||||
Personal
|
|
394,743
|
|
|
375,084
|
|
|
306,748
|
|
|
203,496
|
|
|
154,363
|
|
|||||
Total Texas
|
|
7,441,464
|
|
|
6,391,024
|
|
|
5,978,195
|
|
|
5,535,249
|
|
|
4,967,256
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New Mexico:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial
|
|
340,489
|
|
|
343,296
|
|
|
399,256
|
|
|
375,839
|
|
|
383,439
|
|
|||||
Commercial real estate
|
|
383,670
|
|
|
341,282
|
|
|
284,603
|
|
|
313,422
|
|
|
296,358
|
|
|||||
Residential mortgage
|
|
87,346
|
|
|
98,018
|
|
|
108,058
|
|
|
120,507
|
|
|
127,999
|
|
|||||
Personal
|
|
10,662
|
|
|
11,721
|
|
|
11,483
|
|
|
11,557
|
|
|
10,899
|
|
|||||
Total New Mexico
|
|
822,167
|
|
|
794,317
|
|
|
803,400
|
|
|
821,325
|
|
|
818,695
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Arkansas:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial
|
|
111,338
|
|
|
95,644
|
|
|
86,577
|
|
|
92,359
|
|
|
95,510
|
|
|||||
Commercial real estate
|
|
141,898
|
|
|
87,393
|
|
|
73,616
|
|
|
69,320
|
|
|
88,301
|
|
|||||
Residential mortgage
|
|
7,537
|
|
|
6,596
|
|
|
7,015
|
|
|
8,169
|
|
|
7,261
|
|
|||||
Personal
|
|
11,955
|
|
|
9,992
|
|
|
6,524
|
|
|
819
|
|
|
5,169
|
|
|||||
Total Arkansas
|
|
272,728
|
|
|
199,625
|
|
|
173,732
|
|
|
170,667
|
|
|
196,241
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Colorado:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial
|
|
2,275,069
|
|
|
1,130,714
|
|
|
1,018,208
|
|
|
987,076
|
|
|
977,961
|
|
|||||
Commercial real estate
|
|
963,575
|
|
|
174,201
|
|
|
265,264
|
|
|
223,946
|
|
|
194,553
|
|
|||||
Residential mortgage
|
|
251,849
|
|
|
63,350
|
|
|
59,631
|
|
|
53,782
|
|
|
57,119
|
|
|||||
Personal
|
|
72,916
|
|
|
63,115
|
|
|
50,372
|
|
|
23,384
|
|
|
27,918
|
|
|||||
Total Colorado
|
|
3,563,409
|
|
|
1,431,380
|
|
|
1,393,475
|
|
|
1,288,188
|
|
|
1,257,551
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Arizona:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial
|
|
1,320,139
|
|
|
687,792
|
|
|
686,253
|
|
|
606,733
|
|
|
547,524
|
|
|||||
Commercial real estate
|
|
889,903
|
|
|
660,094
|
|
|
747,409
|
|
|
507,523
|
|
|
355,140
|
|
|||||
Residential mortgage
|
|
97,959
|
|
|
41,771
|
|
|
36,265
|
|
|
44,047
|
|
|
35,872
|
|
|||||
Personal
|
|
68,546
|
|
|
57,140
|
|
|
52,553
|
|
|
31,060
|
|
|
12,883
|
|
|||||
Total Arizona
|
|
2,376,547
|
|
|
1,446,797
|
|
|
1,522,480
|
|
|
1,189,363
|
|
|
951,419
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Kansas/Missouri:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial
|
|
659,793
|
|
|
717,408
|
|
|
807,816
|
|
|
499,412
|
|
|
399,419
|
|
|||||
Commercial real estate
|
|
343,228
|
|
|
273,116
|
|
|
338,762
|
|
|
200,791
|
|
|
162,371
|
|
|||||
Residential mortgage
|
|
77,971
|
|
|
94,844
|
|
|
97,685
|
|
|
22,148
|
|
|
18,217
|
|
|||||
Personal
|
|
91,441
|
|
|
106,512
|
|
|
108,455
|
|
|
26,994
|
|
|
17,358
|
|
|||||
Total Kansas/Missouri
|
|
1,172,433
|
|
|
1,191,880
|
|
|
1,352,718
|
|
|
749,345
|
|
|
597,365
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total BOK Financial loans
|
|
$
|
21,656,730
|
|
|
$
|
17,153,424
|
|
|
$
|
16,989,660
|
|
|
$
|
15,941,154
|
|
|
$
|
14,208,037
|
|
|
|
|
|
Remaining Maturities of Selected Loans
|
||||||||||||
|
|
Total
|
|
Within 1 Year
|
|
1-5 Years
|
|
After 5 Years
|
||||||||
Loan maturity:
|
|
|
|
|
|
|
|
|
||||||||
Commercial
|
|
$
|
13,636,078
|
|
|
$
|
1,094,732
|
|
|
$
|
7,760,989
|
|
|
$
|
4,780,357
|
|
Commercial real estate
|
|
4,764,813
|
|
|
639,755
|
|
|
2,956,080
|
|
|
1,168,978
|
|
||||
Total
|
|
$
|
18,400,891
|
|
|
$
|
1,734,487
|
|
|
$
|
10,717,069
|
|
|
$
|
5,949,335
|
|
Interest rate sensitivity for selected loans with:
|
|
|
|
|
|
|
|
|
||||||||
Predetermined interest rates
|
|
$
|
3,929,368
|
|
|
$
|
156,147
|
|
|
$
|
1,186,339
|
|
|
$
|
2,586,882
|
|
Floating or adjustable interest rates
|
|
14,471,523
|
|
|
1,578,340
|
|
|
9,530,730
|
|
|
3,362,453
|
|
||||
Total
|
|
$
|
18,400,891
|
|
|
$
|
1,734,487
|
|
|
$
|
10,717,069
|
|
|
$
|
5,949,335
|
|
|
|
December 31,
|
||||||||||||||||||
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Loan commitments
|
|
$
|
11,944,525
|
|
|
$
|
9,958,080
|
|
|
$
|
9,404,665
|
|
|
$
|
8,455,037
|
|
|
$
|
8,328,416
|
|
Standby letters of credit
|
|
582,196
|
|
|
647,653
|
|
|
585,472
|
|
|
507,988
|
|
|
447,599
|
|
|||||
Mortgage loans sold with recourse
|
|
98,623
|
|
|
125,127
|
|
|
139,486
|
|
|
155,489
|
|
|
179,822
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
Number of unresolved deficiency requests
|
169
|
|
191
|
|
|||
Aggregate outstanding principal balance subject to unresolved deficiency requests
|
$
|
5,896
|
|
|
$
|
9,737
|
|
Unpaid principal balance subject to indemnification by the Company
|
6,916
|
|
|
4,519
|
|
Customers
|
|
$
|
140,973
|
|
Banks and other financial institutions
|
|
128,526
|
|
|
Exchanges and clearing organizations
|
|
41,891
|
|
|
Fair value of customer hedge asset derivative contracts, net
|
|
$
|
311,390
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Beginning balance
|
$
|
230,682
|
|
|
$
|
246,159
|
|
|
$
|
225,524
|
|
|
$
|
189,056
|
|
|
$
|
185,396
|
|
Loans charged off:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
(37,880
|
)
|
|
(19,810
|
)
|
|
(35,828
|
)
|
|
(6,734
|
)
|
|
(3,569
|
)
|
|||||
Commercial real estate
|
—
|
|
|
(76
|
)
|
|
—
|
|
|
(944
|
)
|
|
(2,047
|
)
|
|||||
Residential mortgage
|
(378
|
)
|
|
(649
|
)
|
|
(1,312
|
)
|
|
(2,205
|
)
|
|
(4,448
|
)
|
|||||
Personal
|
(5,325
|
)
|
|
(5,064
|
)
|
|
(5,448
|
)
|
|
(5,288
|
)
|
|
(6,168
|
)
|
|||||
Total
|
(43,583
|
)
|
|
(25,599
|
)
|
|
(42,588
|
)
|
|
(15,171
|
)
|
|
(16,232
|
)
|
|||||
Recoveries of loans previously charged off:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
3,316
|
|
|
4,461
|
|
|
1,727
|
|
|
2,729
|
|
|
5,703
|
|
|||||
Commercial real estate
|
3,552
|
|
|
1,940
|
|
|
1,283
|
|
|
11,079
|
|
|
7,003
|
|
|||||
Residential mortgage
|
1,047
|
|
|
760
|
|
|
1,999
|
|
|
1,260
|
|
|
2,000
|
|
|||||
Personal
|
2,499
|
|
|
2,451
|
|
|
2,747
|
|
|
3,052
|
|
|
4,328
|
|
|||||
Total
|
10,414
|
|
|
9,612
|
|
|
7,756
|
|
|
18,120
|
|
|
19,034
|
|
|||||
Net loans recovered (charged off )
|
(33,169
|
)
|
|
(15,987
|
)
|
|
(34,832
|
)
|
|
2,949
|
|
|
2,802
|
|
|||||
Provision for loan losses
|
9,944
|
|
|
510
|
|
|
55,467
|
|
|
33,519
|
|
|
858
|
|
|||||
Ending balance
|
$
|
207,457
|
|
|
$
|
230,682
|
|
|
$
|
246,159
|
|
|
$
|
225,524
|
|
|
$
|
189,056
|
|
Accrual for off-balance sheet credit risk:
|
|
|
|
|
|
|
|
|
|
||||||||||
Beginning balance
|
$
|
3,734
|
|
|
$
|
11,244
|
|
|
$
|
1,711
|
|
|
$
|
1,230
|
|
|
$
|
2,088
|
|
Provision for off-balance sheet credit risk
|
(1,944
|
)
|
|
(7,510
|
)
|
|
9,533
|
|
|
481
|
|
|
(858
|
)
|
|||||
Ending balance
|
$
|
1,790
|
|
|
$
|
3,734
|
|
|
$
|
11,244
|
|
|
$
|
1,711
|
|
|
$
|
1,230
|
|
Total combined provision for credit losses
|
$
|
8,000
|
|
|
$
|
(7,000
|
)
|
|
$
|
65,000
|
|
|
$
|
34,000
|
|
|
$
|
—
|
|
Allowance for loan losses to loans outstanding at period end
|
0.96
|
%
|
|
1.34
|
%
|
|
1.45
|
%
|
|
1.41
|
%
|
|
1.33
|
%
|
|||||
Net charge-offs (recoveries) to average loans
|
0.18
|
%
|
|
0.09
|
%
|
|
0.21
|
%
|
|
(0.02
|
)%
|
|
(0.02
|
)%
|
|||||
Total provision for credit losses to average loans
|
0.04
|
%
|
|
(0.04
|
)%
|
|
0.40
|
%
|
|
0.23
|
%
|
|
—
|
%
|
|||||
Recoveries to gross charge-offs
|
23.89
|
%
|
|
37.55
|
%
|
|
18.21
|
%
|
|
119.44
|
%
|
|
117.26
|
%
|
|||||
Allowance for loan losses as a multiple of net charge-offs
|
6.25
|
x
|
|
14.43
|
x
|
|
7.07
|
x
|
|
(76.47
|
)x
|
|
(67.47
|
)x
|
|||||
Accrual for off-balance sheet credit risk to off-balance sheet credit commitments
|
0.01
|
%
|
|
0.04
|
%
|
|
0.11
|
%
|
|
0.02
|
%
|
|
0.01
|
%
|
|||||
Combined allowance for credit losses to loans outstanding at period-end
|
0.97
|
%
|
|
1.37
|
%
|
|
1.52
|
%
|
|
1.43
|
%
|
|
1.34
|
%
|
|
December 31,
|
|||||||||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||||||||||||
|
Allowance
|
|
% of Loans1
|
|
Allowance
|
|
% of Loans1
|
|
Allowance
|
|
% of Loans1
|
|
Allowance
|
|
% of Loans1
|
|
Allowance
|
|
% of Loans1
|
|||||||||||||||
Loan category:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial
|
$
|
102,226
|
|
|
62.96
|
%
|
|
$
|
124,269
|
|
|
62.58
|
%
|
|
$
|
140,213
|
|
|
61.16
|
%
|
|
$
|
130,334
|
|
|
64.32
|
%
|
|
$
|
90,875
|
|
|
64.02
|
%
|
Commercial real estate
|
60,026
|
|
|
22.00
|
%
|
|
56,621
|
|
|
20.29
|
%
|
|
50,749
|
|
|
22.42
|
%
|
|
41,391
|
|
|
20.44
|
%
|
|
42,445
|
|
|
19.20
|
%
|
|||||
Residential mortgage
|
17,964
|
|
|
10.30
|
%
|
|
18,451
|
|
|
11.50
|
%
|
|
18,224
|
|
|
11.48
|
%
|
|
19,509
|
|
|
11.77
|
%
|
|
23,458
|
|
|
13.72
|
%
|
|||||
Personal
|
9,473
|
|
|
4.74
|
%
|
|
9,124
|
|
|
5.63
|
%
|
|
8,773
|
|
|
4.94
|
%
|
|
4,164
|
|
|
3.47
|
%
|
|
4,233
|
|
|
3.06
|
%
|
|||||
Nonspecific allowance
|
17,768
|
|
|
|
|
22,217
|
|
|
|
|
28,200
|
|
|
|
|
30,126
|
|
|
|
|
28,045
|
|
|
|
||||||||||
Total
|
$
|
207,457
|
|
|
100.00
|
%
|
|
$
|
230,682
|
|
|
100.00
|
%
|
|
$
|
246,159
|
|
|
100.00
|
%
|
|
$
|
225,524
|
|
|
100.00
|
%
|
|
$
|
189,056
|
|
|
100.00
|
%
|
|
|
December 31,
|
||||||||||||||||||
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Nonaccruing loans:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
$
|
99,841
|
|
|
$
|
137,303
|
|
|
$
|
178,953
|
|
|
$
|
76,424
|
|
|
$
|
13,527
|
|
Commercial real estate
|
|
21,621
|
|
|
2,855
|
|
|
5,521
|
|
|
9,001
|
|
|
18,557
|
|
|||||
Residential mortgage
|
|
41,555
|
|
|
47,447
|
|
|
46,220
|
|
|
61,240
|
|
|
48,121
|
|
|||||
Personal
|
|
230
|
|
|
269
|
|
|
290
|
|
|
463
|
|
|
566
|
|
|||||
Total nonaccruing loans
|
|
163,247
|
|
|
187,874
|
|
|
230,984
|
|
|
147,128
|
|
|
80,771
|
|
|||||
Accruing renegotiated loans guaranteed by U.S. government agencies
|
|
86,428
|
|
|
73,994
|
|
|
81,370
|
|
|
74,049
|
|
|
73,985
|
|
|||||
Real estate and other repossessed assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Guaranteed by U.S. government agencies1
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49,898
|
|
|||||
Other
|
|
17,487
|
|
|
28,437
|
|
|
44,287
|
|
|
30,731
|
|
|
51,963
|
|
|||||
Real estate and other repossessed assets
|
|
17,487
|
|
|
28,437
|
|
|
44,287
|
|
|
30,731
|
|
|
101,861
|
|
|||||
Total nonperforming assets
|
|
$
|
267,162
|
|
|
$
|
290,305
|
|
|
$
|
356,641
|
|
|
$
|
251,908
|
|
|
$
|
256,617
|
|
Total nonperforming assets excluding those guaranteed by U.S. government agencies
|
|
$
|
173,602
|
|
|
$
|
207,132
|
|
|
$
|
263,425
|
|
|
$
|
155,959
|
|
|
$
|
129,022
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonaccruing loans by loan class:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Energy
|
|
$
|
47,494
|
|
|
$
|
92,284
|
|
|
$
|
132,499
|
|
|
$
|
61,189
|
|
|
$
|
1,416
|
|
Healthcare
|
|
16,538
|
|
|
14,765
|
|
|
825
|
|
|
1,072
|
|
|
1,380
|
|
|||||
Manufacturing
|
|
8,919
|
|
|
5,962
|
|
|
4,931
|
|
|
331
|
|
|
450
|
|
|||||
Services
|
|
8,567
|
|
|
2,620
|
|
|
8,173
|
|
|
10,290
|
|
|
5,201
|
|
|||||
Wholesale/retail
|
|
1,316
|
|
|
2,574
|
|
|
11,407
|
|
|
2,919
|
|
|
4,149
|
|
|||||
Public finance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other commercial and industrial
|
|
17,007
|
|
|
19,098
|
|
|
21,118
|
|
|
623
|
|
|
931
|
|
|||||
Total commercial
|
|
99,841
|
|
|
137,303
|
|
|
178,953
|
|
|
76,424
|
|
|
13,527
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Retail
|
|
20,279
|
|
|
276
|
|
|
326
|
|
|
1,319
|
|
|
3,926
|
|
|||||
Residential construction and land development
|
|
350
|
|
|
1,832
|
|
|
3,433
|
|
|
4,409
|
|
|
5,299
|
|
|||||
Multifamily
|
|
301
|
|
|
—
|
|
|
38
|
|
|
274
|
|
|
—
|
|
|||||
Office
|
|
—
|
|
|
275
|
|
|
426
|
|
|
651
|
|
|
3,420
|
|
|||||
Industrial
|
|
—
|
|
|
—
|
|
|
76
|
|
|
76
|
|
|
—
|
|
|||||
Other commercial real estate
|
|
691
|
|
|
472
|
|
|
1,222
|
|
|
2,272
|
|
|
5,912
|
|
|||||
Total commercial real estate
|
|
21,621
|
|
|
2,855
|
|
|
5,521
|
|
|
9,001
|
|
|
18,557
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Permanent mortgage
|
|
23,951
|
|
|
25,193
|
|
|
22,855
|
|
|
28,984
|
|
|
34,845
|
|
|||||
Permanent mortgages guaranteed by U.S. government agencies
|
|
7,132
|
|
|
9,179
|
|
|
11,846
|
|
|
21,900
|
|
|
3,712
|
|
|||||
Home equity
|
|
10,472
|
|
|
13,075
|
|
|
11,519
|
|
|
10,356
|
|
|
9,564
|
|
|||||
Total residential mortgage
|
|
41,555
|
|
|
47,447
|
|
|
46,220
|
|
|
61,240
|
|
|
48,121
|
|
|||||
Personal
|
|
230
|
|
|
269
|
|
|
290
|
|
|
463
|
|
|
566
|
|
|||||
Total nonaccruing loans
|
|
$
|
163,247
|
|
|
$
|
187,874
|
|
|
$
|
230,984
|
|
|
$
|
147,128
|
|
|
$
|
80,771
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
||||||||||||||||||
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Allowance for loan losses to nonaccruing loans2
|
|
132.89
|
%
|
|
129.09
|
%
|
|
112.33
|
%
|
|
180.09
|
%
|
|
245.34
|
%
|
|||||
Accruing loans 90 days or more past due2
|
|
$
|
1,338
|
|
|
$
|
633
|
|
|
$
|
5
|
|
|
$
|
1,207
|
|
|
$
|
125
|
|
Foregone interest on nonaccruing loans3
|
|
15,502
|
|
|
16,496
|
|
|
15,990
|
|
|
7,432
|
|
|
8,170
|
|
1
|
Approximately $50 million was reclassified from Real estate and other repossessed assets to Receivables on the balance sheet on January 1, 2015 with the adoption of Financial Accounting Standards Board Update No. 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans Upon Foreclosure ("ASU 2014-14"). With the implementation of ASU 2014-14, upon foreclosure of loans for which the loan balance is expected to be recovered from the guarantee by a U.S. government agency, the loan balance is directly reclassified to other receivables without including such foreclosed assets in real estate and other repossessed assets.
|
2
|
Excludes residential mortgages guaranteed by agencies of the U.S. government.
|
3
|
Interest collected and recognized on nonaccruing loans was not significant in 2018 and previous years.
|
|
|
Year Ended December 31, 2018
|
||||||||||||||
|
|
Nonaccruing Loans
|
|
Renegotiated Loans
|
|
Real Estate and Other Repossessed Assets
|
|
Total Nonperforming Assets
|
||||||||
Balance, December 31, 2017
|
|
$
|
187,874
|
|
|
$
|
73,994
|
|
|
$
|
28,437
|
|
|
$
|
290,305
|
|
Additions
|
|
116,372
|
|
|
55,521
|
|
|
—
|
|
|
171,893
|
|
||||
Payments
|
|
(94,755
|
)
|
|
(3,055
|
)
|
|
—
|
|
|
(97,810
|
)
|
||||
Charge-offs
|
|
(43,583
|
)
|
|
—
|
|
|
—
|
|
|
(43,583
|
)
|
||||
Net losses and write-downs
|
|
—
|
|
|
—
|
|
|
(6,009
|
)
|
|
(6,009
|
)
|
||||
Foreclosure of nonaccruing loans
|
|
(9,880
|
)
|
|
—
|
|
|
9,880
|
|
|
—
|
|
||||
Foreclosure of loans guaranteed by U.S. government agencies
|
|
(5,403
|
)
|
|
(8,684
|
)
|
|
—
|
|
|
(14,087
|
)
|
||||
Proceeds from sales
|
|
—
|
|
|
(31,075
|
)
|
|
(20,676
|
)
|
|
(51,751
|
)
|
||||
Acquisitions
|
|
12,687
|
|
|
—
|
|
|
5,155
|
|
|
17,842
|
|
||||
Net transfers to nonaccruing loans
|
|
1,793
|
|
|
(1,793
|
)
|
|
—
|
|
|
—
|
|
||||
Return to accrual status
|
|
(1,858
|
)
|
|
—
|
|
|
—
|
|
|
(1,858
|
)
|
||||
Other, net
|
|
—
|
|
|
1,520
|
|
|
700
|
|
|
2,220
|
|
||||
Balance, December 31, 2018
|
|
$
|
163,247
|
|
|
$
|
86,428
|
|
|
$
|
17,487
|
|
|
$
|
267,162
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
|
|
90 Days or More
|
|
60 to 89 Days
|
|
30 to 59 Days
|
|
90 Days or More
|
|
60 to 89 Days
|
|
30 to 59 Days
|
||||||||||||
Residential mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Permanent mortgage1
|
|
$
|
—
|
|
|
$
|
366
|
|
|
$
|
3,196
|
|
|
$
|
—
|
|
|
$
|
219
|
|
|
$
|
3,435
|
|
Home equity
|
|
59
|
|
|
352
|
|
|
1,102
|
|
|
17
|
|
|
440
|
|
|
2,206
|
|
||||||
Total residential mortgage
|
|
$
|
59
|
|
|
$
|
718
|
|
|
$
|
4,298
|
|
|
$
|
17
|
|
|
$
|
659
|
|
|
$
|
5,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Personal
|
|
$
|
3
|
|
|
$
|
796
|
|
|
$
|
479
|
|
|
$
|
261
|
|
|
$
|
191
|
|
|
$
|
681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Excludes past due residential mortgage loans guaranteed by agencies of the U.S. government.
|
|
Year Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
Commercial Banking
|
$
|
8,517,137
|
|
|
$
|
8,725,920
|
|
Consumer Banking
|
6,560,145
|
|
|
6,610,134
|
|
||
Wealth Management
|
5,617,325
|
|
|
5,516,214
|
|
||
Subtotal
|
20,694,607
|
|
|
20,852,268
|
|
||
Funds Management and other
|
2,114,604
|
|
|
1,332,513
|
|
||
Total
|
$
|
22,809,211
|
|
|
$
|
22,184,781
|
|
|
|
December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Months to maturity:
|
|
|
|
|
||||
3 or less
|
|
$
|
380,315
|
|
|
$
|
368,584
|
|
Over 3 through 6
|
|
298,692
|
|
|
278,607
|
|
||
Over 6 through 12
|
|
299,346
|
|
|
253,277
|
|
||
Over 12
|
|
618,413
|
|
|
661,074
|
|
||
Total
|
|
$
|
1,596,766
|
|
|
$
|
1,561,542
|
|
|
|
December 31,
|
||||||||||||||||||
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Oklahoma:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand
|
|
$
|
3,610,593
|
|
|
$
|
3,885,008
|
|
|
$
|
3,993,170
|
|
|
$
|
4,133,520
|
|
|
$
|
3,828,819
|
|
Interest-bearing:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Transaction
|
|
6,445,831
|
|
|
5,901,293
|
|
|
6,345,536
|
|
|
5,971,819
|
|
|
6,117,886
|
|
|||||
Savings
|
|
288,210
|
|
|
265,870
|
|
|
241,696
|
|
|
226,733
|
|
|
206,357
|
|
|||||
Time
|
|
1,118,643
|
|
|
1,092,133
|
|
|
1,118,355
|
|
|
1,202,274
|
|
|
1,301,194
|
|
|||||
Total interest-bearing
|
|
7,852,684
|
|
|
7,259,296
|
|
|
7,705,587
|
|
|
7,400,826
|
|
|
7,625,437
|
|
|||||
Total Oklahoma
|
|
11,463,277
|
|
|
11,144,304
|
|
|
11,698,757
|
|
|
11,534,346
|
|
|
11,454,256
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Texas:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand
|
|
3,289,659
|
|
|
3,239,098
|
|
|
3,137,009
|
|
|
2,627,764
|
|
|
2,639,732
|
|
|||||
Interest-bearing:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Transaction
|
|
2,294,740
|
|
|
2,397,071
|
|
|
2,388,812
|
|
|
2,132,099
|
|
|
2,065,723
|
|
|||||
Savings
|
|
99,624
|
|
|
93,620
|
|
|
83,101
|
|
|
77,902
|
|
|
72,037
|
|
|||||
Time
|
|
423,880
|
|
|
502,879
|
|
|
535,642
|
|
|
549,740
|
|
|
547,316
|
|
|||||
Total interest-bearing
|
|
2,818,244
|
|
|
2,993,570
|
|
|
3,007,555
|
|
|
2,759,741
|
|
|
2,685,076
|
|
|||||
Total Texas
|
|
6,107,903
|
|
|
6,232,668
|
|
|
6,144,564
|
|
|
5,387,505
|
|
|
5,324,808
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New Mexico:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand
|
|
691,692
|
|
|
663,353
|
|
|
627,979
|
|
|
487,286
|
|
|
487,819
|
|
|||||
Interest-bearing:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Transaction
|
|
571,347
|
|
|
552,393
|
|
|
590,571
|
|
|
563,723
|
|
|
519,544
|
|
|||||
Savings
|
|
58,194
|
|
|
55,647
|
|
|
49,963
|
|
|
43,672
|
|
|
37,471
|
|
|||||
Time
|
|
224,515
|
|
|
216,743
|
|
|
238,408
|
|
|
267,821
|
|
|
295,798
|
|
|||||
Total interest-bearing
|
|
854,056
|
|
|
824,783
|
|
|
878,942
|
|
|
875,216
|
|
|
852,813
|
|
|||||
Total New Mexico
|
|
1,545,748
|
|
|
1,488,136
|
|
|
1,506,921
|
|
|
1,362,502
|
|
|
1,340,632
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Arkansas:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand
|
|
36,800
|
|
|
30,384
|
|
|
26,389
|
|
|
27,252
|
|
|
35,996
|
|
|||||
Interest-bearing:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Transaction
|
|
91,593
|
|
|
85,095
|
|
|
105,232
|
|
|
202,857
|
|
|
158,115
|
|
|||||
Savings
|
|
1,632
|
|
|
1,881
|
|
|
2,192
|
|
|
1,747
|
|
|
1,936
|
|
|||||
Time
|
|
8,726
|
|
|
14,045
|
|
|
16,696
|
|
|
24,983
|
|
|
28,520
|
|
|||||
Total interest-bearing
|
|
101,951
|
|
|
101,021
|
|
|
124,120
|
|
|
229,587
|
|
|
188,571
|
|
|||||
Total Arkansas
|
|
138,751
|
|
|
131,405
|
|
|
150,509
|
|
|
256,839
|
|
|
224,567
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
||||||||||||||||||
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Colorado:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand
|
|
1,658,473
|
|
|
633,714
|
|
|
576,000
|
|
|
497,318
|
|
|
445,755
|
|
|||||
Interest-bearing:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Transaction
|
|
1,899,203
|
|
|
657,629
|
|
|
616,679
|
|
|
616,697
|
|
|
631,874
|
|
|||||
Savings
|
|
57,289
|
|
|
35,223
|
|
|
32,866
|
|
|
31,927
|
|
|
29,811
|
|
|||||
Time
|
|
274,877
|
|
|
224,962
|
|
|
242,782
|
|
|
296,224
|
|
|
353,998
|
|
|||||
Total interest-bearing
|
|
2,231,369
|
|
|
917,814
|
|
|
892,327
|
|
|
944,848
|
|
|
1,015,683
|
|
|||||
Total Colorado
|
|
3,889,842
|
|
|
1,551,528
|
|
|
1,468,327
|
|
|
1,442,166
|
|
|
1,461,438
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Arizona:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand
|
|
709,176
|
|
|
334,701
|
|
|
366,755
|
|
|
326,324
|
|
|
369,115
|
|
|||||
Interest-bearing:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Transaction
|
|
575,996
|
|
|
274,846
|
|
|
305,099
|
|
|
358,556
|
|
|
347,214
|
|
|||||
Savings
|
|
10,545
|
|
|
3,343
|
|
|
2,973
|
|
|
2,893
|
|
|
2,545
|
|
|||||
Time
|
|
43,051
|
|
|
20,394
|
|
|
27,765
|
|
|
29,498
|
|
|
36,680
|
|
|||||
Total interest-bearing
|
|
629,592
|
|
|
298,583
|
|
|
335,837
|
|
|
390,947
|
|
|
386,439
|
|
|||||
Total Arizona
|
|
1,338,768
|
|
|
633,284
|
|
|
702,592
|
|
|
717,271
|
|
|
755,554
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Kansas/Missouri:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand
|
|
418,199
|
|
|
457,080
|
|
|
508,418
|
|
|
197,424
|
|
|
259,121
|
|
|||||
Interest-bearing:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Transaction
|
|
327,866
|
|
|
382,066
|
|
|
513,176
|
|
|
153,203
|
|
|
273,999
|
|
|||||
Savings
|
|
13,721
|
|
|
13,574
|
|
|
12,679
|
|
|
1,378
|
|
|
1,274
|
|
|||||
Time
|
|
19,688
|
|
|
27,260
|
|
|
42,152
|
|
|
35,524
|
|
|
45,210
|
|
|||||
Total interest-bearing
|
|
361,275
|
|
|
422,900
|
|
|
568,007
|
|
|
190,105
|
|
|
320,483
|
|
|||||
Total Kansas/Missouri
|
|
779,474
|
|
|
879,980
|
|
|
1,076,425
|
|
|
387,529
|
|
|
579,604
|
|
|||||
Total BOK Financial deposits
|
|
$
|
25,263,763
|
|
|
$
|
22,061,305
|
|
|
$
|
22,748,095
|
|
|
$
|
21,088,158
|
|
|
$
|
21,140,859
|
|
|
Minimum Capital Requirement
|
|
Capital Conservation Buffer
|
|
Minimum Capital Requirement Including Capital Conservation Buffer
|
|
|
|
|
|||||
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
||||||||
|
|
|
|
December 31,
|
||||||||||
|
|
|
2018
|
|
2017
|
|||||||||
Risk-based capital:
|
|
|
|
|
|
|
|
|
|
|
||||
Common equity Tier 1
|
4.50
|
%
|
|
2.50
|
%
|
|
7.00
|
%
|
|
10.92
|
%
|
|
12.05
|
%
|
Tier 1 capital
|
6.00
|
%
|
|
2.50
|
%
|
|
8.50
|
%
|
|
10.92
|
%
|
|
12.05
|
%
|
Total capital
|
8.00
|
%
|
|
2.50
|
%
|
|
10.50
|
%
|
|
12.50
|
%
|
|
13.54
|
%
|
Tier 1 Leverage
|
4.00
|
%
|
|
N/A
|
|
|
4.00
|
%
|
|
8.96
|
%
|
|
9.31
|
%
|
|
|
|
|
|
|
|
|
|
|
|||||
Average total equity to average assets
|
|
|
|
|
|
|
10.70
|
%
|
|
10.43
|
%
|
|||
Tangible common equity ratio
|
|
|
|
|
|
|
8.82
|
%
|
|
9.50
|
%
|
|
|
December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Tangible common equity ratio:
|
|
|
|
|
||||
Total shareholders' equity
|
|
$
|
4,432,109
|
|
|
$
|
3,495,367
|
|
Less: Goodwill and intangible assets, net
|
|
1,184,112
|
|
|
476,088
|
|
||
Tangible common equity
|
|
3,247,997
|
|
|
3,019,279
|
|
||
Total assets
|
|
38,020,504
|
|
|
32,272,160
|
|
||
Less: Goodwill and intangible assets, net
|
|
1,184,112
|
|
|
476,088
|
|
||
Tangible assets
|
|
$
|
36,836,392
|
|
|
$
|
31,796,072
|
|
Tangible common equity ratio
|
|
8.82
|
%
|
|
9.50
|
%
|
|
Less Than
1 Year
|
|
1 to 3
Years
|
|
4 to 5
Years
|
|
More Than
5 Years
|
|
Total
|
||||||||||
Time deposits
|
$
|
980,971
|
|
|
$
|
367,887
|
|
|
$
|
257,811
|
|
|
$
|
258,112
|
|
|
$
|
1,864,781
|
|
Other borrowings
|
575
|
|
|
1,150
|
|
|
1,200
|
|
|
7,557
|
|
|
10,482
|
|
|||||
Subordinated debentures
|
15,068
|
|
|
30,136
|
|
|
30,136
|
|
|
581,255
|
|
|
656,595
|
|
|||||
Lease obligations
|
25,794
|
|
|
46,121
|
|
|
28,147
|
|
|
78,598
|
|
|
178,660
|
|
|||||
Derivative contracts
|
132,147
|
|
|
35,837
|
|
|
6,563
|
|
|
6,511
|
|
|
181,058
|
|
|||||
Data processing services
|
15,561
|
|
|
21,128
|
|
|
16,941
|
|
|
21,224
|
|
|
74,854
|
|
|||||
Total
|
$
|
1,170,116
|
|
|
$
|
502,259
|
|
|
$
|
340,798
|
|
|
$
|
953,257
|
|
|
$
|
2,966,430
|
|
Loan commitments
|
$
|
11,944,525
|
|
Standby letters of credit
|
582,196
|
|
|
Mortgage loans sold with recourse
|
98,623
|
|
|
Alternative investment commitments
|
73,885
|
|
|
|
200 bp Increase
|
|
100 bp Decrease
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Anticipated impact over the next twelve months on net interest revenue
|
|
$
|
(4,248
|
)
|
|
$
|
(2,692
|
)
|
|
$
|
(42,483
|
)
|
|
$
|
(37,072
|
)
|
|
|
(0.36
|
)%
|
|
(0.30
|
)%
|
|
(3.57
|
)%
|
|
(4.16
|
)%
|
|
|
December 31,
|
||||||||||||||
|
|
2018
|
|
2017
|
||||||||||||
|
|
Up 50 bp
|
|
Down 50 bp
|
|
Up 50 bp
|
|
Down 50 bp
|
||||||||
MSR Asset
|
|
$
|
18,619
|
|
|
$
|
(27,154
|
)
|
|
$
|
25,818
|
|
|
$
|
(32,856
|
)
|
MSR Hedge
|
|
(21,838
|
)
|
|
21,922
|
|
|
(29,501
|
)
|
|
25,021
|
|
||||
Net Exposure
|
|
(3,219
|
)
|
|
(5,232
|
)
|
|
(3,683
|
)
|
|
(7,835
|
)
|
|
|
Year Ended
December 31, |
||||||||||||||
|
|
2018
|
|
2017
|
||||||||||||
|
|
Up 50 bp
|
|
Down 50 bp
|
|
Up 50 bp
|
|
Down 50 bp
|
||||||||
Average1
|
|
$
|
223
|
|
|
$
|
(697
|
)
|
|
$
|
23
|
|
|
$
|
(1,040
|
)
|
Low2
|
|
2,077
|
|
|
699
|
|
|
1,314
|
|
|
789
|
|
||||
High3
|
|
(1,015
|
)
|
|
(2,447
|
)
|
|
(1,979
|
)
|
|
(2,377
|
)
|
||||
Period End
|
|
(16
|
)
|
|
(420
|
)
|
|
(263
|
)
|
|
(114
|
)
|
1
|
Average represents the simple average of each daily value observed during the reporting period.
|
2
|
Low represents least risk of loss in fair value measured as the smallest negative value or the largest positive value observed daily during the reporting period.
|
3
|
High represents the greatest risk of loss in fair value measured as the largest negative value or the smallest positive value observed daily during the reporting period.
|
|
|
Year Ended
December 31, |
||||||||||||||
|
|
2018
|
|
2017
|
||||||||||||
|
|
Up 50 bp
|
|
Down 50 bp
|
|
Up 50 bp
|
|
Down 50 bp
|
||||||||
Average1
|
|
$
|
(1,133
|
)
|
|
$
|
649
|
|
|
$
|
(1,702
|
)
|
|
$
|
1,799
|
|
Low2
|
|
2,041
|
|
|
4,423
|
|
|
668
|
|
|
5,210
|
|
||||
High3
|
|
(4,534
|
)
|
|
(3,463
|
)
|
|
(4,386
|
)
|
|
(1,046
|
)
|
||||
Period End
|
|
1,470
|
|
|
(1,081
|
)
|
|
(488
|
)
|
|
539
|
|
1
|
Average represents the simple average of each daily value observed during the reporting period.
|
2
|
Low represents least risk of loss in fair value measured as the smallest negative value or the largest positive value observed daily during the reporting period.
|
3
|
High represents the greatest risk of loss in fair value measured as the largest negative value or the smallest positive value observed daily during the reporting period.
|
Consolidated Statements of Earnings
|
||||||||||||
(In thousands, except share and per share data)
|
|
|
|
|
|
|
||||||
|
|
Year Ended December 31,
|
||||||||||
Interest and dividend revenue
|
|
2018
|
|
2017
|
|
2016
|
||||||
Loans
|
|
$
|
891,587
|
|
|
$
|
696,479
|
|
|
$
|
581,030
|
|
Residential mortgage loans held for sale
|
|
8,123
|
|
|
8,706
|
|
|
12,658
|
|
|||
Trading securities
|
|
57,531
|
|
|
17,002
|
|
|
8,527
|
|
|||
Investment securities
|
|
14,775
|
|
|
16,121
|
|
|
16,894
|
|
|||
Available for sale securities
|
|
197,317
|
|
|
177,070
|
|
|
175,321
|
|
|||
Fair value option securities
|
|
15,205
|
|
|
16,755
|
|
|
6,723
|
|
|||
Restricted equity securities
|
|
21,555
|
|
|
18,490
|
|
|
17,238
|
|
|||
Interest-bearing cash and cash equivalents
|
|
22,333
|
|
|
22,128
|
|
|
10,726
|
|
|||
Total interest and dividend revenue
|
|
1,228,426
|
|
|
972,751
|
|
|
829,117
|
|
|||
Interest expense
|
|
|
|
|
|
|
|
|
|
|||
Deposits
|
|
95,517
|
|
|
53,803
|
|
|
40,494
|
|
|||
Borrowed funds
|
|
138,215
|
|
|
69,124
|
|
|
35,099
|
|
|||
Subordinated debentures
|
|
9,827
|
|
|
8,123
|
|
|
6,296
|
|
|||
Total interest expense
|
|
243,559
|
|
|
131,050
|
|
|
81,889
|
|
|||
Net interest and dividend revenue
|
|
984,867
|
|
|
841,701
|
|
|
747,228
|
|
|||
Provision for credit losses
|
|
8,000
|
|
|
(7,000
|
)
|
|
65,000
|
|
|||
Net interest and dividend revenue after provision for credit losses
|
|
976,867
|
|
|
848,701
|
|
|
682,228
|
|
|||
Other operating revenue
|
|
|
|
|
|
|
|
|
|
|||
Brokerage and trading revenue
|
|
108,323
|
|
|
131,601
|
|
|
138,377
|
|
|||
Transaction card revenue
|
|
84,025
|
|
|
119,988
|
|
|
116,452
|
|
|||
Fiduciary and asset management revenue
|
|
184,703
|
|
|
162,889
|
|
|
135,387
|
|
|||
Deposit service charges and fees
|
|
112,153
|
|
|
112,079
|
|
|
111,589
|
|
|||
Mortgage banking revenue
|
|
97,787
|
|
|
104,719
|
|
|
133,914
|
|
|||
Other revenue
|
|
56,651
|
|
|
49,959
|
|
|
50,112
|
|
|||
Total fees and commissions
|
|
643,642
|
|
|
681,235
|
|
|
685,831
|
|
|||
Other gains (losses), net
|
|
(2,731
|
)
|
|
11,213
|
|
|
4,947
|
|
|||
Gain (loss) on derivatives, net
|
|
(422
|
)
|
|
779
|
|
|
(15,685
|
)
|
|||
Loss on fair value option securities, net
|
|
(25,572
|
)
|
|
(2,733
|
)
|
|
(10,555
|
)
|
|||
Change in fair value of mortgage servicing rights
|
|
4,668
|
|
|
172
|
|
|
(2,193
|
)
|
|||
Gain (loss) on available for sale securities, net
|
|
(2,801
|
)
|
|
4,428
|
|
|
11,675
|
|
|||
Total other operating revenue
|
|
616,784
|
|
|
695,094
|
|
|
674,020
|
|
|||
Other operating expense
|
|
|
|
|
|
|
|
|
|
|||
Personnel
|
|
583,131
|
|
|
573,408
|
|
|
553,119
|
|
|||
Business promotion
|
|
30,523
|
|
|
28,877
|
|
|
26,582
|
|
|||
Charitable contributions to BOKF Foundation
|
|
2,846
|
|
|
2,000
|
|
|
2,000
|
|
|||
Professional fees and services
|
|
59,099
|
|
|
51,067
|
|
|
56,783
|
|
|||
Net occupancy and equipment
|
|
97,981
|
|
|
86,477
|
|
|
80,024
|
|
|||
Insurance
|
|
23,318
|
|
|
19,653
|
|
|
32,489
|
|
|||
Data processing and communications
|
|
114,796
|
|
|
146,970
|
|
|
131,841
|
|
|||
Printing, postage and supplies
|
|
17,169
|
|
|
15,689
|
|
|
15,584
|
|
|||
Net losses and operating expenses of repossessed assets
|
|
17,052
|
|
|
9,687
|
|
|
3,359
|
|
|||
Amortization of intangible assets
|
|
9,620
|
|
|
6,779
|
|
|
6,862
|
|
|||
Mortgage banking costs
|
|
46,298
|
|
|
52,856
|
|
|
61,387
|
|
|||
Other expense
|
|
26,333
|
|
|
32,054
|
|
|
47,560
|
|
|||
Total other operating expense
|
|
1,028,166
|
|
|
1,025,517
|
|
|
1,017,590
|
|
|||
Net income before taxes
|
|
565,485
|
|
|
518,278
|
|
|
338,658
|
|
|||
Federal and state income taxes
|
|
119,061
|
|
|
182,593
|
|
|
106,377
|
|
|||
Net income
|
|
446,424
|
|
|
335,685
|
|
|
232,281
|
|
|||
Net income (loss) attributable to non-controlling interests
|
|
778
|
|
|
1,041
|
|
|
(387
|
)
|
|||
Net income attributable to BOK Financial Corporation shareholders
|
|
$
|
445,646
|
|
|
$
|
334,644
|
|
|
$
|
232,668
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
$
|
6.63
|
|
|
$
|
5.11
|
|
|
$
|
3.53
|
|
Diluted
|
|
$
|
6.63
|
|
|
$
|
5.11
|
|
|
$
|
3.53
|
|
Average shares used in computation:
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
66,628,640
|
|
|
64,745,364
|
|
|
65,085,627
|
|
|||
Diluted
|
|
66,662,273
|
|
|
64,806,284
|
|
|
65,143,898
|
|
|||
Dividends declared per share
|
|
$
|
1.90
|
|
|
$
|
1.77
|
|
|
$
|
1.73
|
|
Consolidated Statements of Comprehensive Income
|
|
|
||||||||||
(In thousands)
|
|
|
|
|
|
|
||||||
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Net income
|
|
$
|
446,424
|
|
|
$
|
335,685
|
|
|
$
|
232,281
|
|
Other comprehensive loss before income taxes:
|
|
|
|
|
|
|
||||||
Net change in unrealized gain (loss)
|
|
(48,010
|
)
|
|
(26,152
|
)
|
|
(41,521
|
)
|
|||
Reclassification adjustments included in earnings:
|
|
|
|
|
|
|
||||||
Interest revenue, Investment securities, Taxable securities
|
|
—
|
|
|
—
|
|
|
(112
|
)
|
|||
Loss (gain) on available for sale securities, net
|
|
2,801
|
|
|
(4,428
|
)
|
|
(11,675
|
)
|
|||
Other comprehensive loss, before income taxes
|
|
(45,209
|
)
|
|
(30,580
|
)
|
|
(53,308
|
)
|
|||
Federal and state income taxes
|
|
(11,507
|
)
|
|
(11,923
|
)
|
|
(20,754
|
)
|
|||
Other comprehensive loss, net of income taxes
|
|
(33,702
|
)
|
|
(18,657
|
)
|
|
(32,554
|
)
|
|||
Comprehensive income
|
|
412,722
|
|
|
317,028
|
|
|
199,727
|
|
|||
Comprehensive income (loss) attributable to non-controlling interests
|
|
778
|
|
|
1,041
|
|
|
(387
|
)
|
|||
Comprehensive income attributable to BOK Financial Corp. shareholders
|
|
$
|
411,944
|
|
|
$
|
315,987
|
|
|
$
|
200,114
|
|
Consolidated Balance Sheets
|
||||||||
(In thousands, except share data)
|
|
|
|
|
||||
|
|
December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
|
|
|
|
|
||||
Assets
|
|
|
|
|
||||
Cash and due from banks
|
|
$
|
741,749
|
|
|
$
|
602,510
|
|
Interest-bearing cash and cash equivalents
|
|
401,675
|
|
|
1,714,544
|
|
||
Trading securities
|
|
1,956,923
|
|
|
462,676
|
|
||
Investment securities (fair value: 2018 – $367,298; 2017 – $480,035)
|
|
355,187
|
|
|
461,793
|
|
||
Available for sale securities
|
|
8,857,120
|
|
|
8,321,578
|
|
||
Fair value option securities
|
|
283,235
|
|
|
755,054
|
|
||
Restricted equity securities
|
|
344,447
|
|
|
320,189
|
|
||
Residential mortgage loans held for sale
|
|
149,221
|
|
|
221,378
|
|
||
Loans
|
|
21,656,730
|
|
|
17,153,424
|
|
||
Allowance for loan losses
|
|
(207,457
|
)
|
|
(230,682
|
)
|
||
Loans, net of allowance
|
|
21,449,273
|
|
|
16,922,742
|
|
||
Premises and equipment, net
|
|
330,033
|
|
|
317,335
|
|
||
Receivables
|
|
204,960
|
|
|
178,800
|
|
||
Goodwill
|
|
1,049,263
|
|
|
447,430
|
|
||
Intangible assets, net
|
|
134,849
|
|
|
28,658
|
|
||
Mortgage servicing rights
|
|
259,254
|
|
|
252,867
|
|
||
Real estate and other repossessed assets, net of allowance (2018 – $13,665; 2017 – $12,648)
|
|
17,487
|
|
|
28,437
|
|
||
Derivative contracts
|
|
320,929
|
|
|
220,502
|
|
||
Cash surrender value of bank-owned life insurance
|
|
381,608
|
|
|
316,498
|
|
||
Receivable on unsettled securities sales
|
|
336,400
|
|
|
340,077
|
|
||
Other assets
|
|
446,891
|
|
|
359,092
|
|
||
Total assets
|
|
$
|
38,020,504
|
|
|
$
|
32,272,160
|
|
|
|
|
|
|
||||
Liabilities and Equity
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
||||
Noninterest-bearing demand deposits
|
|
$
|
10,414,592
|
|
|
$
|
9,243,338
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
||
Transaction
|
|
12,206,576
|
|
|
10,250,393
|
|
||
Savings
|
|
529,215
|
|
|
469,158
|
|
||
Time
|
|
2,113,380
|
|
|
2,098,416
|
|
||
Total deposits
|
|
25,263,763
|
|
|
22,061,305
|
|
||
Funds purchased and repurchase agreements
|
|
1,018,411
|
|
|
574,963
|
|
||
Other borrowings
|
|
6,124,390
|
|
|
5,134,897
|
|
||
Subordinated debentures
|
|
275,913
|
|
|
144,677
|
|
||
Accrued interest, taxes and expense
|
|
192,826
|
|
|
164,895
|
|
||
Derivative contracts
|
|
362,306
|
|
|
171,963
|
|
||
Due on unsettled securities purchases
|
|
156,370
|
|
|
338,745
|
|
||
Other liabilities
|
|
183,480
|
|
|
162,381
|
|
||
Total liabilities
|
|
33,577,459
|
|
|
28,753,826
|
|
||
Shareholders' equity:
|
|
|
|
|
|
|
||
Common stock ($.00006 par value; 2,500,000,000 shares authorized; shares issued and outstanding: 2018 – 75,711,492; 2017 – 75,147,686)
|
|
5
|
|
|
4
|
|
||
Capital surplus
|
|
1,334,030
|
|
|
1,035,895
|
|
||
Retained earnings
|
|
3,369,654
|
|
|
3,048,487
|
|
||
Treasury stock (shares at cost: 2018 – 3,588,560; 2017 – 9,752,749)
|
|
(198,995
|
)
|
|
(552,845
|
)
|
||
Accumulated other comprehensive loss
|
|
(72,585
|
)
|
|
(36,174
|
)
|
||
Total shareholders’ equity
|
|
4,432,109
|
|
|
3,495,367
|
|
||
Non-controlling interests
|
|
10,936
|
|
|
22,967
|
|
||
Total equity
|
|
4,443,045
|
|
|
3,518,334
|
|
||
Total liabilities and equity
|
|
$
|
38,020,504
|
|
|
$
|
32,272,160
|
|
Consolidated Statements of Changes in Equity
|
|||||||||||||||||||||||||||||||||||||
(In thousands)
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Common Stock
|
|
Capital
Surplus
|
|
Retained
Earnings
|
|
Treasury Stock
|
|
|
Total
Shareholders’
Equity
|
|
Non-
Controlling
Interests
|
|
Total Equity
|
|||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
Shares
|
|
Amount
|
|
|
|
|
||||||||||||||||||||||||
Balance, December 31, 2015
|
74,530
|
|
|
$
|
4
|
|
|
$
|
982,009
|
|
|
$
|
2,704,121
|
|
|
8,636
|
|
|
$
|
(477,165
|
)
|
|
$
|
21,587
|
|
|
$
|
3,230,556
|
|
|
$
|
37,083
|
|
|
$
|
3,267,639
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
232,668
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
232,668
|
|
|
(387
|
)
|
|
232,281
|
|
||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32,554
|
)
|
|
(32,554
|
)
|
|
—
|
|
|
(32,554
|
)
|
||||||||
Repurchase of common stock
|
|
|
|
|
|
|
|
|
1,005
|
|
|
(66,792
|
)
|
|
—
|
|
|
(66,792
|
)
|
|
—
|
|
|
(66,792
|
)
|
||||||||||||
Share-based compensation plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Stock options exercised
|
214
|
|
|
—
|
|
|
12,465
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,465
|
|
|
—
|
|
|
12,465
|
|
||||||||
Non-vested shares awarded, net
|
249
|
|
|
—
|
|
|
1,590
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,590
|
|
|
—
|
|
|
1,590
|
|
||||||||
Vesting of non-vested shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
(95
|
)
|
|
—
|
|
|
(95
|
)
|
|
—
|
|
|
(95
|
)
|
||||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
10,471
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,471
|
|
|
—
|
|
|
10,471
|
|
||||||||
Cash dividends on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(113,455
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(113,455
|
)
|
|
—
|
|
|
(113,455
|
)
|
||||||||
Capital calls and distributions, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,193
|
)
|
|
(5,193
|
)
|
||||||||
Balance, December 31, 2016
|
74,993
|
|
|
4
|
|
|
1,006,535
|
|
|
2,823,334
|
|
|
9,656
|
|
|
(544,052
|
)
|
|
(10,967
|
)
|
|
3,274,854
|
|
|
31,503
|
|
|
3,306,357
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
334,644
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
334,644
|
|
|
1,041
|
|
|
335,685
|
|
||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18,657
|
)
|
|
(18,657
|
)
|
|
—
|
|
|
(18,657
|
)
|
||||||||
Repurchase of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
80
|
|
|
(7,403
|
)
|
|
—
|
|
|
(7,403
|
)
|
|
—
|
|
|
(7,403
|
)
|
||||||||
Share-based compensation plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Stock options exercised
|
100
|
|
|
—
|
|
|
5,758
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,758
|
|
|
—
|
|
|
5,758
|
|
||||||||
Non-vested shares awarded, net
|
55
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Vesting of non-vested shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
(1,390
|
)
|
|
—
|
|
|
(1,390
|
)
|
|
—
|
|
|
(1,390
|
)
|
||||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
23,602
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,602
|
|
|
—
|
|
|
23,602
|
|
||||||||
Cash dividends on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(116,041
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(116,041
|
)
|
|
—
|
|
|
(116,041
|
)
|
||||||||
Capital calls and distributions, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,577
|
)
|
|
(9,577
|
)
|
||||||||
Reclassification of stranded accumulated other comprehensive loss related to tax reform
|
|
|
|
|
|
|
6,550
|
|
|
|
|
|
|
(6,550
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||||||
Balance, December 31, 2017
|
75,148
|
|
|
$
|
4
|
|
|
$
|
1,035,895
|
|
|
$
|
3,048,487
|
|
|
9,753
|
|
|
$
|
(552,845
|
)
|
|
$
|
(36,174
|
)
|
|
$
|
3,495,367
|
|
|
$
|
22,967
|
|
|
$
|
3,518,334
|
|
Consolidated Statements of Changes in Equity
|
|||||||||||||||||||||||||||||||||||||
(In thousands)
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Common Stock
|
|
Capital
Surplus
|
|
Retained
Earnings
|
|
Treasury Stock
|
|
|
Total
Shareholders’
Equity
|
|
Non-
Controlling
Interests
|
|
Total Equity
|
|||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
Shares
|
|
Amount
|
|
|
|
|
||||||||||||||||||||||||
Balance, December 31, 2017
|
75,148
|
|
|
$
|
4
|
|
|
$
|
1,035,895
|
|
|
$
|
3,048,487
|
|
|
9,753
|
|
|
$
|
(552,845
|
)
|
|
$
|
(36,174
|
)
|
|
$
|
3,495,367
|
|
|
$
|
22,967
|
|
|
$
|
3,518,334
|
|
Transition adjustment of net unrealized gains on equity securities
|
—
|
|
|
—
|
|
|
—
|
|
|
2,709
|
|
|
—
|
|
|
—
|
|
|
(2,709
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Balance, December 31, 2017, Adjusted
|
75,148
|
|
|
4
|
|
|
1,035,895
|
|
|
3,051,196
|
|
|
9,753
|
|
|
(552,845
|
)
|
|
(38,883
|
)
|
|
3,495,367
|
|
|
22,967
|
|
|
3,518,334
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
445,646
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
445,646
|
|
|
778
|
|
|
446,424
|
|
||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33,702
|
)
|
|
(33,702
|
)
|
|
—
|
|
|
(33,702
|
)
|
||||||||
Repurchase of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
616
|
|
|
(53,465
|
)
|
|
—
|
|
|
(53,465
|
)
|
|
—
|
|
|
(53,465
|
)
|
||||||||
Share-based compensation plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Stock options exercised
|
54
|
|
|
—
|
|
|
2,781
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,781
|
|
|
—
|
|
|
2,781
|
|
||||||||
Non-vested shares awarded, net
|
109
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Vesting of non-vested shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|
(2,870
|
)
|
|
—
|
|
|
(2,870
|
)
|
|
—
|
|
|
(2,870
|
)
|
||||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
4,229
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,229
|
|
|
—
|
|
|
4,229
|
|
||||||||
Cash dividends on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(127,188
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(127,188
|
)
|
|
—
|
|
|
(127,188
|
)
|
||||||||
Issuance of shares for CoBiz acquisition
|
400
|
|
|
1
|
|
|
291,125
|
|
|
—
|
|
|
(6,811
|
)
|
|
410,185
|
|
|
—
|
|
|
701,311
|
|
|
|
|
701,311
|
|
|||||||||
Capital calls and distributions, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,809
|
)
|
|
(12,809
|
)
|
||||||||
Balance, December 31, 2018
|
75,711
|
|
|
$
|
5
|
|
|
$
|
1,334,030
|
|
|
$
|
3,369,654
|
|
|
3,589
|
|
|
$
|
(198,995
|
)
|
|
$
|
(72,585
|
)
|
|
$
|
4,432,109
|
|
|
$
|
10,936
|
|
|
$
|
4,443,045
|
|
Consolidated Statements of Cash Flows
(In thousands)
|
||||||||||||
|
|
Year Ended
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Cash Flows From Operating Activities:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
446,424
|
|
|
$
|
335,685
|
|
|
$
|
232,281
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
||||||
Provision for credit losses
|
|
8,000
|
|
|
(7,000
|
)
|
|
65,000
|
|
|||
Change in fair value of mortgage servicing rights due to market changes
|
|
(4,668
|
)
|
|
(172
|
)
|
|
2,193
|
|
|||
Change in fair value of mortgage servicing rights due to principal payments
|
|
33,528
|
|
|
33,527
|
|
|
40,744
|
|
|||
Net unrealized losses from derivative contracts
|
|
4,686
|
|
|
3,704
|
|
|
11,234
|
|
|||
Share-based compensation
|
|
4,229
|
|
|
23,602
|
|
|
10,471
|
|
|||
Depreciation and amortization
|
|
60,843
|
|
|
54,466
|
|
|
47,016
|
|
|||
Net amortization of securities discounts and premiums
|
|
30,945
|
|
|
28,693
|
|
|
41,643
|
|
|||
Net losses (gains) on financial instruments and other losses(gains), net
|
|
9,585
|
|
|
(2,828
|
)
|
|
(13,011
|
)
|
|||
Net gain on mortgage loans held for sale
|
|
(35,705
|
)
|
|
(47,159
|
)
|
|
(63,636
|
)
|
|||
Mortgage loans originated for sale
|
|
(2,587,297
|
)
|
|
(3,286,873
|
)
|
|
(6,117,417
|
)
|
|||
Proceeds from sale of mortgage loans held for sale
|
|
2,691,144
|
|
|
3,405,890
|
|
|
6,193,587
|
|
|||
Capitalized mortgage servicing rights
|
|
(35,247
|
)
|
|
(39,149
|
)
|
|
(71,405
|
)
|
|||
Change in trading and fair value option securities
|
|
(1,023,097
|
)
|
|
(804,204
|
)
|
|
149,921
|
|
|||
Change in receivables
|
|
(38,346
|
)
|
|
321,880
|
|
|
(603,861
|
)
|
|||
Change in other assets
|
|
27,507
|
|
|
(5,506
|
)
|
|
(49,565
|
)
|
|||
Change in accrued interest, taxes and expense
|
|
(5,191
|
)
|
|
18,191
|
|
|
44,269
|
|
|||
Change in other liabilities
|
|
(139,346
|
)
|
|
182,184
|
|
|
(11,413
|
)
|
|||
Net cash provided by (used in) operating activities
|
|
(552,006
|
)
|
|
214,931
|
|
|
(91,949
|
)
|
|||
|
|
|
|
|
|
|
||||||
Cash Flows From Investing Activities:
|
|
|
|
|
|
|
||||||
Proceeds from maturities or redemptions of investment securities
|
|
124,864
|
|
|
112,022
|
|
|
86,847
|
|
|||
Proceeds from maturities or redemptions of available for sale securities
|
|
1,122,680
|
|
|
1,841,217
|
|
|
1,740,226
|
|
|||
Purchases of investment securities
|
|
(4,468
|
)
|
|
(32,972
|
)
|
|
(41,590
|
)
|
|||
Purchases of available for sale securities
|
|
(1,955,172
|
)
|
|
(2,845,557
|
)
|
|
(2,333,740
|
)
|
|||
Proceeds from sales of available for sale securities
|
|
745,643
|
|
|
1,309,215
|
|
|
899,381
|
|
|||
Change in amount receivable on unsettled available for sale securities transactions
|
|
38,347
|
|
|
(68,792
|
)
|
|
33,005
|
|
|||
Loans originated, net of principal collected
|
|
(1,553,033
|
)
|
|
(78,232
|
)
|
|
(621,605
|
)
|
|||
Net payments on derivative asset contracts
|
|
(114,417
|
)
|
|
479,409
|
|
|
(103,668
|
)
|
|||
Acquisitions, net of cash acquired
|
|
(175,755
|
)
|
|
—
|
|
|
56,017
|
|
|||
Proceeds from disposition of assets
|
|
308,762
|
|
|
274,029
|
|
|
198,922
|
|
|||
Purchases of assets
|
|
(345,082
|
)
|
|
(250,783
|
)
|
|
(199,802
|
)
|
|||
Net cash provided by (used in) investing activities
|
|
(1,807,631
|
)
|
|
739,556
|
|
|
(286,007
|
)
|
|||
|
|
|
|
|
|
|
||||||
Cash Flows From Financing Activities:
|
|
|
|
|
|
|
||||||
Net change in demand deposits, transaction deposits and savings accounts
|
|
(13,870
|
)
|
|
(563,406
|
)
|
|
1,277,285
|
|
|||
Net change in time deposits
|
|
(73,089
|
)
|
|
(123,384
|
)
|
|
(216,084
|
)
|
|||
Net change in other borrowed funds
|
|
1,295,484
|
|
|
(10,909
|
)
|
|
(606,476
|
)
|
|||
Repayment of subordinated debentures
|
|
—
|
|
|
—
|
|
|
(226,550
|
)
|
|||
Issuance of subordinated debentures, net of issuance costs
|
|
—
|
|
|
—
|
|
|
144,615
|
|
|||
Change in amount due on unsettled security purchases
|
|
(41,319
|
)
|
|
144,690
|
|
|
(10,389
|
)
|
|||
Issuance of common and treasury stock, net
|
|
(88
|
)
|
|
4,368
|
|
|
12,455
|
|
|||
Net change in derivative margin accounts
|
|
85,466
|
|
|
(17,726
|
)
|
|
(28,806
|
)
|
|||
Net payments or proceeds on derivative liability contracts
|
|
114,076
|
|
|
(485,119
|
)
|
|
106,051
|
|
|||
Repurchase of common stock
|
|
(53,465
|
)
|
|
(7,403
|
)
|
|
(66,792
|
)
|
|||
Dividends paid
|
|
(127,188
|
)
|
|
(116,041
|
)
|
|
(113,455
|
)
|
|||
Net cash provided by (used in) financing activities
|
|
1,186,007
|
|
|
(1,174,930
|
)
|
|
271,854
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
|
(1,173,630
|
)
|
|
(220,443
|
)
|
|
(106,102
|
)
|
|||
Cash and cash equivalents at beginning of period
|
|
2,317,054
|
|
|
2,537,497
|
|
|
2,643,599
|
|
|||
Cash and cash equivalents at end of period
|
|
$
|
1,143,424
|
|
|
$
|
2,317,054
|
|
|
$
|
2,537,497
|
|
|
|
|
|
|
|
|
||||||
Supplemental Cash Flow Information:
|
|
|
|
|
|
|
||||||
Cash paid for interest
|
|
$
|
243,121
|
|
|
$
|
127,513
|
|
|
$
|
82,876
|
|
Cash paid for taxes
|
|
$
|
92,291
|
|
|
$
|
121,697
|
|
|
$
|
79,883
|
|
Net loans and bank premises transferred to repossessed real estate and other assets
|
|
$
|
9,880
|
|
|
$
|
7,367
|
|
|
$
|
36,391
|
|
Increase in U.S. government guaranteed loans eligible for repurchase
|
|
$
|
100,238
|
|
|
$
|
148,107
|
|
|
$
|
120,406
|
|
Increase in receivables from conveyance of GNMA OREO
|
|
$
|
38,216
|
|
|
$
|
40,528
|
|
|
$
|
68,873
|
|
•
|
Quoted prices for similar, but not identical, assets or liabilities in active markets;
|
•
|
Quoted prices for identical or similar assets or liabilities in inactive markets;
|
•
|
Inputs other than quoted prices that are observable, such as interest rate and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates; and
|
•
|
Other inputs derived from or corroborated by observable market inputs.
|
•
|
Identify the contract with a customer
|
•
|
Identify the performance obligations in the contract
|
•
|
Determine the transaction price
|
•
|
Allocate the transaction price to the performance obligations in the contract
|
•
|
Recognize revenue when (or as) the Company satisfies a performance obligation
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
|
Fair Value
|
|
Net Unrealized Gain (Loss)
|
|
Fair Value
|
|
Net Unrealized Gain (Loss)
|
||||||||
U.S. government agency debentures
|
|
$
|
63,765
|
|
|
$
|
254
|
|
|
$
|
21,196
|
|
|
$
|
8
|
|
U.S. government agency residential mortgage-backed securities
|
|
1,791,584
|
|
|
9,966
|
|
|
392,673
|
|
|
(517
|
)
|
||||
Municipal and other tax-exempt securities
|
|
34,507
|
|
|
(1
|
)
|
|
13,559
|
|
|
83
|
|
||||
Asset-backed securities
|
|
42,656
|
|
|
685
|
|
|
23,885
|
|
|
(26
|
)
|
||||
Other trading securities
|
|
24,411
|
|
|
65
|
|
|
11,363
|
|
|
4
|
|
||||
Total trading securities
|
|
$
|
1,956,923
|
|
|
$
|
10,969
|
|
|
$
|
462,676
|
|
|
$
|
(448
|
)
|
|
|
December 31, 2018
|
||||||||||||||
|
|
Amortized
|
|
Fair
|
|
Gross Unrealized
|
||||||||||
|
|
Cost
|
|
Value
|
|
Gain
|
|
Loss
|
||||||||
Municipal and other tax-exempt securities
|
|
$
|
137,296
|
|
|
$
|
138,562
|
|
|
$
|
1,858
|
|
|
$
|
(592
|
)
|
U.S. government agency residential mortgage-backed securities
|
|
12,612
|
|
|
12,770
|
|
|
293
|
|
|
(135
|
)
|
||||
Other debt securities
|
|
205,279
|
|
|
215,966
|
|
|
12,257
|
|
|
(1,570
|
)
|
||||
Total investment securities
|
|
$
|
355,187
|
|
|
$
|
367,298
|
|
|
$
|
14,408
|
|
|
$
|
(2,297
|
)
|
|
|
December 31, 2017
|
||||||||||||||
|
|
Amortized
|
|
Fair
|
|
Gross Unrealized
|
||||||||||
|
|
Cost
|
|
Value
|
|
Gain
|
|
Loss
|
||||||||
Municipal and other tax-exempt securities
|
|
$
|
228,186
|
|
|
$
|
230,349
|
|
|
$
|
2,967
|
|
|
$
|
(804
|
)
|
U.S. government agency residential mortgage-backed securities
|
|
15,891
|
|
|
16,242
|
|
|
446
|
|
|
(95
|
)
|
||||
Other debt securities
|
|
217,716
|
|
|
233,444
|
|
|
17,095
|
|
|
(1,367
|
)
|
||||
Total investment securities
|
|
$
|
461,793
|
|
|
$
|
480,035
|
|
|
$
|
20,508
|
|
|
$
|
(2,266
|
)
|
|
|
Less than
One Year
|
|
One to
Five Years
|
|
Six to
Ten Years
|
|
Over
Ten Years
|
|
Total
|
|
Weighted
Average
Maturity²
|
|||||||||||
Municipal and other tax-exempt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Carrying value
|
|
$
|
41,475
|
|
|
$
|
46,363
|
|
|
$
|
35,077
|
|
|
$
|
14,381
|
|
|
$
|
137,296
|
|
|
4.73
|
|
Fair value
|
|
41,371
|
|
|
46,123
|
|
|
36,471
|
|
|
14,597
|
|
|
138,562
|
|
|
|
||||||
Nominal yield¹
|
|
2.25
|
%
|
|
3.94
|
%
|
|
6.00
|
%
|
|
4.32
|
%
|
|
4.00
|
%
|
|
|
||||||
Other debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Carrying value
|
|
$
|
16,282
|
|
|
$
|
61,830
|
|
|
$
|
115,606
|
|
|
$
|
11,561
|
|
|
$
|
205,279
|
|
|
5.50
|
|
Fair value
|
|
16,327
|
|
|
63,923
|
|
|
125,050
|
|
|
10,666
|
|
|
215,966
|
|
|
|
||||||
Nominal yield
|
|
3.88
|
%
|
|
4.69
|
%
|
|
5.76
|
%
|
|
4.33
|
%
|
|
5.21
|
%
|
|
|
||||||
Total fixed maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Carrying value
|
|
$
|
57,757
|
|
|
$
|
108,193
|
|
|
$
|
150,683
|
|
|
$
|
25,942
|
|
|
$
|
342,575
|
|
|
5.19
|
|
Fair value
|
|
57,698
|
|
|
110,046
|
|
|
161,521
|
|
|
25,263
|
|
|
354,528
|
|
|
|
|
|||||
Nominal yield
|
|
2.71
|
%
|
|
4.37
|
%
|
|
5.82
|
%
|
|
4.32
|
%
|
|
4.73
|
%
|
|
|
|
|||||
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Carrying value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,612
|
|
|
³
|
|||||
Fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,770
|
|
|
|
|
|||||
Nominal yield4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.77
|
%
|
|
|
|
|||||
Total investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Carrying value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
355,187
|
|
|
|
|
||||
Fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
367,298
|
|
|
|
|
|||||
Nominal yield
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.65
|
%
|
|
|
|
1
|
Calculated on a taxable equivalent basis using a 25 percent effective tax rate.
|
2
|
Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty.
|
3
|
The average expected lives of residential mortgage-backed securities were 4.7 years based upon current prepayment assumptions.
|
4
|
The nominal yield on residential mortgage-backed securities is based upon prepayment assumptions at the purchase date. Actual yields earned may differ significantly based upon actual prepayments. See Quarterly Financial Summary - Unaudited for current yields on the investment securities portfolio.
|
|
|
December 31, 2018
|
||||||||||||||||||
|
|
Amortized
|
|
Fair
|
|
Gross Unrealized
|
|
|
||||||||||||
|
|
Cost
|
|
Value
|
|
Gain
|
|
Loss
|
|
OTTI
|
||||||||||
U.S. Treasury securities
|
|
$
|
496
|
|
|
$
|
493
|
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
—
|
|
Municipal and other tax-exempt securities
|
|
2,782
|
|
|
2,864
|
|
|
82
|
|
|
—
|
|
|
—
|
|
|||||
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. government agencies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
FNMA
|
|
3,414,573
|
|
|
3,367,124
|
|
|
10,559
|
|
|
(58,008
|
)
|
|
—
|
|
|||||
FHLMC
|
|
1,723,399
|
|
|
1,699,779
|
|
|
5,189
|
|
|
(28,809
|
)
|
|
—
|
|
|||||
GNMA
|
|
748,351
|
|
|
737,805
|
|
|
401
|
|
|
(10,947
|
)
|
|
—
|
|
|||||
Total U.S. government agencies
|
|
5,886,323
|
|
|
5,804,708
|
|
|
16,149
|
|
|
(97,764
|
)
|
|
—
|
|
|||||
Private issue
|
|
40,948
|
|
|
59,736
|
|
|
18,788
|
|
|
—
|
|
|
—
|
|
|||||
Total residential mortgage-backed securities
|
|
5,927,271
|
|
|
5,864,444
|
|
|
34,937
|
|
|
(97,764
|
)
|
|
—
|
|
|||||
Commercial mortgage-backed securities guaranteed by U.S. government agencies
|
|
2,986,297
|
|
|
2,953,889
|
|
|
7,955
|
|
|
(40,363
|
)
|
|
—
|
|
|||||
Other debt securities
|
|
35,545
|
|
|
35,430
|
|
|
12
|
|
|
(127
|
)
|
|
—
|
|
|||||
Total available for sale securities
|
|
$
|
8,952,391
|
|
|
$
|
8,857,120
|
|
|
$
|
42,986
|
|
|
$
|
(138,257
|
)
|
|
$
|
—
|
|
|
|
December 31, 2017
|
||||||||||||||||||
|
|
Amortized
|
|
Fair
|
|
Gross Unrealized
|
|
|
||||||||||||
|
|
Cost
|
|
Value
|
|
Gain
|
|
Loss
|
|
OTTI
|
||||||||||
U.S. Treasury securities
|
|
$
|
1,000
|
|
|
$
|
1,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Municipal and other tax-exempt securities
|
|
27,182
|
|
|
27,080
|
|
|
181
|
|
|
(283
|
)
|
|
—
|
|
|||||
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. government agencies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
FNMA
|
|
3,021,551
|
|
|
2,997,563
|
|
|
11,549
|
|
|
(35,537
|
)
|
|
—
|
|
|||||
FHLMC
|
|
1,545,971
|
|
|
1,531,009
|
|
|
3,148
|
|
|
(18,110
|
)
|
|
—
|
|
|||||
GNMA
|
|
787,626
|
|
|
780,580
|
|
|
1,607
|
|
|
(8,653
|
)
|
|
—
|
|
|||||
Total U.S. government agencies
|
|
5,355,148
|
|
|
5,309,152
|
|
|
16,304
|
|
|
(62,300
|
)
|
|
—
|
|
|||||
Private issue
|
|
74,311
|
|
|
93,221
|
|
|
19,301
|
|
|
—
|
|
|
(391
|
)
|
|||||
Total residential mortgage-backed securities
|
|
5,429,459
|
|
|
5,402,373
|
|
|
35,605
|
|
|
(62,300
|
)
|
|
(391
|
)
|
|||||
Commercial mortgage-backed securities guaranteed by U.S. government agencies
|
|
2,858,885
|
|
|
2,834,961
|
|
|
1,963
|
|
|
(25,887
|
)
|
|
—
|
|
|||||
Other debt securities
|
|
25,500
|
|
|
25,481
|
|
|
50
|
|
|
(69
|
)
|
|
—
|
|
|||||
Perpetual preferred stock
|
|
12,562
|
|
|
15,767
|
|
|
3,205
|
|
|
—
|
|
|
—
|
|
|||||
Equity securities and mutual funds
|
|
14,487
|
|
|
14,916
|
|
|
515
|
|
|
(86
|
)
|
|
—
|
|
|||||
Total available for sale securities
|
|
$
|
8,369,075
|
|
|
$
|
8,321,578
|
|
|
$
|
41,519
|
|
|
$
|
(88,625
|
)
|
|
$
|
(391
|
)
|
|
Less than
One Year
|
|
One to
Five Years
|
|
Six to
Ten Years
|
|
Over
Ten Years
|
|
Total
|
|
Weighted
Average
Maturity4
|
|||||||||||
U.S. Treasury securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Amortized cost
|
$
|
—
|
|
|
$
|
496
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
496
|
|
|
1.08
|
|
Fair value
|
—
|
|
|
493
|
|
|
—
|
|
|
—
|
|
|
493
|
|
|
|
||||||
Nominal yield
|
—
|
%
|
|
1.99
|
%
|
|
—
|
%
|
|
—
|
%
|
|
1.99
|
%
|
|
|
||||||
Municipal and other tax-exempt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Amortized cost
|
$
|
1,057
|
|
|
$
|
1,725
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
2,782
|
|
|
1.67
|
|
|
Fair value
|
1,063
|
|
|
1,801
|
|
|
—
|
|
|
—
|
|
|
2,864
|
|
|
|
||||||
Nominal yield¹
|
6.69
|
%
|
|
6.45
|
%
|
|
—
|
%
|
|
—
|
%
|
|
6.54
|
%
|
|
|
||||||
Commercial mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amortized cost
|
$
|
77,558
|
|
|
$
|
1,107,567
|
|
|
$
|
1,497,468
|
|
|
$
|
303,704
|
|
|
2,986,297
|
|
|
6.90
|
|
|
Fair value
|
76,902
|
|
|
1,088,991
|
|
|
1,486,939
|
|
|
301,057
|
|
|
2,953,889
|
|
|
|
||||||
Nominal yield
|
1.66
|
%
|
|
2.06
|
%
|
|
2.44
|
%
|
|
2.54
|
%
|
|
2.29
|
%
|
|
|
||||||
Other debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Amortized cost
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
35,545
|
|
|
35,545
|
|
|
13.61
|
|
|
Fair value
|
—
|
|
|
—
|
|
|
—
|
|
|
35,430
|
|
|
35,430
|
|
|
|
||||||
Nominal yield
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
1.94
|
%
|
5
|
1.94
|
%
|
|
|
||||||
Total fixed maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Amortized cost
|
$
|
78,615
|
|
|
$
|
1,109,788
|
|
|
$
|
1,497,468
|
|
|
$
|
339,249
|
|
|
$
|
3,025,120
|
|
|
6.98
|
|
Fair value
|
77,965
|
|
|
1,091,285
|
|
|
1,486,939
|
|
|
336,487
|
|
|
2,992,676
|
|
|
|
||||||
Nominal yield
|
1.73
|
%
|
|
2.07
|
%
|
|
2.44
|
%
|
|
2.48
|
%
|
|
2.29
|
%
|
|
|
||||||
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Amortized cost
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,927,271
|
|
|
2
|
|||||
Fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
5,864,444
|
|
|
|
||||||
Nominal yield3
|
|
|
|
|
|
|
|
|
|
|
|
|
2.41
|
%
|
|
|
||||||
Total available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Amortized cost
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,952,391
|
|
|
|
|
||||
Fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
8,857,120
|
|
|
|
|
|||||
Nominal yield
|
|
|
|
|
|
|
|
|
|
|
|
|
2.37
|
%
|
|
|
|
1
|
Calculated on a taxable equivalent basis using a 25 percent effective tax rate.
|
2
|
The average expected lives of mortgage-backed securities were 4.1 years based upon current prepayment assumptions.
|
3
|
The nominal yield on mortgage-backed securities is based upon prepayment assumptions at the purchase date. Actual yields earned may differ significantly based upon actual prepayments. See Quarterly Financial Summary –– Unaudited following for current yields on available for sale securities portfolio.
|
4
|
Expected maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without penalty.
|
5
|
Nominal yield on other debt securities with contractual maturity dates over ten years are based on variable rates which generally are reset within 35 days.
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Proceeds
|
$
|
745,643
|
|
|
$
|
1,309,215
|
|
|
$
|
899,381
|
|
Gross realized gains
|
7,117
|
|
|
10,223
|
|
|
11,696
|
|
|||
Gross realized losses
|
(9,918
|
)
|
|
(5,795
|
)
|
|
(21
|
)
|
|||
Related federal and state income tax expense
|
(713
|
)
|
|
1,722
|
|
|
4,542
|
|
|
|
Number of Securities
|
|
Less Than 12 Months
|
|
12 Months or Longer
|
|
Total
|
|||||||||||||||||||
|
|
|
Fair
Value
|
|
Unrealized
Loss
|
|
Fair
Value
|
|
Unrealized
Loss
|
|
Fair
Value
|
|
Unrealized
Loss
|
||||||||||||||
Investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Municipal and other tax-exempt securities
|
|
72
|
|
|
$
|
18,255
|
|
|
$
|
69
|
|
|
$
|
66,141
|
|
|
$
|
523
|
|
|
$
|
84,396
|
|
|
$
|
592
|
|
U.S. government agency residential mortgage-backed securities – Other
|
|
2
|
|
|
—
|
|
|
—
|
|
|
5,633
|
|
|
135
|
|
|
5,633
|
|
|
135
|
|
||||||
Other debt securities
|
|
72
|
|
|
13,372
|
|
|
64
|
|
|
23,028
|
|
|
1,506
|
|
|
36,400
|
|
|
1,570
|
|
||||||
Total investment securities
|
|
146
|
|
|
$
|
31,627
|
|
|
$
|
133
|
|
|
$
|
94,802
|
|
|
$
|
2,164
|
|
|
$
|
126,429
|
|
|
$
|
2,297
|
|
|
|
Number of Securities
|
|
Less Than 12 Months
|
|
12 Months or Longer
|
|
Total
|
|||||||||||||||||||
|
|
|
Fair
Value
|
|
Unrealized
Loss
|
|
Fair
Value
|
|
Unrealized
Loss
|
|
Fair
Value
|
|
Unrealized
Loss
|
||||||||||||||
Available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Treasury securities
|
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
493
|
|
|
$
|
3
|
|
|
$
|
493
|
|
|
$
|
3
|
|
Municipal and other tax-exempt securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
U.S. government agencies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
FNMA
|
|
162
|
|
|
161,089
|
|
|
542
|
|
|
2,135,377
|
|
|
57,466
|
|
|
2,296,466
|
|
|
58,008
|
|
||||||
FHLMC
|
|
85
|
|
|
71,205
|
|
|
328
|
|
|
1,129,730
|
|
|
28,481
|
|
|
1,200,935
|
|
|
28,809
|
|
||||||
GNMA
|
|
42
|
|
|
278,530
|
|
|
288
|
|
|
376,263
|
|
|
10,659
|
|
|
654,793
|
|
|
10,947
|
|
||||||
Total U.S. agencies
|
|
289
|
|
|
510,824
|
|
|
1,158
|
|
|
3,641,370
|
|
|
96,606
|
|
|
4,152,194
|
|
|
97,764
|
|
||||||
Private issue1
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total residential mortgage-backed securities
|
|
289
|
|
|
510,824
|
|
|
1,158
|
|
|
3,641,370
|
|
|
96,606
|
|
|
4,152,194
|
|
|
97,764
|
|
||||||
Commercial mortgage-backed securities guaranteed by U.S. government agencies
|
|
197
|
|
|
179,258
|
|
|
394
|
|
|
1,969,504
|
|
|
39,969
|
|
|
2,148,762
|
|
|
40,363
|
|
||||||
Other debt securities
|
|
3
|
|
|
9,982
|
|
|
63
|
|
|
20,436
|
|
|
64
|
|
|
30,418
|
|
|
127
|
|
||||||
Total available for sale securities
|
|
490
|
|
|
$
|
700,064
|
|
|
$
|
1,615
|
|
|
$
|
5,631,803
|
|
|
$
|
136,642
|
|
|
$
|
6,331,867
|
|
|
$
|
138,257
|
|
1
|
Includes securities for which an unrealized loss remains in AOCI after an other-than-temporary credit loss has been recognized in income.
|
|
|
Number of Securities
|
|
Less Than 12 Months
|
|
12 Months or Longer
|
|
Total
|
|||||||||||||||||||
|
|
|
Fair
Value
|
|
Unrealized
Loss
|
|
Fair
Value
|
|
Unrealized
Loss
|
|
Fair
Value
|
|
Unrealized
Loss
|
||||||||||||||
Investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Municipal and other tax- exempt securities
|
|
100
|
|
|
$
|
145,960
|
|
|
$
|
643
|
|
|
$
|
5,833
|
|
|
$
|
161
|
|
|
$
|
151,793
|
|
|
$
|
804
|
|
U.S. government agency residential mortgage-backed securities – Other
|
|
1
|
|
|
—
|
|
|
—
|
|
|
3,356
|
|
|
95
|
|
|
3,356
|
|
|
95
|
|
||||||
Other debt securities
|
|
49
|
|
|
20,091
|
|
|
1,238
|
|
|
3,076
|
|
|
129
|
|
|
23,167
|
|
|
1,367
|
|
||||||
Total investment securities
|
|
150
|
|
|
$
|
166,051
|
|
|
$
|
1,881
|
|
|
$
|
12,265
|
|
|
$
|
385
|
|
|
$
|
178,316
|
|
|
$
|
2,266
|
|
|
|
Number of Securities
|
|
Less Than 12 Months
|
|
12 Months or Longer
|
|
Total
|
|||||||||||||||||||
|
|
|
Fair
Value
|
|
Unrealized
Loss
|
|
Fair
Value
|
|
Unrealized
Loss
|
|
Fair
Value
|
|
Unrealized
Loss
|
||||||||||||||
Available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Treasury securities
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Municipal and other tax-exempt securities
|
|
19
|
|
|
12,765
|
|
|
18
|
|
|
4,802
|
|
|
265
|
|
|
17,567
|
|
|
283
|
|
||||||
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U. S. government agencies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
FNMA
|
|
113
|
|
|
1,203,041
|
|
|
9,618
|
|
|
824,029
|
|
|
25,919
|
|
|
2,027,070
|
|
|
35,537
|
|
||||||
FHLMC
|
|
69
|
|
|
863,778
|
|
|
7,297
|
|
|
385,816
|
|
|
10,813
|
|
|
1,249,594
|
|
|
18,110
|
|
||||||
GNMA
|
|
27
|
|
|
201,887
|
|
|
1,452
|
|
|
248,742
|
|
|
7,201
|
|
|
450,629
|
|
|
8,653
|
|
||||||
Total U.S. agencies
|
|
209
|
|
|
2,268,706
|
|
|
18,367
|
|
|
1,458,587
|
|
|
43,933
|
|
|
3,727,293
|
|
|
62,300
|
|
||||||
Private issue1
|
|
8
|
|
|
5,898
|
|
|
391
|
|
|
—
|
|
|
—
|
|
|
5,898
|
|
|
391
|
|
||||||
Total residential mortgage-backed securities
|
|
217
|
|
|
2,274,604
|
|
|
18,758
|
|
|
1,458,587
|
|
|
43,933
|
|
|
3,733,191
|
|
|
62,691
|
|
||||||
Commercial mortgage-backed securities guaranteed by U.S. government agencies
|
|
185
|
|
|
1,465,703
|
|
|
11,824
|
|
|
652,296
|
|
|
14,063
|
|
|
2,117,999
|
|
|
25,887
|
|
||||||
Other debt securities
|
|
2
|
|
|
19,959
|
|
|
41
|
|
|
472
|
|
|
28
|
|
|
20,431
|
|
|
69
|
|
||||||
Perpetual preferred stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Equity securities and mutual funds
|
|
111
|
|
|
911
|
|
|
7
|
|
|
2,203
|
|
|
79
|
|
|
3,114
|
|
|
86
|
|
||||||
Total available for sale securities
|
|
534
|
|
|
$
|
3,773,942
|
|
|
$
|
30,648
|
|
|
$
|
2,118,360
|
|
|
$
|
58,368
|
|
|
$
|
5,892,302
|
|
|
$
|
89,016
|
|
1
|
Includes securities for which an unrealized loss remains in AOCI after an other-than-temporary credit loss has been recognized in income.
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
|
Fair Value
|
|
Net Unrealized Gain (Loss)
|
|
Fair Value
|
|
Net Unrealized Gain (Loss)
|
||||||||
U.S. government agency residential mortgage-backed securities
|
|
$
|
283,235
|
|
|
$
|
2,766
|
|
|
$
|
755,054
|
|
|
$
|
(1,877
|
)
|
|
|
Assets
|
||||||||||||||||||||||
|
|
Notional1
|
|
Gross Fair Value
|
|
Netting Adjustments
|
|
Net Fair Value Before Cash Collateral
|
|
Cash Collateral
|
|
Fair Value Net of Cash Collateral
|
||||||||||||
Customer risk management programs:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
To-be-announced residential mortgage-backed securities
|
|
$
|
10,671,151
|
|
|
$
|
92,231
|
|
|
$
|
(26,787
|
)
|
|
$
|
65,444
|
|
|
$
|
—
|
|
|
$
|
65,444
|
|
Interest rate swaps
|
|
1,924,131
|
|
|
36,112
|
|
|
(6,688
|
)
|
|
29,424
|
|
|
(7,934
|
)
|
|
21,490
|
|
||||||
Energy contracts
|
|
1,472,209
|
|
|
206,418
|
|
|
(60,983
|
)
|
|
145,435
|
|
|
(106,752
|
)
|
|
38,683
|
|
||||||
Agricultural contracts
|
|
21,210
|
|
|
842
|
|
|
(201
|
)
|
|
641
|
|
|
—
|
|
|
641
|
|
||||||
Foreign exchange contracts
|
|
184,990
|
|
|
183,759
|
|
|
—
|
|
|
183,759
|
|
|
—
|
|
|
183,759
|
|
||||||
Equity option contracts
|
|
89,085
|
|
|
2,021
|
|
|
—
|
|
|
2,021
|
|
|
(648
|
)
|
|
1,373
|
|
||||||
Total customer risk management programs
|
|
14,362,776
|
|
|
521,383
|
|
|
(94,659
|
)
|
|
426,724
|
|
|
(115,334
|
)
|
|
311,390
|
|
||||||
Internal risk management programs
|
|
15,909,988
|
|
|
50,410
|
|
|
(40,871
|
)
|
|
9,539
|
|
|
—
|
|
|
9,539
|
|
||||||
Total derivative contracts
|
|
$
|
30,272,764
|
|
|
$
|
571,793
|
|
|
$
|
(135,530
|
)
|
|
$
|
436,263
|
|
|
$
|
(115,334
|
)
|
|
$
|
320,929
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Liabilities
|
||||||||||||||||||||||
|
|
Notional¹
|
|
Gross Fair Value
|
|
Netting Adjustments
|
|
Net Fair Value Before Cash Collateral
|
|
Cash Collateral
|
|
Fair Value Net of Cash Collateral
|
||||||||||||
Customer risk management programs:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
To-be-announced residential mortgage-backed securities
|
|
$
|
10,558,151
|
|
|
$
|
90,388
|
|
|
$
|
(26,787
|
)
|
|
$
|
63,601
|
|
|
$
|
(63,596
|
)
|
|
$
|
5
|
|
Interest rate swaps
|
|
1,924,131
|
|
|
36,288
|
|
|
(6,688
|
)
|
|
29,600
|
|
|
(4,110
|
)
|
|
25,490
|
|
||||||
Energy contracts
|
|
1,434,247
|
|
|
202,494
|
|
|
(60,983
|
)
|
|
141,511
|
|
|
(1,490
|
)
|
|
140,021
|
|
||||||
Agricultural contracts
|
|
21,214
|
|
|
812
|
|
|
(201
|
)
|
|
611
|
|
|
—
|
|
|
611
|
|
||||||
Foreign exchange contracts
|
|
177,423
|
|
|
175,922
|
|
|
—
|
|
|
175,922
|
|
|
—
|
|
|
175,922
|
|
||||||
Equity option contracts
|
|
89,085
|
|
|
2,021
|
|
|
—
|
|
|
2,021
|
|
|
—
|
|
|
2,021
|
|
||||||
Total customer risk management programs
|
|
14,204,251
|
|
|
507,925
|
|
|
(94,659
|
)
|
|
413,266
|
|
|
(69,196
|
)
|
|
344,070
|
|
||||||
Internal risk management programs
|
|
19,634,642
|
|
|
66,422
|
|
|
(40,871
|
)
|
|
25,551
|
|
|
(7,315
|
)
|
|
18,236
|
|
||||||
Total derivative contracts
|
|
$
|
33,838,893
|
|
|
$
|
574,347
|
|
|
$
|
(135,530
|
)
|
|
$
|
438,817
|
|
|
$
|
(76,511
|
)
|
|
$
|
362,306
|
|
1
|
Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.
|
|
|
Assets
|
||||||||||||||||||||||
|
|
Notional1
|
|
Gross Fair Value
|
|
Netting Adjustments
|
|
Net Fair Value Before Cash Collateral
|
|
Cash Collateral
|
|
Fair Value Net of Cash Collateral
|
||||||||||||
Customer risk management programs:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
To-be-announced residential mortgage-backed securities
|
|
$
|
12,347,542
|
|
|
$
|
23,606
|
|
|
$
|
(18,096
|
)
|
|
$
|
5,510
|
|
|
$
|
—
|
|
|
$
|
5,510
|
|
Interest rate swaps
|
|
1,478,944
|
|
|
28,278
|
|
|
—
|
|
|
28,278
|
|
|
(4,964
|
)
|
|
23,314
|
|
||||||
Energy contracts
|
|
1,190,067
|
|
|
103,044
|
|
|
(47,873
|
)
|
|
55,171
|
|
|
(196
|
)
|
|
54,975
|
|
||||||
Agricultural contracts
|
|
53,238
|
|
|
1,576
|
|
|
(960
|
)
|
|
616
|
|
|
—
|
|
|
616
|
|
||||||
Foreign exchange contracts
|
|
132,397
|
|
|
129,551
|
|
|
—
|
|
|
129,551
|
|
|
(448
|
)
|
|
129,103
|
|
||||||
Equity option contracts
|
|
99,633
|
|
|
5,503
|
|
|
—
|
|
|
5,503
|
|
|
(920
|
)
|
|
4,583
|
|
||||||
Total customer risk management programs
|
|
15,301,821
|
|
|
291,558
|
|
|
(66,929
|
)
|
|
224,629
|
|
|
(6,528
|
)
|
|
218,101
|
|
||||||
Internal risk management programs
|
|
4,736,701
|
|
|
9,494
|
|
|
(7,093
|
)
|
|
2,401
|
|
|
—
|
|
|
2,401
|
|
||||||
Total derivative contracts
|
|
$
|
20,038,522
|
|
|
$
|
301,052
|
|
|
$
|
(74,022
|
)
|
|
$
|
227,030
|
|
|
$
|
(6,528
|
)
|
|
$
|
220,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Liabilities
|
||||||||||||||||||||||
|
|
Notional¹
|
|
Gross Fair Value
|
|
Netting Adjustments
|
|
Net Fair Value Before Cash Collateral
|
|
Cash Collateral
|
|
Fair Value Net of Cash Collateral
|
||||||||||||
Customer risk management programs:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
To-be-announced residential mortgage-backed securities
|
|
$
|
11,537,742
|
|
|
$
|
20,367
|
|
|
$
|
(18,096
|
)
|
|
$
|
2,271
|
|
|
$
|
(704
|
)
|
|
$
|
1,567
|
|
Interest rate swaps
|
|
1,478,944
|
|
|
28,298
|
|
|
—
|
|
|
28,298
|
|
|
(12,896
|
)
|
|
15,402
|
|
||||||
Energy contracts
|
|
1,166,924
|
|
|
101,603
|
|
|
(47,873
|
)
|
|
53,730
|
|
|
(42,767
|
)
|
|
10,963
|
|
||||||
Agricultural contracts
|
|
48,552
|
|
|
1,551
|
|
|
(960
|
)
|
|
591
|
|
|
—
|
|
|
591
|
|
||||||
Foreign exchange contracts
|
|
126,251
|
|
|
123,321
|
|
|
—
|
|
|
123,321
|
|
|
(53
|
)
|
|
123,268
|
|
||||||
Equity option contracts
|
|
99,633
|
|
|
5,503
|
|
|
—
|
|
|
5,503
|
|
|
—
|
|
|
5,503
|
|
||||||
Total customer risk management programs
|
|
14,458,046
|
|
|
280,643
|
|
|
(66,929
|
)
|
|
213,714
|
|
|
(56,420
|
)
|
|
157,294
|
|
||||||
Internal risk management programs
|
|
5,728,421
|
|
|
21,762
|
|
|
(7,093
|
)
|
|
14,669
|
|
|
—
|
|
|
14,669
|
|
||||||
Total derivative contracts
|
|
$
|
20,186,467
|
|
|
$
|
302,405
|
|
|
$
|
(74,022
|
)
|
|
$
|
228,383
|
|
|
$
|
(56,420
|
)
|
|
$
|
171,963
|
|
1
|
Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.
|
|
|
Year Ended December 31,
|
||||||||||||||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||||||||
|
|
Brokerage
and Trading Revenue
|
|
Gain (Loss)
on Derivatives, Net
|
|
Brokerage
and Trading
Revenue
|
|
Gain (Loss)
on Derivatives,
Net
|
|
Brokerage
and Trading
Revenue
|
|
Gain (Loss)
on Derivatives,
Net
|
||||||||||||
Customer risk management programs:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
To-be-announced residential mortgage-backed securities
|
|
$
|
27,190
|
|
|
$
|
—
|
|
|
$
|
34,532
|
|
|
$
|
—
|
|
|
$
|
38,523
|
|
|
$
|
—
|
|
Interest rate swaps
|
|
2,614
|
|
|
—
|
|
|
2,647
|
|
|
—
|
|
|
2,589
|
|
|
—
|
|
||||||
Energy contracts
|
|
8,443
|
|
|
—
|
|
|
5,536
|
|
|
—
|
|
|
5,027
|
|
|
—
|
|
||||||
Agricultural contracts
|
|
53
|
|
|
—
|
|
|
79
|
|
|
—
|
|
|
111
|
|
|
—
|
|
||||||
Foreign exchange contracts
|
|
535
|
|
|
—
|
|
|
1,352
|
|
|
—
|
|
|
945
|
|
|
—
|
|
||||||
Equity option contracts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total customer risk management programs
|
|
38,835
|
|
|
—
|
|
|
44,146
|
|
|
—
|
|
|
47,195
|
|
|
—
|
|
||||||
Internal risk management programs
|
|
(13,643
|
)
|
|
(422
|
)
|
|
4,615
|
|
|
779
|
|
|
(4,592
|
)
|
|
(15,685
|
)
|
||||||
Total derivative contracts
|
|
$
|
25,192
|
|
|
$
|
(422
|
)
|
|
$
|
48,761
|
|
|
$
|
779
|
|
|
$
|
42,603
|
|
|
$
|
(15,685
|
)
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||||||
|
|
Fixed
Rate
|
|
Variable
Rate
|
|
Non-accrual
|
|
Total
|
|
Fixed
Rate
|
|
Variable
Rate
|
|
Non-accrual
|
|
Total
|
||||||||||||||||
Commercial
|
|
$
|
2,251,188
|
|
|
$
|
11,285,049
|
|
|
$
|
99,841
|
|
|
$
|
13,636,078
|
|
|
$
|
2,217,432
|
|
|
$
|
8,379,240
|
|
|
$
|
137,303
|
|
|
$
|
10,733,975
|
|
Commercial real estate
|
|
1,477,274
|
|
|
3,265,918
|
|
|
21,621
|
|
|
4,764,813
|
|
|
548,692
|
|
|
2,928,440
|
|
|
2,855
|
|
|
3,479,987
|
|
||||||||
Residential mortgage
|
|
1,830,224
|
|
|
358,254
|
|
|
41,555
|
|
|
2,230,033
|
|
|
1,608,655
|
|
|
317,584
|
|
|
47,447
|
|
|
1,973,686
|
|
||||||||
Personal
|
|
190,687
|
|
|
834,889
|
|
|
230
|
|
|
1,025,806
|
|
|
154,517
|
|
|
810,990
|
|
|
269
|
|
|
965,776
|
|
||||||||
Total
|
|
$
|
5,749,373
|
|
|
$
|
15,744,110
|
|
|
$
|
163,247
|
|
|
$
|
21,656,730
|
|
|
$
|
4,529,296
|
|
|
$
|
12,436,254
|
|
|
$
|
187,874
|
|
|
$
|
17,153,424
|
|
Accruing loans past due (90 days)1
|
|
|
|
|
|
|
|
|
|
|
$
|
1,338
|
|
|
|
|
|
|
|
|
|
|
|
$
|
633
|
|
||||||
Foregone interest on nonaccrual loans
|
|
|
|
|
|
|
|
$
|
15,502
|
|
|
|
|
|
|
|
|
$
|
16,496
|
|
1
|
Excludes residential mortgage loans guaranteed by agencies of the U.S. government.
|
|
|
Commercial
|
|
Commercial Real Estate
|
|
Residential Mortgage
|
|
Personal
|
|
Nonspecific Allowance
|
|
Total
|
||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
|
$
|
124,269
|
|
|
$
|
56,621
|
|
|
$
|
18,451
|
|
|
$
|
9,124
|
|
|
$
|
22,217
|
|
|
$
|
230,682
|
|
Provision for loan losses
|
|
12,521
|
|
|
(147
|
)
|
|
(1,156
|
)
|
|
3,175
|
|
|
(4,449
|
)
|
|
9,944
|
|
||||||
Loans charged off
|
|
(37,880
|
)
|
|
—
|
|
|
(378
|
)
|
|
(5,325
|
)
|
|
—
|
|
|
(43,583
|
)
|
||||||
Recoveries
|
|
3,316
|
|
|
3,552
|
|
|
1,047
|
|
|
2,499
|
|
|
—
|
|
|
10,414
|
|
||||||
Ending balance
|
|
$
|
102,226
|
|
|
$
|
60,026
|
|
|
$
|
17,964
|
|
|
$
|
9,473
|
|
|
$
|
17,768
|
|
|
$
|
207,457
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accrual for off-balance sheet credit risk:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Beginning balance
|
|
$
|
3,644
|
|
|
$
|
45
|
|
|
$
|
43
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
3,734
|
|
Provision for off-balance sheet credit risk
|
|
(1,989
|
)
|
|
7
|
|
|
9
|
|
|
29
|
|
|
—
|
|
|
(1,944
|
)
|
||||||
Ending balance
|
|
$
|
1,655
|
|
|
$
|
52
|
|
|
$
|
52
|
|
|
$
|
31
|
|
|
$
|
—
|
|
|
$
|
1,790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total provision for credit losses
|
|
$
|
10,532
|
|
|
$
|
(140
|
)
|
|
$
|
(1,147
|
)
|
|
$
|
3,204
|
|
|
$
|
(4,449
|
)
|
|
$
|
8,000
|
|
|
|
Commercial
|
|
Commercial Real Estate
|
|
Residential Mortgage
|
|
Personal
|
|
Nonspecific Allowance
|
|
Total
|
||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
|
$
|
140,213
|
|
|
$
|
50,749
|
|
|
$
|
18,224
|
|
|
$
|
8,773
|
|
|
$
|
28,200
|
|
|
$
|
246,159
|
|
Provision for loan losses
|
|
(595
|
)
|
|
4,008
|
|
|
116
|
|
|
2,964
|
|
|
(5,983
|
)
|
|
510
|
|
||||||
Loans charged off
|
|
(19,810
|
)
|
|
(76
|
)
|
|
(649
|
)
|
|
(5,064
|
)
|
|
—
|
|
|
(25,599
|
)
|
||||||
Recoveries
|
|
4,461
|
|
|
1,940
|
|
|
760
|
|
|
2,451
|
|
|
—
|
|
|
9,612
|
|
||||||
Ending balance
|
|
$
|
124,269
|
|
|
$
|
56,621
|
|
|
$
|
18,451
|
|
|
$
|
9,124
|
|
|
$
|
22,217
|
|
|
$
|
230,682
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accrual for off-balance sheet credit risk:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Beginning balance
|
|
$
|
11,063
|
|
|
$
|
123
|
|
|
$
|
50
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
11,244
|
|
Provision for off-balance sheet credit risk
|
|
(7,419
|
)
|
|
(78
|
)
|
|
(7
|
)
|
|
(6
|
)
|
|
—
|
|
|
(7,510
|
)
|
||||||
Ending balance
|
|
$
|
3,644
|
|
|
$
|
45
|
|
|
$
|
43
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
3,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total provision for credit losses
|
|
$
|
(8,014
|
)
|
|
$
|
3,930
|
|
|
$
|
109
|
|
|
$
|
2,958
|
|
|
$
|
(5,983
|
)
|
|
$
|
(7,000
|
)
|
|
|
Commercial
|
|
Commercial Real Estate
|
|
Residential Mortgage
|
|
Personal
|
|
Nonspecific Allowance
|
|
Total
|
||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
|
$
|
130,334
|
|
|
$
|
41,391
|
|
|
$
|
19,509
|
|
|
$
|
4,164
|
|
|
$
|
30,126
|
|
|
$
|
225,524
|
|
Provision for loan losses
|
|
43,980
|
|
|
8,075
|
|
|
(1,972
|
)
|
|
7,310
|
|
|
(1,926
|
)
|
|
55,467
|
|
||||||
Loans charged off
|
|
(35,828
|
)
|
|
—
|
|
|
(1,312
|
)
|
|
(5,448
|
)
|
|
—
|
|
|
(42,588
|
)
|
||||||
Recoveries
|
|
1,727
|
|
|
1,283
|
|
|
1,999
|
|
|
2,747
|
|
|
—
|
|
|
7,756
|
|
||||||
Ending balance
|
|
$
|
140,213
|
|
|
$
|
50,749
|
|
|
$
|
18,224
|
|
|
$
|
8,773
|
|
|
$
|
28,200
|
|
|
$
|
246,159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accrual for off-balance sheet credit risk:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Beginning balance
|
|
$
|
1,506
|
|
|
$
|
153
|
|
|
$
|
30
|
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
1,711
|
|
Provision for off-balance sheet credit risk
|
|
9,557
|
|
|
(30
|
)
|
|
20
|
|
|
(14
|
)
|
|
—
|
|
|
9,533
|
|
||||||
Ending balance
|
|
$
|
11,063
|
|
|
$
|
123
|
|
|
$
|
50
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
11,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total provision for credit losses
|
|
$
|
53,537
|
|
|
$
|
8,045
|
|
|
$
|
(1,952
|
)
|
|
$
|
7,296
|
|
|
$
|
(1,926
|
)
|
|
$
|
65,000
|
|
|
|
Collectively Measured
for Impairment
|
|
Individually Measured
for Impairment
|
|
Total
|
||||||||||||||||||
|
|
Recorded Investment
|
|
Related Allowance
|
|
Recorded Investment
|
|
Related Allowance
|
|
Recorded Investment
|
|
Related
Allowance
|
||||||||||||
Commercial
|
|
$
|
13,536,237
|
|
|
$
|
93,494
|
|
|
$
|
99,841
|
|
|
$
|
8,732
|
|
|
$
|
13,636,078
|
|
|
$
|
102,226
|
|
Commercial real estate
|
|
4,743,192
|
|
|
60,026
|
|
|
21,621
|
|
|
—
|
|
|
4,764,813
|
|
|
60,026
|
|
||||||
Residential mortgage
|
|
2,188,478
|
|
|
17,964
|
|
|
41,555
|
|
|
—
|
|
|
2,230,033
|
|
|
17,964
|
|
||||||
Personal
|
|
1,025,576
|
|
|
9,473
|
|
|
230
|
|
|
—
|
|
|
1,025,806
|
|
|
9,473
|
|
||||||
Total
|
|
21,493,483
|
|
|
180,957
|
|
|
163,247
|
|
|
8,732
|
|
|
21,656,730
|
|
|
189,689
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Nonspecific allowance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,768
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
|
$
|
21,493,483
|
|
|
$
|
180,957
|
|
|
$
|
163,247
|
|
|
$
|
8,732
|
|
|
$
|
21,656,730
|
|
|
$
|
207,457
|
|
|
|
Collectively Measured
for Impairment
|
|
Individually Measured
for Impairment
|
|
Total
|
||||||||||||||||||
|
|
Recorded Investment
|
|
Related Allowance
|
|
Recorded Investment
|
|
Related Allowance
|
|
Recorded Investment
|
|
Related
Allowance
|
||||||||||||
Commercial
|
|
$
|
10,596,672
|
|
|
$
|
115,438
|
|
|
$
|
137,303
|
|
|
$
|
8,831
|
|
|
$
|
10,733,975
|
|
|
$
|
124,269
|
|
Commercial real estate
|
|
3,477,132
|
|
|
56,621
|
|
|
2,855
|
|
|
—
|
|
|
3,479,987
|
|
|
56,621
|
|
||||||
Residential mortgage
|
|
1,926,239
|
|
|
18,451
|
|
|
47,447
|
|
|
—
|
|
|
1,973,686
|
|
|
18,451
|
|
||||||
Personal
|
|
965,507
|
|
|
9,124
|
|
|
269
|
|
|
—
|
|
|
965,776
|
|
|
9,124
|
|
||||||
Total
|
|
16,965,550
|
|
|
199,634
|
|
|
187,874
|
|
|
8,831
|
|
|
17,153,424
|
|
|
208,465
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Nonspecific allowance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,217
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
|
$
|
16,965,550
|
|
|
$
|
199,634
|
|
|
$
|
187,874
|
|
|
$
|
8,831
|
|
|
$
|
17,153,424
|
|
|
$
|
230,682
|
|
|
|
Internally Risk Graded
|
|
Non-Graded
|
|
Total
|
||||||||||||||||||
|
|
Recorded Investment
|
|
Related Allowance
|
|
Recorded Investment
|
|
Related Allowance
|
|
Recorded Investment
|
|
Related
Allowance
|
||||||||||||
Commercial
|
|
$
|
13,586,654
|
|
|
$
|
101,303
|
|
|
$
|
49,424
|
|
|
$
|
923
|
|
|
$
|
13,636,078
|
|
|
$
|
102,226
|
|
Commercial real estate
|
|
4,764,813
|
|
|
60,026
|
|
|
—
|
|
|
—
|
|
|
4,764,813
|
|
|
60,026
|
|
||||||
Residential mortgage
|
|
505,046
|
|
|
3,310
|
|
|
1,724,987
|
|
|
14,654
|
|
|
2,230,033
|
|
|
17,964
|
|
||||||
Personal
|
|
948,890
|
|
|
6,633
|
|
|
76,916
|
|
|
2,840
|
|
|
1,025,806
|
|
|
9,473
|
|
||||||
Total
|
|
19,805,403
|
|
|
171,272
|
|
|
1,851,327
|
|
|
18,417
|
|
|
21,656,730
|
|
|
189,689
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Nonspecific allowance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,768
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
|
$
|
19,805,403
|
|
|
$
|
171,272
|
|
|
$
|
1,851,327
|
|
|
$
|
18,417
|
|
|
$
|
21,656,730
|
|
|
$
|
207,457
|
|
|
|
Internally Risk Graded
|
|
Non-Graded
|
|
Total
|
||||||||||||||||||
|
|
Recorded Investment
|
|
Related Allowance
|
|
Recorded Investment
|
|
Related Allowance
|
|
Recorded Investment
|
|
Related
Allowance
|
||||||||||||
Commercial
|
|
$
|
10,706,035
|
|
|
$
|
123,383
|
|
|
$
|
27,940
|
|
|
$
|
886
|
|
|
$
|
10,733,975
|
|
|
$
|
124,269
|
|
Commercial real estate
|
|
3,479,987
|
|
|
56,621
|
|
|
—
|
|
|
—
|
|
|
3,479,987
|
|
|
56,621
|
|
||||||
Residential mortgage
|
|
234,477
|
|
|
2,947
|
|
|
1,739,209
|
|
|
15,504
|
|
|
1,973,686
|
|
|
18,451
|
|
||||||
Personal
|
|
877,390
|
|
|
6,461
|
|
|
88,386
|
|
|
2,663
|
|
|
965,776
|
|
|
9,124
|
|
||||||
Total
|
|
15,297,889
|
|
|
189,412
|
|
|
1,855,535
|
|
|
19,053
|
|
|
17,153,424
|
|
|
208,465
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Nonspecific allowance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,217
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
|
$
|
15,297,889
|
|
|
$
|
189,412
|
|
|
$
|
1,855,535
|
|
|
$
|
19,053
|
|
|
$
|
17,153,424
|
|
|
$
|
230,682
|
|
|
|
Internally Risk Graded
|
|
Non-Graded
|
|
|
||||||||||||||||||||||
|
|
Performing
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Pass
|
|
Other Loans Especially Mentioned
|
|
Accruing
Substandard
|
|
Nonaccrual
|
|
Performing
|
|
Nonaccrual
|
|
Total
|
||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Energy
|
|
$
|
3,414,039
|
|
|
$
|
42,176
|
|
|
$
|
86,624
|
|
|
$
|
47,494
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,590,333
|
|
Services
|
|
3,161,157
|
|
|
49,761
|
|
|
32,661
|
|
|
8,567
|
|
|
—
|
|
|
—
|
|
|
3,252,146
|
|
|||||||
Wholesale/retail
|
|
1,593,902
|
|
|
18,809
|
|
|
7,131
|
|
|
1,316
|
|
|
—
|
|
|
—
|
|
|
1,621,158
|
|
|||||||
Manufacturing
|
|
668,438
|
|
|
30,934
|
|
|
22,230
|
|
|
8,919
|
|
|
—
|
|
|
—
|
|
|
730,521
|
|
|||||||
Healthcare
|
|
2,664,381
|
|
|
14,920
|
|
|
37,698
|
|
|
16,538
|
|
|
—
|
|
|
—
|
|
|
2,733,537
|
|
|||||||
Public finance
|
|
876,336
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
876,336
|
|
|||||||
Other commercial and industrial
|
|
756,815
|
|
|
1,266
|
|
|
7,588
|
|
|
16,954
|
|
|
49,371
|
|
|
53
|
|
|
832,047
|
|
|||||||
Total commercial
|
|
13,135,068
|
|
|
157,866
|
|
|
193,932
|
|
|
99,788
|
|
|
49,371
|
|
|
53
|
|
|
13,636,078
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Residential construction and land development
|
|
148,234
|
|
|
—
|
|
|
—
|
|
|
350
|
|
|
—
|
|
|
—
|
|
|
148,584
|
|
|||||||
Retail
|
|
885,588
|
|
|
11,926
|
|
|
1,289
|
|
|
20,279
|
|
|
—
|
|
|
—
|
|
|
919,082
|
|
|||||||
Office
|
|
1,059,334
|
|
|
10,532
|
|
|
3,054
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,072,920
|
|
|||||||
Multifamily
|
|
1,287,471
|
|
|
281
|
|
|
12
|
|
|
301
|
|
|
—
|
|
|
—
|
|
|
1,288,065
|
|
|||||||
Industrial
|
|
776,898
|
|
|
—
|
|
|
1,208
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
778,106
|
|
|||||||
Other commercial real estate
|
|
555,301
|
|
|
1,188
|
|
|
876
|
|
|
691
|
|
|
—
|
|
|
—
|
|
|
558,056
|
|
|||||||
Total commercial real estate
|
|
4,712,826
|
|
|
23,927
|
|
|
6,439
|
|
|
21,621
|
|
|
—
|
|
|
—
|
|
|
4,764,813
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Residential mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Permanent mortgage
|
|
467,233
|
|
|
52
|
|
|
9,730
|
|
|
1,991
|
|
|
819,199
|
|
|
21,960
|
|
|
1,320,165
|
|
|||||||
Permanent mortgages guaranteed by U.S. government agencies
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
183,734
|
|
|
7,132
|
|
|
190,866
|
|
|||||||
Home equity
|
|
25,743
|
|
|
—
|
|
|
296
|
|
|
—
|
|
|
682,491
|
|
|
10,472
|
|
|
719,002
|
|
|||||||
Total residential mortgage
|
|
492,976
|
|
|
52
|
|
|
10,026
|
|
|
1,991
|
|
|
1,685,424
|
|
|
39,564
|
|
|
2,230,033
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Personal
|
|
944,256
|
|
|
115
|
|
|
4,443
|
|
|
76
|
|
|
76,762
|
|
|
154
|
|
|
1,025,806
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total
|
|
$
|
19,285,126
|
|
|
$
|
181,960
|
|
|
$
|
214,840
|
|
|
$
|
123,476
|
|
|
$
|
1,811,557
|
|
|
$
|
39,771
|
|
|
$
|
21,656,730
|
|
|
|
Internally Risk Graded
|
|
Non-Graded
|
|
|
|||||||||||||||||||||
|
|
Performing
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
Pass
|
|
Other Loans Especially Mentioned
|
|
Accruing Substandard
|
|
Nonaccrual
|
|
Performing
|
|
Nonaccrual
|
|
Total
|
|||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Energy
|
|
$
|
2,632,986
|
|
|
$
|
60,288
|
|
|
$
|
144,598
|
|
|
92,284
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,930,156
|
|
Services
|
|
2,478,945
|
|
|
13,927
|
|
|
26,533
|
|
|
2,620
|
|
|
—
|
|
|
—
|
|
|
2,522,025
|
|
||||||
Wholesale/retail
|
|
1,443,917
|
|
|
19,263
|
|
|
5,502
|
|
|
2,574
|
|
|
—
|
|
|
—
|
|
|
1,471,256
|
|
||||||
Manufacturing
|
|
472,869
|
|
|
6,653
|
|
|
11,290
|
|
|
5,962
|
|
|
—
|
|
|
—
|
|
|
496,774
|
|
||||||
Healthcare
|
|
2,182,231
|
|
|
3,186
|
|
|
43,305
|
|
|
14,765
|
|
|
—
|
|
|
—
|
|
|
2,243,487
|
|
||||||
Public finance
|
|
541,775
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
541,775
|
|
||||||
Other commercial and industrial
|
|
473,366
|
|
|
7
|
|
|
8,161
|
|
|
19,028
|
|
|
27,870
|
|
|
70
|
|
|
528,502
|
|
||||||
Total commercial
|
|
10,226,089
|
|
|
103,324
|
|
|
239,389
|
|
|
137,233
|
|
|
27,870
|
|
|
70
|
|
|
10,733,975
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential construction and land development
|
|
113,190
|
|
|
1,828
|
|
|
395
|
|
|
1,832
|
|
|
—
|
|
|
—
|
|
|
117,245
|
|
||||||
Retail
|
|
686,915
|
|
|
4,243
|
|
|
98
|
|
|
276
|
|
|
—
|
|
|
—
|
|
|
691,532
|
|
||||||
Office
|
|
824,408
|
|
|
7,087
|
|
|
—
|
|
|
275
|
|
|
—
|
|
|
—
|
|
|
831,770
|
|
||||||
Multifamily
|
|
979,969
|
|
|
—
|
|
|
48
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
980,017
|
|
||||||
Industrial
|
|
573,014
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
573,014
|
|
||||||
Other commercial real estate
|
|
285,506
|
|
|
145
|
|
|
286
|
|
|
472
|
|
|
—
|
|
|
—
|
|
|
286,409
|
|
||||||
Total commercial real estate
|
|
3,463,002
|
|
|
13,303
|
|
|
827
|
|
|
2,855
|
|
|
—
|
|
|
—
|
|
|
3,479,987
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Residential mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Permanent mortgage
|
|
232,492
|
|
|
—
|
|
|
822
|
|
|
1,163
|
|
|
784,928
|
|
|
24,030
|
|
|
1,043,435
|
|
||||||
Permanent mortgages guaranteed by U.S. government agencies
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
188,327
|
|
|
9,179
|
|
|
197,506
|
|
||||||
Home equity
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
719,670
|
|
|
13,075
|
|
|
732,745
|
|
||||||
Total residential mortgage
|
|
232,492
|
|
|
—
|
|
|
822
|
|
|
1,163
|
|
|
1,692,925
|
|
|
46,284
|
|
|
1,973,686
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Personal
|
|
875,696
|
|
|
1,548
|
|
|
63
|
|
|
83
|
|
|
88,200
|
|
|
186
|
|
|
965,776
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total
|
|
$
|
14,797,279
|
|
|
$
|
118,175
|
|
|
$
|
241,101
|
|
|
141,334
|
|
|
$
|
1,808,995
|
|
|
$
|
46,540
|
|
|
$
|
17,153,424
|
|
|
As of December 31, 2018
|
|
Year Ended
|
||||||||||||||||||||||||
|
|
|
Recorded Investment
|
|
|
|
December 31, 2018
|
||||||||||||||||||||
|
Unpaid
Principal
Balance
|
|
Total
|
|
With No
Allowance |
|
With Allowance
|
|
Related Allowance
|
|
Average Recorded
Investment |
|
Interest Income Recognized
|
||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Energy
|
$
|
79,675
|
|
|
$
|
47,494
|
|
|
$
|
18,639
|
|
|
$
|
28,855
|
|
|
$
|
5,362
|
|
|
$
|
69,645
|
|
|
$
|
—
|
|
Services
|
13,437
|
|
|
8,567
|
|
|
8,489
|
|
|
78
|
|
|
74
|
|
|
4,509
|
|
|
—
|
|
|||||||
Wholesale/retail
|
1,722
|
|
|
1,316
|
|
|
1,015
|
|
|
301
|
|
|
101
|
|
|
1,784
|
|
|
—
|
|
|||||||
Manufacturing
|
10,055
|
|
|
8,919
|
|
|
8,673
|
|
|
246
|
|
|
246
|
|
|
7,249
|
|
|
—
|
|
|||||||
Healthcare
|
24,319
|
|
|
16,538
|
|
|
10,563
|
|
|
5,975
|
|
|
2,949
|
|
|
14,297
|
|
|
—
|
|
|||||||
Public finance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Other commercial and industrial
|
26,955
|
|
|
17,007
|
|
|
17,007
|
|
|
—
|
|
|
—
|
|
|
17,976
|
|
|
—
|
|
|||||||
Total commercial
|
156,163
|
|
|
99,841
|
|
|
64,386
|
|
|
35,455
|
|
|
8,732
|
|
|
115,460
|
|
|
—
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential construction and land development
|
1,306
|
|
|
350
|
|
|
350
|
|
|
—
|
|
|
—
|
|
|
1,091
|
|
|
—
|
|
|||||||
Retail
|
27,680
|
|
|
20,279
|
|
|
20,279
|
|
|
—
|
|
|
—
|
|
|
10,278
|
|
|
—
|
|
|||||||
Office
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
137
|
|
|
—
|
|
|||||||
Multifamily
|
301
|
|
|
301
|
|
|
301
|
|
|
—
|
|
|
—
|
|
|
151
|
|
|
—
|
|
|||||||
Industrial
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Other commercial real estate
|
851
|
|
|
691
|
|
|
691
|
|
|
—
|
|
|
—
|
|
|
581
|
|
|
—
|
|
|||||||
Total commercial real estate
|
30,138
|
|
|
21,621
|
|
|
21,621
|
|
|
—
|
|
|
—
|
|
|
12,238
|
|
|
—
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Residential mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Permanent mortgage
|
28,716
|
|
|
23,951
|
|
|
23,951
|
|
|
—
|
|
|
—
|
|
|
24,572
|
|
|
1,233
|
|
|||||||
Permanent mortgage guaranteed by U.S. government agencies1
|
196,296
|
|
|
190,866
|
|
|
190,866
|
|
|
—
|
|
|
—
|
|
|
180,813
|
|
|
7,172
|
|
|||||||
Home equity
|
12,196
|
|
|
10,472
|
|
|
10,472
|
|
|
—
|
|
|
—
|
|
|
11,774
|
|
|
—
|
|
|||||||
Total residential mortgage
|
237,208
|
|
|
225,289
|
|
|
225,289
|
|
|
—
|
|
|
—
|
|
|
217,159
|
|
|
8,405
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Personal
|
278
|
|
|
230
|
|
|
230
|
|
|
—
|
|
|
—
|
|
|
250
|
|
|
—
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total
|
$
|
423,787
|
|
|
$
|
346,981
|
|
|
$
|
311,526
|
|
|
$
|
35,455
|
|
|
$
|
8,732
|
|
|
$
|
345,107
|
|
|
$
|
8,405
|
|
1
|
All permanent mortgage loans guaranteed by U.S. government agencies are considered impaired as we do not expect full collection of contractual principal and interest. At December 31, 2018, $7.1 million of these loans are nonaccruing and $184 million are accruing based on the guarantee by U.S. government agencies.
|
|
As of December 31, 2017
|
|
Year Ended
|
|||||||||||||||||||||||||
|
|
|
|
Recorded Investment
|
|
|
|
December 31, 2017
|
||||||||||||||||||||
|
|
Unpaid
Principal
Balance
|
|
Total
|
|
With No
Allowance
|
|
With Allowance
|
|
Related Allowance
|
|
Average Recorded
Investment
|
|
Interest Income Recognized
|
||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Energy
|
|
$
|
111,011
|
|
|
$
|
92,284
|
|
|
$
|
40,968
|
|
|
$
|
51,316
|
|
|
$
|
8,814
|
|
|
$
|
112,392
|
|
|
$
|
—
|
|
Services
|
|
5,324
|
|
|
2,620
|
|
|
2,620
|
|
|
—
|
|
|
—
|
|
|
5,396
|
|
|
—
|
|
|||||||
Wholesale/retail
|
|
9,099
|
|
|
2,574
|
|
|
2,574
|
|
|
—
|
|
|
—
|
|
|
6,990
|
|
|
—
|
|
|||||||
Manufacturing
|
|
6,073
|
|
|
5,962
|
|
|
5,962
|
|
|
—
|
|
|
—
|
|
|
5,446
|
|
|
—
|
|
|||||||
Healthcare
|
|
25,140
|
|
|
14,765
|
|
|
14,765
|
|
|
—
|
|
|
—
|
|
|
7,795
|
|
|
—
|
|
|||||||
Public finance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Other commercial and industrial
|
|
27,957
|
|
|
19,098
|
|
|
19,080
|
|
|
18
|
|
|
17
|
|
|
20,108
|
|
|
—
|
|
|||||||
Total commercial
|
|
184,604
|
|
|
137,303
|
|
|
85,969
|
|
|
51,334
|
|
|
8,831
|
|
|
158,127
|
|
|
—
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential construction and land development
|
|
3,285
|
|
|
1,832
|
|
|
1,832
|
|
|
—
|
|
|
—
|
|
|
2,633
|
|
|
—
|
|
|||||||
Retail
|
|
509
|
|
|
276
|
|
|
276
|
|
|
—
|
|
|
—
|
|
|
301
|
|
|
—
|
|
|||||||
Office
|
|
287
|
|
|
275
|
|
|
275
|
|
|
—
|
|
|
—
|
|
|
351
|
|
|
—
|
|
|||||||
Multifamily
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|||||||
Industrial
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|
—
|
|
|||||||
Other commercial real estate
|
|
670
|
|
|
472
|
|
|
472
|
|
|
—
|
|
|
—
|
|
|
847
|
|
|
—
|
|
|||||||
Total commercial real estate
|
|
4,751
|
|
|
2,855
|
|
|
2,855
|
|
|
—
|
|
|
—
|
|
|
4,189
|
|
|
—
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Residential mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Permanent mortgage
|
|
30,435
|
|
|
25,193
|
|
|
25,193
|
|
|
—
|
|
|
—
|
|
|
24,024
|
|
|
1,229
|
|
|||||||
Permanent mortgage guaranteed by U.S. government agencies1
|
|
203,814
|
|
|
197,506
|
|
|
197,506
|
|
|
—
|
|
|
—
|
|
|
199,244
|
|
|
7,632
|
|
|||||||
Home equity
|
|
14,548
|
|
|
13,075
|
|
|
13,075
|
|
|
—
|
|
|
—
|
|
|
12,297
|
|
|
—
|
|
|||||||
Total residential mortgage
|
|
248,797
|
|
|
235,774
|
|
|
235,774
|
|
|
—
|
|
|
—
|
|
|
235,565
|
|
|
8,861
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Personal
|
|
307
|
|
|
269
|
|
|
269
|
|
|
—
|
|
|
—
|
|
|
280
|
|
|
—
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total
|
|
$
|
438,459
|
|
|
$
|
376,201
|
|
|
$
|
324,867
|
|
|
$
|
51,334
|
|
|
$
|
8,831
|
|
|
$
|
398,161
|
|
|
$
|
8,861
|
|
1
|
All permanent mortgage loans guaranteed by U.S. government agencies are considered impaired as we do not expect full collection of contractual principal and interest. At December 31, 2017, $9.2 million of these loans are nonaccruing and $188 million are accruing based on the guarantee by U.S. government agencies.
|
|
|
|
|
Past Due
|
|
|
|
|
|||||||||||||||
|
|
Current
|
|
30 to 59
Days
|
|
60 to 89
Days
|
|
90 Days
or More
|
|
Nonaccrual
|
|
Total
|
|||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Energy
|
|
$
|
3,542,839
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
47,494
|
|
|
$
|
3,590,333
|
|
Services
|
|
3,231,532
|
|
|
6,009
|
|
|
6,038
|
|
|
—
|
|
|
8,567
|
|
|
3,252,146
|
|
|||||
Wholesale/retail
|
|
1,619,290
|
|
|
515
|
|
|
37
|
|
|
—
|
|
|
1,316
|
|
|
1,621,158
|
|
|||||
Manufacturing
|
|
721,204
|
|
|
392
|
|
|
6
|
|
|
—
|
|
|
8,919
|
|
|
730,521
|
|
|||||
Healthcare
|
|
2,716,204
|
|
|
241
|
|
|
—
|
|
|
554
|
|
|
16,538
|
|
|
2,733,537
|
|
|||||
Public finance
|
|
876,336
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
876,336
|
|
|||||
Other commercial and industrial
|
|
814,489
|
|
|
518
|
|
|
25
|
|
|
8
|
|
|
17,007
|
|
|
832,047
|
|
|||||
Total commercial
|
|
13,521,894
|
|
|
7,675
|
|
|
6,106
|
|
|
562
|
|
|
99,841
|
|
|
13,636,078
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential construction and land development
|
|
147,705
|
|
|
249
|
|
|
280
|
|
|
—
|
|
|
350
|
|
|
148,584
|
|
|||||
Retail
|
|
884,424
|
|
|
14,379
|
|
|
—
|
|
|
—
|
|
|
20,279
|
|
|
919,082
|
|
|||||
Office
|
|
1,072,920
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,072,920
|
|
|||||
Multifamily
|
|
1,287,483
|
|
|
281
|
|
|
—
|
|
|
—
|
|
|
301
|
|
|
1,288,065
|
|
|||||
Industrial
|
|
776,898
|
|
|
1,208
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
778,106
|
|
|||||
Other commercial real estate
|
|
556,239
|
|
|
412
|
|
|
—
|
|
|
714
|
|
|
691
|
|
|
558,056
|
|
|||||
Total commercial real estate
|
|
4,725,669
|
|
|
16,529
|
|
|
280
|
|
|
714
|
|
|
21,621
|
|
|
4,764,813
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Residential mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Permanent mortgage
|
|
1,292,652
|
|
|
3,196
|
|
|
366
|
|
|
—
|
|
|
23,951
|
|
|
1,320,165
|
|
|||||
Permanent mortgages guaranteed by U.S. government agencies
|
|
37,459
|
|
|
24,369
|
|
|
16,345
|
|
|
105,561
|
|
|
7,132
|
|
|
190,866
|
|
|||||
Home equity
|
|
707,017
|
|
|
1,102
|
|
|
352
|
|
|
59
|
|
|
10,472
|
|
|
719,002
|
|
|||||
Total residential mortgage
|
|
2,037,128
|
|
|
28,667
|
|
|
17,063
|
|
|
105,620
|
|
|
41,555
|
|
|
2,230,033
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Personal
|
|
1,024,298
|
|
|
479
|
|
|
796
|
|
|
3
|
|
|
230
|
|
|
1,025,806
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
|
|
$
|
21,308,989
|
|
|
$
|
53,350
|
|
|
24,245
|
|
|
$
|
106,899
|
|
|
$
|
163,247
|
|
|
$
|
21,656,730
|
|
|
|
|
|
Past Due
|
|
|
|
|
|||||||||||||||
|
|
Current
|
|
30 to 59
Days
|
|
60 to 89
Days
|
|
90 Days
or More
|
|
Nonaccrual
|
|
Total
|
|||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Energy
|
|
$
|
2,833,668
|
|
|
$
|
—
|
|
|
4,204
|
|
|
$
|
—
|
|
|
$
|
92,284
|
|
|
$
|
2,930,156
|
|
Services
|
|
2,518,298
|
|
|
514
|
|
|
486
|
|
|
107
|
|
|
2,620
|
|
|
2,522,025
|
|
|||||
Wholesale/retail
|
|
1,468,284
|
|
|
398
|
|
|
—
|
|
|
—
|
|
|
2,574
|
|
|
1,471,256
|
|
|||||
Manufacturing
|
|
490,739
|
|
|
—
|
|
|
73
|
|
|
—
|
|
|
5,962
|
|
|
496,774
|
|
|||||
Healthcare
|
|
2,213,504
|
|
|
15,218
|
|
|
—
|
|
|
—
|
|
|
14,765
|
|
|
2,243,487
|
|
|||||
Public finance
|
|
541,775
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
541,775
|
|
|||||
Other commercial and industrial
|
|
509,116
|
|
|
85
|
|
|
78
|
|
|
125
|
|
|
19,098
|
|
|
528,502
|
|
|||||
Total commercial
|
|
10,575,384
|
|
|
16,215
|
|
|
4,841
|
|
|
232
|
|
|
137,303
|
|
|
10,733,975
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential construction and land development
|
|
115,213
|
|
|
200
|
|
|
—
|
|
|
—
|
|
|
1,832
|
|
|
117,245
|
|
|||||
Retail
|
|
691,256
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
276
|
|
|
691,532
|
|
|||||
Office
|
|
831,118
|
|
|
254
|
|
|
—
|
|
|
123
|
|
|
275
|
|
|
831,770
|
|
|||||
Multifamily
|
|
979,625
|
|
|
22
|
|
|
370
|
|
|
—
|
|
|
—
|
|
|
980,017
|
|
|||||
Industrial
|
|
573,014
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
573,014
|
|
|||||
Other commercial real estate
|
|
285,937
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
472
|
|
|
286,409
|
|
|||||
Total commercial real estate
|
|
3,476,163
|
|
|
476
|
|
|
370
|
|
|
123
|
|
|
2,855
|
|
|
3,479,987
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Residential mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Permanent mortgage
|
|
1,014,588
|
|
|
3,435
|
|
|
219
|
|
|
—
|
|
|
25,193
|
|
|
1,043,435
|
|
|||||
Permanent mortgages guaranteed by U.S. government agencies
|
|
22,692
|
|
|
18,978
|
|
|
13,468
|
|
|
133,189
|
|
|
9,179
|
|
|
197,506
|
|
|||||
Home equity
|
|
717,007
|
|
|
2,206
|
|
|
440
|
|
|
17
|
|
|
13,075
|
|
|
732,745
|
|
|||||
Total residential mortgage
|
|
1,754,287
|
|
|
24,619
|
|
|
14,127
|
|
|
133,206
|
|
|
47,447
|
|
|
1,973,686
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Personal
|
|
964,374
|
|
|
681
|
|
|
191
|
|
|
261
|
|
|
269
|
|
|
965,776
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
|
|
$
|
16,770,208
|
|
|
$
|
41,991
|
|
|
19,529
|
|
|
$
|
133,822
|
|
|
$
|
187,874
|
|
|
$
|
17,153,424
|
|
|
|
December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Land
|
|
$
|
70,575
|
|
|
$
|
71,348
|
|
Buildings and improvements
|
|
266,733
|
|
|
249,139
|
|
||
Software
|
|
150,207
|
|
|
188,826
|
|
||
Furniture and equipment
|
|
129,988
|
|
|
223,163
|
|
||
Construction in progress
|
|
27,514
|
|
|
23,348
|
|
||
Premises and equipment
|
|
645,017
|
|
|
755,824
|
|
||
Less accumulated depreciation
|
|
314,984
|
|
|
438,489
|
|
||
Premises and equipment, net of accumulated depreciation
|
|
$
|
330,033
|
|
|
$
|
317,335
|
|
Cash and due from banks
|
|
$
|
80,827
|
|
Investment securities
|
|
17,287
|
|
|
Available for sale securities
|
|
546,776
|
|
|
Restricted equity securities
|
|
5,261
|
|
|
Loans (Unpaid principal balance - $3,066,521)
|
|
2,937,499
|
|
|
Premises and equipment
|
|
5,515
|
|
|
Receivables
|
|
24,893
|
|
|
Intangible assets
|
|
106,733
|
|
|
Real estate and other repossessed assets
|
|
5,155
|
|
|
Derivative contracts asset, net
|
|
8,197
|
|
|
Cash surrender value of bank-owned life insurance
|
|
55,740
|
|
|
Other assets
|
|
56,642
|
|
|
Total assets acquired
|
|
3,850,525
|
|
|
|
|
|
||
Deposits
|
|
3,289,071
|
|
|
Funds purchased and repurchase agreements
|
|
37,218
|
|
|
Subordinated debentures
|
|
131,197
|
|
|
Accrued interest, taxes and expense
|
|
33,122
|
|
|
Derivative contracts liability, net
|
|
12,303
|
|
|
Other liabilities
|
|
5,254
|
|
|
Total liabilities assumed
|
|
3,508,165
|
|
|
|
|
|
||
Net assets acquired
|
|
342,360
|
|
|
Less: Purchase price
|
|
944,193
|
|
|
Goodwill
|
|
$
|
601,833
|
|
|
|
Dec. 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Core deposit premiums
|
|
$
|
103,200
|
|
|
$
|
6,510
|
|
Less accumulated amortization
|
|
5,032
|
|
|
808
|
|
||
Net core deposit premiums
|
|
98,168
|
|
|
5,702
|
|
||
|
|
|
|
|
||||
Other identifiable intangible assets
|
|
63,497
|
|
|
44,468
|
|
||
Less accumulated amortization
|
|
26,816
|
|
|
21,512
|
|
||
Net other identifiable intangible assets
|
|
36,681
|
|
|
22,956
|
|
||
|
|
|
|
|
||||
Total intangible assets, net
|
|
$
|
134,849
|
|
|
$
|
28,658
|
|
|
|
Core
Deposit
Premiums
|
|
Other
Identifiable
Intangible Assets
|
|
Total
|
||||||
2019
|
|
$
|
14,332
|
|
|
$
|
6,149
|
|
|
$
|
20,481
|
|
2020
|
|
12,892
|
|
|
6,304
|
|
|
19,196
|
|
|||
2021
|
|
11,893
|
|
|
5,606
|
|
|
17,499
|
|
|||
2022
|
|
10,981
|
|
|
4,238
|
|
|
15,219
|
|
|||
2023
|
|
10,145
|
|
|
3,199
|
|
|
13,344
|
|
|||
Thereafter
|
|
37,925
|
|
|
11,185
|
|
|
49,110
|
|
|||
|
|
$
|
98,168
|
|
|
$
|
36,681
|
|
|
$
|
134,849
|
|
|
|
Commercial Banking
|
|
Consumer Banking
|
|
Wealth
Management
|
|
Funds Management and Other
|
|
Total
|
||||||||||
Balance, December 31, 2016
|
|
272,196
|
|
|
39,023
|
|
|
71,520
|
|
|
66,160
|
|
|
448,899
|
|
|||||
Goodwill recognized during 2017
|
|
4,301
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,301
|
|
|||||
Sales of consolidated merchant banking investments during 2017
|
|
(5,219
|
)
|
|
—
|
|
|
(25
|
)
|
|
—
|
|
|
(5,244
|
)
|
|||||
Adjustment1
|
|
41,992
|
|
|
4,435
|
|
|
19,207
|
|
|
(66,160
|
)
|
|
(526
|
)
|
|||||
Balance, December 31, 2017
|
|
313,270
|
|
|
43,458
|
|
|
90,702
|
|
|
—
|
|
|
447,430
|
|
|||||
Goodwill recognized during 20182
|
|
—
|
|
|
—
|
|
|
—
|
|
|
601,833
|
|
|
601,833
|
|
|||||
Balance, December 31, 2018
|
|
$
|
313,270
|
|
|
$
|
43,458
|
|
|
$
|
90,702
|
|
|
$
|
601,833
|
|
|
$
|
1,049,263
|
|
1
|
Goodwill from Mobank acquisition was not yet allocated to the segments as of December 31, 2016. Adjustment was made in 2017 for final purchase price adjustments and to allocate to the segments.
|
2
|
Goodwill related to the CoBiz acquisition was not yet allocated to the operating segments as of December 31, 2018 and is included in Funds Management and Other above.
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
|
Unpaid Principal Balance/
Notional
|
|
Fair Value
|
|
Unpaid Principal Balance/
Notional
|
|
Fair Value
|
||||||||
Residential mortgage loans held for sale
|
|
$
|
145,057
|
|
|
$
|
146,971
|
|
|
$
|
212,525
|
|
|
$
|
215,113
|
|
Residential mortgage loan commitments
|
|
160,848
|
|
|
5,378
|
|
|
222,919
|
|
|
6,523
|
|
||||
Forward sales contracts
|
|
274,000
|
|
|
(3,128
|
)
|
|
380,159
|
|
|
(258
|
)
|
||||
|
|
|
|
|
$
|
149,221
|
|
|
|
|
|
$
|
221,378
|
|
|
|
Year Ended
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Production revenue:
|
|
|
|
|
|
|
||||||
Net realized gains on sales of mortgage loans
|
|
$
|
36,379
|
|
|
$
|
45,128
|
|
|
$
|
68,947
|
|
Net change in unrealized gain on mortgage loans held for sale
|
|
(674
|
)
|
|
2,031
|
|
|
(5,311
|
)
|
|||
Net change in the fair value of mortgage loan commitments
|
|
(1,145
|
)
|
|
(3,210
|
)
|
|
1,599
|
|
|||
Net change in the fair value of forward sales contracts
|
|
(2,870
|
)
|
|
(5,451
|
)
|
|
4,393
|
|
|||
Total mortgage production revenue
|
|
31,690
|
|
|
38,498
|
|
|
69,628
|
|
|||
Servicing revenue
|
|
66,097
|
|
|
66,221
|
|
|
64,286
|
|
|||
Total mortgage banking revenue
|
|
$
|
97,787
|
|
|
$
|
104,719
|
|
|
$
|
133,914
|
|
|
|
December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Number of residential mortgage loans serviced for others
|
|
132,463,000
|
|
|
136,528,000
|
|
|
139,340,000
|
|
|||
Outstanding principal balance of residential mortgage loans serviced for others
|
|
$
|
21,658,335
|
|
|
$
|
22,046,632
|
|
|
$
|
21,997,568
|
|
Weighted average interest rate
|
|
3.99
|
%
|
|
3.94
|
%
|
|
3.97
|
%
|
|||
Remaining contractual term (in months)
|
|
293
|
|
|
297
|
|
|
301
|
|
Balance, December 31, 2015
|
|
$
|
218,605
|
|
Additions, net
|
|
71,405
|
|
|
Change in fair value due to loan runoff
|
|
(40,744
|
)
|
|
Change in fair value due to market changes
|
|
(2,193
|
)
|
|
Balance, December 31, 2016
|
|
247,073
|
|
|
Additions, net
|
|
39,149
|
|
|
Change in fair value due to loan runoff
|
|
(33,527
|
)
|
|
Change in fair value due to market changes
|
|
172
|
|
|
Balance, December 31, 2017
|
|
252,867
|
|
|
Additions, net
|
|
35,247
|
|
|
Change in fair value due to loan runoff
|
|
(33,528
|
)
|
|
Change in fair value due to market changes
|
|
4,668
|
|
|
Balance, December 31, 2018
|
|
$
|
259,254
|
|
|
|
December 31,
|
||
|
|
2018
|
|
2017
|
Discount rate – risk-free rate plus a market premium
|
|
9.90%
|
|
9.84%
|
Prepayment rate - based upon loan interest rate, original term and loan type
|
|
8.05% - 15.74%
|
|
8.72%-15.16%
|
Loan servicing costs – annually per loan based upon loan type:
|
|
|
|
|
Performing loans
|
|
$67 - $93
|
|
$65 - $88
|
Delinquent loans
|
|
$150 - $500
|
|
$150 - $500
|
Loans in foreclosure
|
|
$1,000 - $4,000
|
|
$1,000 - $4,000
|
Primary/secondary mortgage rate spread
|
|
105 bps
|
|
105 bps
|
Escrow earnings rate – indexed to rates paid on deposit accounts with comparable average life
|
|
2.57%
|
|
2.24%
|
|
|
|
|
Past Due
|
|
|
||||||||||||||
|
|
Current
|
|
30 to 59
Days
|
|
60 to 89
Days
|
|
90 Days or More
|
|
Total
|
||||||||||
FHLMC
|
|
$
|
7,798,790
|
|
|
$
|
58,271
|
|
|
$
|
11,139
|
|
|
$
|
25,239
|
|
|
$
|
7,893,439
|
|
FNMA
|
|
6,458,561
|
|
|
63,321
|
|
|
12,413
|
|
|
20,858
|
|
|
6,555,153
|
|
|||||
GNMA
|
|
6,568,459
|
|
|
200,747
|
|
|
56,024
|
|
|
15,996
|
|
|
6,841,226
|
|
|||||
Other
|
|
362,268
|
|
|
4,297
|
|
|
81
|
|
|
1,871
|
|
|
368,517
|
|
|||||
Total
|
|
$
|
21,188,078
|
|
|
$
|
326,636
|
|
|
$
|
79,657
|
|
|
$
|
63,964
|
|
|
$
|
21,658,335
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Transaction deposits
|
|
$
|
65,859
|
|
|
$
|
28,627
|
|
|
$
|
13,906
|
|
Savings
|
|
439
|
|
|
359
|
|
|
386
|
|
|||
Time:
|
|
|
|
|
|
|
||||||
Certificates of deposits under $100,000
|
|
5,751
|
|
|
7,702
|
|
|
8,776
|
|
|||
Certificates of deposits $100,000 and over
|
|
19,739
|
|
|
12,393
|
|
|
10,123
|
|
|||
Other time deposits
|
|
3,729
|
|
|
4,722
|
|
|
7,303
|
|
|||
Total time
|
|
29,219
|
|
|
24,817
|
|
|
26,202
|
|
|||
Total
|
|
$
|
95,517
|
|
|
$
|
53,803
|
|
|
$
|
40,494
|
|
|
|
As of
|
|
Year Ended
|
||||||||||||||
|
|
December 31, 2018
|
|
December 31, 2018
|
||||||||||||||
|
|
Balance
|
|
Rate
|
|
Average Balance
|
|
Rate
|
|
Maximum
Outstanding At Any Month End |
||||||||
Parent company and other non-bank subsidiaries:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other borrowings
|
|
$
|
5,207
|
|
|
1.57
|
%
|
|
$
|
2,660
|
|
|
1.35
|
%
|
|
$
|
5,335
|
|
Subordinated debentures
|
|
275,913
|
|
|
5.34
|
%
|
|
177,884
|
|
|
5.52
|
%
|
|
275,913
|
|
|||
Total parent company and other non-bank subsidiaries
|
|
281,120
|
|
|
|
|
180,544
|
|
|
5.46
|
%
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Subsidiary banks:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Funds purchased
|
|
402,450
|
|
|
2.34
|
%
|
|
419,322
|
|
|
1.89
|
%
|
|
949,531
|
|
|||
Repurchase agreements
|
|
615,961
|
|
|
0.36
|
%
|
|
464,582
|
|
|
0.28
|
%
|
|
615,961
|
|
|||
Other borrowings:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Federal Home Loan Bank advances
|
|
6,100,000
|
|
|
2.65
|
%
|
|
6,207,142
|
|
|
2.06
|
%
|
|
6,500,000
|
|
|||
GNMA repurchase liability
|
|
15,552
|
|
|
4.43
|
%
|
|
14,783
|
|
|
4.47
|
%
|
|
16,529
|
|
|||
Other
|
|
3,631
|
|
|
4.80
|
%
|
|
11,856
|
|
|
4.45
|
%
|
|
15,096
|
|
|||
Total other borrowings
|
|
6,119,183
|
|
|
|
|
6,233,781
|
|
|
2.07
|
%
|
|
|
|||||
Subordinated debentures
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|||
Total Subsidiary banks
|
|
7,137,594
|
|
|
|
|
7,117,685
|
|
|
1.94
|
%
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total other borrowed funds
|
|
$
|
7,418,714
|
|
|
|
|
$
|
7,298,229
|
|
|
2.03
|
%
|
|
|
|
|
As of
|
|
Year Ended
|
||||||||||||||
|
|
December 31, 2017
|
|
December 31, 2017
|
||||||||||||||
|
|
Balance
|
|
Rate
|
|
Average Balance
|
|
Rate
|
|
Maximum
Outstanding At Any Month End |
||||||||
Parent company and other non-bank subsidiaries:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other borrowings
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
935
|
|
|
11.11
|
%
|
|
$
|
3,104
|
|
Subordinated debentures
|
|
144,677
|
|
|
5.60
|
%
|
|
147,954
|
|
|
5.57
|
%
|
|
151,875
|
|
|||
Total parent company and other non-bank subsidiaries
|
|
144,677
|
|
|
|
|
148,889
|
|
|
5.65
|
%
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Subsidiary banks:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Funds purchased
|
|
58,628
|
|
|
1.00
|
%
|
|
58,064
|
|
|
0.73
|
%
|
|
80,967
|
|
|||
Repurchase agreements
|
|
516,335
|
|
|
0.17
|
%
|
|
433,791
|
|
|
0.10
|
%
|
|
536,094
|
|
|||
Other borrowings:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Federal Home Loan Bank advances
|
|
5,100,000
|
|
|
1.47
|
%
|
|
5,882,466
|
|
|
1.13
|
%
|
|
6,200,000
|
|
|||
GNMA repurchase liability
|
|
19,947
|
|
|
4.22
|
%
|
|
20,509
|
|
|
4.59
|
%
|
|
24,139
|
|
|||
Other
|
|
14,950
|
|
|
2.61
|
%
|
|
15,382
|
|
|
2.38
|
%
|
|
15,506
|
|
|||
Total other borrowings
|
|
5,134,897
|
|
|
|
|
5,918,357
|
|
|
1.14
|
%
|
|
|
|||||
Subordinated debentures
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|||
Total Subsidiary banks
|
|
5,709,860
|
|
|
|
|
6,410,212
|
|
|
1.07
|
%
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total other borrowed funds
|
|
$
|
5,854,537
|
|
|
|
|
$
|
6,559,101
|
|
|
1.18
|
%
|
|
|
|
|
As of
|
|
Year Ended
|
||||||||||||||
|
|
December 31, 2016
|
|
December 31, 2016
|
||||||||||||||
|
|
Balance
|
|
Rate
|
|
Average Balance
|
|
Rate
|
|
Maximum
Outstanding At Any Month End |
||||||||
Parent company and other non-bank subsidiaries:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other borrowings
|
|
$
|
1,092
|
|
|
8.27
|
%
|
|
$
|
2,073
|
|
|
16.11
|
%
|
|
$
|
3,157
|
|
Subordinated debentures
|
|
151,857
|
|
|
5.49
|
%
|
|
75,039
|
|
|
5.57
|
%
|
|
151,857
|
|
|||
Total parent company and other non-bank subsidiaries
|
|
152,949
|
|
|
|
|
77,112
|
|
|
5.86
|
%
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Subsidiary banks:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Funds purchased
|
|
57,929
|
|
|
0.38
|
%
|
|
78,222
|
|
|
0.24
|
%
|
|
567,103
|
|
|||
Repurchase agreements
|
|
668,661
|
|
|
0.02
|
%
|
|
589,145
|
|
|
0.04
|
%
|
|
668,661
|
|
|||
Other borrowings:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Federal Home Loan Bank advances
|
|
4,800,000
|
|
|
0.72
|
%
|
|
5,985,656
|
|
|
0.55
|
%
|
|
6,500,000
|
|
|||
GNMA repurchase liability
|
|
22,471
|
|
|
4.26
|
%
|
|
15,637
|
|
|
4.74
|
%
|
|
22,471
|
|
|||
Other
|
|
15,292
|
|
|
2.66
|
%
|
|
15,670
|
|
|
2.41
|
%
|
|
15,797
|
|
|||
Total other borrowings
|
|
4,837,763
|
|
|
|
|
6,016,963
|
|
|
0.57
|
%
|
|
|
|||||
Subordinated debentures
|
|
—
|
|
|
—
|
%
|
|
140,414
|
|
|
1.35
|
%
|
|
226,434
|
|
|||
Total Subsidiary banks
|
|
5,564,353
|
|
|
|
|
6,824,744
|
|
|
0.54
|
%
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total other borrowed funds
|
|
$
|
5,717,302
|
|
|
|
|
$
|
6,901,856
|
|
|
0.60
|
%
|
|
|
|
|
Parent
Company and Other Non-bank Subsidiaries
|
|
Subsidiary Banks
|
||||
2019
|
|
$
|
—
|
|
|
$
|
7,134,538
|
|
2020
|
|
—
|
|
|
575
|
|
||
2021
|
|
—
|
|
|
575
|
|
||
2022
|
|
—
|
|
|
575
|
|
||
2023
|
|
—
|
|
|
625
|
|
||
Thereafter
|
|
281,120
|
|
|
706
|
|
||
Total
|
|
$
|
281,120
|
|
|
$
|
7,137,594
|
|
|
|
December 31, 2018
|
|||||||||||||
|
|
Amortized
|
|
Fair
|
|
Repurchase
|
|
Average
|
|||||||
Security Sold/Maturity
|
|
Cost
|
|
Value
|
|
Liability1
|
|
Rate
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
U.S. government agency mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|||||||
Overnight1
|
|
$
|
636,864
|
|
|
$
|
628,229
|
|
|
$
|
615,961
|
|
|
0.36
|
%
|
Long-term
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|||
Total Agency Securities
|
|
$
|
636,864
|
|
|
$
|
628,229
|
|
|
$
|
615,961
|
|
|
0.36
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
December 31, 2017
|
|||||||||||||
|
|
Amortized
|
|
Fair
|
|
Repurchase
|
|
Average
|
|||||||
Security Sold/Maturity
|
|
Cost
|
|
Value
|
|
Liability1
|
|
Rate
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
U.S. government agency mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Overnight1
|
|
$
|
525,452
|
|
|
$
|
523,914
|
|
|
$
|
516,335
|
|
|
0.17
|
%
|
Long-term
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|||
Total Agency Securities
|
|
$
|
525,452
|
|
|
$
|
523,914
|
|
|
$
|
516,335
|
|
|
0.17
|
%
|
1
|
BOK Financial maintains control over the securities underlying overnight repurchase agreements and generally transfers control over securities underlying longer-term dealer repurchase agreements to the respective counterparty.
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
Deferred tax assets:
|
|
|
|
||||
Available for sale securities mark to market
|
$
|
24,441
|
|
|
$
|
12,083
|
|
Share-based compensation
|
4,434
|
|
|
7,598
|
|
||
Credit loss allowances
|
49,804
|
|
|
58,666
|
|
||
Valuation adjustments
|
9,619
|
|
|
8,102
|
|
||
Deferred compensation
|
25,608
|
|
|
12,215
|
|
||
Unearned fees
|
9,814
|
|
|
9,265
|
|
||
Purchased loan discount
|
27,283
|
|
|
—
|
|
||
Other
|
31,812
|
|
|
30,859
|
|
||
Total deferred tax assets
|
182,815
|
|
|
138,788
|
|
||
|
|
|
|
||||
Deferred tax liabilities:
|
|
|
|
||||
Depreciation
|
13,901
|
|
|
15,817
|
|
||
Mortgage servicing rights
|
61,844
|
|
|
63,112
|
|
||
Lease financing
|
10,040
|
|
|
9,973
|
|
||
Acquired identifiable intangible
|
28,620
|
|
|
—
|
|
||
Other
|
32,954
|
|
|
34,880
|
|
||
Total deferred tax liabilities
|
147,359
|
|
|
123,782
|
|
||
Net deferred tax assets
|
$
|
35,456
|
|
|
$
|
15,006
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Current income tax expense:
|
|
|
|
|
|
||||||
Federal
|
$
|
103,748
|
|
|
$
|
141,607
|
|
|
$
|
107,379
|
|
State
|
15,253
|
|
|
14,592
|
|
|
11,028
|
|
|||
Total current income tax expense
|
119,001
|
|
|
156,199
|
|
|
118,407
|
|
|||
|
|
|
|
|
|
||||||
Deferred income tax expense:
|
|
|
|
|
|
||||||
Federal
|
(190
|
)
|
|
25,525
|
|
|
(11,340
|
)
|
|||
State
|
250
|
|
|
869
|
|
|
(690
|
)
|
|||
Total deferred income tax expense
|
60
|
|
|
26,394
|
|
|
(12,030
|
)
|
|||
Total income tax expense
|
$
|
119,061
|
|
|
$
|
182,593
|
|
|
$
|
106,377
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Amount:
|
|
|
|
|
|
||||||
Federal statutory tax
|
$
|
118,752
|
|
|
$
|
181,397
|
|
|
$
|
118,530
|
|
Tax exempt revenue
|
(8,311
|
)
|
|
(12,402
|
)
|
|
(10,544
|
)
|
|||
Effect of state income taxes, net of federal benefit
|
12,430
|
|
|
10,701
|
|
|
6,478
|
|
|||
Utilization of tax credits, net of proportional amortization of low-income housing limited partnership investments
|
(4,559
|
)
|
|
(6,811
|
)
|
|
(6,256
|
)
|
|||
Share-based compensation
|
(2,105
|
)
|
|
(2,817
|
)
|
|
—
|
|
|||
Implementation of Tax Reform Act
|
(1,728
|
)
|
|
11,672
|
|
|
—
|
|
|||
Deposit insurance
|
3,099
|
|
|
—
|
|
|
—
|
|
|||
Other, net
|
1,483
|
|
|
853
|
|
|
(1,831
|
)
|
|||
Total income tax expense
|
$
|
119,061
|
|
|
$
|
182,593
|
|
|
$
|
106,377
|
|
|
Year Ended December 31,
|
|||||||
|
2018
|
|
2017
|
|
2016
|
|||
Percent of pretax income:
|
|
|
|
|
|
|||
Federal statutory tax
|
21.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
Tax exempt revenue
|
(1.5
|
)
|
|
(2.4
|
)
|
|
(3.1
|
)
|
Effect of state income taxes, net of federal benefit
|
2.2
|
|
|
2.0
|
|
|
1.9
|
|
Utilization of tax credits, net of proportional amortization of low-income housing limited partnership investments
|
(0.8
|
)
|
|
(1.3
|
)
|
|
(1.8
|
)
|
Share-based compensation
|
(0.4
|
)
|
|
(0.5
|
)
|
|
—
|
|
Implementation of Tax Reform Act
|
(0.3
|
)
|
|
2.3
|
|
|
—
|
|
Deposit insurance
|
0.5
|
|
|
—
|
|
|
—
|
|
Other, net
|
0.4
|
|
|
0.1
|
|
|
(0.6
|
)
|
Total
|
21.1
|
%
|
|
35.2
|
%
|
|
31.4
|
%
|
|
2018
|
|
2017
|
|
2016
|
||||||
Balance as of January 1
|
$
|
18,110
|
|
|
$
|
15,841
|
|
|
$
|
13,232
|
|
Additions for tax for current year positions
|
2,649
|
|
|
4,645
|
|
|
5,640
|
|
|||
Settlements during the period
|
—
|
|
|
—
|
|
|
—
|
|
|||
Lapses of applicable statute of limitations
|
(1,890
|
)
|
|
(2,376
|
)
|
|
(3,031
|
)
|
|||
Balance as of December 31
|
$
|
18,869
|
|
|
$
|
18,110
|
|
|
$
|
15,841
|
|
|
|
December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Change in projected benefit obligation:
|
|
|
|
|
||||
Projected benefit obligation at beginning of year
|
|
$
|
30,897
|
|
|
$
|
34,964
|
|
Interest cost
|
|
973
|
|
|
1,153
|
|
||
Actuarial loss (gain)
|
|
(1,417
|
)
|
|
223
|
|
||
Benefits paid
|
|
(6,033
|
)
|
|
(5,443
|
)
|
||
Projected benefit obligation at end of year1,2
|
|
$
|
24,547
|
|
|
$
|
30,897
|
|
Change in plan assets:
|
|
|
|
|
|
|||
Plan assets at fair value at beginning of year
|
|
$
|
40,419
|
|
|
$
|
41,769
|
|
Actual return on plan assets
|
|
(804
|
)
|
|
4,093
|
|
||
Benefits paid
|
|
(6,033
|
)
|
|
(5,443
|
)
|
||
Plan assets at fair value at end of year
|
|
$
|
33,582
|
|
|
$
|
40,419
|
|
|
|
|
|
|
||||
Funded status of the plan
|
|
$
|
9,035
|
|
|
$
|
9,522
|
|
Components of net periodic benefit:
|
|
|
|
|
|
|||
Interest cost
|
|
$
|
973
|
|
|
$
|
1,153
|
|
Expected return on plan assets
|
|
(2,065
|
)
|
|
(2,041
|
)
|
||
Other
|
|
509
|
|
|
184
|
|
||
Net periodic benefit cost (credit)
|
|
$
|
(583
|
)
|
|
$
|
(704
|
)
|
1
|
Projected benefit obligation equals accumulated benefit obligation.
|
2
|
Projected benefit obligation is based on January 1 measurement date.
|
Weighted-average assumptions as of December 31:
|
|
2018
|
|
2017
|
||
Discount rate
|
|
4.10
|
%
|
|
3.30
|
%
|
Expected return on plan assets
|
|
5.50
|
%
|
|
5.50
|
%
|
2019
|
$
|
3,562
|
|
2020
|
2,257
|
|
|
2021
|
2,194
|
|
|
2022
|
2,299
|
|
|
2023
|
2,495
|
|
|
Thereafter
|
19,175
|
|
|
Total estimated future benefit payments
|
$
|
31,982
|
|
|
|
Number
|
|
Weighted-
Average
Exercise
Price
|
|
Aggregate
Intrinsic
Value
|
|||||
Options outstanding at:
|
|
|
|
|
|
|
|||||
December 31, 2016
|
|
218,524
|
|
|
51.95
|
|
|
6,793
|
|
||
December 31, 2017
|
|
117,551
|
|
|
53.26
|
|
|
4,592
|
|
||
December 31, 2018
|
|
63,058
|
|
|
$
|
54.89
|
|
|
$
|
1,163
|
|
Options vested at:
|
|
|
|
|
|
|
|||||
December 31, 2016
|
|
93,117
|
|
|
$
|
46.22
|
|
|
$
|
3,429
|
|
December 31, 2017
|
|
51,286
|
|
|
48.62
|
|
2,241
|
|
|||
December 31, 2018
|
|
33,573
|
|
|
53.09
|
|
679
|
|
|
|
Shares
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Non-vested at January 1, 2016
|
|
791,109
|
|
|
|
Granted
|
|
256,670
|
|
|
$55.35
|
Vested
|
|
(213,941
|
)
|
|
$55.87
|
Forfeited
|
|
(47,132
|
)
|
|
$57.86
|
Non-vested at December 31, 2016
|
|
786,706
|
|
|
|
Granted
|
|
177,807
|
|
|
$86.95
|
Vested
|
|
(194,419
|
)
|
|
$63.07
|
Forfeited
|
|
(102,991
|
)
|
|
$78.70
|
Non-vested at December 31, 2017
|
|
667,103
|
|
|
|
Granted
|
|
150,419
|
|
|
$85.58
|
Vested
|
|
(242,215
|
)
|
|
$74.85
|
Forfeited
|
|
(47,700
|
)
|
|
$75.68
|
Non-vested at December 31, 2018
|
|
527,607
|
|
|
|
1
|
Adjustments generally consist of changes in status as a related party.
|
|
|
December 31, 2018
|
||||||||||||||||||
|
|
Loans
|
|
Other
Assets
|
|
Other
Liabilities
|
|
Other
Borrowings
|
|
Non-controlling
Interests
|
||||||||||
Consolidated:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Private equity funds
|
|
$
|
—
|
|
|
$
|
9,516
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,644
|
|
Tax credit entities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
|
—
|
|
|
17,602
|
|
|
1,448
|
|
|
5,207
|
|
|
2,292
|
|
|||||
Total consolidated
|
|
$
|
—
|
|
|
$
|
27,118
|
|
|
$
|
1,448
|
|
|
$
|
5,207
|
|
|
$
|
10,936
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unconsolidated:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tax credit entities
|
|
$
|
58,981
|
|
|
$
|
165,567
|
|
|
$
|
53,198
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other
|
|
—
|
|
|
62,406
|
|
|
20,687
|
|
|
—
|
|
|
—
|
|
|||||
Total unconsolidated
|
|
$
|
58,981
|
|
|
$
|
227,973
|
|
|
$
|
73,885
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
December 31, 2017
|
||||||||||||||||||
|
|
Loans
|
|
Other
Assets |
|
Other
Liabilities |
|
Other
Borrowings |
|
Non-controlling
Interests |
||||||||||
Consolidated:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Private equity funds
|
|
$
|
—
|
|
|
$
|
14,783
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11,927
|
|
Tax credit entities
|
|
10,000
|
|
|
10,964
|
|
|
—
|
|
|
10,964
|
|
|
10,000
|
|
|||||
Other
|
|
—
|
|
|
1,040
|
|
|
—
|
|
|
—
|
|
|
1,040
|
|
|||||
Total consolidated
|
|
$
|
10,000
|
|
|
$
|
26,787
|
|
|
$
|
—
|
|
|
$
|
10,964
|
|
|
$
|
22,967
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unconsolidated:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tax credit entities
|
|
$
|
52,852
|
|
|
$
|
153,506
|
|
|
$
|
47,859
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other
|
|
—
|
|
|
38,397
|
|
|
22,968
|
|
|
—
|
|
|
—
|
|
|||||
Total unconsolidated
|
|
$
|
52,852
|
|
|
$
|
191,903
|
|
|
$
|
70,827
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Minimum Capital Requirement
|
|
Capital Conservation Buffer1
|
|
Minimum Capital Requirement Including Capital Conservation Buffer
|
|
Well Capitalized Bank Requirement
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||
Common Equity Tier 1 Capital (to Risk Weighted Assets):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consolidated
|
|
4.50%
|
|
2.50%
|
|
7.00%
|
|
N/A
|
|
$
|
3,356,524
|
|
|
10.92
|
%
|
|
$
|
3,074,981
|
|
|
12.05
|
%
|
BOKF, NA
|
|
4.50%
|
|
N/A
|
|
4.50%
|
|
6.50%
|
|
2,894,119
|
|
|
10.50
|
%
|
|
2,870,694
|
|
|
11.34
|
%
|
||
CoBiz Bank2
|
|
4.50%
|
|
N/A
|
|
4.50%
|
|
6.50%
|
|
317,944
|
|
|
10.65
|
%
|
|
399,768
|
|
|
12.19
|
%
|
||
Tier I Capital (to Risk Weighted Assets):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consolidated
|
|
6.00%
|
|
2.50%
|
|
8.50%
|
|
N/A
|
|
$
|
3,356,524
|
|
|
10.92
|
%
|
|
$
|
3,074,981
|
|
|
12.05
|
%
|
BOKF, NA
|
|
6.00%
|
|
N/A
|
|
6.00%
|
|
8.00%
|
|
2,894,119
|
|
|
10.50
|
%
|
|
2,870,694
|
|
|
11.34
|
%
|
||
CoBiz Bank2
|
|
6.00%
|
|
N/A
|
|
6.00%
|
|
8.00%
|
|
317,944
|
|
|
10.65
|
%
|
|
399,768
|
|
|
12.19
|
%
|
||
Total Capital (to Risk Weighted Assets):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consolidated
|
|
8.00%
|
|
2.50%
|
|
10.50%
|
|
N/A
|
|
$
|
3,841,684
|
|
|
12.50
|
%
|
|
$
|
3,455,709
|
|
|
13.54
|
%
|
BOKF, NA
|
|
8.00%
|
|
N/A
|
|
8.00%
|
|
10.00%
|
|
3,103,366
|
|
|
11.26
|
%
|
|
3,105,117
|
|
|
12.27
|
%
|
||
CoBiz Bank2
|
|
8.00%
|
|
N/A
|
|
8.00%
|
|
10.00%
|
|
382,944
|
|
|
12.83
|
%
|
|
434,012
|
|
|
13.23
|
%
|
||
Leverage (Tier I Capital to Average Assets):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consolidated
|
|
4.00%
|
|
N/A
|
|
4.00%
|
|
N/A
|
|
$
|
3,356,524
|
|
|
8.96
|
%
|
|
$
|
3,074,981
|
|
|
9.31
|
%
|
BOKF, NA
|
|
4.00%
|
|
N/A
|
|
4.00%
|
|
5.00%
|
|
2,894,119
|
|
|
8.56
|
%
|
|
2,870,694
|
|
|
8.73
|
%
|
||
CoBiz Bank2
|
|
4.00%
|
|
N/A
|
|
4.00%
|
|
5.00%
|
|
317,944
|
|
|
8.25
|
%
|
|
399,768
|
|
|
10.47
|
%
|
1
|
Capital conservation buffer is effective January 1, 2016 and is phased in through 2019. The phased in capital conservation buffer was 1.875% at December 31, 2018 and 1.25% at December 31, 2017. The fully phased in requirement of 2.50% is included in the table above.
|
2
|
CoBiz Bank was acquired by BOK Financial effective October 1, 2018.
|
|
|
Unrealized Gain (Loss) on
|
|
|
||||||||||||
|
|
Available for Sale Securities
|
|
Investment Securities Transferred from AFS
|
|
Employee Benefit Plans
|
|
Total
|
||||||||
Balance, December 31, 2015
|
|
$
|
23,284
|
|
|
$
|
68
|
|
|
$
|
(1,765
|
)
|
|
$
|
21,587
|
|
Net change in unrealized gain (loss)
|
|
(41,333
|
)
|
|
—
|
|
|
(188
|
)
|
|
(41,521
|
)
|
||||
Reclassification adjustments included in earnings:
|
|
|
|
|
|
|
|
|
||||||||
Interest revenue, Investment securities, Taxable securities
|
|
—
|
|
|
(112
|
)
|
|
—
|
|
|
(112
|
)
|
||||
Gain on available for sale securities, net
|
|
(11,675
|
)
|
|
—
|
|
|
—
|
|
|
(11,675
|
)
|
||||
Other comprehensive income (loss), before income taxes
|
|
(53,008
|
)
|
|
(112
|
)
|
|
(188
|
)
|
|
(53,308
|
)
|
||||
Federal and state income tax1
|
|
(20,637
|
)
|
|
(44
|
)
|
|
(73
|
)
|
|
(20,754
|
)
|
||||
Other comprehensive income (loss), net of income taxes
|
|
(32,371
|
)
|
|
(68
|
)
|
|
(115
|
)
|
|
(32,554
|
)
|
||||
Balance, December 31, 2016
|
|
(9,087
|
)
|
|
—
|
|
|
(1,880
|
)
|
|
(10,967
|
)
|
||||
Net change in unrealized gain (loss)
|
|
(28,170
|
)
|
|
—
|
|
|
2,018
|
|
|
(26,152
|
)
|
||||
Reclassification adjustments included in earnings:
|
|
|
|
|
|
|
|
|
||||||||
Interest revenue, Investment securities, Taxable securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Gain on available for sale securities, net
|
|
(4,428
|
)
|
|
—
|
|
|
—
|
|
|
(4,428
|
)
|
||||
Other comprehensive income (loss), before income taxes
|
|
(32,598
|
)
|
|
—
|
|
|
2,018
|
|
|
(30,580
|
)
|
||||
Federal and state income tax1
|
|
(12,708
|
)
|
|
—
|
|
|
785
|
|
|
(11,923
|
)
|
||||
Other comprehensive income (loss), net of income taxes
|
|
(19,890
|
)
|
|
—
|
|
|
1,233
|
|
|
(18,657
|
)
|
||||
Reclassification of stranded accumulated other comprehensive loss related to tax reform
|
|
(6,408
|
)
|
|
—
|
|
|
(142
|
)
|
|
(6,550
|
)
|
||||
Balance, December 31, 2017
|
|
(35,385
|
)
|
|
—
|
|
|
(789
|
)
|
|
(36,174
|
)
|
||||
Transition adjustment for net unrealized gains on equity securities
|
|
(2,709
|
)
|
|
—
|
|
|
—
|
|
|
(2,709
|
)
|
||||
Net change in unrealized gain (loss)
|
|
(46,941
|
)
|
|
—
|
|
|
(1,069
|
)
|
|
(48,010
|
)
|
||||
Reclassification adjustments included in earnings:
|
|
|
|
|
|
|
|
|
||||||||
Interest revenue, Investment securities, Taxable securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Loss on available for sale securities, net
|
|
2,801
|
|
|
—
|
|
|
—
|
|
|
2,801
|
|
||||
Other comprehensive income (loss), before income taxes
|
|
(44,140
|
)
|
|
—
|
|
|
(1,069
|
)
|
|
(45,209
|
)
|
||||
Federal and state income tax2
|
|
(11,235
|
)
|
|
—
|
|
|
(272
|
)
|
|
(11,507
|
)
|
||||
Other comprehensive income (loss), net of income taxes
|
|
(32,905
|
)
|
|
—
|
|
|
(797
|
)
|
|
(33,702
|
)
|
||||
Balance, December 31, 2018
|
|
$
|
(70,999
|
)
|
|
$
|
—
|
|
|
$
|
(1,586
|
)
|
|
$
|
(72,585
|
)
|
1
|
Calculated using a 39 percent blended federal and state statutory tax rate.
|
2
|
Calculated using a 25 percent blended federal and state statutory tax rate.
|
|
|
Year Ended
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Numerator:
|
|
|
|
|
|
|
||||||
Net income attributable to BOK Financial Corp. shareholders
|
|
$
|
445,646
|
|
|
$
|
334,644
|
|
|
$
|
232,668
|
|
Less: Earnings allocated to participating securities
|
|
3,737
|
|
|
3,561
|
|
|
2,883
|
|
|||
Numerator for basic earnings per share – income available to common shareholders
|
|
441,909
|
|
|
331,083
|
|
|
229,785
|
|
|||
Effect of reallocating undistributed earnings of participating securities
|
|
1
|
|
|
2
|
|
|
1
|
|
|||
Numerator for diluted earnings per share – income available to common shareholders
|
|
$
|
441,910
|
|
|
$
|
331,085
|
|
|
$
|
229,786
|
|
|
|
|
|
|
|
|
||||||
Denominator:
|
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding
|
|
67,190,257
|
|
|
65,440,832
|
|
|
65,901,110
|
|
|||
Less: Participating securities included in weighted average shares outstanding
|
|
561,617
|
|
|
695,468
|
|
|
815,483
|
|
|||
Denominator for basic earnings per common share
|
|
66,628,640
|
|
|
64,745,364
|
|
|
65,085,627
|
|
|||
Dilutive effect of employee stock compensation plans1
|
|
33,633
|
|
|
60,920
|
|
|
58,271
|
|
|||
Denominator for diluted earnings per common share
|
|
66,662,273
|
|
|
64,806,284
|
|
|
65,143,898
|
|
|||
|
|
|
|
|
|
|
||||||
Basic earnings per share
|
|
$
|
6.63
|
|
|
$
|
5.11
|
|
|
$
|
3.53
|
|
Diluted earnings per share
|
|
$
|
6.63
|
|
|
$
|
5.11
|
|
|
$
|
3.53
|
|
1 Excludes employee stock options with exercise prices greater than current market price.
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Commercial
|
|
Consumer
|
|
Wealth
Management
|
|
Funds Management and Other
|
|
BOK
Financial
Consolidated
|
||||||||||
Net interest and dividend revenue from external sources
|
|
$
|
726,856
|
|
|
$
|
83,231
|
|
|
$
|
81,527
|
|
|
$
|
93,253
|
|
|
$
|
984,867
|
|
Net interest revenue (expense) from internal sources
|
|
(156,254
|
)
|
|
73,448
|
|
|
31,505
|
|
|
51,301
|
|
|
—
|
|
|||||
Net interest and dividend revenue
|
|
570,602
|
|
|
156,679
|
|
|
113,032
|
|
|
144,554
|
|
|
984,867
|
|
|||||
Provision for credit losses
|
|
30,358
|
|
|
5,143
|
|
|
(288
|
)
|
|
(27,213
|
)
|
|
8,000
|
|
|||||
Net interest and dividend revenue after provision for credit losses
|
|
540,244
|
|
|
151,536
|
|
|
113,320
|
|
|
171,767
|
|
|
976,867
|
|
|||||
Other operating revenue
|
|
162,701
|
|
|
178,123
|
|
|
296,369
|
|
|
(20,409
|
)
|
|
616,784
|
|
|||||
Other operating expense
|
|
192,811
|
|
|
210,187
|
|
|
248,959
|
|
|
376,209
|
|
|
1,028,166
|
|
|||||
Net direct contribution
|
|
510,134
|
|
|
119,472
|
|
|
160,730
|
|
|
(224,851
|
)
|
|
565,485
|
|
|||||
Gain (loss) on financial instruments, net
|
|
26
|
|
|
(25,021
|
)
|
|
7
|
|
|
24,988
|
|
|
—
|
|
|||||
Change in fair value of mortgage servicing rights
|
|
—
|
|
|
4,668
|
|
|
—
|
|
|
(4,668
|
)
|
|
—
|
|
|||||
Gain (loss) on repossessed assets, net
|
|
(6,532
|
)
|
|
247
|
|
|
—
|
|
|
6,285
|
|
|
—
|
|
|||||
Corporate expense allocations
|
|
45,818
|
|
|
63,700
|
|
|
44,190
|
|
|
(153,708
|
)
|
|
—
|
|
|||||
Net income before taxes
|
|
457,810
|
|
|
35,666
|
|
|
116,547
|
|
|
(44,538
|
)
|
|
565,485
|
|
|||||
Federal and state income taxes
|
|
121,434
|
|
|
9,085
|
|
|
30,003
|
|
|
(41,461
|
)
|
|
119,061
|
|
|||||
Net income
|
|
336,376
|
|
|
26,581
|
|
|
86,544
|
|
|
(3,077
|
)
|
|
446,424
|
|
|||||
Net income attributable to non-controlling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
778
|
|
|
778
|
|
|||||
Net income attributable to BOK Financial Corp. shareholders
|
|
$
|
336,376
|
|
|
$
|
26,581
|
|
|
$
|
86,544
|
|
|
$
|
(3,855
|
)
|
|
$
|
445,646
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average assets
|
|
$
|
18,431,411
|
|
|
$
|
8,303,262
|
|
|
$
|
8,446,006
|
|
|
$
|
(243,149
|
)
|
|
$
|
34,937,530
|
|
|
|
Commercial
|
|
Consumer
|
|
Wealth
Management
|
|
Funds Management and Other
|
|
BOK
Financial
Consolidated
|
||||||||||
Net interest and dividend revenue from external sources
|
|
$
|
618,325
|
|
|
$
|
84,286
|
|
|
$
|
45,024
|
|
|
$
|
94,066
|
|
|
$
|
841,701
|
|
Net interest revenue (expense) from internal sources
|
|
(89,106
|
)
|
|
53,916
|
|
|
38,344
|
|
|
(3,154
|
)
|
|
—
|
|
|||||
Net interest and dividend revenue
|
|
529,219
|
|
|
138,202
|
|
|
83,368
|
|
|
90,912
|
|
|
841,701
|
|
|||||
Provision for credit losses
|
|
13,877
|
|
|
4,786
|
|
|
(696
|
)
|
|
(24,967
|
)
|
|
(7,000
|
)
|
|||||
Net interest and dividend revenue after provision for credit losses
|
|
515,342
|
|
|
133,416
|
|
|
84,064
|
|
|
115,879
|
|
|
848,701
|
|
|||||
Other operating revenue
|
|
208,404
|
|
|
184,878
|
|
|
301,434
|
|
|
378
|
|
|
695,094
|
|
|||||
Other operating expense
|
|
228,119
|
|
|
221,679
|
|
|
246,626
|
|
|
329,093
|
|
|
1,025,517
|
|
|||||
Net direct contribution
|
|
495,627
|
|
|
96,615
|
|
|
138,872
|
|
|
(212,836
|
)
|
|
518,278
|
|
|||||
Gain (loss) on financial instruments, net
|
|
52
|
|
|
(2,054
|
)
|
|
—
|
|
|
2,002
|
|
|
—
|
|
|||||
Change in fair value of mortgage servicing rights
|
|
—
|
|
|
172
|
|
|
—
|
|
|
(172
|
)
|
|
—
|
|
|||||
Gain (loss) on repossessed assets, net
|
|
(2,681
|
)
|
|
223
|
|
|
387
|
|
|
2,071
|
|
|
—
|
|
|||||
Corporate expense allocations
|
|
34,253
|
|
|
67,320
|
|
|
40,562
|
|
|
(142,135
|
)
|
|
—
|
|
|||||
Net income before taxes
|
|
458,745
|
|
|
27,636
|
|
|
98,697
|
|
|
(66,800
|
)
|
|
518,278
|
|
|||||
Federal and state income taxes
|
|
188,241
|
|
|
10,750
|
|
|
38,848
|
|
|
(55,246
|
)
|
|
182,593
|
|
|||||
Net income
|
|
270,504
|
|
|
16,886
|
|
|
59,849
|
|
|
(11,554
|
)
|
|
335,685
|
|
|||||
Net income attributable to non-controlling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,041
|
|
|
1,041
|
|
|||||
Net income attributable to BOK Financial Corp. shareholders
|
|
$
|
270,504
|
|
|
$
|
16,886
|
|
|
$
|
59,849
|
|
|
$
|
(12,595
|
)
|
|
$
|
334,644
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average assets
|
|
$
|
17,730,654
|
|
|
$
|
8,544,117
|
|
|
$
|
7,072,622
|
|
|
$
|
(399,899
|
)
|
|
$
|
32,947,494
|
|
|
|
Commercial
|
|
Consumer
|
|
Wealth
Management
|
|
Funds Management and Other
|
|
BOK
Financial
Consolidated
|
||||||||||
Net interest and dividend revenue from external sources
|
|
$
|
501,042
|
|
|
$
|
77,283
|
|
|
$
|
33,006
|
|
|
$
|
135,897
|
|
|
$
|
747,228
|
|
Net interest revenue (expense) from internal sources
|
|
(62,655
|
)
|
|
43,156
|
|
|
29,043
|
|
|
(9,544
|
)
|
|
—
|
|
|||||
Net interest and dividend revenue
|
|
438,387
|
|
|
120,439
|
|
|
62,049
|
|
|
126,353
|
|
|
747,228
|
|
|||||
Provision for credit losses
|
|
32,961
|
|
|
4,925
|
|
|
(801
|
)
|
|
27,915
|
|
|
65,000
|
|
|||||
Net interest and dividend revenue after provision for credit losses
|
|
405,426
|
|
|
115,514
|
|
|
62,850
|
|
|
98,438
|
|
|
682,228
|
|
|||||
Other operating revenue
|
|
198,902
|
|
|
216,285
|
|
|
283,222
|
|
|
(24,389
|
)
|
|
674,020
|
|
|||||
Other operating expense
|
|
217,993
|
|
|
247,478
|
|
|
250,995
|
|
|
301,124
|
|
|
1,017,590
|
|
|||||
Net direct contribution
|
|
386,335
|
|
|
84,321
|
|
|
95,077
|
|
|
(227,075
|
)
|
|
338,658
|
|
|||||
Gain (loss) on financial instruments, net
|
|
10
|
|
|
(26,252
|
)
|
|
(42
|
)
|
|
26,284
|
|
|
—
|
|
|||||
Change in fair value of mortgage servicing rights
|
|
—
|
|
|
(2,193
|
)
|
|
—
|
|
|
2,193
|
|
|
—
|
|
|||||
Gain on repossessed assets, net
|
|
669
|
|
|
979
|
|
|
—
|
|
|
(1,648
|
)
|
|
—
|
|
|||||
Corporate expense allocations
|
|
36,134
|
|
|
65,567
|
|
|
42,378
|
|
|
(144,079
|
)
|
|
—
|
|
|||||
Net income before taxes
|
|
350,880
|
|
|
(8,712
|
)
|
|
52,657
|
|
|
(56,167
|
)
|
|
338,658
|
|
|||||
Federal and state income taxes
|
|
146,740
|
|
|
(3,389
|
)
|
|
20,976
|
|
|
(57,950
|
)
|
|
106,377
|
|
|||||
Net income
|
|
204,140
|
|
|
(5,323
|
)
|
|
31,681
|
|
|
1,783
|
|
|
232,281
|
|
|||||
Net loss attributable to non-controlling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(387
|
)
|
|
(387
|
)
|
|||||
Net income attributable to BOK Financial Corp. shareholders
|
|
$
|
204,140
|
|
|
$
|
(5,323
|
)
|
|
$
|
31,681
|
|
|
$
|
2,170
|
|
|
$
|
232,668
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average assets
|
|
$
|
17,175,325
|
|
|
$
|
8,254,666
|
|
|
$
|
7,373,080
|
|
|
$
|
(524,669
|
)
|
|
$
|
32,278,402
|
|
|
Commercial
|
|
Consumer
|
|
Wealth Management
|
|
Funds Management and Other
|
|
Consolidated
|
|
Out of Scope1
|
|
In Scope2
|
||||||||||||||
Trading revenue
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28,077
|
|
|
$
|
—
|
|
|
$
|
28,077
|
|
|
$
|
28,077
|
|
|
$
|
—
|
|
Customer hedging revenue
|
7,748
|
|
|
—
|
|
|
27,512
|
|
|
3,574
|
|
|
38,834
|
|
|
38,834
|
|
|
—
|
|
|||||||
Retail brokerage revenue
|
—
|
|
|
—
|
|
|
19,030
|
|
|
3,120
|
|
|
22,150
|
|
|
—
|
|
|
22,150
|
|
|||||||
Investment banking revenue
|
7,628
|
|
|
—
|
|
|
11,634
|
|
|
—
|
|
|
19,262
|
|
|
6,380
|
|
|
12,882
|
|
|||||||
Brokerage and trading revenue
|
15,376
|
|
|
—
|
|
|
86,253
|
|
|
6,694
|
|
|
108,323
|
|
|
73,291
|
|
|
35,032
|
|
|||||||
TransFund EFT network revenue
|
72,280
|
|
|
4,017
|
|
|
(82
|
)
|
|
6
|
|
|
76,221
|
|
|
—
|
|
|
76,221
|
|
|||||||
Merchant services revenue
|
7,666
|
|
|
59
|
|
|
—
|
|
|
79
|
|
|
7,804
|
|
|
—
|
|
|
7,804
|
|
|||||||
Transaction card revenue
|
79,946
|
|
|
4,076
|
|
|
(82
|
)
|
|
85
|
|
|
84,025
|
|
|
—
|
|
|
84,025
|
|
|||||||
Personal trust revenue
|
—
|
|
|
—
|
|
|
96,839
|
|
|
—
|
|
|
96,839
|
|
|
—
|
|
|
96,839
|
|
|||||||
Corporate trust revenue
|
—
|
|
|
—
|
|
|
22,292
|
|
|
—
|
|
|
22,292
|
|
|
—
|
|
|
22,292
|
|
|||||||
Institutional trust & retirement plan services revenue
|
—
|
|
|
—
|
|
|
44,400
|
|
|
—
|
|
|
44,400
|
|
|
—
|
|
|
44,400
|
|
|||||||
Investment management services and other
|
—
|
|
|
—
|
|
|
19,729
|
|
|
1,443
|
|
|
21,172
|
|
|
—
|
|
|
21,172
|
|
|||||||
Fiduciary and asset management revenue
|
—
|
|
|
—
|
|
|
183,260
|
|
|
1,443
|
|
|
184,703
|
|
|
—
|
|
|
184,703
|
|
|||||||
Commercial account service charge revenue
|
41,931
|
|
|
1,445
|
|
|
2,331
|
|
|
1,565
|
|
|
47,272
|
|
|
—
|
|
|
47,272
|
|
|||||||
Overdraft fee revenue
|
370
|
|
|
36,177
|
|
|
134
|
|
|
(145
|
)
|
|
36,536
|
|
|
—
|
|
|
36,536
|
|
|||||||
Check card revenue
|
—
|
|
|
20,967
|
|
|
—
|
|
|
339
|
|
|
21,306
|
|
|
—
|
|
|
21,306
|
|
|||||||
Automated service charge and other deposit fee revenue
|
282
|
|
|
6,621
|
|
|
62
|
|
|
74
|
|
|
7,039
|
|
|
—
|
|
|
7,039
|
|
|||||||
Deposit service charges and fees
|
42,583
|
|
|
65,210
|
|
|
2,527
|
|
|
1,833
|
|
|
112,153
|
|
|
—
|
|
|
112,153
|
|
|||||||
Mortgage production revenue
|
—
|
|
|
31,690
|
|
|
—
|
|
|
—
|
|
|
31,690
|
|
|
31,690
|
|
|
—
|
|
|||||||
Mortgage servicing revenue
|
—
|
|
|
67,980
|
|
|
—
|
|
|
(1,883
|
)
|
|
66,097
|
|
|
66,097
|
|
|
—
|
|
|||||||
Mortgage banking revenue
|
—
|
|
|
99,670
|
|
|
—
|
|
|
(1,883
|
)
|
|
97,787
|
|
|
97,787
|
|
|
—
|
|
|||||||
Other revenue
|
24,044
|
|
|
9,218
|
|
|
24,507
|
|
|
(1,118
|
)
|
|
56,651
|
|
|
38,306
|
|
|
18,345
|
|
|||||||
Total fees and commissions revenue
|
$
|
161,949
|
|
|
$
|
178,174
|
|
|
$
|
296,465
|
|
|
$
|
7,054
|
|
|
$
|
643,642
|
|
|
$
|
209,384
|
|
|
$
|
434,258
|
|
1
|
Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
|
2
|
In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.
|
•
|
Quoted prices for similar, but not identical, assets or liabilities in active markets;
|
•
|
Quoted prices for identical or similar assets or liabilities in inactive markets;
|
•
|
Inputs other than quoted prices that are observable, such as interest rate and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates;
|
•
|
Other inputs derived from or corroborated by observable market inputs.
|
|
|
Total
|
|
Quoted Prices in Active Markets for Identical Instruments
|
|
Significant Other Observable Inputs
|
|
Significant Unobservable Inputs
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Trading securities:
|
|
|
|
|
|
|
|
|
||||||||
U.S. government agency debentures
|
|
$
|
63,765
|
|
|
$
|
—
|
|
|
$
|
63,765
|
|
|
$
|
—
|
|
U.S. government agency residential mortgage-backed securities
|
|
1,791,584
|
|
|
—
|
|
|
1,791,584
|
|
|
—
|
|
||||
Municipal and other tax-exempt securities
|
|
34,507
|
|
|
—
|
|
|
34,507
|
|
|
—
|
|
||||
Asset-backed securities
|
|
42,656
|
|
|
—
|
|
|
42,656
|
|
|
—
|
|
||||
Other trading securities
|
|
24,411
|
|
|
—
|
|
|
24,411
|
|
|
—
|
|
||||
Total trading securities
|
|
1,956,923
|
|
|
—
|
|
|
1,956,923
|
|
|
—
|
|
||||
Available for sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury securities
|
|
493
|
|
|
493
|
|
|
—
|
|
|
—
|
|
||||
Municipal and other tax-exempt securities
|
|
2,864
|
|
|
—
|
|
|
2,864
|
|
|
—
|
|
||||
U.S. government agency residential mortgage-backed securities
|
|
5,804,708
|
|
|
—
|
|
|
5,804,708
|
|
|
—
|
|
||||
Privately issued residential mortgage-backed securities
|
|
59,736
|
|
|
—
|
|
|
59,736
|
|
|
—
|
|
||||
Commercial mortgage-backed securities guaranteed by U.S. government agencies
|
|
2,953,889
|
|
|
—
|
|
|
2,953,889
|
|
|
—
|
|
||||
Other debt securities
|
|
35,430
|
|
|
—
|
|
|
34,958
|
|
|
472
|
|
||||
Total available for sale securities
|
|
8,857,120
|
|
|
493
|
|
|
8,856,155
|
|
|
472
|
|
||||
Fair value option securities – U.S. government agency residential mortgage-backed securities
|
|
283,235
|
|
|
—
|
|
|
283,235
|
|
|
—
|
|
||||
Residential mortgage loans held for sale
|
|
149,221
|
|
|
—
|
|
|
134,014
|
|
|
15,207
|
|
||||
Mortgage servicing rights, net1
|
|
259,254
|
|
|
—
|
|
|
—
|
|
|
259,254
|
|
||||
Derivative contracts, net of cash margin2
|
|
320,929
|
|
|
44,074
|
|
|
276,855
|
|
|
—
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative contracts, net of cash margin2
|
|
362,306
|
|
|
—
|
|
|
362,306
|
|
|
—
|
|
1
|
A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 7, Mortgage Banking Activities.
|
2
|
See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts in a net asset position that were valued based on quoted prices in active markets or identical instruments (Level 1) are exchange-traded interest rate, energy and agricultural derivative contracts, net of cash margin. Derivative contracts in a net liability position that were valued using quoted prices in active markets for identical instruments (Level 1) are exchange-traded interest rate derivative contracts, fully offset by cash margin.
|
|
|
Total
|
|
Quoted Prices in Active Markets for Identical Instruments
|
|
Significant Other Observable Inputs
|
|
Significant Unobservable Inputs
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Trading securities:
|
|
|
|
|
|
|
|
|
||||||||
U.S. government agency debentures
|
|
$
|
21,196
|
|
|
$
|
—
|
|
|
$
|
21,196
|
|
|
$
|
—
|
|
U.S. government agency residential mortgage-backed securities
|
|
392,673
|
|
|
—
|
|
|
392,673
|
|
|
—
|
|
||||
Municipal and other tax-exempt securities
|
|
13,559
|
|
|
—
|
|
|
13,559
|
|
|
—
|
|
||||
Asset-backed securities
|
|
23,885
|
|
|
—
|
|
|
23,885
|
|
|
—
|
|
||||
Other trading securities
|
|
11,363
|
|
|
—
|
|
|
11,363
|
|
|
—
|
|
||||
Total trading securities
|
|
462,676
|
|
|
—
|
|
|
462,676
|
|
|
—
|
|
||||
Available for sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury securities
|
|
1,000
|
|
|
1,000
|
|
|
—
|
|
|
—
|
|
||||
Municipal and other tax-exempt securities
|
|
27,080
|
|
|
—
|
|
|
22,278
|
|
|
4,802
|
|
||||
U.S. government agency residential mortgage-backed securities
|
|
5,309,152
|
|
|
—
|
|
|
5,309,152
|
|
|
—
|
|
||||
Privately issued residential mortgage-backed securities
|
|
93,221
|
|
|
—
|
|
|
93,221
|
|
|
—
|
|
||||
Commercial mortgage-backed securities guaranteed by U.S. government agencies
|
|
2,834,961
|
|
|
—
|
|
|
2,834,961
|
|
|
—
|
|
||||
Other debt securities
|
|
25,481
|
|
|
—
|
|
|
25,009
|
|
|
472
|
|
||||
Perpetual preferred stock
|
|
15,767
|
|
|
—
|
|
|
15,767
|
|
|
—
|
|
||||
Equity securities and mutual funds
|
|
14,916
|
|
|
—
|
|
|
14,916
|
|
|
—
|
|
||||
Total available for sale securities
|
|
8,321,578
|
|
|
1,000
|
|
|
8,315,304
|
|
|
5,274
|
|
||||
Fair value option securities – U.S. government agency residential mortgage-backed securities
|
|
755,054
|
|
|
—
|
|
|
755,054
|
|
|
—
|
|
||||
Residential mortgage loans held for sale
|
|
221,378
|
|
|
—
|
|
|
209,079
|
|
|
12,299
|
|
||||
Mortgage servicing rights, net1
|
|
252,867
|
|
|
—
|
|
|
—
|
|
|
252,867
|
|
||||
Derivative contracts, net of cash margin2
|
|
220,502
|
|
|
8,179
|
|
|
212,323
|
|
|
—
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||
Derivative contracts, net of cash margin 2
|
|
171,963
|
|
|
—
|
|
|
171,963
|
|
|
—
|
|
1
|
A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 7, Mortgage Banking Activities.
|
2
|
See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts in a net asset position that were valued based on quoted prices in active markets for identical instruments (Level 1) are exchange-traded interest rate, energy and agricultural derivative contracts, net of cash margin. Derivative contracts in a net liability position that were valued using quoted prices in active markets for identical instruments based on quoted prices in active markets for identical instruments (Level 1) are exchange-traded interest rate and energy derivative contracts, fully offset by cash margin.
|
|
|
Available for Sale Securities
|
|
Residential mortgage loans held for sale
|
||||||||
|
|
Municipal and other tax-exempt securities
|
|
Other debt securities
|
|
|||||||
Balance, December 31, 2016
|
|
$
|
5,789
|
|
|
$
|
4,152
|
|
|
$
|
11,617
|
|
Transfer to Level 3 from Level 21
|
|
—
|
|
|
—
|
|
|
3,507
|
|
|||
Purchases and capital calls
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Redemptions and distributions
|
|
(1,100
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from sales
|
|
—
|
|
|
(3,900
|
)
|
|
(2,944
|
)
|
|||
Gain (loss) recognized in earnings:
|
|
|
|
|
|
|
||||||
Mortgage banking revenue
|
|
—
|
|
|
—
|
|
|
119
|
|
|||
Other comprehensive income (loss):
|
|
|
|
|
|
|
||||||
Net change in unrealized gain (loss)
|
|
113
|
|
|
220
|
|
|
—
|
|
|||
Balance, December 31, 2017
|
|
4,802
|
|
|
472
|
|
|
12,299
|
|
|||
Transfer to Level 3 from Level 21
|
|
—
|
|
|
—
|
|
|
6,183
|
|
|||
Purchases and capital calls
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Redemptions and distributions
|
|
(5,095
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from sales
|
|
—
|
|
|
—
|
|
|
(2,706
|
)
|
|||
Gain (loss) recognized in earnings:
|
|
|
|
|
|
|
||||||
Mortgage banking revenue
|
|
—
|
|
|
—
|
|
|
(569
|
)
|
|||
Other comprehensive income (loss):
|
|
|
|
|
|
|
||||||
Net change in unrealized gain (loss)
|
|
293
|
|
|
—
|
|
|
—
|
|
|||
Balance, December 31, 2018
|
|
$
|
—
|
|
|
$
|
472
|
|
|
$
|
15,207
|
|
1
|
Recurring transfers to Level 3 from Level 2 consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards.
|
1
|
Discounted cash flows developed using discount rates primarily based on reference to interest rate spreads for comparable securities of similar duration and credit rating as determined by the nationally-recognized rating agencies, adjusted for lack of trading volume.
|
2
|
Represents fair value as a percentage of par value.
|
3
|
Interest rate yields used to value investment grade taxable securities based on comparable short-term taxable securities which are generally yielding approximately 3%.
|
1
|
Discounted cash flows developed using discount rates primarily based on reference to interest rate spreads for comparable securities of similar duration and credit rating as determined by the nationally-recognized rating agencies, adjusted for lack of trading volume.
|
2
|
Interest rate yields used to value investment grade tax-exempt securities represent a spread of 372 to 466 basis points over average yields for comparable tax-exempt securities.
|
3
|
Represents fair value as a percentage of par value.
|
4
|
Interest rate yields used to value investment grade taxable securities based on comparable short-term taxable securities which are generally yielding less than 3%.
|
|
Carrying Value at December 31, 2018
|
|
Fair Value Adjustments for the
Year Ended December 31, 2018 Recognized In: |
||||||||||||||||
|
Quoted Prices
in Active Markets for Identical Instruments
|
|
Significant
Other
Observable
Inputs
|
|
Significant
Unobservable
Inputs
|
|
Gross charge-offs against allowance for loan losses
|
|
Net losses and expenses of repossessed assets, net
|
||||||||||
Impaired loans
|
$
|
—
|
|
|
$
|
1,074
|
|
|
$
|
17,401
|
|
|
$
|
17,434
|
|
|
$
|
—
|
|
Real estate and other repossessed assets
|
—
|
|
|
4,795
|
|
|
6,366
|
|
|
—
|
|
|
7,269
|
|
|
Carrying Value at December 31, 2017
|
|
Fair Value Adjustments for the
Year Ended December 31, 2017 Recognized In: |
||||||||||||||||
|
Quoted Prices
in Active Markets for Identical Instruments
|
|
Significant
Other
Observable
Inputs
|
|
Significant
Unobservable
Inputs
|
|
Gross charge-offs against allowance for loan losses
|
|
Net losses and expenses of repossessed assets, net
|
||||||||||
Impaired loans
|
$
|
—
|
|
|
$
|
7,436
|
|
|
$
|
7,626
|
|
|
$
|
12,145
|
|
|
$
|
—
|
|
Real estate and other repossessed assets
|
—
|
|
|
3,483
|
|
|
5,481
|
|
|
—
|
|
|
6,372
|
|
1
|
Represents fair value as a percentage of the unpaid principal balance.
|
1
|
Represents fair value as a percentage of the unpaid principal balance.
|
|
|
December 31, 2018
|
||||||||||||||||||
|
|
Carrying
Value
|
|
Estimated Fair Value
|
|
Quoted Prices in Active Markets for Identical Instruments (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
||||||||||
Cash and due from banks
|
|
$
|
741,749
|
|
|
$
|
741,749
|
|
|
$
|
741,749
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest-bearing cash and cash equivalents
|
|
401,675
|
|
|
401,675
|
|
|
401,675
|
|
|
—
|
|
|
—
|
|
|||||
Trading securities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. government agency debentures
|
|
63,765
|
|
|
63,765
|
|
|
—
|
|
|
63,765
|
|
|
—
|
|
|||||
U.S. government agency residential mortgage-backed securities
|
|
1,791,584
|
|
|
1,791,584
|
|
|
—
|
|
|
1,791,584
|
|
|
—
|
|
|||||
Municipal and other tax-exempt securities
|
|
34,507
|
|
|
34,507
|
|
|
—
|
|
|
34,507
|
|
|
—
|
|
|||||
Asset-backed securities
|
|
42,656
|
|
|
42,656
|
|
|
—
|
|
|
42,656
|
|
|
—
|
|
|||||
Other trading securities
|
|
24,411
|
|
|
24,411
|
|
|
—
|
|
|
24,411
|
|
|
—
|
|
|||||
Total trading securities
|
|
1,956,923
|
|
|
1,956,923
|
|
|
—
|
|
|
1,956,923
|
|
|
—
|
|
|||||
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Municipal and other tax-exempt securities
|
|
137,296
|
|
|
138,562
|
|
|
—
|
|
|
138,562
|
|
|
—
|
|
|||||
U.S. government agency residential mortgage-backed securities
|
|
12,612
|
|
|
12,770
|
|
|
—
|
|
|
12,770
|
|
|
—
|
|
|||||
Other debt securities
|
|
205,279
|
|
|
215,966
|
|
|
—
|
|
|
7,905
|
|
|
208,061
|
|
|||||
Total investment securities
|
|
355,187
|
|
|
367,298
|
|
|
—
|
|
|
159,237
|
|
|
208,061
|
|
|||||
Available for sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
|
493
|
|
|
493
|
|
|
493
|
|
|
—
|
|
|
—
|
|
|||||
Municipal and other tax-exempt securities
|
|
2,864
|
|
|
2,864
|
|
|
—
|
|
|
2,864
|
|
|
—
|
|
|||||
U.S. government agency residential mortgage-backed securities
|
|
5,804,708
|
|
|
5,804,708
|
|
|
—
|
|
|
5,804,708
|
|
|
—
|
|
|||||
Privately issued residential mortgage-backed securities
|
|
59,736
|
|
|
59,736
|
|
|
—
|
|
|
59,736
|
|
|
—
|
|
|||||
Commercial mortgage-backed securities guaranteed by U.S. government agencies
|
|
2,953,889
|
|
|
2,953,889
|
|
|
—
|
|
|
2,953,889
|
|
|
—
|
|
|||||
Other debt securities
|
|
35,430
|
|
|
35,430
|
|
|
—
|
|
|
34,958
|
|
|
472
|
|
|||||
Total available for sale securities
|
|
8,857,120
|
|
|
8,857,120
|
|
|
493
|
|
|
8,856,155
|
|
|
472
|
|
|||||
Fair value option securities – U.S. government agency residential mortgage-backed securities
|
|
283,235
|
|
|
283,235
|
|
|
—
|
|
|
283,235
|
|
|
—
|
|
|||||
Residential mortgage loans held for sale
|
|
149,221
|
|
|
149,221
|
|
|
—
|
|
|
134,014
|
|
|
15,207
|
|
|||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial
|
|
13,636,078
|
|
|
13,526,162
|
|
|
—
|
|
|
—
|
|
|
13,526,162
|
|
|||||
Commercial real estate
|
|
4,764,813
|
|
|
4,713,747
|
|
|
—
|
|
|
—
|
|
|
4,713,747
|
|
|||||
Residential mortgage
|
|
2,230,033
|
|
|
2,213,951
|
|
|
—
|
|
|
—
|
|
|
2,213,951
|
|
|||||
Personal
|
|
1,025,806
|
|
|
1,024,368
|
|
|
—
|
|
|
—
|
|
|
1,024,368
|
|
|||||
Total loans
|
|
21,656,730
|
|
|
21,478,228
|
|
|
—
|
|
|
—
|
|
|
21,478,228
|
|
|||||
Allowance for loan losses
|
|
(207,457
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Loans, net of allowance
|
|
21,449,273
|
|
|
21,478,228
|
|
|
—
|
|
|
—
|
|
|
21,478,228
|
|
|||||
Mortgage servicing rights
|
|
259,254
|
|
|
259,254
|
|
|
—
|
|
|
—
|
|
|
259,254
|
|
|||||
Derivative instruments with positive fair value, net of cash margin
|
|
320,929
|
|
|
320,929
|
|
|
44,074
|
|
|
276,855
|
|
|
—
|
|
|||||
Deposits with no stated maturity
|
|
23,150,383
|
|
|
23,150,383
|
|
|
—
|
|
|
—
|
|
|
23,150,383
|
|
|||||
Time deposits
|
|
2,113,380
|
|
|
2,073,538
|
|
|
—
|
|
|
—
|
|
|
2,073,538
|
|
|||||
Other borrowed funds
|
|
7,142,801
|
|
|
6,771,953
|
|
|
—
|
|
|
—
|
|
|
6,771,953
|
|
|||||
Subordinated debentures
|
|
275,913
|
|
|
261,977
|
|
|
—
|
|
|
261,977
|
|
|
—
|
|
|||||
Derivative instruments with negative fair value, net of cash margin
|
|
362,306
|
|
|
362,306
|
|
|
—
|
|
|
362,306
|
|
|
—
|
|
|
|
December 31, 2017
|
||||||||||||||||||
|
|
Carrying
Value
|
|
Estimated Fair Value
|
|
Quoted Prices in Active Markets for Identical Instruments (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
||||||||||
Cash and due from banks
|
|
$
|
602,510
|
|
|
$
|
602,510
|
|
|
$
|
602,510
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest-bearing cash and cash equivalents
|
|
1,714,544
|
|
|
1,714,544
|
|
|
1,714,544
|
|
|
—
|
|
|
—
|
|
|||||
Trading securities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. government agency debentures
|
|
21,196
|
|
|
21,196
|
|
|
—
|
|
|
21,196
|
|
|
—
|
|
|||||
U.S. government agency residential mortgage-backed securities
|
|
392,673
|
|
|
392,673
|
|
|
—
|
|
|
392,673
|
|
|
—
|
|
|||||
Municipal and other tax-exempt securities
|
|
13,559
|
|
|
13,559
|
|
|
—
|
|
|
13,559
|
|
|
—
|
|
|||||
Asset-backed securities
|
|
23,885
|
|
|
23,885
|
|
|
—
|
|
|
23,885
|
|
|
—
|
|
|||||
Other trading securities
|
|
11,363
|
|
|
11,363
|
|
|
—
|
|
|
11,363
|
|
|
—
|
|
|||||
Total trading securities
|
|
462,676
|
|
|
438,791
|
|
|
—
|
|
|
438,791
|
|
|
—
|
|
|||||
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Municipal and other tax-exempt securities
|
|
228,186
|
|
|
230,349
|
|
|
—
|
|
|
230,349
|
|
|
—
|
|
|||||
U.S. government agency residential mortgage-backed securities
|
|
15,891
|
|
|
16,242
|
|
|
—
|
|
|
16,242
|
|
|
—
|
|
|||||
Other debt securities
|
|
217,716
|
|
|
233,444
|
|
|
—
|
|
|
233,444
|
|
|
—
|
|
|||||
Total investment securities
|
|
461,793
|
|
|
480,035
|
|
|
—
|
|
|
480,035
|
|
|
—
|
|
|||||
Available for sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
|
1,000
|
|
|
1,000
|
|
|
1,000
|
|
|
—
|
|
|
—
|
|
|||||
Municipal and other tax-exempt securities
|
|
27,080
|
|
|
27,080
|
|
|
—
|
|
|
22,278
|
|
|
4,802
|
|
|||||
U.S. government agency residential mortgage-backed securities
|
|
5,309,152
|
|
|
5,309,152
|
|
|
—
|
|
|
5,309,152
|
|
|
—
|
|
|||||
Privately issued residential mortgage-backed securities
|
|
93,221
|
|
|
93,221
|
|
|
—
|
|
|
93,221
|
|
|
—
|
|
|||||
Commercial mortgage-backed securities guaranteed by U.S. government agencies
|
|
2,834,961
|
|
|
2,834,961
|
|
|
—
|
|
|
2,834,961
|
|
|
—
|
|
|||||
Other debt securities
|
|
25,481
|
|
|
25,481
|
|
|
—
|
|
|
25,009
|
|
|
472
|
|
|||||
Perpetual preferred stock
|
|
15,767
|
|
|
15,767
|
|
|
—
|
|
|
15,767
|
|
|
—
|
|
|||||
Equity securities and mutual funds
|
|
14,916
|
|
|
14,916
|
|
|
—
|
|
|
14,916
|
|
|
—
|
|
|||||
Total available for sale securities
|
|
8,321,578
|
|
|
8,321,578
|
|
|
1,000
|
|
|
8,315,304
|
|
|
5,274
|
|
|||||
Fair value option securities – U.S. government agency residential mortgage-backed securities
|
|
755,054
|
|
|
755,054
|
|
|
—
|
|
|
755,054
|
|
|
—
|
|
|||||
Residential mortgage loans held for sale
|
|
221,378
|
|
|
221,378
|
|
|
—
|
|
|
208,946
|
|
|
12,432
|
|
|||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial
|
|
10,733,975
|
|
|
10,524,627
|
|
|
—
|
|
|
—
|
|
|
10,524,627
|
|
|||||
Commercial real estate
|
|
3,479,987
|
|
|
3,428,733
|
|
|
—
|
|
|
—
|
|
|
3,428,733
|
|
|||||
Residential mortgage
|
|
1,973,686
|
|
|
1,977,721
|
|
|
—
|
|
|
—
|
|
|
1,977,721
|
|
|||||
Personal
|
|
965,776
|
|
|
956,706
|
|
|
—
|
|
|
—
|
|
|
956,706
|
|
|||||
Total loans
|
|
17,153,424
|
|
|
16,887,787
|
|
|
—
|
|
|
—
|
|
|
16,887,787
|
|
|||||
Allowance for loan losses
|
|
(230,682
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Loans, net of allowance
|
|
16,922,742
|
|
|
16,887,787
|
|
|
—
|
|
|
—
|
|
|
16,887,787
|
|
|||||
Mortgage servicing rights
|
|
252,867
|
|
|
252,867
|
|
|
—
|
|
|
—
|
|
|
252,867
|
|
|||||
Derivative instruments with positive fair value, net of cash margin
|
|
220,502
|
|
|
220,502
|
|
|
8,179
|
|
|
212,323
|
|
|
—
|
|
|||||
Deposits with no stated maturity
|
|
19,962,889
|
|
|
19,962,889
|
|
|
—
|
|
|
—
|
|
|
19,962,889
|
|
|||||
Time deposits
|
|
2,098,416
|
|
|
2,064,558
|
|
|
—
|
|
|
—
|
|
|
2,064,558
|
|
|||||
Other borrowed funds
|
|
5,709,860
|
|
|
5,703,121
|
|
|
—
|
|
|
—
|
|
|
5,703,121
|
|
|||||
Subordinated debentures
|
|
144,677
|
|
|
148,207
|
|
|
—
|
|
|
148,207
|
|
|
—
|
|
|||||
Derivative instruments with negative fair value, net of cash margin
|
|
171,963
|
|
|
171,963
|
|
|
—
|
|
|
171,963
|
|
|
—
|
|
|
|
December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
167,093
|
|
|
$
|
205,876
|
|
Available for sale securities
|
|
—
|
|
|
16,185
|
|
||
Loan to bank subsidiary
|
|
65,228
|
|
|
—
|
|
||
Investment in bank subsidiaries
|
|
4,236,654
|
|
|
3,255,912
|
|
||
Investment in non-bank subsidiaries
|
|
218,007
|
|
|
170,966
|
|
||
Other assets
|
|
32,999
|
|
|
4,065
|
|
||
Total assets
|
|
$
|
4,719,981
|
|
|
$
|
3,653,004
|
|
|
|
|
|
|
||||
Liabilities and Shareholders’ Equity
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
||||
Other liabilities
|
|
$
|
11,959
|
|
|
$
|
12,960
|
|
Subordinated debentures
|
|
275,913
|
|
|
144,677
|
|
||
Total liabilities
|
|
287,872
|
|
|
157,637
|
|
||
Shareholders’ equity:
|
|
|
|
|
||||
Common stock
|
|
5
|
|
|
4
|
|
||
Capital surplus
|
|
1,334,030
|
|
|
1,035,895
|
|
||
Retained earnings
|
|
3,369,654
|
|
|
3,048,487
|
|
||
Treasury stock
|
|
(72,585
|
)
|
|
(36,174
|
)
|
||
Accumulated other comprehensive loss
|
|
(198,995
|
)
|
|
(552,845
|
)
|
||
Total shareholders’ equity
|
|
4,432,109
|
|
|
3,495,367
|
|
||
Total liabilities and shareholders’ equity
|
|
$
|
4,719,981
|
|
|
$
|
3,653,004
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Dividends, interest and fees received from bank subsidiaries
|
|
$
|
426,071
|
|
|
$
|
150,149
|
|
|
$
|
15,237
|
|
Dividends, interest and fees received from non-bank subsidiaries
|
|
12,800
|
|
|
17,500
|
|
|
25,923
|
|
|||
Other revenue
|
|
954
|
|
|
936
|
|
|
1,612
|
|
|||
Total revenue
|
|
439,825
|
|
|
168,585
|
|
|
42,772
|
|
|||
Interest expense
|
|
9,827
|
|
|
8,239
|
|
|
4,182
|
|
|||
Other operating expense
|
|
12,110
|
|
|
2,014
|
|
|
1,978
|
|
|||
Total expense
|
|
21,937
|
|
|
10,253
|
|
|
6,160
|
|
|||
Net income before taxes, other losses, net, and equity in undistributed income of subsidiaries
|
|
417,888
|
|
|
158,332
|
|
|
36,612
|
|
|||
Other losses, net
|
|
(3,921
|
)
|
|
—
|
|
|
—
|
|
|||
Net income before taxes and equity in undistributed income of subsidiaries
|
|
413,967
|
|
|
158,332
|
|
|
36,612
|
|
|||
Federal and state income taxes
|
|
(7,078
|
)
|
|
(4,305
|
)
|
|
(1,920
|
)
|
|||
Net income before equity in undistributed income of subsidiaries
|
|
421,045
|
|
|
162,637
|
|
|
38,532
|
|
|||
Equity in undistributed income of bank subsidiaries
|
|
37,515
|
|
|
181,552
|
|
|
216,120
|
|
|||
Equity in undistributed income of non-bank subsidiaries
|
|
(12,914
|
)
|
|
(9,545
|
)
|
|
(21,984
|
)
|
|||
Net income attributable to BOK Financial Corp. shareholders
|
|
$
|
445,646
|
|
|
$
|
334,644
|
|
|
$
|
232,668
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Cash Flows From Operating Activities:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
445,646
|
|
|
$
|
334,644
|
|
|
$
|
232,668
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||||||
Equity in undistributed income of bank subsidiaries
|
|
(37,515
|
)
|
|
(181,552
|
)
|
|
(216,120
|
)
|
|||
Equity in undistributed income of non-bank subsidiaries
|
|
12,914
|
|
|
9,545
|
|
|
21,984
|
|
|||
Change in other assets
|
|
(1,072
|
)
|
|
12
|
|
|
(2,933
|
)
|
|||
Change in other liabilities
|
|
(13,434
|
)
|
|
7,457
|
|
|
(1,285
|
)
|
|||
Net cash provided by operating activities
|
|
406,539
|
|
|
170,106
|
|
|
34,314
|
|
|||
Cash Flows From Investing Activities:
|
|
|
|
|
|
|
||||||
Proceeds from sales of available for sale securities
|
|
—
|
|
|
3,000
|
|
|
1,632
|
|
|||
Investment in subsidiaries
|
|
(31,901
|
)
|
|
(4,355
|
)
|
|
(26,000
|
)
|
|||
Acquisitions, net of cash acquired
|
|
(232,680
|
)
|
|
—
|
|
|
(105,520
|
)
|
|||
Net cash used in investing activities
|
|
(264,581
|
)
|
|
(1,355
|
)
|
|
(129,888
|
)
|
|||
Cash Flows From Financing Activities:
|
|
|
|
|
|
|
||||||
Net change in other borrowed funds
|
|
—
|
|
|
(7,217
|
)
|
|
—
|
|
|||
Issuance of subordinated debentures, net of issuance costs
|
|
—
|
|
|
—
|
|
|
144,615
|
|
|||
Issuance of common and treasury stock, net
|
|
(88
|
)
|
|
4,368
|
|
|
12,455
|
|
|||
Dividends paid
|
|
(127,188
|
)
|
|
(116,041
|
)
|
|
(113,455
|
)
|
|||
Repurchase of common stock
|
|
(53,465
|
)
|
|
(7,403
|
)
|
|
(66,792
|
)
|
|||
Net cash used in financing activities
|
|
(180,741
|
)
|
|
(126,293
|
)
|
|
(23,177
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
|
(38,783
|
)
|
|
42,458
|
|
|
(118,751
|
)
|
|||
Cash and cash equivalents at beginning of period
|
|
205,876
|
|
|
163,418
|
|
|
282,169
|
|
|||
Cash and cash equivalents at end of period
|
|
$
|
167,093
|
|
|
$
|
205,876
|
|
|
$
|
163,418
|
|
Cash paid for interest
|
|
$
|
11,457
|
|
|
$
|
6,211
|
|
|
$
|
4,127
|
|
Annual Financial Summary – Unaudited
Consolidated Daily Average Balances, Average Yields and Rates
|
|||||||||||
(Dollars in Thousands, Except Per Share Data)
|
|
Year Ended
|
|||||||||
|
|
December 31, 2018
|
|||||||||
|
|
Average
Balance
|
|
Revenue/
Expense
|
|
Yield/
Rate
|
|||||
Assets
|
|
|
|
|
|
|
|||||
Interest-bearing cash and cash equivalents
|
|
$
|
1,240,600
|
|
|
$
|
22,333
|
|
|
1.80
|
%
|
Trading securities
|
|
1,530,400
|
|
|
57,948
|
|
|
3.84
|
%
|
||
Investment securities
|
|
395,895
|
|
|
15,848
|
|
|
4.00
|
%
|
||
Available for sale securities
|
|
8,309,355
|
|
|
197,472
|
|
|
2.35
|
%
|
||
Fair value option securities
|
|
464,160
|
|
|
15,205
|
|
|
3.18
|
%
|
||
Restricted equity securities
|
|
347,447
|
|
|
21,555
|
|
|
6.20
|
%
|
||
Residential mortgage loans held for sale
|
|
201,218
|
|
|
8,123
|
|
|
4.07
|
%
|
||
Loans
|
|
18,709,433
|
|
|
898,896
|
|
|
4.80
|
%
|
||
Allowance for loan losses
|
|
(218,840
|
)
|
|
|
|
|
||||
Loans, net of allowance
|
|
18,490,593
|
|
|
898,896
|
|
|
4.86
|
%
|
||
Total earning assets
|
|
30,979,668
|
|
|
1,237,380
|
|
|
3.98
|
%
|
||
Receivable on unsettled securities sales
|
|
795,723
|
|
|
|
|
|
||||
Cash and other assets
|
|
3,162,139
|
|
|
|
|
|
||||
Total assets
|
|
$
|
34,937,530
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||||
Liabilities and equity
|
|
|
|
|
|
|
|||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|||||
Transaction
|
|
$
|
10,581,732
|
|
|
$
|
65,859
|
|
|
0.62
|
%
|
Savings
|
|
503,597
|
|
|
439
|
|
|
0.09
|
%
|
||
Time
|
|
2,133,427
|
|
|
29,219
|
|
|
1.37
|
%
|
||
Total interest-bearing deposits
|
|
13,218,756
|
|
|
95,517
|
|
|
0.72
|
%
|
||
Funds purchased and repurchase agreements
|
|
883,904
|
|
|
9,207
|
|
|
1.04
|
%
|
||
Other borrowings
|
|
6,236,441
|
|
|
129,008
|
|
|
2.07
|
%
|
||
Subordinated debentures
|
|
177,884
|
|
|
9,827
|
|
|
5.52
|
%
|
||
Total interest-bearing liabilities
|
|
20,516,985
|
|
|
243,559
|
|
|
1.19
|
%
|
||
Non-interest bearing demand deposits
|
|
9,590,455
|
|
|
|
|
|
||||
Due on unsettled securities purchases
|
|
531,071
|
|
|
|
|
|
||||
Other liabilities
|
|
559,802
|
|
|
|
|
|
||||
Total equity
|
|
3,739,217
|
|
|
|
|
|
||||
Total liabilities and equity
|
|
$
|
34,937,530
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||||
Tax-equivalent Net Interest Revenue
|
|
|
|
$
|
993,821
|
|
|
2.79
|
%
|
||
Tax-equivalent Net Interest Revenue to Earning Assets
|
|
|
|
|
|
3.20
|
%
|
||||
Less tax-equivalent adjustment
|
|
|
|
8,954
|
|
|
|
||||
Net Interest Revenue
|
|
|
|
984,867
|
|
|
|
||||
Provision for credit losses
|
|
|
|
8,000
|
|
|
|
||||
Other operating revenue
|
|
|
|
616,784
|
|
|
|
||||
Other operating expense
|
|
|
|
1,028,166
|
|
|
|
||||
Net income before taxes
|
|
|
|
565,485
|
|
|
|
||||
Federal and state income taxes
|
|
|
|
119,061
|
|
|
|
||||
Net income
|
|
|
|
446,424
|
|
|
|
||||
Net income attributable to non-controlling interests
|
|
|
|
778
|
|
|
|
||||
Net income attributable to BOK Financial Corporation shareholders
|
|
|
|
$
|
445,646
|
|
|
|
|||
Earnings Per Average Common Share Equivalent:
|
|
|
|
|
|
|
|
|
|
||
Net income:
|
|
|
|
|
|
|
|
|
|
||
Basic
|
|
|
|
|
$
|
6.63
|
|
|
|
|
|
Diluted
|
|
|
|
|
$
|
6.63
|
|
|
|
|
Annual Financial Summary – Unaudited (continued)
Consolidated Daily Average Balances, Average Yields and Rates
|
|||||||||||||||||||||
(Dollars in Thousands, Except Per Share Data)
|
Year Ended
|
||||||||||||||||||||
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||
|
Average
Balance |
|
Revenue/
Expense |
|
Yield/
Rate |
|
Average
Balance |
|
Revenue/
Expense |
|
Yield/
Rate |
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing cash and cash equivalents
|
$
|
2,009,011
|
|
|
$
|
22,128
|
|
|
1.10
|
%
|
|
$
|
2,038,919
|
|
|
$
|
10,726
|
|
|
0.53
|
%
|
Trading securities
|
521,742
|
|
|
17,637
|
|
|
3.51
|
%
|
|
317,808
|
|
|
9,213
|
|
|
3.43
|
%
|
||||
Investment securities
|
491,989
|
|
|
18,792
|
|
|
3.82
|
%
|
|
561,254
|
|
|
19,835
|
|
|
3.54
|
%
|
||||
Available for sale securities
|
8,453,415
|
|
|
178,068
|
|
|
2.13
|
%
|
|
8,867,383
|
|
|
176,625
|
|
|
2.03
|
%
|
||||
Fair value option securities
|
593,744
|
|
|
16,755
|
|
|
2.81
|
%
|
|
323,695
|
|
|
6,723
|
|
|
1.93
|
%
|
||||
Restricted equity securities
|
318,744
|
|
|
18,490
|
|
|
5.80
|
%
|
|
320,975
|
|
|
17,238
|
|
|
5.37
|
%
|
||||
Residential mortgage loans held for sale
|
245,133
|
|
|
8,706
|
|
|
3.59
|
%
|
|
370,600
|
|
|
12,658
|
|
|
3.45
|
%
|
||||
Loans
|
17,176,102
|
|
|
709,378
|
|
|
4.13
|
%
|
|
16,357,867
|
|
|
593,700
|
|
|
3.63
|
%
|
||||
Allowance for loan losses
|
(249,430
|
)
|
|
|
|
|
|
(243,631
|
)
|
|
|
|
|
||||||||
Loans, net of allowance
|
16,926,672
|
|
|
709,378
|
|
|
4.19
|
%
|
|
16,114,236
|
|
|
593,700
|
|
|
3.68
|
%
|
||||
Total earning assets
|
29,560,450
|
|
|
989,954
|
|
|
3.36
|
%
|
|
28,914,870
|
|
|
846,718
|
|
|
2.95
|
%
|
||||
Receivable on unsettled securities sales
|
545,338
|
|
|
|
|
|
|
253,915
|
|
|
|
|
|
||||||||
Cash and other assets
|
2,841,706
|
|
|
|
|
|
|
3,109,617
|
|
|
|
|
|
||||||||
Total assets
|
$
|
32,947,494
|
|
|
|
|
|
|
$
|
32,278,402
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Transaction
|
$
|
10,220,068
|
|
|
$
|
28,627
|
|
|
0.28
|
%
|
|
$
|
9,744,998
|
|
|
$
|
13,906
|
|
|
0.14
|
%
|
Savings
|
458,451
|
|
|
359
|
|
|
0.08
|
%
|
|
414,103
|
|
|
386
|
|
|
0.09
|
%
|
||||
Time
|
2,193,273
|
|
|
24,817
|
|
|
1.13
|
%
|
|
2,259,242
|
|
|
26,202
|
|
|
1.16
|
%
|
||||
Total interest-bearing deposits
|
12,871,792
|
|
|
53,803
|
|
|
0.42
|
%
|
|
12,418,343
|
|
|
40,494
|
|
|
0.33
|
%
|
||||
Funds purchased and repurchase agreements
|
491,855
|
|
|
856
|
|
|
0.17
|
%
|
|
667,367
|
|
|
434
|
|
|
0.07
|
%
|
||||
Other borrowings
|
5,919,292
|
|
|
68,152
|
|
|
1.15
|
%
|
|
6,019,036
|
|
|
34,882
|
|
|
0.58
|
%
|
||||
Subordinated debentures
|
147,954
|
|
|
8,239
|
|
|
5.57
|
%
|
|
215,453
|
|
|
6,079
|
|
|
2.82
|
%
|
||||
Total interest-bearing liabilities
|
19,430,893
|
|
|
131,050
|
|
|
0.67
|
%
|
|
19,320,199
|
|
|
81,889
|
|
|
0.42
|
%
|
||||
Non-interest bearing demand deposits
|
9,312,989
|
|
|
|
|
|
|
8,474,230
|
|
|
|
|
|
||||||||
Due on unsettled securities purchases
|
183,902
|
|
|
|
|
|
|
137,488
|
|
|
|
|
|
||||||||
Other liabilities
|
584,842
|
|
|
|
|
|
|
997,069
|
|
|
|
|
|
||||||||
Total equity
|
3,434,868
|
|
|
|
|
|
|
3,349,416
|
|
|
|
|
|
||||||||
Total liabilities and equity
|
$
|
32,947,494
|
|
|
|
|
|
|
$
|
32,278,402
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tax-equivalent Net Interest Revenue
|
|
|
$
|
858,904
|
|
|
2.69
|
%
|
|
|
|
$
|
764,829
|
|
|
2.53
|
%
|
||||
Tax-equivalent Net Interest Revenue to Earning Assets
|
|
|
|
|
2.92
|
%
|
|
|
|
|
|
2.66
|
%
|
||||||||
Less tax-equivalent adjustment
|
|
|
17,203
|
|
|
|
|
|
|
17,601
|
|
|
|
||||||||
Net Interest Revenue
|
|
|
841,701
|
|
|
|
|
|
|
747,228
|
|
|
|
||||||||
Provision for credit losses
|
|
|
(7,000
|
)
|
|
|
|
|
|
65,000
|
|
|
|
||||||||
Other operating revenue
|
|
|
695,094
|
|
|
|
|
|
|
674,020
|
|
|
|
||||||||
Other operating expense
|
|
|
1,025,517
|
|
|
|
|
|
|
1,017,590
|
|
|
|
||||||||
Net income before taxes
|
|
|
518,278
|
|
|
|
|
|
|
338,658
|
|
|
|
||||||||
Federal and state income taxes
|
|
|
182,593
|
|
|
|
|
|
|
106,377
|
|
|
|
||||||||
Net income
|
|
|
335,685
|
|
|
|
|
|
|
232,281
|
|
|
|
||||||||
Net income attributable to non-controlling interests
|
|
|
1,041
|
|
|
|
|
|
|
(387
|
)
|
|
|
||||||||
Net income attributable to BOK Financial Corporation shareholders
|
|
|
$
|
334,644
|
|
|
|
|
|
|
$
|
232,668
|
|
|
|
||||||
Earnings Per Average Common Share Equivalent:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Basic
|
|
|
|
$
|
5.11
|
|
|
|
|
|
|
|
$
|
3.53
|
|
|
|
||||
Diluted
|
|
|
|
$
|
5.11
|
|
|
|
|
|
|
|
$
|
3.53
|
|
|
|
Quarterly Financial Summary – Unaudited
Consolidated Daily Average Balances, Average Yields and Rates
|
||||||||||||||||||||||
(In Thousands, Except Per Share Data)
|
|
Three Months Ended
|
||||||||||||||||||||
|
|
December 31, 2018
|
|
September 30, 2018
|
||||||||||||||||||
|
|
Average
Balance
|
|
Revenue/
Expense
|
|
Yield/
Rate
|
|
Average
Balance
|
|
Revenue/
Expense
|
|
Yield/
Rate
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing cash and cash equivalents
|
|
$
|
563,132
|
|
|
$
|
3,170
|
|
|
2.23
|
%
|
|
$
|
688,872
|
|
|
$
|
3,441
|
|
|
1.98
|
%
|
Trading securities
|
|
1,929,601
|
|
|
19,636
|
|
|
4.10
|
%
|
|
1,762,794
|
|
|
17,419
|
|
|
3.98
|
%
|
||||
Investment securities
|
|
364,737
|
|
|
3,887
|
|
|
4.26
|
%
|
|
379,566
|
|
|
3,856
|
|
|
4.06
|
%
|
||||
Available for sale securities
|
|
8,704,963
|
|
|
55,085
|
|
|
2.51
|
%
|
|
8,129,214
|
|
|
48,916
|
|
|
2.37
|
%
|
||||
Fair value option securities
|
|
277,575
|
|
|
2,578
|
|
|
3.56
|
%
|
|
469,398
|
|
|
3,881
|
|
|
3.25
|
%
|
||||
Restricted equity securities
|
|
362,729
|
|
|
5,798
|
|
|
6.39
|
%
|
|
328,842
|
|
|
5,232
|
|
|
6.36
|
%
|
||||
Residential mortgage loans held for sale
|
|
179,553
|
|
|
1,795
|
|
|
4.00
|
%
|
|
207,488
|
|
|
2,151
|
|
|
4.27
|
%
|
||||
Loans
|
|
21,579,331
|
|
|
276,711
|
|
|
5.09
|
%
|
|
18,203,785
|
|
|
220,245
|
|
|
4.80
|
%
|
||||
Allowance for loan losses
|
|
(209,613
|
)
|
|
|
|
|
|
(214,160
|
)
|
|
|
|
|
||||||||
Loans, net of allowance
|
|
21,369,718
|
|
|
276,711
|
|
|
5.14
|
%
|
|
17,989,625
|
|
|
220,245
|
|
|
4.86
|
%
|
||||
Total earning assets
|
|
33,752,008
|
|
|
368,660
|
|
|
4.33
|
%
|
|
29,955,799
|
|
|
305,141
|
|
|
4.04
|
%
|
||||
Receivable on unsettled securities sales
|
|
799,548
|
|
|
|
|
|
|
768,785
|
|
|
|
|
|
||||||||
Cash and other assets
|
|
3,834,187
|
|
|
|
|
|
|
2,971,233
|
|
|
|
|
|
||||||||
Total assets
|
|
$
|
38,385,743
|
|
|
|
|
|
|
$
|
33,695,817
|
|
|
|
|
|
||||||
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Transaction
|
|
$
|
11,773,651
|
|
|
$
|
23,343
|
|
|
0.79
|
%
|
|
$
|
10,010,031
|
|
|
$
|
17,029
|
|
|
0.67
|
%
|
Savings
|
|
526,275
|
|
|
148
|
|
|
0.11
|
%
|
|
503,821
|
|
|
108
|
|
|
0.09
|
%
|
||||
Time
|
|
2,146,786
|
|
|
8,309
|
|
|
1.54
|
%
|
|
2,097,441
|
|
|
7,398
|
|
|
1.40
|
%
|
||||
Total interest-bearing deposits
|
|
14,446,712
|
|
|
31,800
|
|
|
0.87
|
%
|
|
12,611,293
|
|
|
24,535
|
|
|
0.77
|
%
|
||||
Funds purchased and repurchase agreements
|
|
1,205,568
|
|
|
4,135
|
|
|
1.36
|
%
|
|
1,193,583
|
|
|
3,768
|
|
|
1.25
|
%
|
||||
Other borrowings
|
|
6,361,141
|
|
|
40,220
|
|
|
2.51
|
%
|
|
5,765,440
|
|
|
32,036
|
|
|
2.20
|
%
|
||||
Subordinated debentures
|
|
276,378
|
|
|
3,752
|
|
|
5.38
|
%
|
|
144,702
|
|
|
2,025
|
|
|
5.55
|
%
|
||||
Total interest-bearing liabilities
|
|
22,289,799
|
|
|
79,907
|
|
|
1.42
|
%
|
|
19,715,018
|
|
|
62,364
|
|
|
1.25
|
%
|
||||
Non-interest bearing demand deposits
|
|
10,648,683
|
|
|
|
|
|
|
9,325,002
|
|
|
|
|
|
||||||||
Due on unsettled securities purchases
|
|
493,887
|
|
|
|
|
|
|
544,263
|
|
|
|
|
|
||||||||
Other liabilities
|
|
610,286
|
|
|
|
|
|
|
496,634
|
|
|
|
|
|
||||||||
Total equity
|
|
4,343,088
|
|
|
|
|
|
|
3,614,900
|
|
|
|
|
|
||||||||
Total liabilities and equity
|
|
$
|
38,385,743
|
|
|
|
|
|
|
$
|
33,695,817
|
|
|
|
|
|
||||||
Tax-equivalent Net Interest Revenue
|
|
|
|
$
|
288,753
|
|
|
2.91
|
%
|
|
|
|
$
|
242,777
|
|
|
2.79
|
%
|
||||
Tax-equivalent Net Interest Revenue to Earning Assets
|
|
|
|
|
|
3.40
|
%
|
|
|
|
|
|
3.21
|
%
|
||||||||
Less tax-equivalent adjustment
|
|
|
|
3,067
|
|
|
|
|
|
|
1,894
|
|
|
|
||||||||
Net Interest Revenue
|
|
|
|
285,686
|
|
|
|
|
|
|
240,883
|
|
|
|
||||||||
Provision for credit losses
|
|
|
|
9,000
|
|
|
|
|
|
|
4,000
|
|
|
|
||||||||
Other operating revenue
|
|
|
|
136,455
|
|
|
|
|
|
|
167,941
|
|
|
|
||||||||
Other operating expense
|
|
|
|
284,643
|
|
|
|
|
|
|
252,617
|
|
|
|
||||||||
Net income before taxes
|
|
|
|
128,498
|
|
|
|
|
|
|
152,207
|
|
|
|
||||||||
Federal and state income taxes
|
|
|
|
20,121
|
|
|
|
|
|
|
34,662
|
|
|
|
||||||||
Net income
|
|
|
|
108,377
|
|
|
|
|
|
|
117,545
|
|
|
|
||||||||
Net income attributable to non-controlling interests
|
|
|
|
(79
|
)
|
|
|
|
|
|
289
|
|
|
|
||||||||
Net income attributable to BOK Financial Corp. shareholders
|
|
|
|
$
|
108,456
|
|
|
|
|
|
|
$
|
117,256
|
|
|
|
||||||
Earnings Per Average Common Share Equivalent:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic
|
|
|
|
|
$
|
1.50
|
|
|
|
|
|
|
|
|
$
|
1.79
|
|
|
|
|
||
Diluted
|
|
|
|
|
$
|
1.50
|
|
|
|
|
|
|
|
|
$
|
1.79
|
|
|
|
|
Quarterly Financial Summary – Unaudited (continued)
Consolidated Daily Average Balances, Average Yields and Rates
|
|||||||||||||||||||||||||||||||
Three Months Ended
|
|||||||||||||||||||||||||||||||
June 30, 2018
|
|
March 31, 2018
|
|
December 31, 2017
|
|||||||||||||||||||||||||||
Average Balance
|
|
Revenue /Expense
|
|
Yield / Rate
|
|
Average Balance
|
|
Revenue / Expense
|
|
Yield / Rate
|
|
Average Balance
|
|
Revenue / Expense
|
|
Yield / Rate
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$
|
1,673,387
|
|
|
$
|
7,740
|
|
|
1.86
|
%
|
|
$
|
2,059,517
|
|
|
$
|
7,982
|
|
|
1.57
|
%
|
|
$
|
1,976,395
|
|
|
$
|
6,311
|
|
|
1.27
|
%
|
1,482,302
|
|
|
13,084
|
|
|
3.63
|
%
|
|
933,404
|
|
|
7,809
|
|
|
3.40
|
%
|
|
560,321
|
|
|
4,629
|
|
|
3.38
|
%
|
||||||
399,088
|
|
|
3,941
|
|
|
3.95
|
%
|
|
441,207
|
|
|
4,164
|
|
|
3.78
|
%
|
|
462,869
|
|
|
4,606
|
|
|
3.98
|
%
|
||||||
8,163,142
|
|
|
47,463
|
|
|
2.30
|
%
|
|
8,236,938
|
|
|
46,008
|
|
|
2.23
|
%
|
|
8,435,916
|
|
|
45,623
|
|
|
2.21
|
%
|
||||||
487,192
|
|
|
3,927
|
|
|
3.16
|
%
|
|
626,251
|
|
|
4,819
|
|
|
2.95
|
%
|
|
792,647
|
|
|
5,770
|
|
|
2.90
|
%
|
||||||
348,546
|
|
|
5,408
|
|
|
6.21
|
%
|
|
349,176
|
|
|
5,117
|
|
|
5.86
|
%
|
|
337,673
|
|
|
4,956
|
|
|
5.87
|
%
|
||||||
218,600
|
|
|
2,333
|
|
|
4.28
|
%
|
|
199,380
|
|
|
1,844
|
|
|
3.71
|
%
|
|
257,927
|
|
|
2,389
|
|
|
3.72
|
%
|
||||||
17,751,242
|
|
|
212,266
|
|
|
4.80
|
%
|
|
17,261,481
|
|
|
189,674
|
|
|
4.45
|
%
|
|
17,181,007
|
|
|
185,614
|
|
|
4.29
|
%
|
||||||
(222,856
|
)
|
|
|
|
|
|
(228,996
|
)
|
|
|
|
|
|
(246,143
|
)
|
|
|
|
|
||||||||||||
17,528,386
|
|
|
212,266
|
|
|
4.86
|
%
|
|
17,032,485
|
|
|
189,674
|
|
|
4.51
|
%
|
|
16,934,864
|
|
|
185,614
|
|
|
4.35
|
%
|
||||||
30,301,191
|
|
|
296,162
|
|
|
3.91
|
%
|
|
29,878,358
|
|
|
267,417
|
|
|
3.61
|
%
|
|
29,758,612
|
|
|
259,898
|
|
|
3.49
|
%
|
||||||
618,240
|
|
|
|
|
|
|
998,803
|
|
|
|
|
|
|
821,275
|
|
|
|
|
|
||||||||||||
2,986,604
|
|
|
|
|
|
|
2,847,791
|
|
|
|
|
|
|
2,872,228
|
|
|
|
|
|
||||||||||||
$
|
33,906,035
|
|
|
|
|
|
|
$
|
33,724,952
|
|
|
|
|
|
|
$
|
33,452,115
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$
|
10,189,354
|
|
|
$
|
13,993
|
|
|
0.55
|
%
|
|
$
|
10,344,469
|
|
|
$
|
11,494
|
|
|
0.45
|
%
|
|
$
|
10,142,744
|
|
|
$
|
8,914
|
|
|
0.35
|
%
|
503,671
|
|
|
95
|
|
|
0.08
|
%
|
|
480,110
|
|
|
88
|
|
|
0.07
|
%
|
|
466,496
|
|
|
87
|
|
|
0.07
|
%
|
||||||
2,138,880
|
|
|
6,875
|
|
|
1.29
|
%
|
|
2,151,044
|
|
|
6,637
|
|
|
1.25
|
%
|
|
2,134,469
|
|
|
6,296
|
|
|
1.17
|
%
|
||||||
12,831,905
|
|
|
20,963
|
|
|
0.66
|
%
|
|
12,975,623
|
|
|
18,219
|
|
|
0.57
|
%
|
|
12,743,709
|
|
|
15,297
|
|
|
0.48
|
%
|
||||||
593,250
|
|
|
782
|
|
|
0.53
|
%
|
|
532,412
|
|
|
522
|
|
|
0.40
|
%
|
|
488,330
|
|
|
340
|
|
|
0.28
|
%
|
||||||
6,497,020
|
|
|
31,825
|
|
|
1.96
|
%
|
|
6,326,967
|
|
|
24,927
|
|
|
1.60
|
%
|
|
6,209,903
|
|
|
21,242
|
|
|
1.36
|
%
|
||||||
144,692
|
|
|
2,047
|
|
|
5.67
|
%
|
|
144,682
|
|
|
2,003
|
|
|
5.61
|
%
|
|
144,673
|
|
|
2,025
|
|
|
5.55
|
%
|
||||||
20,066,867
|
|
|
55,617
|
|
|
1.11
|
%
|
|
19,979,684
|
|
|
45,671
|
|
|
0.93
|
%
|
|
19,586,615
|
|
|
38,904
|
|
|
0.79
|
%
|
||||||
9,223,327
|
|
|
|
|
|
|
9,151,272
|
|
|
|
|
|
|
9,417,351
|
|
|
|
|
|
||||||||||||
527,804
|
|
|
|
|
|
|
558,898
|
|
|
|
|
|
|
332,155
|
|
|
|
|
|
||||||||||||
575,865
|
|
|
|
|
|
|
556,524
|
|
|
|
|
|
|
600,604
|
|
|
|
|
|
||||||||||||
3,512,172
|
|
|
|
|
|
|
3,478,574
|
|
|
|
|
|
|
3,515,390
|
|
|
|
|
|
||||||||||||
$
|
33,906,035
|
|
|
|
|
|
|
$
|
33,724,952
|
|
|
|
|
|
|
$
|
33,452,115
|
|
|
|
|
|
|||||||||
|
|
$
|
240,545
|
|
|
2.80
|
%
|
|
|
|
$
|
221,746
|
|
|
2.68
|
%
|
|
|
|
$
|
220,994
|
|
|
2.70
|
%
|
||||||
|
|
|
|
3.17
|
%
|
|
|
|
|
|
2.99
|
%
|
|
|
|
|
|
2.97
|
%
|
||||||||||||
|
|
1,983
|
|
|
|
|
|
|
2,010
|
|
|
|
|
|
|
4,131
|
|
|
|
||||||||||||
|
|
238,562
|
|
|
|
|
|
|
219,736
|
|
|
|
|
|
|
216,863
|
|
|
|
||||||||||||
|
|
—
|
|
|
|
|
|
|
(5,000
|
)
|
|
|
|
|
|
(7,000
|
)
|
|
|
||||||||||||
|
|
156,399
|
|
|
|
|
|
|
155,989
|
|
|
|
|
|
|
166,836
|
|
|
|
||||||||||||
|
|
246,476
|
|
|
|
|
|
|
244,430
|
|
|
|
|
|
|
263,987
|
|
|
|
||||||||||||
|
|
148,485
|
|
|
|
|
|
|
136,295
|
|
|
|
|
|
|
126,712
|
|
|
|
||||||||||||
|
|
33,330
|
|
|
|
|
|
|
30,948
|
|
|
|
|
|
|
54,347
|
|
|
|
||||||||||||
|
|
115,155
|
|
|
|
|
|
|
105,347
|
|
|
|
|
|
|
72,365
|
|
|
|
||||||||||||
|
|
783
|
|
|
|
|
|
|
(215
|
)
|
|
|
|
|
|
(127
|
)
|
|
|
||||||||||||
|
|
$
|
114,372
|
|
|
|
|
|
|
$
|
105,562
|
|
|
|
|
|
|
$
|
72,492
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
$
|
1.75
|
|
|
|
|
|
|
|
|
$
|
1.61
|
|
|
|
|
|
|
|
|
$
|
1.11
|
|
|
|
|
|||
|
|
|
$
|
1.75
|
|
|
|
|
|
|
|
|
$
|
1.61
|
|
|
|
|
|
|
|
|
$
|
1.11
|
|
|
|
|
Exhibit Number
|
Description of Exhibit
|
|
|
2.0
|
|
|
|
3.0
|
The Articles of Incorporation of BOK Financial, incorporated by reference to (i) Amended and Restated Certificate of Incorporation of BOK Financial filed with the Oklahoma Secretary of State on May 28, 1991, filed as Exhibit 3.0 to S-1 Registration Statement No. 33-90450, and (ii) Amendment attached as Exhibit A to Information Statement and Prospectus Supplement filed November 20, 1991.
|
|
|
3.1
|
|
|
|
4.0
|
The rights of the holders of the Common Stock of BOK Financial are set forth in its Certificate of Incorporation.
|
|
|
4.1
|
|
|
|
4.2
|
|
|
|
|
Pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K, BOK Financial is not filing certain documents. BOK Financial agrees to furnish a copy of each such documents to the Commission upon the request of the Commission.
|
|
|
4.3
|
|
|
|
4.5
|
|
|
|
10.4
|
Employment and Compensation Agreements.
|
|
|
10.4.2
|
|
|
|
10.4.2 (a)
|
|
|
|
10.4.2 (b)
|
|
|
|
10.4.7
|
|
|
|
10.4.9
|
|
|
|
10.4.10
|
|
|
|
10.4.11
|
|
|
|
10.7.7
|
|
|
|
Exhibit Number
|
Description of Exhibit
|
10.7.8
|
BOK Financial Corporation Directors' Stock Compensation Plan, incorporated by reference to Exhibit 4.0 of S-8 Registration Statement No. 33-79836.
|
|
|
10.7.9
|
Bank of Oklahoma Thrift Plan (Amended and Restated Effective as of January 1, 1995), incorporated by reference to Exhibit 10.7.6 of Form 10-K for the year ended December 31, 1994.
|
|
|
10.7.10
|
Trust Agreement for the Bank of Oklahoma Thrift Plan (December 30, 1994), incorporated by reference to Exhibit 10.7.7 of Form 10-K for the year ended December 31, 1994.
|
|
|
10.7.11
|
|
|
|
10.7.12
|
|
|
|
10.7.13
|
|
|
|
10.7.14
|
|
|
|
10.7.16
|
|
|
|
10.8
|
Lease Agreement between One Williams Center Co. and National Bank of Tulsa (predecessor to BOk) dated June 18, 1974, incorporated by reference to Exhibit 10.9 of S-1 Registration Statement No. 33-90450.
|
|
|
21
|
|
|
|
23
|
|
|
|
31.1
|
|
|
|
31.2
|
|
|
|
32
|
|
|
|
99
|
Additional Exhibits.
|
|
|
101
|
Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Earnings, (iii) the Consolidated Statements of Changes in Equity, (iv) the Consolidated Statement of Cash Flows and (v) the Notes to the Consolidated Financial Statements, filed herewith.
|
/s/ George B. Kaiser
|
|
/s/ Steven G. Bradshaw
|
George B. Kaiser
Chairman of the Board of Directors
|
|
Steven G. Bradshaw
Director, President and Chief Executive Officer
|
/s/ Steven E. Nell
|
|
/s/ John C. Morrow
|
Steven E. Nell
Director, Executive Vice President and
Chief Financial Officer
|
|
John C. Morrow
Senior Vice President and
Chief Accounting Officer
|
/s/ Alan S. Armstrong
|
|
/s/ V. Burns Hargis
|
Alan S. Armstrong
|
|
V. Burns Hargis
|
/s/ C. Frederick Ball, Jr.
|
|
/s/ Douglas D. Hawthorne
|
C. Frederick Ball, Jr.
|
|
Douglas D. Hawthorne
|
/s/ Steve Bangert
|
|
/s/ Kimberley D. Henry
|
Steve Bangert
|
|
Kimberley D. Henry
|
|
|
/s/ E. Carey Joullian, IV
|
Peter C. Boylan III
|
|
E. Carey Joullian, IV
|
/s/ Chester E. Cadieux, III
|
|
/s/ Stanley A. Lybarger
|
Chester E. Cadieux, III
|
|
Stanley A. Lybarger
|
|
|
/s/ Steven J. Malcolm
|
Gerard P. Clancy
|
|
Steven J. Malcolm
|
/s/ John W. Coffey
|
|
/s/ Emmet C. Richards
|
John W. Coffey
|
|
Emmet C. Richards
|
/s/ Joseph W. Craft, III
|
|
/s/ Claudia San Pedro
|
Joseph W. Craft, III
|
|
Claudia San Pedro
|
/s/ Jack E. Finley
|
|
/s/ Michael C. Turpen
|
Jack E. Finley
|
|
Michael C. Turpen
|
/s/ David F. Griffin
|
|
/s/ R.A. Walker
|
David F. Griffin
|
|
R.A. Walker
|
(i)
|
BOK Financial Corporation, an Oklahoma corporation (“BOK Financial”); and,
|
(ii)
|
Scott B. Grauer, an individual currently residing in Tulsa, Oklahoma (the “Executive”).
|
(1)
|
Purpose of This Agreement. The purpose of this Agreement is as follows:
|
(a)
|
BOK Financial is a financial holding company, subject to regulation by the Board of Governors of the Federal Reserve System. The subsidiaries of BOK Financial include BOKF, NA, a national association engaged in banking and BOSC, Inc., a registered broker-dealer.
|
(b)
|
The Executive has extensive prior experience in financial services and banking and is currently employed as Executive Vice President, Wealth Management and Chief Executive Officer, BOSC, Inc. of BOK Financial and BOKF, NA, reporting to the Chief Executive Officer.
|
(c)
|
The purpose of this Agreement is to set forth the terms and conditions on which BOK Financial shall employ the Executive and the Executive shall serve as an officer of BOK Financial, BOKF, NA, and other of their affiliates.
|
(2)
|
Prior Agreement Superseded. This agreement supersedes, from and after the Effective Date, any employment agreement between Executive and BOK Financial and/or BOKF, NA (excluding, for avoidance of doubt, any rights of Executive arising under the BOK Financial 2003 Stock Option Plan or, the BOK Financial 2009 Omnibus Incentive Plan.
|
(3)
|
Employment. Effective as of the Agreement Date, BOK Financial hereby employs the Executive, and the Executive hereby accepts employment with BOK Financial, on the following terms and conditions:
|
(a)
|
Executive shall serve as Executive Vice President, Wealth Management and Chief Executive Officer, BOSC, Inc. of BOK Financial and BOKF, NA. Executive shall be responsible for those divisions and business lines of BOK Financial and BOKF, NA as the Chief Executive has heretofore established and as may hereafter be established by the Chief Executive Officer from time to time.
|
(b)
|
Executive shall devote all time and attention reasonably necessary to the affairs of BOK Financial and BOKF, NA and shall serve BOK Financial and BOKF, NA diligently, loyally, and to the best of his ability.
|
(c)
|
Executive shall serve in such other or additional positions as an officer and/or director of BOK Financial and BOKF, NA or any of their affiliates as the Chief Executive Officer of BOK Financial may reasonably request; provided, however, Executive’s residence and place of work shall be in the Tulsa, Oklahoma area.
|
(d)
|
Notwithstanding anything herein to the contrary, Executive shall not be precluded from engaging in any charitable, civic, political or community activity or membership in any professional organization.
|
(4)
|
Compensation. As the sole, full and complete compensation to the Executive for the performance of all duties of Executive under this Agreement and for all services rendered by Executive to BOK Financial and/or to any affiliate of BOK Financial:
|
(a)
|
BOK Financial shall pay the Executive an annual salary (the “Annual Salary”) equal to Executive’s Annual Salary in effect as of the Agreement Date during the Term (as hereafter defined). The Annual Salary shall be payable in installments in arrears, less usual and customary payroll deductions for FICA, federal and state withholding, and the like, at the times and in the manner in effect in accordance with the usual and customary payroll policies generally in effect from time to time at BOK Financial.
|
(b)
|
The Annual Salary shall not be decreased at any time during the Term of this Agreement. The Annual Salary may be increased annually in accordance with BOK Financial’s compensation review practices in effect from time to time for senior executives.
|
(c)
|
BOK Financial shall pay and provide to Executive pension, thrift, medical insurance, disability insurance plan benefits, and other fringe benefits, on the same terms and conditions generally in effect for senior executive employees of the BOK Financial and its affiliates (the “Additional Benefits”).
|
(d)
|
BOK Financial may, from time to time in BOK Financial’s sole discretion consistent with the practices generally in effect for senior executive employees of the BOK Financial and its affiliates, pay or provide, or agree to pay or provide Executive a bonus, stock option, restricted stock, other incentive or performance based compensation.
|
(i)
|
BOKF Financial shall provide annual incentive and long term incentive awards to Executive in accordance with BOK Financial’s Executive Incentive Compensation Plan as adopted by the BOK Financial’s Board of Directors from time to time.
|
(ii)
|
All such bonus, stock option, restricted stock, or other incentive or performance based compensation, regardless of its nature (hereinafter called “Performance Compensation”) shall not constitute Annual Salary.
|
(e)
|
BOK Financial shall reimburse Executive for reasonable and necessary entertainment, travel and other expenses in accordance with BOK Financial’s standard policies in general effect for senior executives of BOK Financial.
|
(f)
|
Executive shall be allowed vacation, holidays, and other employee benefits not described above in accordance with BOK Financial’s standard policy in general effect for BOK Financial’s senior executives. Executive shall be entitled to four weeks paid vacation each year.
|
(g)
|
BOK Financial shall permit Executive to participate in a deferred compensation plan on the terms and conditions established by BOK Financial for senior executives.
|
(h)
|
Executive hereby agrees to accept the foregoing compensation as the sole, full and complete compensation to Executive for the performance of all duties of Executive under this Agreement and for all services rendered by Executive to BOK Financial or any affiliate of BOK Financial.
|
(5)
|
Term of Employment. The term (the “Term”) of Executive’s employment (“Employment”) pursuant to this Agreement shall commence on the Agreement Date (the “Commencement”) and shall continue thereafter provided that upon ninety days prior written notice, either Party may terminate this Agreement.
|
(6)
|
Termination of Employment. Notwithstanding the provisions of paragraph 5 of this Agreement, the Employment may be terminated on the following terms and conditions:
|
(a)
|
Termination by BOK Financial Without Cause. In the event BOK Financial terminates Employment of Executive without cause during the Term or upon termination of this Agreement as provided in Paragraph 5:
|
(i)
|
BOK Financial shall forthwith upon such termination (A) pay to Executive BOK Financial’s standard severance pay for senior executives in effect at the time of termination and, in addition, an amount equal to Executive’s then Annual Salary payable in one lump sum payment, (B) the Executive shall be entitled to receive any Additional Benefits accrued through, but not beyond the effective date of such termination which are payable under the terms and provisions of benefit plans then in effect in accordance with paragraph 4(c) above, (C) Executive shall be entitled to receive pay for vacation in accordance with BOK Financial’s then existing policy for terminating senior executives, (D) options held by Executive under the BOKF 2003 Stock Option Plan and the BOKF 2009 Omnibus Incentive Plan shall vest shall be exercisable for a period of ninety days following such termination as provided in such plans, (E) Restricted stock held by Executive shall continue to be owned by the Executive, but shall remain subject to all restrictions applicable to the restricted stock as provided under the Executive Incentive Plan and the 2009 Omnibus Incentive Plan, and (F) Executive shall be entitled to receive those amounts due Executive pursuant to paragraph 8(b) and shall be bound by the Non-Solicitation Agreement (as hereafter defined).
|
(ii)
|
If Executive is terminated for any reason other than for cause following a Change of Control (as hereafter defined), BOK Financial shall pay Executive upon such termination in one lump sum payment an amount equal to two times Executive’s then Annual Salary at the time of termination in addition to an amount equal to Executive’s then Annual Salary through, but not beyond the effective date of the
|
(A)
|
George B. Kaiser, affiliates of George B. Kaiser, George B. Kaiser Foundation, George Kaiser Family Foundation, and/or members of the family of George B. Kaiser collectively cease to own more shares of the voting capital stock of BOK Financial than any other shareholder (or group of shareholders acting in concert to control BOK Financial to the exclusion of George B. Kaiser, affiliates of George B. Kaiser, George B. Kaiser Foundation, George Kaiser Family Foundation, and/or members of the family of George B. Kaiser); or,
|
(B)
|
BOK Financial shall cease to own directly and indirectly more than fifty percent (50%) of the voting capital stock of BOKF, NA.
|
(b)
|
Termination by BOK Financial for Cause. BOK Financial may terminate the Employment for cause on the following terms and conditions:
|
(i)
|
BOK Financial shall be deemed to have cause to terminate Executive’s Employment only in one or more of the following events:
|
(A)
|
The Executive shall fail to substantially perform his obligations under this Agreement (except as a result of Executive’s incapacity due to physical or mental illness) after having first received notice of such failure and thirty days within which to correct the failure;
|
(B)
|
The Executive commits any act which is reasonably deemed to have been intended by Executive to injure BOK Financial or any of its affiliates;
|
(C)
|
The Executive is charged, indicted or convicted of any criminal act or act involving moral turpitude which BOK Financial reasonably deems adversely affects the suitability of Executive to serve BOK Financial or any of its affiliates;
|
(D)
|
The Executive commits any dishonest or fraudulent act which BOK Financial reasonably deems material to BOK Financial or any of its affiliates, including the reputation of BOK Financial or any of its affiliates; or,
|
(E)
|
Any refusal by Executive to obey orders or instructions of the Chief Executive Officer of BOK Financial or BOKF, NA, unless such instructions would require Executive to commit an illegal act, could subject Executive to personal liability, would require Executive to violate the terms of this Agreement, are inconsistent with recognized ethical standards, or would otherwise be inconsistent with the duties of an officer of a bank.
|
(ii)
|
BOK Financial shall be deemed to have cause to terminate Executive’s Employment only when a majority of the members of the Board of Directors of BOK Financial
|
(iii)
|
The effective date of a termination for cause shall be the date of the action of such majority finding the termination was with cause. In the event BOK Financial terminates Executive’s Employment for cause, (A) BOK Financial shall pay Executive the Executive’s then Annual Salary through, but not beyond, the effective date of the termination and (B) the Executive shall receive those Additional Benefits accrued through but not beyond the effective date of such termination which are payable under the terms and provisions of benefit plans then in effect in accordance with paragraph 4(c) above, (C) BOK Financial shall pay the Executive for vacation in accordance with BOK Financial’s then existing policy for senior executives, and (D)Executive shall be entitled to receive those amounts due Executive pursuant to paragraph 8(b) and Executive shall be bound by the provisions of the Non-Solicitation Agreement.
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(7)
|
Provisions Respecting Illness and Death. In the event Executive becomes disabled as defined in Section 409A(a)(2)(C) of the Internal Revenue Code, BOK Financial may terminate Executive’s Employment without further or additional compensation being due the Executive from BOK Financial except Annual Salary accrued through the date of termination, Additional Benefits accrued through the date of such termination under benefit plans then in effect in accordance with paragraph 4(c) above, and vacation in accordance with BOK Financial’s then existing policy for senior executives, and the provisions of paragraph 8 shall apply. Without limiting the generality of paragraph 4(c), Executive shall upon such termination receive those benefits provided in BOK Financial’s long term disability policy then in effect. In the event of the death of the Executive, the Employment of the Executive shall automatically terminate as of the date of death without further or additional compensation being due the Executive, except BOK Financial shall pay to the estate of the Executive the Annual Salary in effect on the date of death and accrued through the date of termination and the Additional Benefits accrued through the date of such termination under benefit plans then in effect in accordance with paragraph 4(c) above. BOK Financial shall make the payments due Executive in one lump sum within forty-five days following the date of termination.
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(8)
|
Agreement Not to Solicit. The provisions of this paragraph are hereafter called the “Non-Solicitation Agreement”.
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(a)
|
Executive agrees that, for a period of two (2) years following any termination of the Employment for cause, and for a period of one (1) year following any termination of the Employment for any reason other than cause (including expiration of the Term), Executive shall not directly or indirectly (whether as an officer, director, employee, partner, stockholder, creditor or agent, or representative of other persons or entities) contact or solicit, in any manner indirectly or directly, individuals or entities who were at any time during the original or any extended Term clients of BOK Financial or any of its affiliates for the purpose of providing banking, trust, investment, or other services provided by BOK Financial or any of its affiliates during the Term or contact or solicit employees of BOK Financial or any affiliates of BOK Financial to seek employment with any person or entity except BOK
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(b)
|
BOK Financial shall pay Executive, in addition to any other amounts which may be due Executive, during each year in which the Non-Solicitation Agreement is in effect, $3,000 payable in installments in arrears, less usual and customary payroll deductions for FICA, federal and state withholding, and the like, at the times and in the manner in effect in accordance with the usual and customary payroll policies generally in effect from time to time at BOK Financial. Notwithstanding the foregoing, the amounts due for the first six months of the Non-Competition Agreement shall be paid in a lump sum as soon administratively possible following such six month period if Executive is determined to be a "specified employee as defined in Section 409A(a)(2)(B)(i).
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(c)
|
Executive agrees that the Non-Solicitation Agreement and all the restrictions set forth in this Non-Solicitation Agreement are fair and reasonable.
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(d)
|
Executive agrees that (i) any remedy at law for any breach of this Non- Agreement would be inadequate, (ii) in the event of any breach of this Non-Solicitation Agreement, the terms of this Non-Solicitation Agreement shall constitute incontrovertible evidence of irreparable injury to BOK Financial, and (iii) BOK Financial shall be entitled to both immediate and permanent injunctive relief without the necessity of establishing or posting any bond therefor to preclude any such breach (in addition to any remedies of law to which BOK Financial may be entitled).
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(9)
|
Confidential Information. All references in this Section 9 to BOK Financial shall include BOK Financial’s affiliates.
|
(a)
|
Executive acknowledges that, during the Term and prior to the Term, Executive has had and will have access to Confidential Information (as hereinafter defined), all of which shall be made accessible to Executive only in strict confidence; that unauthorized disclosure of Confidential Information will damage BOK Financial’s business; that Confidential Information would be susceptible to immediate competitive application by a competitor of BOK Financial; that BOK Financial’s business is substantially dependent on access to and the continuing secrecy of Confidential Information; that Confidential Information is unique to BOK Financial and known only to Executive and certain key employees and contractors of BOK Financial; that BOK Financial shall at all times retain ownership and control of all Confidential Information; and that the restrictions contained in this Section 9 are reasonable and necessary for the protection of BOK Financial’s business.
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(b)
|
All documents or other records containing or reflecting Confidential Information (“Confidential Documents”) prepared by or to which Executive has access are and shall remain the property of BOK Financial. Executive shall not copy or use any Confidential Document for any purpose not relating directly to Executive’s Employment on BOK Financial’s behalf, or use or disclose any Confidential Document to any party other than BOK Financial or its employees and shall not sell Confidential Documents to any party. Upon the termination of this Agreement or upon BOK Financial’s request before or after such termination, Executive shall immediately deliver to BOK Financial or its designee
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(c)
|
During the Term and for a period of four (4) years thereafter, regardless of the reason for termination of Executive’s employment, (i) Executive shall not disclose any Confidential Information to any third party and (ii) Executive shall use Confidential Information only in connection with and in furtherance of Executive’s Employment by BOK Financial and on behalf of its affiliates.
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(d)
|
As used herein, Confidential Information means all nonpublic information concerning or arising from BOK Financial’s business, including particularly but not by way of limitation trade secrets used, developed or acquired by BOK Financial in connection with its business; information concerning the manner and details of BOK Financial’s operations, organization and management; financial information and/or documents and nonpublic policies, procedures and other printed or written material generated or used in connection with BOK Financial’s business; BOK Financial’s business plans and strategies; electronic files or documents prepared by BOK Financial or Executive containing the identities of BOK Financial’s customers (including their addresses and telephone numbers), the nature and amounts of their assets and liabilities, and the specific individual customer needs being addressed by BOK Financial; the nature of fees and charges assessed by BOK Financial; nonpublic forms, contracts and other documents used in BOK Financial’s business; the nature and content of any proprietary computer software used in BOK Financial’s business, whether owned by BOK Financial or used by BOK Financial under license from a third party; and all other nonpublic information concerning BOK Financial’s concepts, prospects, customers, employees, contractors, earnings, products, services, equipment, systems, and/or prospective and executed contracts and other business arrangements. Confidential Information shall not include (i) general skills and general knowledge of the industry obtained by reason of Executive’s association with BOK Financial; (ii) information that is or becomes public knowledge through no fault or action of Executive; (iii) any information received from an independent third party who is under no duty of confidentiality with respect to the information; or (iv) any information that, on advice of counsel, Executive is required to disclose by law or regulation.
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(10)
|
Surrender of Records and Property. Upon termination of Executive’s employment with BOK Financial for whatever reason, in addition to Executive’s obligations pursuant to Paragraph 9(b), Executive shall deliver promptly to BOK Financial all records, manuals, books, blank forms, documents, letters, memoranda, notes, notebooks, reports, data, tables, calculations or copies thereof that relate in any way to the business, products, practices or techniques of BOK Financial or any of its affiliates, and all other information of BOK Financial or any of its affiliates, including, but not limited to, all documents that in whole or in part contain any information which is defined in this Agreement as Confidential Information and which is in the possession or under the control of Executive.
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(11)
|
Compliance with Section 409A. This Agreement is subject to the following provisions in order to ensure compliance with Section 409A of the Internal Revenue Code of 1986, as amended (Section 409A”).
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(a)
|
If any payment, compensation or other benefit provided to the Executive in connection with his employment termination is determined, in whole or in part, to constitute “nonqualified deferred compensation” within the meaning of Section 409A and the Executive is a specified employee as defined in Section 409A(2)(B)(i), no part of such payments shall be paid before the day that is six (6) months plus one (1) day after the date of termination.
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(b)
|
The Parties acknowledge and agree that Section 409A and its application, if any, to the terms of this Agreement may be subject to change as additional guidance and regulations become available. Anything to the contrary herein notwithstanding, all benefits or payments provided by the Company to the Executive that would be deemed to constitute “nonqualified deferred compensation” within the meaning of Section 409A are intended to comply with Section 409A. If, however, any such benefit or payment is deemed to not comply with Section 409A, the Company and the Executive agree to renegotiate in good faith any such benefit or payment (including, without limitation, as to the timing of any severance payments payable hereof) so that either (i) Section 409A will not apply or (ii) compliance with Section 409A will be achieved.
|
(c)
|
All payments required to be made by Bank hereunder to the Executive may be adjusted to the withholding of such amounts, if any, relating to tax and other payroll deductions as the Bank may reasonably determine should be withheld pursuant to any applicable law or regulation.
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(12)
|
Miscellaneous Provisions. The following miscellaneous provisions shall apply to this Agreement:
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(a)
|
All notices or advices required or permitted to be given by or pursuant to this Agreement, shall be given in writing. All such notices and advices shall be (i) delivered personally or (ii) delivered for overnight delivery by a nationally recognized overnight courier service. Such notices and advices shall be deemed to have been given (i) the first business day following the date of delivery if delivered personally or (ii) on the date of receipt if delivered for overnight delivery by a nationally recognized overnight courier service. All such notices and advices and all other communications related to this Agreement shall be given as follows:
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(b)
|
This Agreement is made and executed in Tulsa, Oklahoma and all actions or proceedings with respect to, arising directly or indirectly in connection with, out of, related to or from this Agreement, shall be litigated in courts having situs in Tulsa, Oklahoma.
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(c)
|
This Agreement shall be subject to, and interpreted by and in accordance with, the laws of the State of Oklahoma without regard to its conflict of law provisions.
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(d)
|
This Agreement is the entire Agreement of the Parties respecting the subject matter hereof. There are no other agreements, representations or warranties, whether oral or written, respecting the subject matter hereof, except as stated in this Agreement.
|
(e)
|
This Agreement, and all the provisions of this Agreement, shall be deemed drafted by all of the Parties hereto.
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(f)
|
This Agreement shall not be interpreted strictly for or against any Party, but solely in accordance with the fair meaning of the provisions hereof to effectuate the purposes and interest of this Agreement.
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(g)
|
Each Party hereto has entered into this Agreement based solely upon the agreements, representations and warranties expressly set forth herein and upon her or his own knowledge and investigation. Neither Party has relied upon any representation or warranty of any other Party hereto except any such representations or warranties as are expressly set forth herein.
|
(h)
|
Each of the persons signing below on behalf of a Party hereto represents and warrants that he or she has full requisite power and authority to execute and deliver this Agreement on behalf of the Parties for whom he or she is signing and to bind such Party to the terms and conditions of this Agreement.
|
(i)
|
This Agreement may be executed in counterparts, each of which shall be deemed an original. This Agreement shall become effective only when all of the Parties hereto shall have executed the original or counterpart hereof. This Agreement may be executed and delivered by a facsimile transmission of a counterpart signature page hereof.
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(j)
|
In any action brought by a Party hereto to enforce the obligations of any other Party hereto, the prevailing Party shall be entitled to collect from the opposing Party to such action such Party’s reasonable litigation costs and attorneys fees and expenses (including court costs, reasonable fees of accountants and experts, and other expenses incidental to the litigation).
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(k)
|
This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective heirs, personal representatives, successors and assigns.
|
(l)
|
This is not a third party beneficiary contract, except BOK Financial (including each affiliate thereof) shall be a third party beneficiary of this Agreement.
|
(m)
|
This Agreement may be amended or modified only in a writing, as agreed to by the Parties hereto, which specifically references this Agreement.
|
(n)
|
A Party to this Agreement may decide or fail to require full or timely performance of any obligation arising under this Agreement. The decision or failure of a Party hereto to require full or timely performance of any obligation arising under this Agreement (whether on a single occasion or on multiple occasions) shall not be deemed a waiver of any such obligation. No such decisions or failures shall give rise to any claim of estoppel, laches, course of dealing, amendment of this Agreement by course of dealing, or other defense of any nature to any obligation arising hereunder.
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(o)
|
In the event any provision of this Agreement, or the application of such provision to any person or set of circumstances, shall be determined to be invalid, unlawful, or unenforceable to any extent for any reason, the remainder of this Agreement, and the application of such provision to persons or circumstances other than those as to which it is determined to be invalid, unlawful, or unenforceable, shall not be affected and shall continue to be enforceable to the fullest extent permitted by law.
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(p)
|
None of the compensation or other payments to Executive provided for in, or that may be made pursuant to, this Agreement are intended by the Parties to be deferred compensation within the meaning of Section 409A. If, however, the Executive is a " specified employee" as defined in Section 409A(a)(2)(B)(i), then the other provisions of this Agreement notwithstanding, no compensation that is "deferred compensation" within the meaning of Section 409A shall be paid to Executive sooner than six months and one day following the date of Executive s separation from service from the Company, as such date is determined in accordance with Section 409A.
|
|
BOK Financial Corporation
|
|
/s/ Stanley A. Lybarger
|
|
Name: Stanley A. Lybarger
|
|
Title: President and Chief Executive
Officer
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|
|
|
Executive
|
|
/s/ Scott B. Grauer
|
|
Individually
|
(1)
|
Chartered by the United States Government
|
(2)
|
Incorporated in Texas
|
(3)
|
Incorporated in Delaware
|
(4)
|
Incorporated in New Mexico
|
(5)
|
Incorporated in Colorado
|
(6)
|
Incorporated in Kansas
|
(7)
|
Incorporated in Colorado
|
(8)
|
Incorporated in Nevada
|
•
|
Registration Statement (Form S-8, No. 33-44121) pertaining to the Reoffer Prospectus of the Bank of Oklahoma Master Thrift Plan and Trust Agreement as amended October 6, 2008.
|
•
|
Registration Statement (Form S-8, No. 333-40280) pertaining to the Reoffer Prospectus of the BOK Financial Corporation Master Thrift Plan for Hourly Employees as amended October 6, 2008.
|
•
|
Registration Statement (Form S-8, No. 33-79836) pertaining to the Reoffer Prospectus of the BOK Financial Corporation Directors' Stock Compensation Plan.
|
•
|
Registration Statement (Form S-8, No. 333-32649) pertaining to the Reoffer Prospectus of the BOK Financial Corporation 1997 Stock Option Plan.
|
•
|
Registration Statement (Form S-8, No. 333-93957) pertaining to the Reoffer Prospectus of the BOK Financial Corporation 2000 Stock Option Plan.
|
•
|
Registration Statement (Form S-8, No. 333-62578) pertaining to the Reoffer Prospectus of the BOK Financial Corporation 2001 Stock Option Plan.
|
•
|
Registration Statement (Form S-8, No. 333-106530) pertaining to the Reoffer Prospectus of the BOK Financial Corporation 2003 Executive Incentive Plan.
|
•
|
Registration Statement (Form S-8, No. 333-106531) pertaining to the Reoffer Prospectus of the BOK Financial Corporation 2003 Stock Option Plan.
|
•
|
Registration Statement (Form S-8, No. 333-135224) pertaining to the Reoffer Prospectus of the BOK Financial Corporation 2003 Stock Option Plan.
|
•
|
Registration Statement (Form S-8, No. 333-158846) pertaining to the Reoffer Prospectus of the BOK Financial Corporation 2009 Omnibus Incentive Plan.
|
•
|
Registration Statement (Form S-3, (No. 333-212120) pertaining to the Reoffer Prospectus of the BOK Financial Corporation 2016 Subordinated Note Issuance.
|
•
|
Registration Statement (Form S-4, (No. 333-226211) pertaining to the Registration Statement for the registration of BOK Financial Corporation's common stock.
|
1.
|
I have reviewed this Annual Report on Form 10-K of BOK Financial;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ Steven G. Bradshaw
|
Steven G. Bradshaw
|
President
|
Chief Executive Officer
|
BOK Financial Corporation
|
1.
|
I have reviewed this Annual Report on Form 10-K of BOK Financial;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ Steven E. Nell
|
Steven E. Nell
|
Executive Vice President
|
Chief Financial Officer
|
BOK Financial Corporation
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of BOK Financial as of, and for, the periods presented.
|
/s/ Steven G. Bradshaw
|
Steven G. Bradshaw
|
President
|
Chief Executive Officer
|
BOK Financial Corporation
|
/s/ Steven E. Nell
|
Steven E. Nell
|
Executive Vice President
|
Chief Financial Officer
|
BOK Financial Corporation
|