BOK Financial Reports Quarterly Earnings of $65 Million or $0.94 Per Share

TULSA, Okla.--(BUSINESS WIRE)--BOK Financial Corporation reported net income of $64.8 million or $0.94 per diluted share for the first quarter of 2011, up from $58.8 million or $0.86 per diluted share for the fourth quarter of 2010 and $60.1 million or $0.88 per diluted share for the first quarter of 2010.

“BOK Financial is pleased to announce a strong start to 2011 with record earnings for the first quarter”

“BOK Financial is pleased to announce a strong start to 2011 with record earnings for the first quarter,” said President and CEO Stan Lybarger. “The Company’s performance and capital position allows us to increase our quarterly cash dividend. This is the sixth consecutive annual increase since we paid our first cash dividend in the second quarter of 2005. Outstanding commercial loan balances were up in most of our markets and net interest revenue increased over the previous quarter. We continue to see steady credit quality improvements.”

Highlights of first quarter of 2011 included:

Net interest revenue totaled $170.6 million compared to $163.7 million for the fourth quarter of 2010. Net interest margin increased to 3.46% for the first quarter of 2011 compared to 3.19% for the fourth quarter of 2010. The yield on the securities portfolio improved as actual and expected prepayment speeds slowed in response to an increase in interest rates which began in the previous quarter.
Fees and commissions revenue totaled $123.3 million compared to $136.0 million for the fourth quarter of 2010. Mortgage banking revenue decreased $7.8 million due to reduced origination volumes.

Changes in the fair value of mortgage servicing rights, net of economic hedge, decreased pre-tax net income for the first quarter of 2011 by $2.8 million and increased pre-tax net income for the fourth quarter of 2010 by $6.6 million.
Operating expenses, excluding changes in the fair value of mortgage servicing rights, totaled $181.6 million, down $21.9 million compared to the prior quarter. Personnel expenses decreased $6.8 million due primarily to lower incentive compensation expense. Non-personnel expenses decreased $15.1 million due primarily to lower mortgage banking expenses and other operating expense.
Provision for credit losses totaled $6.3 million for the first quarter of 2011 compared to $7.0 million for the fourth quarter of 2010. Net loans charged off decreased to $10.3 million from $14.2 million for the previous quarter.

Combined allowance for credit losses totaled $303 million or 2.86% of outstanding loans at March 31, 2011 and $307 million or 2.89% of outstanding loans at December 31, 2010. Nonperforming assets totaled $379 million or 3.54% of outstanding loans and repossessed assets at March 31, 2011 and $394 million or 3.66% of outstanding loans and repossessed assets at December 31, 2010.
Outstanding loan balances were $10.6 billion at March 31, 2011, down $53 million since December 31, 2010. Commercial loan balances increased $114 million during the first quarter of 2011 primarily in the manufacturing, energy and healthcare sectors. Lower outstanding construction and land development loan balances decreased commercial real estate loans by $54 million. Residential mortgage loans decreased $51 million and consumer loans decreased $62 million.
Total period end deposits increased $694 million during the first quarter of 2011 to $17.9 billion. All categories of deposits increased during the first quarter. Deposit growth was largely centered on commercial customers across most of our markets.
Tangible common equity ratio increased to 9.54% at March 31, 2011 from 9.21% at December 31, 2010, due to retained earnings growth. The tangible common equity ratio is a non-GAAP measure of capital strength used by the Company and investors based on shareholders’ equity minus intangible assets and equity that does not benefit common shareholders, such as equity provided by the U.S. Treasury’s Asset Relief Program (“TARP”). BOK Financial chose not to participate in the TARP Capital Purchase Program. The Company and each of its subsidiary banks exceeded the regulatory definition of well capitalized. The Company’s Tier 1 capital ratios, as defined by banking regulations, were 12.97% at March 31, 2011 and 12.69% at December 31, 2010.
The Company paid a cash dividend of $17.1 million or $0.25 per common share during the first quarter of 2011. The Company will increase the quarterly cash dividend to $0.275 per common share payable on or about May 27, 2011 to shareholders of record as of May 13, 2011.

Net Interest Revenue

Net interest revenue increased $7.0 million over the fourth quarter of 2010. Net interest margin increased 27 basis points over the prior quarter to 3.46%. Average earning assets decreased $491 million.

The increase in net interest revenue and net interest margin resulted from improved yield on the securities portfolio. Extremely low intermediate and long-term interest rates experienced in the early fourth quarter of 2010 increased actual and projected prepayment speeds which reduced security portfolio yields through accelerated premium amortization and lower reinvestment rates. As intermediate and long-term interest rates increased near the end of the fourth quarter and stabilized throughout the first quarter of 2011, premium amortization slowed and reinvestment rates improved. The securities portfolio yield increased 52 basis points to 3.25%. The loan portfolio yield and the cost of interest-bearing liabilities were largely unchanged compared to the previous quarter.

The average balance of the securities portfolio decreased $319 million including a $239 million decrease in available for sale securities and a $78 million decrease in mortgage trading securities held as an economic hedge of mortgage servicing rights. Average outstanding loans decreased $13 million. The growth in average commercial loan balances was offset by decreases in commercial real estate, residential mortgage and consumer loans.

Average deposits increased $428 million over the previous quarter. Interest-bearing transaction account balances increased $307 million, demand deposit account balances increased $94 million and time deposit account balances increased $15 million. Average balances of borrowed funds decreased $1.0 billion from the previous quarter.

Fees and Commissions Revenue

Fees and commissions revenue decreased $12.7 million to $123.3 million for the first quarter of 2011 due primarily to a $7.8 million decrease in mortgage banking revenue and a $3.2 million decrease in brokerage and trading revenue.

The decrease in mortgage banking revenue was due to lower mortgage loan volume. Fundings of residential mortgage loans for sale totaled $452 million in the first quarter of 2011 and $822 million in the fourth quarter of 2010. Brokerage and trading revenue decreased due primarily to a $2.6 million credit loss on certain mortgage banking customer risk management derivative contracts and lower loan syndication fees. The derivatives credit loss was largely offset by a decrease in related incentive compensation expense.

Operating Expenses

Total operating expenses were $178.4 million for both the first quarter of 2011 and the fourth quarter of 2010. Excluding changes in the fair value of mortgage servicing rights, operating expenses totaled $181.6 million, down $21.9 million from the fourth quarter of 2010.

Personnel costs decreased $6.8 million from the prior quarter, primarily due to reduced incentive compensation. Cash-based incentive compensation decreased $6.9 million, including a decrease in incentive compensation related to derivative losses. Deferred compensation expense, which is directly linked to changes in the market value of Company stock and performance of other investments, decreased $2.2 million.

Non-personnel expenses decreased $15.1 million from the fourth quarter of 2010. Mortgage banking expenses decreased $5.5 million primarily due to lower provisions for losses on loans sold with recourse and foreclosure costs on loans serviced for others. Other expenses decreased $5.3 million due largely to a reduction in depreciation expense on equipment used in our leasing business. All other non-personnel expenses decreased by $4.3 million primarily due to decreases in professional fees, data processing costs and net losses and expenses on repossessed assets.

Credit Quality

Nonperforming assets decreased $15 million during the first quarter to $379 million or 3.54% of outstanding loans and repossessed assets at March 31, 2011. Nonaccruing loans decreased $4.9 million and repossessed assets decreased $10 million.

Nonaccruing loans totaled $226 million or 2.13% of outstanding loans at March 31, 2011 compared to $231 million or 2.17% of outstanding loans at December 31, 2010. During the first quarter of 2011, $55 million of new nonaccruing loans were identified offset by $24 million in payments received, $15 million in charge-offs and $21 million in foreclosures and repossessions.

Nonaccruing commercial loans totaled $57 million or 0.95% of total commercial loans at March 31, 2011. Nonaccruing loans in the wholesale/retail sector totaled $30 million or 3.09% of total wholesale/retail sector loans and nonaccruing services sector loans totaled $16 million or 0.99% of total services sector loans. Nonaccruing commercial loans increased $19 million over December 31, 2010 primarily due to a $22 million increase in nonaccruing wholesale/retail sector loans largely due to a single customer relationship. Newly identified nonaccruing commercial loans totaled $31 million, offset by $8.4 million in payments, $2.4 million in charge-offs and $1.1 million in foreclosures.

Nonaccruing commercial real estate loans totaled $126 million or 5.65% of outstanding commercial real estate loans at March 31, 2011, down $25 million from December 31, 2010. Nonaccruing commercial real estate loans attributed to various markets included $44 million or 21% of total commercial real estate loans in Arizona and $34 million or 20% of total commercial real estate loans in Colorado. Nonaccruing commercial real estate loans continued to be largely concentrated in land development and residential construction loans with $91 million or 23% of all land development and construction loans nonaccruing at March 31, 2011. Newly identified nonaccruing commercial real estate loans totaled $6.9 million, offset by $12 million of cash payments received, $6.9 million of charge-offs and $13 million of foreclosures.

Nonaccruing residential mortgage loans totaled $38 million or 2.13% of outstanding residential mortgage loans at March 31, 2011, up $398 thousand over December 31, 2010. Residential mortgage loans past due 90 days or more and still accruing interest totaled $1.2 million, down from $2.0 million at December 31, 2010. Residential mortgage loans past due 30 to 89 days totaled $14 million, down $9.3 million from December 31, 2010.

The combined allowance for credit losses totaled $303 million or 2.86% of outstanding loans and 134% of nonaccruing loans at March 31, 2011. The allowance for loan losses was $290 million and the allowance for off-balance sheet credit losses was $13 million. Approximately $66 million of impaired loans, which consist primarily of nonaccruing commercial and commercial real estate loans, have been charged-down to the amount management expects to recover and accordingly have no allowance for loan loss attributed to them. The remaining $132 million of impaired loans have $9.8 million of the allowance for loan losses attributed to them.

Real estate and other repossessed assets totaled $131 million at March 31, 2011 primarily consisting of $56 million of 1-4 family residential properties and residential land development properties, $46 million of developed commercial real estate properties and $25 million of undeveloped land. The distribution of real estate owned and other repossessed assets among various markets included $42 million attributed to Arizona, $32 million attributed to Texas, $16 million attributed to Colorado and $12 million attributed to Oklahoma. Real estate and other repossessed assets decreased by $10 million during the first quarter due to additions of $21 million partially offset by $15 million in sales and $4.3 million in write-downs and losses. In addition, the $12 million cost basis of shares of the entity in which we hold an equity interest were transferred to the available for sale securities portfolio as the shares are listed for trading on a national stock exchange.

The Company also has off-balance sheet obligations related to certain community development residential mortgage loans sold to U.S. government agencies with recourse. These mortgage loans were underwritten to standards approved by the agencies, including full documentation and originated under programs available only for owner-occupied properties. The outstanding principal balance of these loans totaled $284 million at March 31, 2011, down from $289 million at December 31, 2010. The loans are primarily to borrowers in our primary market areas, including $200 million in Oklahoma, $30 million in Arkansas, $17 million in New Mexico, $15 million in Kansas/Missouri and $13 million in Texas. At March 31, 2011, approximately 6% of these loans are nonperforming and 5% were past due 30 to 89 days. A separate allowance for credit risk of $16 million is available for losses on these loans.

Securities and Derivatives

The fair value of available for sale securities totaled $9.7 billion at March 31, 2011, a $397 million increase over December 31, 2010. The available for sale portfolio consisted primarily of residential mortgage-backed securities, including $8.9 billion fully backed by U.S. government agencies and $573 million privately issued by publicly owned financial institutions. Privately issued mortgage-backed securities included $391 million backed by Jumbo-A residential mortgage loans and $182 million backed by Alt-A residential mortgage loans.

Net unrealized gains on available for sale securities totaled $201 million at March 31, 2011 and $200 million at December 31, 2010. Net unrealized gains on residential mortgage-backed securities issued by U.S. government agencies decreased $26 million to $227 million at March 31, 2011. Net unrealized losses on privately-issued residential mortgage-backed securities decreased $14 million to $57 million at March 31, 2011. Net unrealized gains on equity securities and mutual funds increased $13 million to $27 million at March 31, 2011.

The amortized cost of privately issued residential mortgage-backed securities totaled $630 million at March 31, 2011, down $85 million since December 31, 2010 due primarily to cash received. Approximately $498 million of the privately issued residential mortgage-backed securities were rated below investment grade by at least one nationally-recognized rating agency. Cash received during the first quarter reduced the amortized cost of privately issued residential mortgage-backed securities rated below investment grade by $25 million. Amortized cost of these securities was also reduced by $4.6 million for credit-related impairment charges during the first quarter. Aggregate unrealized losses on privately-issued residential mortgage-backed securities rated below investment grade totaled $51 million at March 31, 2011. Aggregate unrealized losses on these same below investment grade securities were $62 million at December 31, 2010.

The Company recognized $4.9 million of net gains on sale of $793 million of available for sale securities in the first quarter of 2011 and $953 thousand of net gains on the sale of $536 million of available for sale securities in the fourth quarter of 2010. Securities were sold either to mitigate extension exposure from rising interest rates or because they had reached their expected maximum potential total return.

Certain residential mortgage-backed securities and derivative contracts are held by the Company as an economic hedge against the changes in the fair value of the mortgage servicing rights that fluctuates due to changes in prepayment speeds and other assumptions. Changes in the fair value of mortgage servicing rights, net of economic hedge reduced pre-tax net income by $2.8 million in the first quarter of 2011 compared to an increase in pre-tax net income of $6.6 million in the fourth quarter of 2010.


	Three Months Ended
	March 31, 2011			Dec. 31, 2010			March 31, 2010

Loss on mortgage hedge derivative contracts	$	(2,419	)	$	(7,392	)	$	(659	)
Gain (loss) on mortgage trading securities		(3,518	)		(11,117	)		448
Total loss on financial instruments held as an economic hedge of mortgage servicing rights		(5,937	)		(18,509	)		(211	)
Gain on change in fair value of mortgage servicing rights		3,129			25,111			2,100(1	)
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges	$	(2,808	)	$	6,602		$	1,889

Net interest revenue on mortgage trading securities	$	3,058		$	4,232		$	4,237
¹ Excludes $11.8 million day-one gain on the purchase of mortgage servicing rights

Loans, Deposits and Capital

Loans

Outstanding loans at March 31, 2011 were $10.6 billion, down $53 million from December 31, 2010. Commercial loan balances were up $114 million primarily in the manufacturing, energy and healthcare sectors. Construction and land development commercial real estate loans decreased $54 million, residential mortgage loans decreased $51 million and consumer loans decreased $62 million during the first quarter of 2011.

Outstanding commercial loans grew to $6.0 billion at March 31, 2011. Manufacturing sector loans increased $55 million, energy sector loans increased $48 million and healthcare sector loans increased $31 million. Wholesale/retail sector loans decreased by $26 million from December 31, 2010. Unfunded energy loan commitments decreased $118 million to $1.9 billion. Unfunded commercial loan commitments, excluding the energy sector of the portfolio, remained at $2.5 billion at March 31, 2011.

Commercial real estate loans totaled $2.2 billion at March 31, 2011, down $54 million from December 31, 2010. Residential construction and land development loans continued to decrease, down $54 million during the first quarter. The decrease in commercial real estate loans was largely concentrated in the Oklahoma and Colorado markets, partially offset by an increase commercial real estate loans in the Arizona and Texas markets. Unfunded commercial real estate loan commitments increased $44 million during the first quarter to $281 million.

Permanent residential mortgage loans decreased $58 million. The residential mortgage loan portfolio generally represents variable rate jumbo mortgage loans that exceed the maximum principal balances set by government sponsored agency standards, but otherwise generally conform to those standards. Low interest rates in the first quarter continued a trend in increased demand to refinance these mortgage loans into long-term fixed rate loans. Generally we do not offer this type of loan because of excessive future interest rate risk. Additionally, home equity loans increased $7.2 million.

Consumer loans decreased $62 million compared to the prior quarter primarily due to $41 million in continued runoff of indirect automobile loans related to the previously announced decision to curtail that business in favor of a customer-focused direct approach to consumer lending. The outstanding balance of other consumer loans decreased $21 million.

Deposits

Total deposits increased $694 million during the first quarter to $17.9 billion at March 31, 2011. Interest-bearing transaction account balances increased $274 million, demand deposit balances increased $236 million and time deposits increased $168 million. Among the lines of business, commercial deposits increased $1.3 billion, partially offset by seasonal decreases in consumer deposits of $547 million and wealth management deposits of $115 million. Growth in commercial deposit balances was largely driven by small business and commercial and industrial customers.

Capital

The Company and its subsidiary bank exceeded the regulatory definition of well capitalized at March 31, 2011. The Company’s Tier 1 and total capital ratios were 12.97% and 16.48%, respectively, at March 31, 2011. Tier 1 and total capital ratios were 12.69% and 16.20%, respectively, at December 31, 2010. In addition the Company’s tangible common equity ratio, a non-GAAP measure, was 9.54% at March 31, 2011 and 9.21% at December 31, 2010. Unrealized securities gains added 45 basis points to the tangible common equity ratio at March 31, 2011.

Effective January 1, 2011, the Company combined each of its subsidiary banks into a newly-named entity, BOKF, NA. Divisions of BOKF, NA will continue to operate in each market under established bank trade names. Regulatory capital ratios for BOKF, NA will be more closely aligned with consolidated regulatory capital ratios for BOK Financial Corporation.

About BOK Financial Corporation

BOK Financial is a regional financial services company that provides commercial and consumer banking, investment and trust services, mortgage origination and servicing, and an electronic funds transfer network. Holdings include BOKF, NA, BOSC, Inc., Cavanal Hill Investment Management, Inc., and Southwest Trust Company, N.A. Operating divisions of BOKF, NA include Bank of Albuquerque, Bank of Arizona, Bank of Arkansas, Bank of Oklahoma, Bank of Texas, Colorado State Bank and Trust, Bank of Kansas City and the TransFund electronic funds network. Shares of BOK Financial are traded on the NASDAQ under the symbol BOKF. For more information, visit www.bokf.com.

The Company will continue to evaluate critical assumptions and estimates, such as the adequacy of the allowance for credit losses and asset impairment as of March 31, 2011 through the date its financial statements are filed with the Securities and Exchange Commission and will adjust amounts reported if necessary.

This news release contains forward-looking statements that are based on management’s beliefs, assumptions, current expectations, estimates and projections about BOK Financial, the financial services industry and the economy generally. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “plans,” “projects,” variations of such words and similar expressions are intended to identify such forward-looking statements. Management judgments relating to and discussion of the provision and allowance for credit losses involve judgments as to future events and are inherently forward-looking statements. Assessments that BOK Financial’s acquisitions and other growth endeavors will be profitable are necessary statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what is expected, implied or forecasted in such forward-looking statements. Internal and external factors that might cause such a difference include, but are not limited to (1) the ability to fully realize expected cost savings from mergers within the expected time frames, (2) the ability of other companies on which BOK Financial relies to provide goods and services in a timely and accurate manner, (3) changes in interest rates and interest rate relationships, (4) demand for products and services, (5) the degree of competition by traditional and nontraditional competitors, (6) changes in banking regulations, tax laws, prices, levies and assessments, (7) the impact of technological advances and (8) trends in consumer behavior as well as their ability to repay loans. BOK Financial and its affiliates undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.


BALANCE SHEETS
BOK FINANCIAL CORPORATION
(In thousands)
	Period Ended
	March 31,			December 31,			March 31,
	2011			2010			2010
	(Unaudited)						(Unaudited)
ASSETS
Cash and due from banks	$	805,928		$	1,247,946		$	902,575
Funds sold and resell agreements		2,462			21,458			29,410
Trading securities		80,719			55,467			115,641
Securities:
Available for sale		9,707,825			9,311,252			8,904,395
Investment		343,401			339,553			309,910
Mortgage trading securities		326,624			428,021			427,196
Total securities		10,377,850			10,078,826			9,641,501
Residential mortgage loans held for sale		127,119			263,413			178,362
Loans:
Commercial		6,048,257			5,933,996			6,014,739
Commercial real estate		2,222,982			2,277,350			2,443,848
Residential mortgage		1,777,321			1,828,248			1,797,711
Consumer		541,275			603,442			714,926
Total loans		10,589,835			10,643,036			10,971,224
Less allowance for loan losses		(289,549	)		(292,971	)		(299,717	)
Loans, net of allowance		10,300,286			10,350,065			10,671,507
Premises and equipment, net		265,532			265,465			279,152
Accrued revenue receivable		113,060			148,940			107,300
Goodwill		335,601			335,601			335,601
Intangible assets, net		12,906			13,803			17,315
Mortgage servicing rights, net		120,345			115,723			119,066
Real estate and other repossessed assets		131,420			141,394			121,933
Bankers' acceptances		1,884			1,222			2,945
Derivative contracts		245,124			270,445			325,364
Cash surrender value of bank-owned life insurance		258,322			255,442			248,927
Receivable on unsettled securities sales		242,828			135,059			-
Other assets		279,637			241,334			405,377
TOTAL ASSETS	$	23,701,023		$	23,941,603		$	23,501,976



LIABILITIES AND EQUITY
Deposits:
Demand	$	4,457,187		$	4,220,764		$	3,599,981
Interest-bearing transaction		9,528,864			9,255,362			8,093,725
Savings		209,264			193,767			179,554
Time		3,677,611			3,509,168			3,654,256
Total deposits		17,872,926			17,179,061			15,527,516
Funds purchased		466,749			1,025,018			1,465,983
Repurchase agreements		1,006,051			1,258,762			1,172,280
Other borrowings		36,864			833,578			1,909,934
Subordinated debentures		398,744			398,701			398,578
Accrued interest, taxes, and expense		135,486			134,107			117,179
Bankers' acceptances		1,884			1,222			2,945
Due on unsettled securities purchases		843,904			160,425			103,186
Derivative contracts		156,038			215,420			311,685
Other liabilities		184,689			191,431			159,973
TOTAL LIABILITIES		21,103,335			21,397,725			21,169,259
Shareholders' equity:
Capital, surplus and retained earnings		2,467,820			2,413,887			2,264,786
Accumulated other comprehensive income		108,313			107,839			47,657
TOTAL SHAREHOLDERS' EQUITY		2,576,133			2,521,726			2,312,443
Non-controlling interest		21,555			22,152			20,274
TOTAL EQUITY		2,597,688			2,543,878			2,332,717
TOTAL LIABILITIES AND EQUITY	$	23,701,023		$	23,941,603		$	23,501,976


AVERAGE BALANCE SHEETS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
	Quarter Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2011			2010			2010			2010			2010

ASSETS
Funds sold and resell agreements	$	20,680		$	21,128		$	18,882		$	22,776		$	32,363
Trading securities		60,768			74,084			69,315			58,722			70,979
Securities:
Available for sale		9,423,201			9,662,055			9,270,710			8,892,175			8,884,678
Investment		339,246			341,941			336,455			335,117			256,003
Mortgage trading securities		397,093			474,731			602,049			435,693			366,845
Total securities		10,159,540			10,478,727			10,209,214			9,662,985			9,507,526
Residential mortgage loans held for sale		125,494			282,734			242,559			183,489			137,404
Loans:
Commercial		6,084,765			5,946,960			6,003,159			6,060,642			6,132,889
Commercial real estate		2,236,400			2,282,779			2,335,226			2,359,958			2,492,535
Residential mortgage		1,788,049			1,832,624			1,893,162			1,848,692			1,833,602
Consumer		544,542			604,830			629,968			702,174			728,294
Total loans		10,653,756			10,667,193			10,861,515			10,971,466			11,187,320
Less allowance for loan losses		(295,014	)		(307,223	)		(308,139	)		(312,595	)		(309,194	)
Total loans, net		10,358,742			10,359,970			10,553,376			10,658,871			10,878,126
Total earning assets		20,725,224			21,216,643			21,093,346			20,586,843			20,626,398
Cash and due from banks		1,095,910			1,092,979			989,782			903,555			1,089,971
Cash surrender value of bank-owned life insurance		256,456			255,530			252,912			249,914			247,415
Derivative contracts		211,895			249,861			267,952			288,853			300,865
Other assets		1,450,289			1,467,938			1,588,298			1,415,642			1,448,098
TOTAL ASSETS	$	23,739,774		$	24,282,951		$	24,192,290		$	23,444,807		$	23,712,747

LIABILITIES AND EQUITY
Deposits:
Demand	$	4,265,657		$	4,171,595		$	3,831,486		$	3,660,910		$	3,485,504
Interest-bearing transaction		9,632,595			9,325,573			8,699,495			8,287,296			7,963,752
Savings		203,638			191,235			189,512			184,376			170,990
Time		3,616,991			3,602,150			3,774,136			3,701,167			3,772,295
Total deposits		17,718,881			17,290,553			16,494,629			15,833,749			15,392,541
Funds purchased		820,969			775,620			1,096,873			1,359,937			1,519,689
Repurchase agreements		1,062,359			1,201,760			1,130,215			1,131,147			1,055,597
Other borrowings		144,987			829,756			1,465,516			1,619,745			2,249,470
Subordinated debentures		398,723			398,680			398,638			398,598			398,559
Derivative contracts		144,492			197,330			228,297			243,089			276,696
Other liabilities		884,566			1,053,695			895,703			479,813			521,567
TOTAL LIABILITIES		21,174,977			21,747,394			21,709,871			21,066,078			21,414,119
Total equity		2,564,797			2,535,557			2,482,419			2,378,729			2,298,628
TOTAL LIABILITIES AND EQUITY	$	23,739,774		$	24,282,951		$	24,192,290		$	23,444,807		$	23,712,747


STATEMENTS OF EARNINGS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except per share data)
	Quarter Ended
	March 31,
	2011			2010


Interest revenue	$	202,089		$	219,370
Interest expense		31,450			36,796
Net interest revenue		170,639			182,574
Provision for credit losses		6,250			42,100
Net interest revenue after provision for credit losses		164,389			140,474

Other operating revenue
Brokerage and trading revenue		25,376			21,035
Transaction card revenue		28,445			25,687
Trust fees and commissions		18,422			16,320
Deposit service charges and fees		22,480			26,792
Mortgage banking revenue		17,356			14,871
Bank-owned life insurance		2,863			2,972
Other revenue		8,332			7,638
Total fees and commissions		123,274			115,315
Loss on other assets, net		(68	)		(1,390	)
Loss on derivatives, net		(2,413	)		(341	)
Gain on securities, net		1,384			4,524
Total other-than-temporary impairment losses		-			(9,708	)
Portion of loss recognized in (reclassified from) other comprehensive income		(4,599	)		5,483
Net impairment losses recognized in earnings		(4,599	)		(4,225	)
Total other operating revenue		117,578			113,883

Other operating expense
Personnel		99,994			96,824
Business promotion		4,624			3,978
Professional fees and services		7,458			6,401
Net occupancy and equipment		15,604			15,511
Insurance		6,186			6,533
Data processing and communications		22,503			20,309
Printing, postage and supplies		3,082			3,322
Net losses and operating expenses of repossessed assets		6,015			7,220
Amortization of intangible assets		896			1,324
Mortgage banking costs		6,471			9,267
Change in fair value of mortgage servicing rights		(3,129	)		(13,932	)
Other expense		8,745			6,975
Total other operating expense		178,449			163,732

Net income before taxes		103,518			90,625
Federal and state income taxes		38,752			30,283

Net income		64,766			60,342
Net income (loss) attributable to non-controlling interest		(8	)		209

Net income attributable to BOK Financial Corporation	$	64,774		$	60,133

Average shares outstanding:
Basic		67,901,722			67,592,315
Diluted		68,176,527			67,790,049

Net income per share:
Basic	$	0.95		$	0.88
Diluted	$	0.94		$	0.88


FINANCIAL HIGHLIGHTS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except ratio and share data)
	Quarter Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2011			2010			2010			2010			2010

Capital:
Period-end shareholders' equity	$	2,576,133		$	2,521,726		$	2,503,650		$	2,428,738		$	2,312,443
Risk weighted assets	$	16,416,387		$	16,368,976		$	16,484,702		$	16,611,662		$	16,787,566
Risk-based capital ratios:
Tier 1		12.97	%		12.69	%		12.30	%		11.90	%		11.45	%
Total capital		16.48	%		16.20	%		15.79	%		15.38	%		15.09	%
Leverage ratio		9.13	%		8.74	%		8.61	%		8.57	%		8.25	%
Tangible common equity ratio (A)		9.54	%		9.21	%		8.96	%		8.88	%		8.46	%
Tier 1 common equity ratio (B)		12.84	%		12.55	%		12.17	%		11.77	%		11.33	%

Common stock:
Book value per share	$	37.64		$	36.97		$	36.77		$	35.67		$	33.99

Market value per share:
High	$	56.32		$	54.86		$	50.58		$	55.60		$	53.11
Low	$	50.37		$	44.83		$	42.89		$	47.45		$	45.43

Cash dividends paid	$	17,102		$	17,025		$	16,856		$	16,834		$	16,304
Dividend payout ratio		26.40	%		28.94	%		26.23	%		26.50	%		27.11	%
Shares outstanding, net		68,438,422			68,207,689			68,091,126			68,080,797			68,042,918
Stock buy-back program:
Shares repurchased		-			-			-			-			-
Amount	$	-		$	-		$	-		$	-		$	-
Average price per share	$	-		$	-		$ -			$	-		$	-

Performance ratios (quarter annualized):
Return on average assets		1.11	%		0.96	%		1.05	%		1.09	%		1.03	%
Return on average equity		10.24	%		9.21	%		10.27	%		10.71	%		10.61	%
Net interest margin		3.46	%		3.19	%		3.50	%		3.63	%		3.68	%
Efficiency ratio		61.15	%		65.60	%		59.07	%		59.56	%		59.11	%

Other data:
Gain (loss) on economic hedge of mortgage servicing rights	$	(5,937	)	$	(18,509	)	$	8,045		$	22,431		$	(211	)
Trust assets	$	32,013,487		$	32,751,501		$	31,460,021		$	29,825,608		$	30,739,254
Mortgage servicing portfolio	$	11,202,626		$	11,263,130		$	11,190,802		$	11,057,385		$	10,895,182
Mortgage loans funded for sale	$	451,821		$	821,921		$	756,022		$	540,835		$	383,293
Mortgage loan refinances to total fundings		49	%		72	%		64	%		34	%		55	%
Tax equivalent adjustment	$	2,321		$	2,263		$	2,152		$	2,327		$	2,416
Net unrealized gain on available for sale securities	$	201,340		$	200,203		$	255,421		$	215,439		$	107,754

(A) Tangible common equity ratio is a non-GAAP measure.
Reconciliation to a GAAP financial measure follows:
Total shareholders' equity	$	2,576,133		$	2,521,726		$	2,503,650		$	2,428,738		$	2,312,443
Less: Goodwill and intangible assets, net		(348,507	)		(349,404	)		(350,769	)		(351,592	)		(352,916	)
Tangible common equity	$	2,227,626		$	2,172,322		$	2,152,881		$	2,077,146		$	1,959,527

Total assets	$	23,701,023		$	23,941,603		$	24,385,952		$	23,736,728		$	23,501,976
Less: Goodwill and intangible assets, net		(348,507	)		(349,404	)		(350,769	)		(351,592	)		(352,916	)
	$	23,352,516		$	23,592,199		$	24,035,183		$	23,385,136		$	23,149,060

Tangible common equity ratio		9.54	%		9.21	%		8.96	%		8.88	%		8.46	%

(B) Tier 1 common equity ratio is a non-GAAP measure.
Reconciliation to a GAAP financial measure follows:
Tier 1 capital	$	2,129,998		$	2,076,525		$	2,027,226		$	1,976,588		$	1,922,783
Less: Non-controlling interest		(21,555	)		(22,152	)		(20,338	)		(21,289	)		(20,274	)
Tier 1 common equity	$	2,108,443		$	2,054,373		$	2,006,888		$	1,955,299		$	1,902,509

Risk weighted assets	$	16,416,387		$	16,368,976		$	16,484,702		$	16,611,662		$	16,787,566

Tier 1 common equity ratio		12.84	%		12.55	%		12.17	%		11.77	%		11.33	%


QUARTERLY EARNINGS TRENDS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except ratio and per share data)
	Quarter Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2011			2010			2010			2010			2010

Interest revenue	$	202,089		$	197,148		$	216,967		$	217,597		$	219,370
Interest expense		31,450			33,498			36,252			35,484			36,796
Net interest revenue		170,639			163,650			180,715			182,113			182,574
Provision for credit losses		6,250			6,999			20,000			36,040			42,100
Net interest revenue after provision for credit losses		164,389			156,651			160,715			146,073			140,474

Other operating revenue
Brokerage and trading revenue		25,376			28,610			27,072			24,754			21,035
Transaction card revenue		28,445			29,500			28,852			28,263			25,687
Trust fees and commissions		18,422			18,145			16,774			17,737			16,320
Deposit service charges and fees		22,480			23,732			24,290			28,797			26,792
Mortgage banking revenue		17,356			25,158			29,236			18,335			14,871
Bank-owned life insurance		2,863			3,182			3,004			2,908			2,972
Other revenue		8,332			7,648			7,708			7,374			7,638
Total fees and commissions		123,274			135,975			136,936			128,168			115,315
Gain (loss) on other assets, net		(68	)		15			(1,331	)		1,545			(1,390	)
Gain (loss) on derivatives, net		(2,413	)		(7,286	)		4,626			7,272			(341	)
Gain (loss) on securities, net		1,384			(10,164	)		11,753			23,100			4,524
Total other-than-temporary impairment losses		-			(4,768	)		(4,525	)		(10,959	)		(9,708	)
Portion of loss recognized in (reclassified from) other comprehensive income		(4,599	)		(1,859	)		(9,786	)		8,313			5,483
Net impairment losses recognized in earnings		(4,599	)		(6,627	)		(14,311	)		(2,646	)		(4,225	)
Total other operating revenue		117,578			111,913			137,673			157,439			113,883

Other operating expense
Personnel		99,994			106,770			101,216			97,054			96,824
Business promotion		4,624			4,377			4,426			4,945			3,978
Professional fees and services		7,458			9,527			7,621			6,668			6,401
Net occupancy and equipment		15,604			16,331			16,436			15,691			15,511
Insurance		6,186			6,139			6,052			5,596			6,533
Data processing and communications		22,503			23,902			21,601			21,940			20,309
Printing, postage and supplies		3,082			3,170			3,648			3,525			3,322
Net losses and operating expenses of repossessed assets		6,015			6,966			7,230			13,067			7,220
Amortization of intangible assets		896			1,365			1,324			1,323			1,324
Mortgage banking costs		6,471			11,999			9,093			10,380			9,267
Change in fair value of mortgage servicing rights		(3,129	)		(25,111	)		15,924			19,458			(13,932	)
Visa retrospective responsibility obligation		-			(1,103	)		1,103			-			-
Other expense		8,745			14,029			9,491			6,265			6,975
Total other operating expense		178,449			178,361			205,165			205,912			163,732

Net income before taxes		103,518			90,203			93,223			97,600			90,625
Federal and state income taxes		38,752			31,097			29,935			32,042			30,283

Net income		64,766			59,106			63,288			65,558			60,342
Net income (loss) attributable to non-controlling interest		(8	)		274			(979	)		2,036			209

Net income attributable to BOK Financial Corporation	$	64,774		$	58,832		$	64,267		$	63,522		$	60,133

Average shares outstanding:
Basic		67,901,722			67,685,434			67,625,378			67,605,807			67,592,315
Diluted		68,176,527			67,888,950			67,765,344			67,880,587			67,790,049

Net income per share:
Basic	$	0.95		$	0.86		$	0.94		$	0.93		$	0.88
Diluted	$	0.94		$	0.86		$	0.94		$	0.93		$	0.88


LOANS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
	Quarter Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
		2011		2010		2010		2010		2010

Oklahoma:
Commercial	$	2,618,045	$	2,581,082	$	2,662,347	$	2,704,460	$	2,616,086
Commercial real estate		661,254		726,409		748,501		784,549		787,543
Residential mortgage		1,219,237		1,253,466		1,293,334		1,257,497		1,235,788
Consumer		291,412		336,492		349,720		395,274		404,570
Total Oklahoma		4,789,948		4,897,449		5,053,902		5,141,780		5,043,987

Texas:
Commercial		1,916,270		1,888,635		1,876,994		1,902,934		1,935,819
Commercial real estate		687,817		686,956		715,859		731,399		769,682
Residential mortgage		283,925		297,027		309,815		308,496		307,643
Consumer		141,199		146,986		151,434		160,377		160,449
Total Texas		3,029,211		3,019,604		3,054,102		3,103,206		3,173,593

New Mexico:
Commercial		262,597		279,432		289,368		286,555		326,203
Commercial real estate		326,104		314,781		314,957		294,425		298,197
Residential mortgage		90,466		88,392		87,851		87,549		85,629
Consumer		19,242		19,583		20,153		20,542		16,713
Total New Mexico		698,409		702,188		712,329		689,071		726,742

Arkansas:
Commercial		75,889		84,775		91,752		89,376		86,566
Commercial real estate		124,875		116,989		117,137		114,576		129,125
Residential mortgage		14,114		13,155		14,937		15,823		17,071
Consumer		61,746		72,787		84,869		96,189		110,123
Total Arkansas		276,624		287,706		308,695		315,964		342,885

Colorado:
Commercial		514,100		470,500		457,421		484,188		495,916
Commercial real estate		172,416		197,180		203,866		225,758		228,998
Residential mortgage		67,975		72,310		75,152		69,325		68,049
Consumer		20,145		21,409		15,402		18,548		17,991
Total Colorado		774,636		761,399		751,841		797,819		810,954

Arizona:
Commercial		251,390		231,117		234,739		204,326		209,019
Commercial real estate		213,442		201,018		188,943		163,374		202,192
Residential mortgage		89,384		89,245		85,184		78,890		68,015
Consumer		5,266		3,445		3,061		2,971		3,068
Total Arizona		559,482		524,825		511,927		449,561		482,294

Kansas / Missouri:
Commercial		409,966		398,455		359,387		339,689		345,130
Commercial real estate		37,074		34,017		33,859		26,828		28,111
Residential mortgage		12,220		14,653		17,635		16,666		15,516
Consumer		2,265		2,740		2,167		2,133		2,012
Total Kansas / Missouri		461,525		449,865		413,048		385,316		390,769

TOTAL BOK FINANCIAL	$	10,589,835	$	10,643,036	$	10,805,844	$	10,882,717	$	10,971,224


DEPOSITS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
	Quarter Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
		2011		2010		2010		2010		2010

Oklahoma:
Demand	$	2,420,210	$	2,271,375	$	2,238,303	$	2,101,994	$	2,062,084
Interest-bearing:
Transaction		6,068,304		6,061,626		5,609,811		5,562,287		5,237,983
Savings		120,020		106,411		103,524		102,590		101,708
Time		1,465,506		1,373,307		1,497,344		1,442,525		1,360,756
Total interest-bearing		7,653,830		7,541,344		7,210,679		7,107,402		6,700,447
Total Oklahoma		10,074,040		9,812,719		9,448,982		9,209,396		8,762,531

Texas:
Demand		1,405,892		1,389,876		1,238,103		1,150,495		1,068,656
Interest-bearing:
Transaction		1,977,850		1,791,810		1,786,979		1,674,519		1,675,759
Savings		40,313		36,429		35,614		36,814		37,175
Time		1,015,754		966,116		1,031,877		1,003,936		1,043,813
Total interest-bearing		3,033,917		2,794,355		2,854,470		2,715,269		2,756,747
Total Texas		4,439,809		4,184,231		4,092,573		3,865,764		3,825,403

New Mexico:
Demand		282,708		270,916		262,567		223,869		222,685
Interest-bearing:
Transaction		498,355		530,244		535,012		491,708		480,189
Savings		24,455		28,342		27,906		30,231		20,036
Time		453,580		450,177		469,493		476,155		495,243
Total interest-bearing		976,390		1,008,763		1,032,411		998,094		995,468
Total New Mexico		1,259,098		1,279,679		1,294,978		1,221,963		1,218,153

Arkansas:
Demand		15,144		15,310		17,604		14,919		17,599
Interest-bearing:
Transaction		130,613		129,580		137,797		108,104		61,398
Savings		1,514		1,266		1,522		1,288		1,266
Time		94,889		100,998		116,536		119,472		105,794
Total interest-bearing		227,016		231,844		255,855		228,864		168,458
Total Arkansas		242,160		247,154		273,459		243,783		186,057

Colorado:
Demand		197,579		157,742		156,685		143,783		136,048
Interest-bearing:
Transaction		528,948		522,207		501,405		441,085		456,508
Savings		21,655		20,310		19,681		18,869		18,118
Time		546,586		502,889		495,899		497,538		509,410
Total interest-bearing		1,097,189		1,045,406		1,016,985		957,492		984,036
Total Colorado		1,294,768		1,203,148		1,173,670		1,101,275		1,120,084

Arizona:
Demand		106,880		74,887		97,384		71,711		61,183
Interest-bearing:
Transaction		102,089		95,890		94,108		94,033		81,851
Savings		984		809		812		1,062		1,105
Time		50,060		52,227		59,678		63,643		64,592
Total interest-bearing		153,133		148,926		154,598		158,738		147,548
Total Arizona		260,013		223,813		251,982		230,449		208,731

Kansas / Missouri:
Demand		28,774		40,658		35,869		28,518		31,726
Interest-bearing:
Transaction		222,705		124,005		180,273		116,423		100,037
Savings		323		200		132		110		146
Time		51,236		63,454		70,673		69,819		74,648
Total interest-bearing		274,264		187,659		251,078		186,352		174,831
Total Kansas / Missouri		303,038		228,317		286,947		214,870		206,557

TOTAL BOK FINANCIAL	$	17,872,926	$	17,179,061	$	16,822,591	$	16,087,500	$	15,527,516


NET INTEREST MARGIN TREND - UNAUDITED
BOK FINANCIAL CORPORATION
	Quarter Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2011		2010		2010		2010		2010
TAX-EQUIVALENT ASSETS YIELDS
Trading securities	3.84	%	4.06	%	3.26	%	4.51	%	4.53	%
Funds sold and resell agreements	0.08	%	0.13	%	0.08	%	0.14	%	0.10	%
Securities:
Taxable (A)	3.20	%	2.67	%	3.28	%	3.56	%	3.73	%
Tax-exempt (A)	5.07	%	4.95	%	4.87	%	4.89	%	5.28	%
Total securities (A)	3.25	%	2.73	%	3.32	%	3.60	%	3.78	%
Residential mortgage loans held for sale	4.33	%	3.85	%	4.24	%	4.76	%	5.16	%
Loans	4.75	%	4.76	%	4.87	%	4.83	%	4.81	%
Less allowance for loan losses	-		-		-		-		-
Loans, net of allowance	4.89	%	4.90	%	5.01	%	4.97	%	4.95	%
Total tax-equivalent yield on earning assets (A)	4.09	%	3.84	%	4.19	%	4.33	%	4.41	%
COST OF INTEREST-BEARING LIABILITIES
Interest-bearing deposits:
Interest-bearing transaction	0.32	%	0.37	%	0.45	%	0.49	%	0.52	%
Savings	0.37	%	0.35	%	0.39	%	0.40	%	0.42	%
Time	1.82	%	1.78	%	1.80	%	1.74	%	1.86	%
Total interest-bearing deposits	0.72	%	0.76	%	0.85	%	0.87	%	0.94	%
Funds purchased	0.16	%	0.25	%	0.19	%	0.20	%	0.14	%
Repurchase agreements	0.40	%	0.49	%	0.52	%	0.56	%	0.57	%
Other borrowings	1.31	%	0.37	%	0.36	%	0.35	%	0.29	%
Subordinated debt	5.67	%	5.64	%	5.64	%	5.57	%	5.66	%
Total cost of interest-bearing liabilities	0.80	%	0.81	%	0.86	%	0.85	%	0.87	%
Tax-equivalent net interest revenue spread	3.29	%	3.03	%	3.33	%	3.48	%	3.54	%
Effect of noninterest-bearing funding sources and other	0.17	%	0.16	%	0.17	%	0.15	%	0.14	%
Tax-equivalent net interest margin	3.46	%	3.19	%	3.50	%	3.63	%	3.68	%

(A) Yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income.

CREDIT QUALITY INDICATORS
BOK FINANCIAL CORPORATION
(In thousands, except ratios)
		Quarter Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
			2011			2010			2010			2010			2010

	Nonperforming assets:
	Nonaccruing loans (B):
	Commercial	$	57,449		$	38,455		$	49,361		$	82,775		$	84,491
	Commercial real estate		125,504			150,366			177,709			193,698			219,639
	Residential mortgage		37,824			37,426			38,898			40,033			36,281
	Consumer		5,185			4,567			2,784			3,188			3,164
	Total nonaccruing loans		225,962			230,814			268,752			319,694			343,575
	Renegotiated loans (A)		21,705			22,261			25,252			21,327			17,763
	Real estate and other repossessed assets		131,420			141,394			126,859			119,908			121,933
	Total nonperforming assets	$	379,087		$	394,469		$	420,863		$	460,929		$	483,271

	Nonaccruing loans by principal market (B):
	Oklahoma	$	49,585		$	60,805		$	72,264		$	93,898		$	102,231
	Texas		34,404			33,157			36,979			49,695			58,067
	New Mexico		17,510			19,283			23,792			26,956			23,021
	Arkansas		29,769			7,914			9,990			10,933			14,652
	Colorado		40,629			49,416			55,631			66,040			66,883
	Arizona		54,065			60,239			70,038			72,111			78,656
	Kansas / Missouri		-			-			58			61			65
	Total nonaccruing loans	$	225,962		$	230,814		$	268,752		$	319,694		$	343,575

	Nonaccruing loans by loan portfolio sector (B):
	Commercial:
	Energy	$	415		$	465		$	8,189		$	26,259		$	17,182
	Manufacturing		4,545			2,116			2,454			3,237			4,834
	Wholesale / retail		30,411			8,486			5,584			5,561			6,629
	Integrated food services		6			13			58			58			65
	Services		15,720			19,262			23,925			31,062			35,535
	Healthcare		2,574			3,534			2,608			8,568			10,538
	Other commercial and industrial		3,778			4,579			6,543			8,030			9,708
	Total commercial		57,449			38,455			49,361			82,775			84,491
	Commercial real estate:
	Construction and land development		90,707			99,579			116,252			132,686			140,508
	Retail		5,276			4,978			8,041			4,967			14,843
	Office		14,628			19,654			24,942			24,764			26,660
	Multifamily		1,900			6,725			6,924			7,253			15,725
	Industrial		-			4,087			4,151			4,223			-
	Other commercial real estate		12,993			15,343			17,399			19,805			21,903
	Total commercial real estate		125,504			150,366			177,709			193,698			219,639
	Residential mortgage:
	Permanent mortgage		33,466			32,111			36,654			37,978			34,134
	Home equity		4,358			5,315			2,244			2,055			2,147
	Total residential mortgage		37,824			37,426			38,898			40,033			36,281
	Consumer		5,185			4,567			2,784			3,188			3,164
	Total nonaccruing loans	$	225,962		$	230,814		$	268,752		$	319,694		$	343,575
			-			-			-			-			-
	Performing loans 90 days past due	$	9,291		$	9,961		$	6,433		$	12,474		$	12,915

	Gross charge-offs	$	15,232		$	20,152		$	25,340		$	38,168		$	40,328
	Recoveries		4,914			5,939			5,205			2,614			5,850
	Net charge-offs	$	10,318		$	14,213		$	20,135		$	35,554		$	34,478

	Provision for credit losses	$	6,250		$	6,999		$	20,000		$	36,040		$	42,100

	Allowance for loan losses to period end loans		2.73	%		2.75	%		2.77	%		2.75	%		2.73	%
	Combined allowance for credit losses to period end loans		2.86	%		2.89	%		2.91	%		2.89	%		2.86	%
	Nonperforming assets to period end loans
	and repossessed assets		3.54	%		3.66	%		3.85	%		4.19	%		4.36	%
	Net charge-offs (annualized) to average loans		0.39	%		0.53	%		0.74	%		1.30	%		1.23	%
	Allowance for loan losses to nonaccruing loans		128.14	%		126.93	%		111.31	%		93.68	%		87.23	%
	Combined allowance for credit losses to nonaccruing loans		134.17	%		133.11	%		117.01	%		98.40	%		91.42	%

	(A) includes residential mortgage loans guaranteed by	$	18,304		$	18,551		$	21,706		$	17,598		$	14,083
	agencies of the U.S. government. These loans
	have been modified to extend payment terms and/or
	reduce interest rates to current market.
	(B) includes loans subject to First United Bank sellers escrow	$	-		$	-		$	-		$	-		$	4,281