BOK Financial Reports Record Earnings; Completes Texas Acquisition

Apr 18, 2001, 01:00 ET from BOK Financial Corp.

    TULSA, Okla., April 18 /PRNewswire/ -- BOK Financial Corp. (Nasdaq: BOKF),
 the parent company of Bank of Oklahoma, N.A., Bank of Texas, N.A., Bank of
 Albuquerque, N.A., and Bank of Arkansas, N.A., today announced earnings of
 $27.4 million for the three months ended March 31, 2001.  This compares with
 earnings of $24.8 million reported in the same quarter last year, an increase
 of 10 percent.
     Earnings per share increased 9 percent to 49 cents from 45 cents in the
 first quarter of 2000.  The first quarter of 2000 benefited from several non-
 recurring items, the most significant of which was the $3 million reversal of
 income tax reserves.  Excluding the first quarter 2000 non-recurring items
 from the quarter-to-quarter comparison, earnings per share increased 9 cents,
 or 23 percent, during the first quarter of 2001.  All per share data are fully
 diluted.
     In making this announcement, Stan Lybarger, chief executive officer and
 president of BOK Financial Corp., said, "The first quarter was notable for our
 record earnings and entry into the Houston market with the purchase of CNBT
 Bancshares.  With this acquisition and continued strong internal growth, our
 total assets now exceed $10 billion.  The company's expansion in Albuquerque
 and Dallas has been tremendous, and we expect to replicate that success in
 Houston."
     CNBT Bancshares is the parent of Citizens National Bank, which at
 acquisition had $443 million in assets and seven locations in the Houston
 metropolitan area.  Ralph Williams, President of Citizens said, "Our customers
 are ready for the broader array of products available through BOK Financial,
 and our employees are excited about being able to offer them.  Also, with our
 expanded lending capability, we will be able to serve Houston companies that
 were previously too large for our bank."
     In commenting on passing the $10 billion level, Lybarger said, "While our
 growth in Oklahoma and Arkansas has been solid, we are especially gratified by
 the success we have had in attracting new customers in Texas and New Mexico
 delivering big bank products with community bank service."
     Net interest revenue increased $12 million, or 19 percent, during the
 quarter as the level of earning assets expanded.  Loans reached $5.9 billion
 at quarter end, an increase of 25 percent from the first quarter of 2000.
 Excluding the effect of the Houston acquisition, loans increased $973 million,
 or 21 percent from the prior year.  Loans at Bank of Texas increased by
 $184 million, or 28 percent, while the portfolio at Bank of Albuquerque
 increased by $87 million, or 45 percent.
     The company saw continued strong growth in its fee-based business lines.
 Fee income increased 16 percent primarily due to improvements in the mortgage
 banking business.  Mortgage originations almost doubled over the first quarter
 of 2000 as interest rates declined.  Service charges, brokerage and trading
 revenue, and transaction card revenue all increased by 15 percent over the
 prior year period.
     The provision for loan losses for the quarter was $7.6 million, up from
 $6 million in the fourth quarter of 2000.  Non-accrual loans increased by
 $10.4 million from the fourth quarter.  Lybarger said, "After several years of
 unprecedented strength in the economy, we are now seeing credit quality move
 closer to long-term historical averages.  Our goal is to continue to
 outperform the industry."
     During the quarter the company recorded a $9.7 million provision for
 impairment of mortgage servicing rights as current borrowers refinanced their
 mortgages in light of declining interest rates.  The impairment was more than
 offset by gains of $11.3 million in a securities portfolio that is held
 specifically to offset such value changes.
     BOK Financial Corp. is a multi-bank holding company based in Tulsa, Okla.,
 with over 100 offices in Arkansas, Kansas, Missouri, New Mexico, Oklahoma and
 Texas.  BOK Financial's trust company subsidiaries are responsible for
 $17.2 billion in assets.
     TransFund, the company's electronic funds transfer network, has more than
 1,000 machines installed in an eight-state area and provides EFT switching
 support services for more than 280 financial institutions, for a customer base
 of more than 1.2 million cardholders.  BOK Financial's mortgage companies have
 offices in six states and service mortgages totaling $6.8 billion.
 
     This news release contains forward-looking statements that are based on
 management's beliefs, assumptions, current expectations, estimates and
 projections about BOK Financial Corp., the financial services industry and the
 economy generally.  Words such as "anticipates," "believes," "estimates,"
 "expects," "forecasts," "plans," "projects," variations of such words, and
 similar expressions are intended to identify such forward-looking statements.
 Management judgements relating to, and discussion of the provision and
 allowance for credit losses involve judgements as to future events and are
 inherently forward-looking statements.  Assessments that BOKF's acquisitions
 and other growth endeavors will be profitable are necessary statements of
 belief as to the outcome of future events, based in part on information
 provided by others which BOKF has not independently verified.  These
 statements are not guarantees of future performance and involve certain risks,
 uncertainties, and assumptions which are difficult to predict with regard to
 timing, extent, likelihood and degree of occurrence.  Therefore, actual
 results and outcomes may materially differ from what is expressed, implied or
 forecasted in such forward-looking statements.  Internal and external factors
 that might cause such a difference include, but are not limited to, (1) the
 ability to fully realize expected cost savings from mergers within the
 expected time frames, (2) the ability of other companies on which BOKF relies
 to provide goods and services in a timely and accurate manner, (3) changes in
 interest rates and interest rate relationships, (4) demand for products and
 services, (5) the degree of competition by traditional and non-traditional
 competitors, (6) changes in banking regulations, tax laws, prices, levies, and
 assessments, (7) the impact of technological advances, and (8) trends in
 customer behavior as well as their ability to repay loans.  BOK Financial
 Corp. and its affiliates undertake no obligation to update, amend, or clarify
 forward-looking statements, whether as a result of new information, future
 events, or otherwise.
 
 
      BOK FINANCIAL CORPORATION
      (In thousands, except ratio and per share data)
 
                        Period End Balances         Average Balances
                                                      Quarter Ended
                             March 31,                  March 31,
            BALANCE SHEETS      2001         2000         2001         2000
 
                    ASSETS
              Cash and due
                from banks    $484,380     $438,256     $421,159    $373,819
        Trading securities      12,449       15,043       18,421      14,593
                Funds sold       7,150       30,685       28,063      47,782
               Securities:
        Available for sale   2,954,358    2,604,584    2,972,725   2,598,866
       Held for investment     211,971      206,365      220,511     209,226
          Total securities   3,166,329    2,810,949    3,193,236   2,808,092
                    Loans:
                Commercial   3,393,077    2,682,703    3,327,775   2,604,011
           Commercial real
                    estate   1,330,767    1,172,527    1,319,635   1,116,005
      Residential mortgage     789,150      594,606      745,880     558,002
                  Consumer     364,288      269,963      344,253     372,002
               Total loans   5,877,282    4,719,799    5,737,543   4,650,020
        Less allowance for
               loan losses     (86,535)     (77,828)     (86,156)    (77,808)
          Total loans, net   5,790,747    4,641,971    5,651,387   4,572,212
              Premises and
                 equipment     143,001      120,167      141,679     124,629
           Accrued revenue
                receivable      76,019       67,850       73,029      62,384
         Goodwill and core
          deposit premiums     167,204      120,934      163,096     122,998
        Mortgage servicing
                    rights     100,526      112,998      106,657     114,023
           Real estate and
         other repossessed
                    assets       7,492        3,972        6,669       4,089
      Bankers' acceptances      10,111        6,940        9,798       6,974
              Other assets      80,686      163,090       77,936     100,750
              TOTAL ASSETS $10,046,094   $8,532,855   $9,891,130  $8,352,345
 
           LIABILITIES AND
            EQUITY CAPITAL
                 Deposits:
                    Demand  $1,173,363   $1,077,098   $1,047,267    $954,307
          Interest-bearing
               transaction   2,180,943    1,925,016    2,133,537   1,856,644
                   Savings     156,362      160,233      151,392     155,848
             Time deposits   3,059,109    2,348,881    2,960,828   2,364,126
            Total deposits   6,569,777    5,511,228    6,293,024   5,330,925
             Federal funds
             purchased and
                repurchase
                agreements   1,532,320    1,321,498    1,702,913   1,324,009
            Other borrowed
                     funds     887,205      880,083      903,264     892,235
              Subordinated
                 debenture     188,890      148,682      160,144     148,663
         Accrued interest,
       taxes, and expenses      78,869       67,378       71,107      63,076
      Bankers' acceptances      10,111        6,940        9,798       6,974
         Other liabilities      30,179       20,098       27,609      25,218
         TOTAL LIABILITIES   9,297,351    7,955,907    9,167,859   7,791,100
           Equity Capital:
      Stockholders' equity     728,531      625,279      716,111     612,182
     Unrealized securities
            gains (losses)      20,212      (48,331)       7,160     (50,937)
      TOTAL EQUITY CAPITAL     748,743      576,948      723,271     561,245
         TOTAL LIABILITIES
                       AND
            EQUITY CAPITAL $10,046,094   $8,532,855   $9,891,130  $8,352,345
 
 
                                                     For the Quarters Ended
        STATEMENTS OF EARNINGS                         2001          2000
 
              Interest revenue                      $176,278      $145,344
              Interest expense                       100,666        81,666
          Net interest revenue                        75,612        63,678
                 Provision for
                   loan losses                         7,573         2,639
          Net interest revenue
               after provision
               for loan losses                        68,039        61,039
 
       Other operating revenue
                 Brokerage and
               trading revenue                         5,100         4,426
      Transaction card revenue                         9,902         8,620
                Trust fees and
                   commissions                         9,937         9,523
      Service charges and fees
           on deposit accounts                        11,789        10,255
              Mortgage banking
                  revenue, net                        10,833         7,834
               Leasing revenue                         1,119           744
                 Other revenue                         5,221         4,973
                    Total fees
               and commissions                        53,901        46,375
                  Gain on sale
              of student loans                           521           433
                  Gain on loan
                securitization                           ---           ---
                  Gain on sale
               of other assets                           ---           ---
                    Securities
                gains(losses),
                           net                        13,644           (17)
                   Total other
             operating revenue                        68,066        46,791
 
       Other operating expense
                     Personnel                        39,936        37,289
            Business promotion                         2,872         2,335
             Professional fees
                  and services                         3,057         2,318
               Net occupancy &
                     equipment                        10,343         8,500
             Data processing &
                communications                         9,373         8,520
      FDIC and other insurance                           443           380
             Printing, postage
                  and supplies                         2,991         2,811
                 Net gains and
            operating expenses
         on repossessed assets                            29          (583)
               Amortization of
             intangible assets                         5,027         4,078
        Mortgage banking costs                         6,418         5,437
      Provision for impairment
                   of mortgage
              servicing rights                         9,723           ---
                 Other expense                         3,574         3,531
         Total other operating
                       expense                        93,786        74,616
 
           Income before taxes                        42,319        33,214
      Federal and state income
                         taxes                        14,917         8,401
 
                    NET INCOME                       $27,402       $24,813
 
 
                                                   For the Quarters Ended
                FINANCIAL DATA                      2001             2000
 
                      Capital:
                Average equity                   $723,271         $561,245
             Period-end equity                   $748,743         $576,948
            Risk-based capital
                       ratios:
                        Tier 1                       7.40%            7.45%
                 Total capital                      10.90%           10.80%
                Leverage ratio                       5.73%            6.06%
 
                 Common stock:
          Book value per share                     $15.18           $11.75
 
      Basic earnings per share                      $0.55            $0.50
 
          Diluted earnings per
                         share                      $0.49            $0.45
 
       Tangible net income per
                 diluted share                      $0.57            $0.51
 
             Period end common
            shares outstanding                 49,337,736       49,104,835
 
                Average shares
                  outstanding:
                         Basic                 49,298,201       49,185,789
                       Diluted                 55,898,108       55,659,829
 
                   Key ratios:
      Return on average assets                       1.12%            1.19%
      Return on average equity                      15.36%           17.78%
           Net interest margin                       3.54%            3.53%
 
               Credit Quality:
         Nonperforming assets:
              Nonaccrual loans                    $50,108          $18,602
         Real estate and other
            repossessed assets                      7,492            3,972
            Renegotiated loans                         86              ---
           Total nonperforming
                        assets                    $57,686          $22,574
 
           90-day past due and
            restructured loans                    $14,750           $9,704
 
             Gross charge-offs                     $7,292           $2,264
                    Recoveries                      1,299            1,219
               Net charge-offs
                  (recoveries)                     $5,993           $1,045
 
                   Key ratios:
       Reserve for loan losses
       to period end loans (A)                       1.50%            1.66%
          Nonperforming assets
       to period end loans (A)
        and repossessed assets                       1.00%            0.48%
               Net charge-offs
               (annualized) to
                 average loans                       0.42%            0.09%
       Reserve for loan losses
        to nonperforming loans                     172.40%          418.39%
 
      (A)  Excluding residential mortgage loans held for sale.
 
 
                                                   For the Quarters Ended
                                                     2001            2000
                   Other Data:
        Average earning assets                    $8,891,107     $7,442,679
          Average total assets                    $9,891,130     $8,352,345
                Average equity                      $723,271       $561,245
                 Average loans                    $5,737,543     $4,650,020
           Loans held for sale
                  (Period end)                       $93,117        $42,967
           Loans held for sale
                     (Average)                       $54,373        $39,958
                Tax deductible
              intangible asset
                  amortization                          $761         $1,007
                Tax equivalent
                    adjustment                        $2,075         $1,705
               Preferred stock
              dividends - BOKF                          $375           $375
             Period end common
                    shares O/S                    49,337,736     49,104,835
              Period end fully
                diluted shares                    55,937,643     55,970,226
      Number of days in period                            90             91
 
           Tangible Book Value                        $11.79          $9.29
 
       Stock Buy Back Program:
       Stock buy back # shares                           ---         82,702
        Stock buy back account                          $---     $1,766,570
       Average price per share                          $---         $21.36
 
             Mortgage Banking:
            Mortgage servicing
                     portfolio                    $6,785,608     $6,921,346
        Mortgage loan fundings
                during quarter                      $211,021       $109,439
      Mortgage loan refinances
             to total fundings                         46.35%         18.15%
 
 

SOURCE BOK Financial Corp.
    TULSA, Okla., April 18 /PRNewswire/ -- BOK Financial Corp. (Nasdaq: BOKF),
 the parent company of Bank of Oklahoma, N.A., Bank of Texas, N.A., Bank of
 Albuquerque, N.A., and Bank of Arkansas, N.A., today announced earnings of
 $27.4 million for the three months ended March 31, 2001.  This compares with
 earnings of $24.8 million reported in the same quarter last year, an increase
 of 10 percent.
     Earnings per share increased 9 percent to 49 cents from 45 cents in the
 first quarter of 2000.  The first quarter of 2000 benefited from several non-
 recurring items, the most significant of which was the $3 million reversal of
 income tax reserves.  Excluding the first quarter 2000 non-recurring items
 from the quarter-to-quarter comparison, earnings per share increased 9 cents,
 or 23 percent, during the first quarter of 2001.  All per share data are fully
 diluted.
     In making this announcement, Stan Lybarger, chief executive officer and
 president of BOK Financial Corp., said, "The first quarter was notable for our
 record earnings and entry into the Houston market with the purchase of CNBT
 Bancshares.  With this acquisition and continued strong internal growth, our
 total assets now exceed $10 billion.  The company's expansion in Albuquerque
 and Dallas has been tremendous, and we expect to replicate that success in
 Houston."
     CNBT Bancshares is the parent of Citizens National Bank, which at
 acquisition had $443 million in assets and seven locations in the Houston
 metropolitan area.  Ralph Williams, President of Citizens said, "Our customers
 are ready for the broader array of products available through BOK Financial,
 and our employees are excited about being able to offer them.  Also, with our
 expanded lending capability, we will be able to serve Houston companies that
 were previously too large for our bank."
     In commenting on passing the $10 billion level, Lybarger said, "While our
 growth in Oklahoma and Arkansas has been solid, we are especially gratified by
 the success we have had in attracting new customers in Texas and New Mexico
 delivering big bank products with community bank service."
     Net interest revenue increased $12 million, or 19 percent, during the
 quarter as the level of earning assets expanded.  Loans reached $5.9 billion
 at quarter end, an increase of 25 percent from the first quarter of 2000.
 Excluding the effect of the Houston acquisition, loans increased $973 million,
 or 21 percent from the prior year.  Loans at Bank of Texas increased by
 $184 million, or 28 percent, while the portfolio at Bank of Albuquerque
 increased by $87 million, or 45 percent.
     The company saw continued strong growth in its fee-based business lines.
 Fee income increased 16 percent primarily due to improvements in the mortgage
 banking business.  Mortgage originations almost doubled over the first quarter
 of 2000 as interest rates declined.  Service charges, brokerage and trading
 revenue, and transaction card revenue all increased by 15 percent over the
 prior year period.
     The provision for loan losses for the quarter was $7.6 million, up from
 $6 million in the fourth quarter of 2000.  Non-accrual loans increased by
 $10.4 million from the fourth quarter.  Lybarger said, "After several years of
 unprecedented strength in the economy, we are now seeing credit quality move
 closer to long-term historical averages.  Our goal is to continue to
 outperform the industry."
     During the quarter the company recorded a $9.7 million provision for
 impairment of mortgage servicing rights as current borrowers refinanced their
 mortgages in light of declining interest rates.  The impairment was more than
 offset by gains of $11.3 million in a securities portfolio that is held
 specifically to offset such value changes.
     BOK Financial Corp. is a multi-bank holding company based in Tulsa, Okla.,
 with over 100 offices in Arkansas, Kansas, Missouri, New Mexico, Oklahoma and
 Texas.  BOK Financial's trust company subsidiaries are responsible for
 $17.2 billion in assets.
     TransFund, the company's electronic funds transfer network, has more than
 1,000 machines installed in an eight-state area and provides EFT switching
 support services for more than 280 financial institutions, for a customer base
 of more than 1.2 million cardholders.  BOK Financial's mortgage companies have
 offices in six states and service mortgages totaling $6.8 billion.
 
     This news release contains forward-looking statements that are based on
 management's beliefs, assumptions, current expectations, estimates and
 projections about BOK Financial Corp., the financial services industry and the
 economy generally.  Words such as "anticipates," "believes," "estimates,"
 "expects," "forecasts," "plans," "projects," variations of such words, and
 similar expressions are intended to identify such forward-looking statements.
 Management judgements relating to, and discussion of the provision and
 allowance for credit losses involve judgements as to future events and are
 inherently forward-looking statements.  Assessments that BOKF's acquisitions
 and other growth endeavors will be profitable are necessary statements of
 belief as to the outcome of future events, based in part on information
 provided by others which BOKF has not independently verified.  These
 statements are not guarantees of future performance and involve certain risks,
 uncertainties, and assumptions which are difficult to predict with regard to
 timing, extent, likelihood and degree of occurrence.  Therefore, actual
 results and outcomes may materially differ from what is expressed, implied or
 forecasted in such forward-looking statements.  Internal and external factors
 that might cause such a difference include, but are not limited to, (1) the
 ability to fully realize expected cost savings from mergers within the
 expected time frames, (2) the ability of other companies on which BOKF relies
 to provide goods and services in a timely and accurate manner, (3) changes in
 interest rates and interest rate relationships, (4) demand for products and
 services, (5) the degree of competition by traditional and non-traditional
 competitors, (6) changes in banking regulations, tax laws, prices, levies, and
 assessments, (7) the impact of technological advances, and (8) trends in
 customer behavior as well as their ability to repay loans.  BOK Financial
 Corp. and its affiliates undertake no obligation to update, amend, or clarify
 forward-looking statements, whether as a result of new information, future
 events, or otherwise.
 
 
      BOK FINANCIAL CORPORATION
      (In thousands, except ratio and per share data)
 
                        Period End Balances         Average Balances
                                                      Quarter Ended
                             March 31,                  March 31,
            BALANCE SHEETS      2001         2000         2001         2000
 
                    ASSETS
              Cash and due
                from banks    $484,380     $438,256     $421,159    $373,819
        Trading securities      12,449       15,043       18,421      14,593
                Funds sold       7,150       30,685       28,063      47,782
               Securities:
        Available for sale   2,954,358    2,604,584    2,972,725   2,598,866
       Held for investment     211,971      206,365      220,511     209,226
          Total securities   3,166,329    2,810,949    3,193,236   2,808,092
                    Loans:
                Commercial   3,393,077    2,682,703    3,327,775   2,604,011
           Commercial real
                    estate   1,330,767    1,172,527    1,319,635   1,116,005
      Residential mortgage     789,150      594,606      745,880     558,002
                  Consumer     364,288      269,963      344,253     372,002
               Total loans   5,877,282    4,719,799    5,737,543   4,650,020
        Less allowance for
               loan losses     (86,535)     (77,828)     (86,156)    (77,808)
          Total loans, net   5,790,747    4,641,971    5,651,387   4,572,212
              Premises and
                 equipment     143,001      120,167      141,679     124,629
           Accrued revenue
                receivable      76,019       67,850       73,029      62,384
         Goodwill and core
          deposit premiums     167,204      120,934      163,096     122,998
        Mortgage servicing
                    rights     100,526      112,998      106,657     114,023
           Real estate and
         other repossessed
                    assets       7,492        3,972        6,669       4,089
      Bankers' acceptances      10,111        6,940        9,798       6,974
              Other assets      80,686      163,090       77,936     100,750
              TOTAL ASSETS $10,046,094   $8,532,855   $9,891,130  $8,352,345
 
           LIABILITIES AND
            EQUITY CAPITAL
                 Deposits:
                    Demand  $1,173,363   $1,077,098   $1,047,267    $954,307
          Interest-bearing
               transaction   2,180,943    1,925,016    2,133,537   1,856,644
                   Savings     156,362      160,233      151,392     155,848
             Time deposits   3,059,109    2,348,881    2,960,828   2,364,126
            Total deposits   6,569,777    5,511,228    6,293,024   5,330,925
             Federal funds
             purchased and
                repurchase
                agreements   1,532,320    1,321,498    1,702,913   1,324,009
            Other borrowed
                     funds     887,205      880,083      903,264     892,235
              Subordinated
                 debenture     188,890      148,682      160,144     148,663
         Accrued interest,
       taxes, and expenses      78,869       67,378       71,107      63,076
      Bankers' acceptances      10,111        6,940        9,798       6,974
         Other liabilities      30,179       20,098       27,609      25,218
         TOTAL LIABILITIES   9,297,351    7,955,907    9,167,859   7,791,100
           Equity Capital:
      Stockholders' equity     728,531      625,279      716,111     612,182
     Unrealized securities
            gains (losses)      20,212      (48,331)       7,160     (50,937)
      TOTAL EQUITY CAPITAL     748,743      576,948      723,271     561,245
         TOTAL LIABILITIES
                       AND
            EQUITY CAPITAL $10,046,094   $8,532,855   $9,891,130  $8,352,345
 
 
                                                     For the Quarters Ended
        STATEMENTS OF EARNINGS                         2001          2000
 
              Interest revenue                      $176,278      $145,344
              Interest expense                       100,666        81,666
          Net interest revenue                        75,612        63,678
                 Provision for
                   loan losses                         7,573         2,639
          Net interest revenue
               after provision
               for loan losses                        68,039        61,039
 
       Other operating revenue
                 Brokerage and
               trading revenue                         5,100         4,426
      Transaction card revenue                         9,902         8,620
                Trust fees and
                   commissions                         9,937         9,523
      Service charges and fees
           on deposit accounts                        11,789        10,255
              Mortgage banking
                  revenue, net                        10,833         7,834
               Leasing revenue                         1,119           744
                 Other revenue                         5,221         4,973
                    Total fees
               and commissions                        53,901        46,375
                  Gain on sale
              of student loans                           521           433
                  Gain on loan
                securitization                           ---           ---
                  Gain on sale
               of other assets                           ---           ---
                    Securities
                gains(losses),
                           net                        13,644           (17)
                   Total other
             operating revenue                        68,066        46,791
 
       Other operating expense
                     Personnel                        39,936        37,289
            Business promotion                         2,872         2,335
             Professional fees
                  and services                         3,057         2,318
               Net occupancy &
                     equipment                        10,343         8,500
             Data processing &
                communications                         9,373         8,520
      FDIC and other insurance                           443           380
             Printing, postage
                  and supplies                         2,991         2,811
                 Net gains and
            operating expenses
         on repossessed assets                            29          (583)
               Amortization of
             intangible assets                         5,027         4,078
        Mortgage banking costs                         6,418         5,437
      Provision for impairment
                   of mortgage
              servicing rights                         9,723           ---
                 Other expense                         3,574         3,531
         Total other operating
                       expense                        93,786        74,616
 
           Income before taxes                        42,319        33,214
      Federal and state income
                         taxes                        14,917         8,401
 
                    NET INCOME                       $27,402       $24,813
 
 
                                                   For the Quarters Ended
                FINANCIAL DATA                      2001             2000
 
                      Capital:
                Average equity                   $723,271         $561,245
             Period-end equity                   $748,743         $576,948
            Risk-based capital
                       ratios:
                        Tier 1                       7.40%            7.45%
                 Total capital                      10.90%           10.80%
                Leverage ratio                       5.73%            6.06%
 
                 Common stock:
          Book value per share                     $15.18           $11.75
 
      Basic earnings per share                      $0.55            $0.50
 
          Diluted earnings per
                         share                      $0.49            $0.45
 
       Tangible net income per
                 diluted share                      $0.57            $0.51
 
             Period end common
            shares outstanding                 49,337,736       49,104,835
 
                Average shares
                  outstanding:
                         Basic                 49,298,201       49,185,789
                       Diluted                 55,898,108       55,659,829
 
                   Key ratios:
      Return on average assets                       1.12%            1.19%
      Return on average equity                      15.36%           17.78%
           Net interest margin                       3.54%            3.53%
 
               Credit Quality:
         Nonperforming assets:
              Nonaccrual loans                    $50,108          $18,602
         Real estate and other
            repossessed assets                      7,492            3,972
            Renegotiated loans                         86              ---
           Total nonperforming
                        assets                    $57,686          $22,574
 
           90-day past due and
            restructured loans                    $14,750           $9,704
 
             Gross charge-offs                     $7,292           $2,264
                    Recoveries                      1,299            1,219
               Net charge-offs
                  (recoveries)                     $5,993           $1,045
 
                   Key ratios:
       Reserve for loan losses
       to period end loans (A)                       1.50%            1.66%
          Nonperforming assets
       to period end loans (A)
        and repossessed assets                       1.00%            0.48%
               Net charge-offs
               (annualized) to
                 average loans                       0.42%            0.09%
       Reserve for loan losses
        to nonperforming loans                     172.40%          418.39%
 
      (A)  Excluding residential mortgage loans held for sale.
 
 
                                                   For the Quarters Ended
                                                     2001            2000
                   Other Data:
        Average earning assets                    $8,891,107     $7,442,679
          Average total assets                    $9,891,130     $8,352,345
                Average equity                      $723,271       $561,245
                 Average loans                    $5,737,543     $4,650,020
           Loans held for sale
                  (Period end)                       $93,117        $42,967
           Loans held for sale
                     (Average)                       $54,373        $39,958
                Tax deductible
              intangible asset
                  amortization                          $761         $1,007
                Tax equivalent
                    adjustment                        $2,075         $1,705
               Preferred stock
              dividends - BOKF                          $375           $375
             Period end common
                    shares O/S                    49,337,736     49,104,835
              Period end fully
                diluted shares                    55,937,643     55,970,226
      Number of days in period                            90             91
 
           Tangible Book Value                        $11.79          $9.29
 
       Stock Buy Back Program:
       Stock buy back # shares                           ---         82,702
        Stock buy back account                          $---     $1,766,570
       Average price per share                          $---         $21.36
 
             Mortgage Banking:
            Mortgage servicing
                     portfolio                    $6,785,608     $6,921,346
        Mortgage loan fundings
                during quarter                      $211,021       $109,439
      Mortgage loan refinances
             to total fundings                         46.35%         18.15%
 
 SOURCE  BOK Financial Corp.