BOK Financial Corp. (BOKF, Financial) filed Quarterly Report for the period ended 2009-09-30.
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 $2.91 billion; its shares were traded at around $42.97 with a P/E ratio of 14.6 and P/S ratio of 1.9. The dividend yield of Bok Financial Corp. stocks is 2.2%. 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 September 30, Nine Months Ended September 30,
2009 2008 2009 2008
Interest revenue - - - - - - -
Loans $ 139,344 $ 179,847 $ 425,764 $ 557,029
Residential mortgage loans held for sale 2,198 1,743 7,791 4,122
Taxable securities 81,890 78,030 246,605 226,044
Tax-exempt securities 2,203 2,668 7,766 8,009
- - - - - - - - -
Total securities 84,093 80,698 254,371 234,053
- - - - - - - - -
Trading securities 593 780 2,170 2,796
Funds sold and resell agreements 18 290 62 1,485
- - - - - - - - -
Total interest revenue 226,246 263,358 690,158 799,485
- - - - - - - - -
Interest expense
Deposits 36,340 69,269 133,370 223,530
Borrowed funds 3,887 24,188 14,146 88,767
Subordinated debentures 5,558 5,553 16,756 16,773
- - - - - - - - -
Total interest expense 45,785 99,010 164,272 329,070
- - - - - - - - -
Net interest revenue 180,461 164,348 525,886 470,415
Provision for credit losses 55,120 52,711 147,280 129,592
- - - - - - - - -
Net interest revenue after provision for credit losses 125,341 111,637 378,606 340,823
- - - - - - - - -
Other operating revenue
Brokerage and trading revenue 24,944 30,846 71,437 19,297
Transaction card revenue 26,264 25,632 79,225 74,976
Trust fees and commissions 16,315 20,100 49,685 61,836
Deposit service charges and fees 30,464 30,404 86,290 88,289
Mortgage banking revenue 13,197 7,145 51,577 23,382
Bank-owned life insurance 2,634 2,829 7,369 7,999
Margin asset fees 51 1,934 186 8,361
Other revenue 6,087 7,768 18,794 20,124
- - - - - - - - -
Total fees and commissions 119,956 126,658 364,563 304,264
- - - - - - - - -
Gain (loss) on other assets, net 3,223 (841) 4,339 (1,986)
Gain (loss) on derivatives, net (294) 4,366 (2,995) 3,518
Gain on securities, net 12,266 2,103 38,845 6,787
Total other-than-temporary impairment losses (6,133) - (61,764) (5,306)
Portion of loss recognized in other comprehensive income (2,752) - (41,839) -
- - - - - - - - -
Net impairment losses recognized in earnings (3,381) - (19,925) (5,306)
- - - - - - - - -
Total other operating revenue 131,770 132,286 384,827 307,277
- - - - - - - - -
Other operating expense
Personnel 98,012 87,549 286,830 265,252
Business promotion 4,827 5,837 13,824 16,253
Professional fees and services 7,555 6,501 21,430 19,122
Net occupancy and equipment 15,884 15,570 48,115 45,731
Insurance 6,092 2,436 17,628 8,772
FDIC special assessment - - 11,773 -
Data processing and communications 20,413 19,911 60,171 58,327
Printing, postage and supplies 3,716 4,035 12,359 12,610
Net (gains) losses and operating expenses of repossessed assets 3,497 (136) 6,299 13
Amortization of intangible assets 1,686 1,884 5,058 5,694
Mortgage banking costs 8,065 5,811 24,868 17,546
Change in fair value of mortgage servicing rights 2,981 5,554 (6,839) 8,083
Visa retrospective responsibility obligation - 1,700 - (1,067)
Other expense 6,004 7,638 18,780 20,626
- - - - - - - - -
Total other operating expense 178,732 164,290 520,296 476,962
- - - - - - - - -
Income before taxes 78,379 79,633 243,137 171,138
Federal and state income tax 24,772 22,958 81,925 54,546
- - - - - - - - -
Net income before non-controlling interest 53,607 56,675 161,212 116,592
Net income (loss) attributable to non-controlling interest 2,947 (10) 3,405 (1,197)
- - - - - - - - -
Net income attributable to BOK Financial Corp. $ 50,660 $ 56,685 $ 157,807 $ 117,789
- - - - - - - - -
Earnings per share:
- - - - - - - - -
Basic $ 0.75 $ 0.84 $ 2.33 $ 1.75
- - - - - - - - -
Diluted $ 0.75 $ 0.84 $ 2.33 $ 1.74
- - - - - - - - -
Average shares used in computation:
- - - - - - - - -
Basic 67,392,059 67,263,317 67,351,436 67,305,916
- - - - - - - - -
Diluted 67,513,700 67,432,444 67,450,172 67,463,012
- - - - - - - - -
Dividends declared per share $ 0.24 $ 0.225 $ 0.705 $ 0.65
- - - - - - - - -
See accompanying notes to consolidated financial statements.
-
Consolidated Balance Sheets
(In Thousands Except Share Data)
September 30, December 31, September 30,
2009 2008 2008
-
Assets (Unaudited) (Footnote 1) (Unaudited)
Cash and due from banks $ 1,383,244 $ 581,133 $ 669,914
Funds sold and resell agreements 39,465 113,809 105,594
Trading securities 100,898 99,601 92,588
Securities:
Available for sale 8,176,631 5,800,691 5,047,524
Available for sale securities pledged to creditors 181,931 590,760 1,232,006
Investment (fair value: September 30, 2009 - $244,774;
December 31, 2008 - $245,769;
September 30, 2008 - $243,820) 238,101 242,344 243,617
Mortgage trading securities 320,971 399,211 198,201
-
Total securities 8,917,634 7,033,006 6,721,348
-
Residential mortgage loans held for sale 172,301 129,246 113,121
Loans 11,611,564 12,876,006 12,679,970
Less reserve for loan losses (280,902) (233,236) (186,516)
-
Loans, net of reserve 11,330,662 12,642,770 12,493,454
-
Premises and equipment, net 286,702 277,458 267,749
Accrued revenue receivable 68,617 96,673 118,096
Intangible assets, net 356,152 361,209 363,177
Mortgage servicing rights, net 66,689 42,752 68,680
Real estate and other repossessed assets 89,507 29,179 28,088
Bankers' acceptances 9,882 12,913 23,933
Derivative contracts 397,110 452,604 572,391
Cash surrender value of bank-owned life insurance 244,456 237,006 234,293
Receivable on unsettled securities trades - 239,474 169,494
Other assets 413,522 385,815 335,882
-
Total assets $ 23,876,841 $ 22,734,648 $ 22,377,802
-
Liabilities and Shareholders' Equity
Noninterest-bearing demand deposits $ 3,462,188 $ 3,082,379 $ 3,005,163
Interest-bearing deposits:
Transaction 7,380,449 6,562,350 6,606,622
Savings 167,896 154,635 156,847
Time (includes deposits carried at fair value: $98,068 at September
30, 2009; $632,754 at December 31, 2008; $528,715 at
September 30, 2008) 4,084,813 5,183,243 4,817,551
-
Total deposits 15,095,346 14,982,607 14,586,183
-
Funds purchased and repurchase agreements 2,198,900 3,025,399 3,667,225
Other borrowings 3,189,948 1,522,054 1,077,450
Subordinated debentures 398,502 398,407 398,372
Accrued interest, taxes and expense 123,409 133,220 120,280
Bankers' acceptances 9,882 12,913 23,933
Derivative contracts 395,197 667,034 377,973
Due on unsettled securities trades 133,974 - -
Other liabilities 127,689 132,902 166,597
-
Total liabilities 21,672,847 20,874,536 20,418,013
-
Shareholders' equity:
Common stock ($.00006 par value; 2,500,000,000 shares authorized; shares issued
and outstanding: September 30, 2009 - 70,137,096; December 31, 2008
- 69,884,749; September 30, 2008 - 69,838,173) 4 4 4
Capital surplus 750,487 743,411 740,578
Retained earnings 1,537,373 1,427,057 1,406,971
Treasury stock (shares at cost: September 30, 2009 - 2,429,549;
December 31, 2008 - 2,411,663; September 30, 2008 - 2,404,336) (102,088) (101,329) (100,801)
Accumulated other comprehensive loss (763) (222,886) (106,249)
-
Total shareholders' equity 2,185,013 1,846,257 1,940,503
Non-controlling interest 18,981 13,855 19,286
-
Total equity 2,203,994 1,860,112 1,959,789
-
Total liabilities and equity $ 23,876,841 $ 22,734,648 $ 22,377,802
-
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 - - - - 117,789 - - 117,789 - 117,789
Net income (loss)
attributable to
non-controlling interest - - - - - - - - 1,197 1,197
Other comprehensive
loss, net of tax - - (75,015) - - - - (75,015) - (75,015)
-
Comprehensive income 42,774 1,197 43,971
-
Treasury stock purchase - - - - - 166 (7,992) (7,992) - (7,992)
Exercise of stock options 373 - - 11,359 - 79 (4,381) 6,978 - 6,978
Tax benefit on exercise of
stock options, net - - - 1,004 - - - 1,004 - 1,004
Stock-based compensation - - - 6,127 - - - 6,127 - 6,127
Cash dividends on
common stock - - - - (43,834) - - (43,834) - (43,834)
Capital calls, net - - - - - - - - (760) (760)
-
Balances at
September 30, 2008 69,838 $ 4 $(106,249) $740,578 $1,406,971 2,404 $(100,801) $1,940,503 $ 19,286 $1,959,789
-
Balances at
December 31, 2008 69,885 $ 4 $(222,886) $743,411 $1,427,057 2,412 $(101,329) $1,846,257 $ 13,855 $1,860,112
Comprehensive income:
Net income from BOKF - - - - 157,807 - - 157,807 - 157,807
Net income (loss)
attributable to
non-controlling interest - - - - - - - - (3,405) (3,405)
Other comprehensive
income, net of tax - - 222,123 - - - - 222,123 - 222,123
-
Comprehensive income 379,930 (3,405) 376,525
-
Exercise of stock options 252 - - 3,351 - 18 (759) 2,592 - 2,592
Tax benefit on exercise of
stock options, net - - - (539) - - - (539) - (539)
Stock-based compensation - - - 4,264 - - - 4,264 - 4,264
Cash dividends on
common stock - - - - (47,491) - - (47,491) - (47,491)
Capital calls, net - - - - - - - - 8,531 8,531
-
Balances at
September 30, 2009 70,137 $ 4 $ (763) $750,487 $1,537,373 2,430 $(102,088) $2,185,013 $ 18,981 $2,203,994
-
Cash paid for interest $ 184,734 $ 329,982
-
Cash paid for taxes $ 97,689 $ 80,441
-
Net loans transferred to repossessed real estate and other assets $ 79,627 $ 25,532
-
September 30,
-
2009 2008
-
Not Recognized in OCI (1) Not Recognized in OCI (1)
- -
Amortized Fair Gross Unrealized Amortized Fair Gross Unrealized
Cost Value Gain Loss Cost Value Gain Loss
-
Municipal and other tax-exempt $230,868 $237,520 $6,667 $ (15) $238,042 $238,208 $ 1,530 $ (1,364)
Other debt securities 7,233 7,254 21 - 5,575 5,612 37 -
-
Total $238,101 $244,774 $6,688 $ (15) $243,617 $243,820 $ 1,567 $ (1,364)
-
December 31, 2008
-
Not Recognized in OCI (1)
-
Amortized Fair Gross Unrealized
Cost Value Gain Loss
-
Municipal and other tax-exempt $235,791 $239,178 $3,736 $(349)
Other debt securities 6,553 6,591 38 -
-
Total $242,344 $245,769 $3,774 $(349)
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Read the The complete ReportBOKF is in the portfolios of David Dreman of Dreman Value Management, John Keeley of Keeley Fund 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 $2.91 billion; its shares were traded at around $42.97 with a P/E ratio of 14.6 and P/S ratio of 1.9. The dividend yield of Bok Financial Corp. stocks is 2.2%. 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:
- - - - - - - - -
Consolidated Statements of Earnings (Unaudited)
(In thousands, except share and per share data)
Three Months Ended September 30, Nine Months Ended September 30,
2009 2008 2009 2008
Interest revenue - - - - - - -
Loans $ 139,344 $ 179,847 $ 425,764 $ 557,029
Residential mortgage loans held for sale 2,198 1,743 7,791 4,122
Taxable securities 81,890 78,030 246,605 226,044
Tax-exempt securities 2,203 2,668 7,766 8,009
- - - - - - - - -
Total securities 84,093 80,698 254,371 234,053
- - - - - - - - -
Trading securities 593 780 2,170 2,796
Funds sold and resell agreements 18 290 62 1,485
- - - - - - - - -
Total interest revenue 226,246 263,358 690,158 799,485
- - - - - - - - -
Interest expense
Deposits 36,340 69,269 133,370 223,530
Borrowed funds 3,887 24,188 14,146 88,767
Subordinated debentures 5,558 5,553 16,756 16,773
- - - - - - - - -
Total interest expense 45,785 99,010 164,272 329,070
- - - - - - - - -
Net interest revenue 180,461 164,348 525,886 470,415
Provision for credit losses 55,120 52,711 147,280 129,592
- - - - - - - - -
Net interest revenue after provision for credit losses 125,341 111,637 378,606 340,823
- - - - - - - - -
Other operating revenue
Brokerage and trading revenue 24,944 30,846 71,437 19,297
Transaction card revenue 26,264 25,632 79,225 74,976
Trust fees and commissions 16,315 20,100 49,685 61,836
Deposit service charges and fees 30,464 30,404 86,290 88,289
Mortgage banking revenue 13,197 7,145 51,577 23,382
Bank-owned life insurance 2,634 2,829 7,369 7,999
Margin asset fees 51 1,934 186 8,361
Other revenue 6,087 7,768 18,794 20,124
- - - - - - - - -
Total fees and commissions 119,956 126,658 364,563 304,264
- - - - - - - - -
Gain (loss) on other assets, net 3,223 (841) 4,339 (1,986)
Gain (loss) on derivatives, net (294) 4,366 (2,995) 3,518
Gain on securities, net 12,266 2,103 38,845 6,787
Total other-than-temporary impairment losses (6,133) - (61,764) (5,306)
Portion of loss recognized in other comprehensive income (2,752) - (41,839) -
- - - - - - - - -
Net impairment losses recognized in earnings (3,381) - (19,925) (5,306)
- - - - - - - - -
Total other operating revenue 131,770 132,286 384,827 307,277
- - - - - - - - -
Other operating expense
Personnel 98,012 87,549 286,830 265,252
Business promotion 4,827 5,837 13,824 16,253
Professional fees and services 7,555 6,501 21,430 19,122
Net occupancy and equipment 15,884 15,570 48,115 45,731
Insurance 6,092 2,436 17,628 8,772
FDIC special assessment - - 11,773 -
Data processing and communications 20,413 19,911 60,171 58,327
Printing, postage and supplies 3,716 4,035 12,359 12,610
Net (gains) losses and operating expenses of repossessed assets 3,497 (136) 6,299 13
Amortization of intangible assets 1,686 1,884 5,058 5,694
Mortgage banking costs 8,065 5,811 24,868 17,546
Change in fair value of mortgage servicing rights 2,981 5,554 (6,839) 8,083
Visa retrospective responsibility obligation - 1,700 - (1,067)
Other expense 6,004 7,638 18,780 20,626
- - - - - - - - -
Total other operating expense 178,732 164,290 520,296 476,962
- - - - - - - - -
Income before taxes 78,379 79,633 243,137 171,138
Federal and state income tax 24,772 22,958 81,925 54,546
- - - - - - - - -
Net income before non-controlling interest 53,607 56,675 161,212 116,592
Net income (loss) attributable to non-controlling interest 2,947 (10) 3,405 (1,197)
- - - - - - - - -
Net income attributable to BOK Financial Corp. $ 50,660 $ 56,685 $ 157,807 $ 117,789
- - - - - - - - -
Earnings per share:
- - - - - - - - -
Basic $ 0.75 $ 0.84 $ 2.33 $ 1.75
- - - - - - - - -
Diluted $ 0.75 $ 0.84 $ 2.33 $ 1.74
- - - - - - - - -
Average shares used in computation:
- - - - - - - - -
Basic 67,392,059 67,263,317 67,351,436 67,305,916
- - - - - - - - -
Diluted 67,513,700 67,432,444 67,450,172 67,463,012
- - - - - - - - -
Dividends declared per share $ 0.24 $ 0.225 $ 0.705 $ 0.65
- - - - - - - - -
See accompanying notes to consolidated financial statements.
-
Consolidated Balance Sheets
(In Thousands Except Share Data)
September 30, December 31, September 30,
2009 2008 2008
-
Assets (Unaudited) (Footnote 1) (Unaudited)
Cash and due from banks $ 1,383,244 $ 581,133 $ 669,914
Funds sold and resell agreements 39,465 113,809 105,594
Trading securities 100,898 99,601 92,588
Securities:
Available for sale 8,176,631 5,800,691 5,047,524
Available for sale securities pledged to creditors 181,931 590,760 1,232,006
Investment (fair value: September 30, 2009 - $244,774;
December 31, 2008 - $245,769;
September 30, 2008 - $243,820) 238,101 242,344 243,617
Mortgage trading securities 320,971 399,211 198,201
-
Total securities 8,917,634 7,033,006 6,721,348
-
Residential mortgage loans held for sale 172,301 129,246 113,121
Loans 11,611,564 12,876,006 12,679,970
Less reserve for loan losses (280,902) (233,236) (186,516)
-
Loans, net of reserve 11,330,662 12,642,770 12,493,454
-
Premises and equipment, net 286,702 277,458 267,749
Accrued revenue receivable 68,617 96,673 118,096
Intangible assets, net 356,152 361,209 363,177
Mortgage servicing rights, net 66,689 42,752 68,680
Real estate and other repossessed assets 89,507 29,179 28,088
Bankers' acceptances 9,882 12,913 23,933
Derivative contracts 397,110 452,604 572,391
Cash surrender value of bank-owned life insurance 244,456 237,006 234,293
Receivable on unsettled securities trades - 239,474 169,494
Other assets 413,522 385,815 335,882
-
Total assets $ 23,876,841 $ 22,734,648 $ 22,377,802
-
Liabilities and Shareholders' Equity
Noninterest-bearing demand deposits $ 3,462,188 $ 3,082,379 $ 3,005,163
Interest-bearing deposits:
Transaction 7,380,449 6,562,350 6,606,622
Savings 167,896 154,635 156,847
Time (includes deposits carried at fair value: $98,068 at September
30, 2009; $632,754 at December 31, 2008; $528,715 at
September 30, 2008) 4,084,813 5,183,243 4,817,551
-
Total deposits 15,095,346 14,982,607 14,586,183
-
Funds purchased and repurchase agreements 2,198,900 3,025,399 3,667,225
Other borrowings 3,189,948 1,522,054 1,077,450
Subordinated debentures 398,502 398,407 398,372
Accrued interest, taxes and expense 123,409 133,220 120,280
Bankers' acceptances 9,882 12,913 23,933
Derivative contracts 395,197 667,034 377,973
Due on unsettled securities trades 133,974 - -
Other liabilities 127,689 132,902 166,597
-
Total liabilities 21,672,847 20,874,536 20,418,013
-
Shareholders' equity:
Common stock ($.00006 par value; 2,500,000,000 shares authorized; shares issued
and outstanding: September 30, 2009 - 70,137,096; December 31, 2008
- 69,884,749; September 30, 2008 - 69,838,173) 4 4 4
Capital surplus 750,487 743,411 740,578
Retained earnings 1,537,373 1,427,057 1,406,971
Treasury stock (shares at cost: September 30, 2009 - 2,429,549;
December 31, 2008 - 2,411,663; September 30, 2008 - 2,404,336) (102,088) (101,329) (100,801)
Accumulated other comprehensive loss (763) (222,886) (106,249)
-
Total shareholders' equity 2,185,013 1,846,257 1,940,503
Non-controlling interest 18,981 13,855 19,286
-
Total equity 2,203,994 1,860,112 1,959,789
-
Total liabilities and equity $ 23,876,841 $ 22,734,648 $ 22,377,802
-
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 - - - - 117,789 - - 117,789 - 117,789
Net income (loss)
attributable to
non-controlling interest - - - - - - - - 1,197 1,197
Other comprehensive
loss, net of tax - - (75,015) - - - - (75,015) - (75,015)
-
Comprehensive income 42,774 1,197 43,971
-
Treasury stock purchase - - - - - 166 (7,992) (7,992) - (7,992)
Exercise of stock options 373 - - 11,359 - 79 (4,381) 6,978 - 6,978
Tax benefit on exercise of
stock options, net - - - 1,004 - - - 1,004 - 1,004
Stock-based compensation - - - 6,127 - - - 6,127 - 6,127
Cash dividends on
common stock - - - - (43,834) - - (43,834) - (43,834)
Capital calls, net - - - - - - - - (760) (760)
-
Balances at
September 30, 2008 69,838 $ 4 $(106,249) $740,578 $1,406,971 2,404 $(100,801) $1,940,503 $ 19,286 $1,959,789
-
Balances at
December 31, 2008 69,885 $ 4 $(222,886) $743,411 $1,427,057 2,412 $(101,329) $1,846,257 $ 13,855 $1,860,112
Comprehensive income:
Net income from BOKF - - - - 157,807 - - 157,807 - 157,807
Net income (loss)
attributable to
non-controlling interest - - - - - - - - (3,405) (3,405)
Other comprehensive
income, net of tax - - 222,123 - - - - 222,123 - 222,123
-
Comprehensive income 379,930 (3,405) 376,525
-
Exercise of stock options 252 - - 3,351 - 18 (759) 2,592 - 2,592
Tax benefit on exercise of
stock options, net - - - (539) - - - (539) - (539)
Stock-based compensation - - - 4,264 - - - 4,264 - 4,264
Cash dividends on
common stock - - - - (47,491) - - (47,491) - (47,491)
Capital calls, net - - - - - - - - 8,531 8,531
-
Balances at
September 30, 2009 70,137 $ 4 $ (763) $750,487 $1,537,373 2,430 $(102,088) $2,185,013 $ 18,981 $2,203,994
-
Cash paid for interest $ 184,734 $ 329,982
-
Cash paid for taxes $ 97,689 $ 80,441
-
Net loans transferred to repossessed real estate and other assets $ 79,627 $ 25,532
-
September 30,
-
2009 2008
-
Not Recognized in OCI (1) Not Recognized in OCI (1)
- -
Amortized Fair Gross Unrealized Amortized Fair Gross Unrealized
Cost Value Gain Loss Cost Value Gain Loss
-
Municipal and other tax-exempt $230,868 $237,520 $6,667 $ (15) $238,042 $238,208 $ 1,530 $ (1,364)
Other debt securities 7,233 7,254 21 - 5,575 5,612 37 -
-
Total $238,101 $244,774 $6,688 $ (15) $243,617 $243,820 $ 1,567 $ (1,364)
-
December 31, 2008
-
Not Recognized in OCI (1)
-
Amortized Fair Gross Unrealized
Cost Value Gain Loss
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Municipal and other tax-exempt $235,791 $239,178 $3,736 $(349)
Other debt securities 6,553 6,591 38 -
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Total $242,344 $245,769 $3,774 $(349)
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Read the The complete ReportBOKF is in the portfolios of David Dreman of Dreman Value Management, John Keeley of Keeley Fund Management.
