BOK Financial Corp. (BOKF, Financial) filed Quarterly Report for the period ended 2009-06-30.
BOK FINANCIAL CORP. through its subsidiaries provides a wide range of financial services to commercial and intrial customers other financial institutions and consumers throughout Oklahoma Northwest Arkansas and North Texas. These services include depository and cash management; lending and lease financing; mortgage banking; securities brokerage; trading and underwriting; and personal and corporate trust. BOK Financial Corp. has a market cap of $2.69 billion; its shares were traded at around $39.82 with a P/E ratio of 14 and P/S ratio of 1.8. The dividend yield of BOK Financial Corp. stocks is 2.4%. BOK Financial Corp. had an annual average earning growth of 7.8% over the past 10 years. GuruFocus rated BOK Financial Corp. the business predictability rank of 4-star.
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Consolidated Statements of Earnings (Unaudited)
(In thousands, except share and per share data)
Three Months Ended June 30, Six Months Ended June 30,
Interest revenue 2009 2008 2009 2008
- - - - - - -
Loans $ 146,269 $ 180,177 $ 292,013 $ 379,561
Taxable securities 80,713 75,959 164,715 148,014
Tax-exempt securities 2,913 2,656 5,563 5,341
- - - - - - - - -
Total securities 83,626 78,615 170,278 153,355
- - - - - - - - -
Trading securities 776 939 1,577 2,016
Funds sold and resell agreements 14 355 44 1,195
- - - - - - - - -
Total interest revenue 230,685 260,086 463,912 536,127
- - - - - - - - -
Interest expense
Deposits 45,103 66,114 97,030 154,261
Borrowed funds 4,370 29,212 10,259 64,579
Subordinated debentures 5,632 5,821 11,198 11,220
- - - - - - - - -
Total interest expense 55,105 101,147 118,487 230,060
- - - - - - - - -
Net interest revenue 175,580 158,939 345,425 306,067
Provision for credit losses 47,120 59,310 92,160 76,881
- - - - - - - - -
Net interest revenue after provision for credit losses 128,460 99,629 253,265 229,186
- - - - - - - - -
Other operating revenue
Brokerage and trading revenue 21,794 (35,462) 46,493 (11,549)
Transaction card revenue 27,533 25,786 52,961 49,344
Trust fees and commissions 16,860 20,940 33,370 41,736
Deposit service charges and fees 28,421 30,199 55,826 57,885
Mortgage banking revenue 19,882 8,203 38,380 16,237
Bank-owned life insurance 2,418 2,658 4,735 5,170
Margin asset fees 68 4,460 135 6,427
Other revenue 6,124 6,965 12,707 12,356
- - - - - - - - -
Total fees and commissions 123,100 63,749 244,607 177,606
- - - - - - - - -
Gain (loss) on sales of assets 973 (1,149) 1,116 (1,145)
Loss on derivatives, net (1,037) (2,961) (2,701) (848)
Gain (loss) on securities, net 6,471 (5,242) 26,579 4,684
Total other-than-temporary impairment losses (1,263) - (55,631) (5,306)
Portion of loss recognized in other comprehensive income 279 - (39,087) -
- - - - - - - - -
Net impairment losses recognized in earnings (1,542) - (16,544) (5,306)
- - - - - - - - -
Total other operating revenue 127,965 54,397 253,057 174,991
- - - - - - - - -
Other operating expense
Personnel 96,191 89,597 188,818 177,703
Business promotion 4,569 5,777 8,997 10,416
Professional fees and services 7,363 6,973 13,875 12,621
Net occupancy and equipment 15,973 15,100 32,231 30,161
Insurance 5,898 2,626 11,536 6,336
FDIC special assessment 11,773 - 11,773 -
Data processing and communications 20,452 19,523 39,758 38,416
Printing, postage and supplies 4,072 4,156 8,643 8,575
Net (gains) losses and expenses of repossessed assets 996 (229) 2,802 149
Amortization of intangible assets 1,686 1,885 3,372 3,810
Mortgage banking costs 9,336 6,054 16,803 11,735
Change in fair value of mortgage servicing rights (7,865) 767 (9,820) 2,529
Visa retrospective responsibility obligation - - - (2,767)
Other expense 5,326 7,039 12,776 12,988
- - - - - - - - -
Total other operating expense 175,770 159,268 341,564 312,672
- - - - - - - - -
Income (loss) before taxes 80,655 (5,242) 164,758 91,505
Federal and state income tax 28,315 (2,862) 57,153 31,588
- - - - - - - - -
Net income (loss) before non-controlling interest 52,340 (2,380) 107,605 59,917
Non-controlling interest income (expense), net (225) 1,219 (458) 1,187
- - - - - - - - -
Net income (loss) attributable to BOK Financial Corp. $ 52,115 $ (1,161) $ 107,147 $ 61,104
- - - - - - - - -
Earnings (loss) per share:
- - - - - - - - -
Basic $ 0.77 $ (0.02) $ 1.59 $ 0.91
- - - - - - - - -
Diluted $ 0.77 $ (0.02) $ 1.58 $ 0.90
- - - - - - - - -
Average shares used in computation:
- - - - - - - - -
Basic 67,344,577 67,452,181 67,330,590 67,327,155
- - - - - - - - -
Diluted 67,448,029 67,452,181 67,417,874 67,690,919
- - - - - - - - -
Dividends declared per share $ 0.24 $ 0.225 $ 0.465 $ 0.425
- - - - - - - - -
See accompanying notes to consolidated financial statements.
-
Consolidated Balance Sheets
(In Thousands Except Share Data)
June 30, December 31, June 30,
2009 2008 2008
-
Assets (Unaudited) (Footnote 1) (Unaudited)
Cash and due from banks $ 470,553 $ 581,133 $ 712,324
Funds sold and resell agreements 112,128 113,809 52,005
Trading securities 84,548 99,601 62,532
Securities:
Available for sale 7,033,090 5,800,691 5,439,524
Available for sale securities pledged to creditors 191,583 590,760 487,078
Investment (fair value: June 30, 2009 - $273,770;
December 31, 2008 - $245,769;
June 30, 2008 - $266,405) 269,844 242,344 245,754
Mortgage trading securities 222,864 399,211 98,269
-
Total securities 7,717,381 7,033,006 6,270,625
-
Residential mortgage loans held for sale 326,363 129,246 119,944
Loans 12,069,928 12,876,006 12,518,038
Less reserve for loan losses (263,309) (233,236) (154,018)
-
Loans, net of reserve 11,806,619 12,642,770 12,364,020
-
Premises and equipment, net 286,295 277,458 266,435
Accrued revenue receivable 118,718 96,673 159,066
Intangible assets, net 357,838 361,209 365,060
Mortgage servicing rights, net 67,413 42,752 72,103
Real estate and other repossessed assets 75,243 29,179 21,025
Bankers\' acceptances 8,260 12,913 16,031
Derivative contracts 462,971 452,604 1,380,876
Cash surrender value of bank-owned life insurance 241,792 237,006 231,527
Receivable on unsettled securities trades 237,200 239,474 39,052
Other assets 394,997 385,815 303,312
-
Total assets $ 22,768,319 $ 22,734,648 $ 22,435,937
-
Liabilities and Shareholders\' Equity
Noninterest-bearing demand deposits $ 2,825,179 $ 3,082,379 $ 2,859,160
Interest-bearing deposits:
Transaction 7,091,471 6,562,350 6,743,034
Savings 166,806 154,635 162,138
Time (includes fair value: $520,245 at June 30, 2009;
$632,754 at December 31, 2008; $103,678 at June 30, 2008) 4,571,933 5,183,243 4,361,384
-
Total deposits 14,655,389 14,982,607 14,125,716
-
Funds purchased and repurchase agreements 2,798,274 3,025,399 3,101,425
Other borrowings 2,152,177 1,522,054 2,153,853
Subordinated debentures 398,465 398,407 398,340
Accrued interest, taxes and expense 119,003 133,220 81,507
Bankers\' acceptances 8,260 12,913 16,031
Derivative contracts 445,463 667,034 456,379
Other liabilities 125,126 132,902 140,758
-
Total liabilities 20,702,157 20,874,536 20,474,009
-
Shareholders\' equity:
Common stock ($.00006 par value; 2,500,000,000 shares authorized; shares issued
and outstanding: June 30, 2009 - 70,092,396; December 31, 2008
- 69,884,749; June 30, 2008 - 69,811,531) 4 4 4
Capital surplus 747,624 743,411 738,403
Retained earnings 1,502,993 1,427,057 1,365,456
Treasury stock (shares at cost: June 30, 2009 - 2,417,954;
December 31, 2008 - 2,411,663; June 30, 2008 - 2,323,143) (101,601) (101,329) (97,109)
Accumulated other comprehensive loss (98,448) (222,886) (64,378)
-
Total shareholders\' equity 2,050,572 1,846,257 1,942,376
Non-controlling interest 15,590 13,855 19,552
-
Total equity 2,066,162 1,860,112 1,961,928
-
Total liabilities and equity $ 22,768,319 $ 22,734,648 $ 22,435,937
-
See accompanying notes to consolidated financial statements.
-
Consolidated Statements of Changes in Equity (Unaudited)
(In Thousands)
Accumulated
Other Total Non-
Common Stock Comprehensive Capital Retained Treasury Stock Shareholders\' Controlling Total
- -
Shares Amount Loss Surplus Earnings Shares Amount Equity Interest Equity
-
Balances at
December 31, 2007 69,465 $ 4 $ (31,234) $ 722,088 $1,332,954 2,159 $ (88,428) $1,935,384 $ 18,849 $1,954,233
Effect of
implementing FAS 159,
net of income taxes - - - - 62 - - 62 - 62
Comprehensive income:
Net income from BOKF - - - - 61,104 - - 61,104 - 61,104
Non-controlling interest
expense, net - - - - - - - - 1,187 1,187
Other comprehensive
loss, net of tax - - (33,144) - - - - (33,144) - (33,144)
-
Comprehensive income 27,960 1,187 29,147
-
Treasury stock purchase - - - - - 91 (4,655) (4,655) - (4,655)
Exercise of stock options 347 - - 10,661 - 73 (4,026) 6,635 - 6,635
Tax benefit on exercise
of stock options - - - 1,132 - - - 1,132 - 1,132
Stock-based compensation - - - 4,522 - - - 4,522 - 4,522
Cash dividends on
common stock - - - - (28,664) - - (28,664) - (28,664)
Capital calls, net - - - - - - - - (484) (484)
-
June 30,
-
2009 2008
-
Amortized Fair Gross Unrealized Amortized Fair Gross Unrealized
-
Cost Value Gain Loss Cost Value Gain Loss
-
Municipal and other tax-exempt $263,393 $267,298 $ 4,357 $(452) $239,145 $259,759 $ 21,392 $(778)
Other debt securities 6,451 6,472 21 - 6,609 6,646 37 -
-
Total $269,844 $273,770 $ 4,378 $(452) $245,754 $266,405 $ 21,429 $ (778)
-
Weighted
Less than One to Six to Over Average
One Year Five Years Ten Years Ten Years Total Maturity(2)
- - - - - -
Municipal and other tax-exempt:
Amortized cost $ 63,101 $ 164,548 $28,009 $ 7,735 $ 263,393 2.76
Fair value 63,481 167,708 28,425 7,684 267,298
Nominal yield(1) 5.39 4.65 5.79 6.38 5.00
Other debt securities:
Amortized cost $ 4,988 $ 1,450 $ - $ 13 $ 6,451 1.01
Fair value 5,004 1,455 - 13 6,472
Nominal yield 3.18 5.13 - - 3.61
- - - - - -
Total fixed maturity securities:
Amortized cost $ 68,089 $ 165,998 $ 28,009 $ 7,748 $ 269,844 2.71
Fair value 68,485 169,163 28,425 7,697 273,770
Nominal yield 5.23 4.65 5.79 6.37 4.97
- - - -
Total investment securities:
Amortized cost $ 269,844
Fair value 273,770
Nominal yield 4.97
-
June 30,
-
2009 2008
-
Amortized Fair Gross Unrealized Amortized Fair Gross Unrealized
- -
Cost Value Gain Loss Cost Value Gain Loss
-
U.S. Treasury $ 6,993 $ 7,073 $ 80 $ - $ 10,982 $ 10,969 $ 20 $ (33)
Municipal and other tax-exempt 42,423 43,009 617 (31) 17,447 17,377 90 (160)
Residential mortgage-backed securities:
U. S. agencies:
FNMA 3,047,648 3,130,098 83,173 (723) 2,098,540 2,090,383 17,128 (25,285)
FHLMC 1,951,564 2,003,808 54,280 (2,036) 1,802,473 1,792,984 9,652 (19,141)
GNMA 447,287 451,516 5,318 (1,089) 60,652 60,059 42 (635)
Other 199,025 204,297 6,302 (1,030) 129,805 128,419 202 (1,588)
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Total U.S. agencies 5,645,524 5,789,719 149,073 (4,878) 4,091,470 4,071,845 27,024 (46,649)
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Private issue:
Alt-A loans 357,037 254,424 - (102,613) 415,361 386,783 - (28,578)
Jumbo-A loans 1,090,211 919,888 - (170,323) 1,272,346 1,226,018 381 (46,709)
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Total private issue 1,447,248 1,174,312 - (272,936) 1,687,707 1,612,801 381 (75,287)
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Total residential
mortgage-backed securities 7,092,772 6,964,031 149,073 (277,814) 5,779,177 5,684,646 27,405 (121,936)
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Other debt securities 11,684 11,684 - - 39 39 - -
Federal Reserve Bank stock 32,040 32,040 - - 27,855 27,855 - -
Federal Home Loan Bank stock 115,368 115,368 - - 120,056 120,056 - -
Perpetual preferred stock 19,224 16,317 - (2,907) 32,473 32,210 58 (321)
Equity securities and mutual funds 32,661 35,151 3,014 (524) 29,801 33,450 4,433 (784)
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Total $7,353,165 $7,224,673 $ 152,784 $(281,276) $ 6,017,830 $5,926,602 $ 32,006 $(123,234)
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Read the The complete ReportBOKF is in the portfolios of David Dreman of Dreman Value Management.
BOK FINANCIAL CORP. through its subsidiaries provides a wide range of financial services to commercial and intrial customers other financial institutions and consumers throughout Oklahoma Northwest Arkansas and North Texas. These services include depository and cash management; lending and lease financing; mortgage banking; securities brokerage; trading and underwriting; and personal and corporate trust. BOK Financial Corp. has a market cap of $2.69 billion; its shares were traded at around $39.82 with a P/E ratio of 14 and P/S ratio of 1.8. The dividend yield of BOK Financial Corp. stocks is 2.4%. BOK Financial Corp. had an annual average earning growth of 7.8% over the past 10 years. GuruFocus rated BOK Financial Corp. the business predictability rank of 4-star.
Highlight of Business Operations:
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Consolidated Statements of Earnings (Unaudited)
(In thousands, except share and per share data)
Three Months Ended June 30, Six Months Ended June 30,
Interest revenue 2009 2008 2009 2008
- - - - - - -
Loans $ 146,269 $ 180,177 $ 292,013 $ 379,561
Taxable securities 80,713 75,959 164,715 148,014
Tax-exempt securities 2,913 2,656 5,563 5,341
- - - - - - - - -
Total securities 83,626 78,615 170,278 153,355
- - - - - - - - -
Trading securities 776 939 1,577 2,016
Funds sold and resell agreements 14 355 44 1,195
- - - - - - - - -
Total interest revenue 230,685 260,086 463,912 536,127
- - - - - - - - -
Interest expense
Deposits 45,103 66,114 97,030 154,261
Borrowed funds 4,370 29,212 10,259 64,579
Subordinated debentures 5,632 5,821 11,198 11,220
- - - - - - - - -
Total interest expense 55,105 101,147 118,487 230,060
- - - - - - - - -
Net interest revenue 175,580 158,939 345,425 306,067
Provision for credit losses 47,120 59,310 92,160 76,881
- - - - - - - - -
Net interest revenue after provision for credit losses 128,460 99,629 253,265 229,186
- - - - - - - - -
Other operating revenue
Brokerage and trading revenue 21,794 (35,462) 46,493 (11,549)
Transaction card revenue 27,533 25,786 52,961 49,344
Trust fees and commissions 16,860 20,940 33,370 41,736
Deposit service charges and fees 28,421 30,199 55,826 57,885
Mortgage banking revenue 19,882 8,203 38,380 16,237
Bank-owned life insurance 2,418 2,658 4,735 5,170
Margin asset fees 68 4,460 135 6,427
Other revenue 6,124 6,965 12,707 12,356
- - - - - - - - -
Total fees and commissions 123,100 63,749 244,607 177,606
- - - - - - - - -
Gain (loss) on sales of assets 973 (1,149) 1,116 (1,145)
Loss on derivatives, net (1,037) (2,961) (2,701) (848)
Gain (loss) on securities, net 6,471 (5,242) 26,579 4,684
Total other-than-temporary impairment losses (1,263) - (55,631) (5,306)
Portion of loss recognized in other comprehensive income 279 - (39,087) -
- - - - - - - - -
Net impairment losses recognized in earnings (1,542) - (16,544) (5,306)
- - - - - - - - -
Total other operating revenue 127,965 54,397 253,057 174,991
- - - - - - - - -
Other operating expense
Personnel 96,191 89,597 188,818 177,703
Business promotion 4,569 5,777 8,997 10,416
Professional fees and services 7,363 6,973 13,875 12,621
Net occupancy and equipment 15,973 15,100 32,231 30,161
Insurance 5,898 2,626 11,536 6,336
FDIC special assessment 11,773 - 11,773 -
Data processing and communications 20,452 19,523 39,758 38,416
Printing, postage and supplies 4,072 4,156 8,643 8,575
Net (gains) losses and expenses of repossessed assets 996 (229) 2,802 149
Amortization of intangible assets 1,686 1,885 3,372 3,810
Mortgage banking costs 9,336 6,054 16,803 11,735
Change in fair value of mortgage servicing rights (7,865) 767 (9,820) 2,529
Visa retrospective responsibility obligation - - - (2,767)
Other expense 5,326 7,039 12,776 12,988
- - - - - - - - -
Total other operating expense 175,770 159,268 341,564 312,672
- - - - - - - - -
Income (loss) before taxes 80,655 (5,242) 164,758 91,505
Federal and state income tax 28,315 (2,862) 57,153 31,588
- - - - - - - - -
Net income (loss) before non-controlling interest 52,340 (2,380) 107,605 59,917
Non-controlling interest income (expense), net (225) 1,219 (458) 1,187
- - - - - - - - -
Net income (loss) attributable to BOK Financial Corp. $ 52,115 $ (1,161) $ 107,147 $ 61,104
- - - - - - - - -
Earnings (loss) per share:
- - - - - - - - -
Basic $ 0.77 $ (0.02) $ 1.59 $ 0.91
- - - - - - - - -
Diluted $ 0.77 $ (0.02) $ 1.58 $ 0.90
- - - - - - - - -
Average shares used in computation:
- - - - - - - - -
Basic 67,344,577 67,452,181 67,330,590 67,327,155
- - - - - - - - -
Diluted 67,448,029 67,452,181 67,417,874 67,690,919
- - - - - - - - -
Dividends declared per share $ 0.24 $ 0.225 $ 0.465 $ 0.425
- - - - - - - - -
See accompanying notes to consolidated financial statements.
-
Consolidated Balance Sheets
(In Thousands Except Share Data)
June 30, December 31, June 30,
2009 2008 2008
-
Assets (Unaudited) (Footnote 1) (Unaudited)
Cash and due from banks $ 470,553 $ 581,133 $ 712,324
Funds sold and resell agreements 112,128 113,809 52,005
Trading securities 84,548 99,601 62,532
Securities:
Available for sale 7,033,090 5,800,691 5,439,524
Available for sale securities pledged to creditors 191,583 590,760 487,078
Investment (fair value: June 30, 2009 - $273,770;
December 31, 2008 - $245,769;
June 30, 2008 - $266,405) 269,844 242,344 245,754
Mortgage trading securities 222,864 399,211 98,269
-
Total securities 7,717,381 7,033,006 6,270,625
-
Residential mortgage loans held for sale 326,363 129,246 119,944
Loans 12,069,928 12,876,006 12,518,038
Less reserve for loan losses (263,309) (233,236) (154,018)
-
Loans, net of reserve 11,806,619 12,642,770 12,364,020
-
Premises and equipment, net 286,295 277,458 266,435
Accrued revenue receivable 118,718 96,673 159,066
Intangible assets, net 357,838 361,209 365,060
Mortgage servicing rights, net 67,413 42,752 72,103
Real estate and other repossessed assets 75,243 29,179 21,025
Bankers\' acceptances 8,260 12,913 16,031
Derivative contracts 462,971 452,604 1,380,876
Cash surrender value of bank-owned life insurance 241,792 237,006 231,527
Receivable on unsettled securities trades 237,200 239,474 39,052
Other assets 394,997 385,815 303,312
-
Total assets $ 22,768,319 $ 22,734,648 $ 22,435,937
-
Liabilities and Shareholders\' Equity
Noninterest-bearing demand deposits $ 2,825,179 $ 3,082,379 $ 2,859,160
Interest-bearing deposits:
Transaction 7,091,471 6,562,350 6,743,034
Savings 166,806 154,635 162,138
Time (includes fair value: $520,245 at June 30, 2009;
$632,754 at December 31, 2008; $103,678 at June 30, 2008) 4,571,933 5,183,243 4,361,384
-
Total deposits 14,655,389 14,982,607 14,125,716
-
Funds purchased and repurchase agreements 2,798,274 3,025,399 3,101,425
Other borrowings 2,152,177 1,522,054 2,153,853
Subordinated debentures 398,465 398,407 398,340
Accrued interest, taxes and expense 119,003 133,220 81,507
Bankers\' acceptances 8,260 12,913 16,031
Derivative contracts 445,463 667,034 456,379
Other liabilities 125,126 132,902 140,758
-
Total liabilities 20,702,157 20,874,536 20,474,009
-
Shareholders\' equity:
Common stock ($.00006 par value; 2,500,000,000 shares authorized; shares issued
and outstanding: June 30, 2009 - 70,092,396; December 31, 2008
- 69,884,749; June 30, 2008 - 69,811,531) 4 4 4
Capital surplus 747,624 743,411 738,403
Retained earnings 1,502,993 1,427,057 1,365,456
Treasury stock (shares at cost: June 30, 2009 - 2,417,954;
December 31, 2008 - 2,411,663; June 30, 2008 - 2,323,143) (101,601) (101,329) (97,109)
Accumulated other comprehensive loss (98,448) (222,886) (64,378)
-
Total shareholders\' equity 2,050,572 1,846,257 1,942,376
Non-controlling interest 15,590 13,855 19,552
-
Total equity 2,066,162 1,860,112 1,961,928
-
Total liabilities and equity $ 22,768,319 $ 22,734,648 $ 22,435,937
-
See accompanying notes to consolidated financial statements.
-
Consolidated Statements of Changes in Equity (Unaudited)
(In Thousands)
Accumulated
Other Total Non-
Common Stock Comprehensive Capital Retained Treasury Stock Shareholders\' Controlling Total
- -
Shares Amount Loss Surplus Earnings Shares Amount Equity Interest Equity
-
Balances at
December 31, 2007 69,465 $ 4 $ (31,234) $ 722,088 $1,332,954 2,159 $ (88,428) $1,935,384 $ 18,849 $1,954,233
Effect of
implementing FAS 159,
net of income taxes - - - - 62 - - 62 - 62
Comprehensive income:
Net income from BOKF - - - - 61,104 - - 61,104 - 61,104
Non-controlling interest
expense, net - - - - - - - - 1,187 1,187
Other comprehensive
loss, net of tax - - (33,144) - - - - (33,144) - (33,144)
-
Comprehensive income 27,960 1,187 29,147
-
Treasury stock purchase - - - - - 91 (4,655) (4,655) - (4,655)
Exercise of stock options 347 - - 10,661 - 73 (4,026) 6,635 - 6,635
Tax benefit on exercise
of stock options - - - 1,132 - - - 1,132 - 1,132
Stock-based compensation - - - 4,522 - - - 4,522 - 4,522
Cash dividends on
common stock - - - - (28,664) - - (28,664) - (28,664)
Capital calls, net - - - - - - - - (484) (484)
-
June 30,
-
2009 2008
-
Amortized Fair Gross Unrealized Amortized Fair Gross Unrealized
-
Cost Value Gain Loss Cost Value Gain Loss
-
Municipal and other tax-exempt $263,393 $267,298 $ 4,357 $(452) $239,145 $259,759 $ 21,392 $(778)
Other debt securities 6,451 6,472 21 - 6,609 6,646 37 -
-
Total $269,844 $273,770 $ 4,378 $(452) $245,754 $266,405 $ 21,429 $ (778)
-
Weighted
Less than One to Six to Over Average
One Year Five Years Ten Years Ten Years Total Maturity(2)
- - - - - -
Municipal and other tax-exempt:
Amortized cost $ 63,101 $ 164,548 $28,009 $ 7,735 $ 263,393 2.76
Fair value 63,481 167,708 28,425 7,684 267,298
Nominal yield(1) 5.39 4.65 5.79 6.38 5.00
Other debt securities:
Amortized cost $ 4,988 $ 1,450 $ - $ 13 $ 6,451 1.01
Fair value 5,004 1,455 - 13 6,472
Nominal yield 3.18 5.13 - - 3.61
- - - - - -
Total fixed maturity securities:
Amortized cost $ 68,089 $ 165,998 $ 28,009 $ 7,748 $ 269,844 2.71
Fair value 68,485 169,163 28,425 7,697 273,770
Nominal yield 5.23 4.65 5.79 6.37 4.97
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Total investment securities:
Amortized cost $ 269,844
Fair value 273,770
Nominal yield 4.97
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June 30,
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2009 2008
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Amortized Fair Gross Unrealized Amortized Fair Gross Unrealized
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Cost Value Gain Loss Cost Value Gain Loss
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U.S. Treasury $ 6,993 $ 7,073 $ 80 $ - $ 10,982 $ 10,969 $ 20 $ (33)
Municipal and other tax-exempt 42,423 43,009 617 (31) 17,447 17,377 90 (160)
Residential mortgage-backed securities:
U. S. agencies:
FNMA 3,047,648 3,130,098 83,173 (723) 2,098,540 2,090,383 17,128 (25,285)
FHLMC 1,951,564 2,003,808 54,280 (2,036) 1,802,473 1,792,984 9,652 (19,141)
GNMA 447,287 451,516 5,318 (1,089) 60,652 60,059 42 (635)
Other 199,025 204,297 6,302 (1,030) 129,805 128,419 202 (1,588)
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Total U.S. agencies 5,645,524 5,789,719 149,073 (4,878) 4,091,470 4,071,845 27,024 (46,649)
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Private issue:
Alt-A loans 357,037 254,424 - (102,613) 415,361 386,783 - (28,578)
Jumbo-A loans 1,090,211 919,888 - (170,323) 1,272,346 1,226,018 381 (46,709)
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Total private issue 1,447,248 1,174,312 - (272,936) 1,687,707 1,612,801 381 (75,287)
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Total residential
mortgage-backed securities 7,092,772 6,964,031 149,073 (277,814) 5,779,177 5,684,646 27,405 (121,936)
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Other debt securities 11,684 11,684 - - 39 39 - -
Federal Reserve Bank stock 32,040 32,040 - - 27,855 27,855 - -
Federal Home Loan Bank stock 115,368 115,368 - - 120,056 120,056 - -
Perpetual preferred stock 19,224 16,317 - (2,907) 32,473 32,210 58 (321)
Equity securities and mutual funds 32,661 35,151 3,014 (524) 29,801 33,450 4,433 (784)
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Total $7,353,165 $7,224,673 $ 152,784 $(281,276) $ 6,017,830 $5,926,602 $ 32,006 $(123,234)
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Read the The complete ReportBOKF is in the portfolios of David Dreman of Dreman Value Management.