BOK Financial Reports $51 Million Third Quarter Income

Net Interest Revenue Growth Drives Earnings

• Press Release
• Source: BOK Financial Corporation
• On 8:30 am EDT, Wednesday October 28, 2009

TULSA, Okla.--(BUSINESS WIRE)--BOK Financial Corporation (NASDAQ: BOKF - News) reported net income for the third quarter of 2009 of $50.7 million or $0.75 per diluted share. Net income for the previous quarter totaled $52.1 million or $0.77 per diluted share.

Net income for the nine months ended September 30, 2009 totaled $157.8 million or $2.33 per diluted share compared with $117.8 million or $1.74 per diluted share for the nine months ended September 30, 2008. Net income for the nine months ended September 30, 2008 was impacted by $67.6 million of pre-tax charges for loan and energy derivative credit exposure related to a customer bankruptcy filing which reduced net income by approximately $43.9 million or $0.65 per diluted share.

“BOK Financial is pleased with solid performance this quarter, especially considering the continued challenges we see in the economy,” said President and CEO Stan Lybarger. “Earnings for the third quarter were based on continued net interest revenue growth, solid fee revenue and controlled operating expenses. The fair value of our securities portfolio improved by $159 million which further strengthened our balance sheet and capital position. However, we recognize the banking industry is far from the end of this depressed credit cycle and we added $19 million to our reserves for credit losses in response to an increase in our non-performing assets.”

Highlights of the third quarter of 2009 included:

• Net interest revenue totaled $180.5 million, up $4.9 million compared to the second quarter of 2009. Net interest margin was 3.63% for the third quarter of 2009, up 8 basis points over the second quarter of 2009 largely due to higher loan yields and lower funding costs.
• Fees and commission revenue totaled $120.0 million, down $3.1 million from the previous quarter. Mortgage banking revenue decreased $6.7 million due to lower volume of loans originated during the quarter. Brokerage and trading revenue and deposit service charges increased over the previous quarter.
• Operating expenses totaled $178.7 million, up $3.0 million over the second quarter of 2009. Net losses and operating expenses of repossessed assets and personnel expenses increased over the previous quarter.
• Combined reserve for credit losses totaled $293 million or 2.52% of outstanding loans at September 30, 2009, up from $274 million or 2.27% of outstanding loans at June 30, 2009. Net loans charged off and provision for credit losses were $36.0 million and $55.1 million, respectively, for the third quarter of 2009.
• Non-performing assets totaled $490 million or 4.19% of outstanding loans and repossessed assets at September 30, 2009 compared to $446 million or 3.67% of outstanding loans and repossessed assets at June 30, 2009.
• Available for sale securities totaled $8.4 billion, at September 30, 2009, up $1.1 billion since June 30, 2009. The increase consisted of $1.0 billion of net securities purchased during the quarter and a $159 million net increase in the fair value of securities held in the portfolio. Purchased securities consisted primarily of mortgage-backed securities issued by U.S. government agencies.
• Outstanding loan balances were $11.6 billion at September 30, 2009, down $458 million since June 30, 2009. All major loan categories decreased during the third quarter largely due to reduced customer demand, normal repayment trends and management decisions to exit certain loan types.
• Average deposit balances totaled $15.1 billion for the third quarter of 2009, down $202 million compared with average deposits for the second quarter of 2009. Total period-end deposits grew $440 million in the third quarter of 2009 to $15.1 billion. Growth in demand and interest-bearing transaction deposits was partially offset by decreases in higher-costing time deposits.
• Tangible common equity ratio and tier 1 common equity ratio increased to 7.78% and 10.45%, respectively, at September 30, 2009 from 7.55% and 9.77%, respectively, at June 30, 2009 largely due to lower unrealized losses on securities. The tangible common equity ratio and tier 1 common equity ratio are non-GAAP measures of capital strength used by the Company and investors based on shareholders’ equity as defined by generally accepted accounting principles in the United States of America (“GAAP”) minus intangible assets and equity that does not benefit common shareholders such as preferred equity and equity provided by the U.S. Treasury’s Troubled Asset Relief Program (“TARP”) Capital Purchase Program. We chose not to participate in the TARP Capital Purchase Program. Tier 1 capital ratios were 10.56% at September 30, 2009 and 9.86% at June 30, 2009.
• The Company paid a cash dividend of $16.3 million or $0.24 per common share during the third quarter of 2009. On October 27, 2009, the board of directors declared a cash dividend of $0.24 per common share payable on or about December 2, 2009 to shareholders of record as of November 16, 2009.

Net Interest Revenue

Net interest revenue totaled $180.5 million, up $4.9 million over the second quarter of 2009. Net interest margin was 3.63% for the third quarter of 2009 and 3.55% for the second quarter of 2009. The increase in net interest margin over the previous quarter resulted from improved loan pricing and lower funding costs. Loan yield increased 3 basis points over the previous quarter as wider spreads continue to be priced into the loan portfolio. The increased loan yield partially offset a 33 basis point decrease in securities portfolio yield. The cost of interest-bearing liabilities decreased 22 basis points, including a 26 basis point decrease in the cost of interest-bearing deposits and a 9 basis point decrease in the cost of other borrowed funds.

Average earning assets decreased $237 million during the third quarter of 2009, primarily due to a decrease of $516 million in average outstanding loans and a $110 million decrease in average residential mortgage loans held for sale, partially offset by a $406 million increase in average securities, primarily mortgage-backed securities issued by U.S. government agencies.

Average deposits decreased $202 million compared with the second quarter of 2009, due primarily to a $719 million decrease in average time deposits. The Company chose not to renew certain higher-costing time deposits as they matured. The decrease in time deposits was partially offset by a $308 million increase in average interest-bearing transaction accounts and a $209 million increase in average demand deposits. Average funds purchased, repurchase agreements and other borrowed funds increased $189 million from the second quarter of 2009.

Fees and Commissions Revenue

Fees and commissions revenue totaled $120.0 million for the third quarter of 2009, down from $123.1 million for the second quarter of 2009. Mortgage banking revenue totaled $13.2 million for the third quarter of 2009 and $19.9 million for the second quarter of 2009, still well above historic levels. Mortgage loan originations totaled $536 million for the third quarter of 2009, down from the historic high of $1.0 billion in the second quarter of 2009 as the impact of government initiatives to lower national mortgage interest rates began to lessen. The decrease in mortgage-banking revenue was partially offset by growth in brokerage and trading revenue and deposit service charges. Brokerage and trading revenue increased $3.2 million primarily due to investment banking activity. Deposit service charges increased $2.0 million due to higher overdraft fees.

Operating Expenses

Operating expenses totaled $178.7 million for the third quarter of 2009, up $3.0 million from the preceding quarter. Operating expenses increased $10.8 million due to changes in the fair value of mortgage servicing rights and decreased $11.8 million due to an FDIC special assessment in the second quarter of 2009. Excluding the impact of the change in the fair value of the mortgage servicing rights and the FDIC special assessment, operating expense increased $3.9 million. Personnel expenses were up $1.8 million and net losses and operating expenses of repossessed assets were up $2.5 million. All other operating expenses were down $433 thousand due to Company-wide initiatives to control operating expenses.

Credit Quality

Non-performing assets continued to increase across most sectors of the loan portfolio and geographic markets during the third quarter of 2009. Non-performing assets totaled $490 million or 4.19% of outstanding loans and repossessed assets at September 30, 2009 which consisted of non-accruing loans of $383 million, renegotiated loans of $17 million (including $11 million of residential mortgage loans guaranteed by U.S. government agencies) and $90 million of real estate and other repossessed assets. Total non-performing assets increased $44 million during the third quarter.

Non-accruing loans totaled $383 million or 3.30% of outstanding loans at September 30, 2009, compared with $353 million or 2.92% of outstanding loans at June 30, 2009. Approximately $111 million of non-accruing loans have been charged-down from original values of $234 million to amounts management expects to recover. During the third quarter of 2009, $105 million of new non-accruing loans were identified, offset by $28 million in charge offs, $21 million in foreclosures and $13 million in payments received. In addition, the Company sold $25 million of the face amount of its SemGroup bankruptcy claims which reduced non-accruing energy loans by $13 million.

Non-accruing commercial loans totaled $128 million or 2.01% of total commercial loans at September 30, 2009. Non-accruing commercial loans increased $1.8 million since June 30, 2009. Newly identified non-accruing commercial loans totaled $36 million, primarily in the energy and services sector of the portfolio.

Non-accruing commercial real estate loans totaled $212 million or 8.30% of outstanding commercial real estate loans at September 30, 2009. Total non-accruing commercial real estate loans increased $23 million since June 30, 2009, including a $16 million increase in loans secured by land, residential lots and residential construction properties, $4.7 million increase in loans secured by retail facilities and a $3.7 million increase in loans secured by commercial office buildings. Non-accruing commercial real estate loans attributed to various markets included $99 million or 38% of commercial real estate loans in Arizona, $39 million or 16% of commercial real estate loans in Colorado, $31 million or 4% of commercial real estate loans in Oklahoma, $22 million or 6% of commercial real estate loans in New Mexico and $16 million or 3% of commercial real estate loans in Texas.

Non-accruing residential mortgage loans totaled $38 million or 2.09% of outstanding residential mortgage loans at September 30, 2009, a $2.4 million increase over June 30, 2009. The distribution of non-accruing residential mortgage loans among various markets included $14 million or 4% of mortgage loans in Texas, $12 million or 1% of mortgage loans in Oklahoma and $6 million or 11% of mortgage loans in Arizona. Mortgage loans past due 30 to 89 days were $32 million compared to $27 million at June 30, 2009.

The combined reserve for credit losses totaled $293 million or 2.52% of outstanding loans and 77% of non-accruing loans at September 30, 2009. The allowance for loan losses was $281 million and the reserve for off-balance sheet credit losses was $12 million. During the third quarter of 2009, the Company recognized a $55.1 million provision for credit losses. Net losses charged against the allowance for loan losses totaled $36.0 million or 1.21% annualized of average outstanding loans.

Real estate and other repossessed assets totaled $90 million at September 30, 2009, up $14 million from June 30, 2009. Real estate and other repossessed assets increased by $21 million in additions offset by $4 million in sales and $3 million in write-downs based on updated appraisals. Real estate and other repossessed assets included $50 million of 1-4 family residential properties and residential land development properties, $22 million of developed commercial real estate properties, $8 million of undeveloped land, $7 million of equipment, and $3 million of automobiles. The distribution of real estate owned and other repossessed assets among various markets included $35 million in Arizona, $18 million in Texas, $8 million in New Mexico, $8 million in Colorado, $7 million in Kansas City, $7 million in Oklahoma and $6 million in Arkansas.

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 $345 million at September 30, 2009. These loans are primarily to borrowers in the Company’s primary market areas, including $242 million in Oklahoma, $38 million in Arkansas, $20 million in New Mexico, $17 million Kansas City and $16 million in Texas. At September 30, 2009, approximately 4.81% of these loans are non-performing and 6.27% were past due 30 to 89 days. A separate reserve for credit risk of $11 million is available for losses on these loans.

Securities and Derivatives

Available for sale securities totaled $8.4 billion at September 30, 2009, up $1.1 billion since June 30, 2009. The increase in the securities portfolio included $1.0 billion of net securities purchased and a $159 million increase in the net fair value. The available for sale portfolio consisted primarily of mortgage-backed securities, including $6.9 billion fully backed by U.S government agencies and $1.2 billion privately issued by publicly owned financial institutions. The portfolio does not hold any securities backed by sub-prime mortgage loans, collateralized debt obligations or collateralized loan obligations. The Company holds no debt of corporate issuers.

The Company continued a strategy to increase holdings of mortgage-backed securities during the third quarter. This strategy recognizes attractive spreads over funding costs on these securities. Credit risk is controlled by investing in securities fully backed by U.S. government agencies. Interest rate risk is mitigated by investing in short-duration securities that would have limited extension exposure from rising interest rates.

The portfolio of available for sale securities had a net unrealized gain of $31 million at September 30, 2009, a $159 million improvement from June 30, 2009. Net unrealized gains on mortgage-backed securities issued by U.S. government agencies increased by $59 million and net unrealized losses on privately-issued mortgage backed securities decreased by $82 million.

Approximately $635 million of the privately-issued mortgage-backed securities were rated below investment grade by at least one nationally-recognized rating agency. The aggregate unrealized losses on securities rated below investment grade totaled $137 million at September 30, 2009. Aggregate losses on these same securities were $182 million at June 30, 2009. The Company recognized a $3.4 million other-than-temporary impairment charge against earnings in the third quarter related to certain mortgage-backed securities due to further declines in the projected cash flows.

Net gains on securities totaled $12.3 million for the third quarter of 2009, compared with $6.5 million for the second quarter of 2009 and $2.1 million for the third quarter of 2008.

		Three Months Ended
		Sept. 30, 2009				June 30, 2009				Sept. 30, 2008
Net gain on available for sale securities		$	8,706			$	16,670			$	917
Gain (loss) on mortgage hedge securities			3,560				(10,199	)			1,186
Net gain on securities		$	12,266			$	6,471			$	2,103
Gain (loss) on change in fair value of mortgage servicing rights
		$	(2,981	)		$	7,865			$	(5,554	)

The Company recognized $8.7 million of net gains on the sale of $377 million of available for sale securities in the third quarter of 2009 and $16.7 million of gains on the sale of $1.2 billion of available for sale securities in the second quarter of 2009. This continues a program to sell low-coupon mortgage-backed securities that were purchased at deep discounts near the beginning of the current market disruption. Securities sold are replaced with securities that are expected to have superior future total returns.

BOK Financial also maintains a portfolio of mortgage-backed securities issued by U.S. government agencies as an economic hedge against changes in the fair value of mortgage servicing rights. The fair value of mortgage servicing rights decreased $3.0 million and the fair value of mortgage hedge securities increased $3.6 million during the third quarter of 2009.

The Company has a portfolio of derivative contracts held for customer risk management programs and internal interest rate risk management programs. At September 30, 2009, the fair value of all asset contracts totaled $397 million, net of cash margin held by the Company. The largest net amount due from a single counterparty, a domestic subsidiary of a major energy company, at September 30, 2009 was $116 million. This amount was entirely offset by letters of credit issued by independent financial institutions.

Loans, Deposits and Capital

Outstanding loans at September 30, 2009 were $11.6 billion, down $458 million from June 30, 2009. Loan balances were lower across most sectors of the loan portfolio and markets due to reduced customer demand in response to current economic conditions, normal repayment trends and management decisions to mitigate credit risk by exiting certain loan types. Commercial loans decreased $346 million from June 30, 2009, primarily due to a decrease of $116 million in service sector loans, $110 million in energy sector loans and $87 million in wholesale/retail sector loans. Commercial real estate loans decreased $51 million compared to the prior quarter, primarily due to an $84 million decrease in construction and land development offset by a $34 million increase in multifamily sector loans. Residential mortgage loans decreased $4 million from the prior quarter primarily due to a $14 million decrease in permanent mortgage loans offset by a $10 million increase in home equity loans. Consumer loans decreased $57 million compared to the prior quarter primarily due to a $66 million decrease in indirect automobile loans related to the previously announced decision to curtail that business during the first quarter of 2009 in favor of a customer-focused direct approach to consumer lending.

Total deposits increased $440 million during the third quarter and totaled $15.1 billion at September 30, 2009. Demand and interest-bearing transaction deposits increased $637 million and $289 million, respectively, offset by a $487 million decrease in time deposit balances as the Company decreased higher-cost certificates of deposit. Among the lines of business, commercial banking deposits increased $519 million during the third quarter of 2009, offset by decreased consumer banking deposits of $91 million and decreased wealth management deposits of $48 million.

The Company and each of its subsidiary banks exceeded the regulatory definition of well capitalized at September 30, 2009. The Company’s Tier 1 and total capital ratios were 10.56% and 14.10%, respectively, at September 30, 2009. The Company’s Tier 1 and total capital ratios were 9.86% and 13.34%, respectively, at June 30, 2009. In addition, the Company’s tangible common equity ratio, a non-GAAP measure, was 7.78% at September 30, 2009 and 7.55% at June 30, 2009. The increase in tangible common equity ratio was primarily due to retained earnings growth and reduced net unrealized losses on available for sale securities.

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 Bank of Albuquerque, N.A., Bank of Arizona, N.A., Bank of Arkansas, N.A., Bank of Oklahoma, N.A., Bank of Texas, N.A., Colorado State Bank & Trust, N.A., Bank of Kansas City, N.A., BOSC, Inc., Cavanal Hill Investment Management, Inc., the TransFund electronic funds network, and Southwest Trust Company, N.A. 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 September 30, 2009 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
			September 30,					June 30,					September 30,
				2009					2009					2008
			(Unaudited)					(Unaudited)					(Unaudited)
ASSETS
Cash and due from banks			$	1,383,244				$	470,553				$	669,914
Trading securities				100,898					84,548					92,588
Funds sold and resell agreements				39,465					112,128					105,594
Securities:
Available for sale				8,358,562					7,224,673					6,279,530
Investment				238,101					269,844					243,617
Mortgage trading securities				320,971					222,864					198,201
Total securities				8,917,634					7,717,381					6,721,348
Residential mortgage loans held for sale				172,301					326,363					113,121
Loans:
Commercial				6,370,056					6,715,851					7,273,802
Commercial real estate				2,560,335					2,611,693					2,713,992
Residential mortgage				1,829,824					1,833,975					1,669,953
Consumer				851,349					908,409					1,022,223
Total loans				11,611,564					12,069,928					12,679,970
Less reserve for loan losses				(280,902	)				(263,309	)				(186,516	)
Loans, net of reserve				11,330,662					11,806,619					12,493,454
Premises and equipment, net				286,702					286,295					267,749
Accrued revenue receivable				68,617					118,718					118,096
Intangible assets, net				356,152					357,838					363,177
Mortgage servicing rights, net				66,689					67,413					68,680
Real estate and other repossessed assets				89,507					75,243					28,088
Bankers' acceptances				9,882					8,260					23,933
Derivative contracts				397,110					462,971					572,391
Cash surrender value of bank-owned life insurance				244,456					241,792					234,293
Receivable on unsettled securities trades				-					237,200					169,494
Other assets				413,522					394,997					335,882
TOTAL ASSETS			$	23,876,841				$	22,768,319				$	22,377,802
LIABILITIES AND EQUITY
Deposits:
Demand			$	3,462,188				$	2,825,179				$	3,005,163
Interest-bearing transaction				7,380,449					7,091,471					6,606,622
Savings				167,896					166,806					156,847
Time				4,084,813					4,571,933					4,817,551
Total deposits				15,095,346					14,655,389					14,586,183
Funds purchased and repurchase agreements
				2,198,900					2,798,274					3,667,225
Other borrowings				3,189,948					2,152,177					1,077,450
Subordinated debentures				398,502					398,465					398,372
Accrued interest, taxes, and expense				123,409					119,003					120,280
Bankers' acceptances				9,882					8,260					23,933
Due on unsettled securities trades				133,974					-					-
Derivative contracts				395,197					445,463					377,973
Other liabilities				127,689					125,126					166,597
TOTAL LIABILITIES				21,672,847					20,702,157					20,418,013
Shareholders' equity:
Capital, surplus and retained earnings				2,185,776					2,149,020					2,046,752
Accumulated other comprehensive loss				(763	)				(98,448	)				(106,249	)
TOTAL SHAREHOLDERS' EQUITY				2,185,013					2,050,572					1,940,503
Non-controlling interest				18,981					15,590					19,286
TOTAL EQUITY				2,203,994					2,066,162					1,959,789
TOTAL LIABILITIES AND EQUITY			$	23,876,841				$	22,768,319				$	22,377,802

AVERAGE BALANCE SHEETS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
			Quarter Ended
			September 30,					June 30,					March 31,					December 31,					September 30,
				2009					2009					2009					2008					2008
ASSETS
Trading securities			$	64,763				$	112,960				$	111,962				$	78,840				$	66,419
Funds sold and resell agreements				67,032					29,277					50,701					48,246					79,862
Securities:
Available for sale				7,782,254					7,242,931					6,645,086					6,409,906					5,945,220
Investment				235,967					271,068					238,562					242,503					239,655
Mortgage trading securities				267,591					365,434					453,304					237,319					126,837
Total securities				8,285,812					7,879,433					7,336,952					6,889,728					6,311,712
Residential mortgage loans held for sale				176,403					286,077					201,135					121,184					116,533
Loans:
Commercial				6,521,438					6,901,057					7,182,481					7,452,799					7,228,814
Commercial real estate				2,621,176					2,684,020					2,762,789					2,716,465					2,696,503
Residential mortgage				1,873,457					1,884,023					1,841,006					1,641,023					1,655,710
Consumer				871,347					933,950					998,489					1,016,409					1,015,796
Total loans				11,887,418					12,403,050					12,784,765					12,826,696					12,596,823
Less allowance for loan losses				(281,289	)				(273,335	)				(252,734	)				(209,319	)				(182,844	)
Total loans, net				11,606,129					12,129,715					12,532,031					12,617,377					12,413,979
Total earning assets				20,200,139					20,437,462					20,232,781					19,755,374					18,988,504
Cash and due from banks				828,965					638,791					661,433					534,039					499,992
Cash surrender value of bank-owned life insurance				242,715					240,199					237,805					235,195					232,465
Derivative contracts				401,887					493,448					476,091					352,083					900,777
Other assets				1,376,828					1,264,131					1,335,259					1,394,960					1,199,425
TOTAL ASSETS			$	23,050,534				$	23,074,031				$	22,943,369				$	22,271,651				$	21,821,163
LIABILITIES AND EQUITY
Deposits:
Demand			$	3,392,578				$	3,183,338				$	2,864,751				$	2,712,384				$	2,739,209
Interest-bearing transaction				7,162,477					6,854,003					6,610,805					6,116,465					6,565,935
Savings				167,677					167,813					159,537					155,784					159,856
Time				4,404,854					5,123,947					5,215,091					5,109,303					4,792,366
Total deposits				15,127,586					15,329,101					14,850,184					14,093,936					14,257,366
Funds purchased and repurchase agreements
				2,284,985					2,316,990					2,562,066					3,095,054					3,061,186
Other borrowings				2,173,103					1,951,699					2,158,963					1,986,857					1,390,233
Subordinated debentures				398,484					398,456					398,425					398,392					398,361
Derivative contracts				392,277					536,232					641,974					494,778					509,057
Other liabilities				539,129					534,889					416,242					293,752					258,775
TOTAL LIABILITIES				20,915,564					21,067,367					21,027,854					20,362,769					19,874,978
Total equity				2,134,970					2,006,664					1,915,515					1,908,882					1,946,185
TOTAL LIABILITIES AND EQUITY			$	23,050,534				$	23,074,031				$	22,943,369				$	22,271,651				$	21,821,163

STATEMENTS OF EARNINGS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except per share data)
			Quarter Ended										Nine Months Ended
			September 30,										September 30,
				2009					2008					2009					2008
Interest revenue			$	226,246				$	263,358				$	690,158				$	799,485
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				3,223					(841	)				4,339					(1,986	)
Gain (loss) on derivatives, net				(294	)				4,366					(2,995	)				3,518
Gain (loss) 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
Net income before taxes				78,379					79,633					243,137					171,138
Federal and state income taxes				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 Corporation			$	50,660				$	56,685				$	157,807				$	117,789
Average shares outstanding:
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
Net income per share:
Basic			$	0.75				$	0.84				$	2.33				$	1.75
Diluted			$	0.75				$	0.84				$	2.33				$	1.74

FINANCIAL HIGHLIGHTS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except ratio and share data)
					Quarter Ended
					September 30,					June 30,					March 31,					December 31,					September 30,
						2009					2009					2009					2008					2008
Capital:
Period-end shareholders' equity					$	2,185,013				$	2,050,572				$	1,931,300				$	1,846,257				$	1,940,503
Risk weighted assets					$	17,515,147				$	18,338,540				$	18,355,862				$	18,401,051				$	18,347,504
Risk-based capital ratios:
Tier 1						10.56	%				9.86	%				9.66	%				9.40	%				9.31	%
Total capital						14.10	%				13.34	%				13.08	%				12.81	%				12.62	%
Leverage ratio						8.16	%				7.97	%				7.85	%				7.89	%				7.94	%
Tangible common equity ratio (A)						7.78	%				7.55	%				6.84	%				6.64	%				7.16	%
Tier 1 common equity ratio (B)						10.45	%				9.77	%				9.58	%				9.32	%				9.20	%
Common stock:
Book value per share					$	32.27				$	30.30				$	28.57				$	27.36				$	28.78
Market value per share:
High					$	48.10				$	43.02				$	40.71				$	54.42				$	53.94
Low					$	34.81				$	34.46				$	22.95				$	38.40				$	38.61
Cash dividends paid					$	16,280				$	16,184				$	15,027				$	15,358				$	15,170
Dividend payout ratio						32.14	%				31.05	%				27.31	%				43.33	%				26.76	%
Shares outstanding, net						67,707,547					67,674,442					67,589,045					67,473,086					67,433,837
Stock buy-back program:
Shares repurchased						-					-					-					-					75,000
Amount					$	-				$	-				$	-				$	-				$	3,337,000
Average price per share					$	-				$	-				$	-				$	-				$	44.49
Performance ratios (quarter annualized):
Return on average assets						0.87	%				0.91	%				0.97	%				0.63	%				1.03	%
Return on average equity						9.41	%				10.42	%				11.65	%				7.39	%				11.59	%
Net interest margin						3.63	%				3.55	%				3.47	%				3.57	%				3.48	%
Efficiency ratio						58.09	%				61.02	%				57.10	%				54.94	%				54.19	%
Other data:
Gain (loss) on economic hedge of mortgage servicing rights					$	3,560				$	(10,199	)			$	(2,118	)			$	15,089				$	1,186
Trust assets					$	29,945,585				$	29,288,041				$	28,700,791				$	30,454,512				$	33,242,296
Mortgage servicing portfolio					$	6,339,764				$	6,082,501				$	5,515,893				$	5,256,159				$	5,167,584
Mortgage loan fundings during the quarter					$	536,173				$	1,023,272				$	708,561				$	214,521				$	258,171
Mortgage loan refinances to total fundings						49.00	%				71.00	%				73.51	%				34.84	%				25.14	%
Tax equivalent adjustment					$	1,982				$	1,791				$	2,105				$	2,063				$	1,927
Unrealized gain (loss) on available for sale securities					$	30,898				$	(128,492	)			$	(261,856	)			$	(330,973	)			$	(158,652	)
(A) Tangible common equity ratio is a non-GAAP measure.
Reconciliation to a GAAP financial measure follows:
Total shareholders' equity					$	2,185,013				$	2,050,572				$	1,931,300				$	1,846,257				$	1,940,503
Less: intangible assets, net						(356,152	)				(357,838	)				(359,523	)				(361,209	)				(363,177	)
Tangible common equity					$	1,828,861				$	1,692,734				$	1,571,777				$	1,485,048				$	1,577,326
Total assets					$	23,876,841				$	22,768,319				$	23,333,442				$	22,734,648				$	22,377,802
Less: intangible assets, net						(356,152	)				(357,838	)				(359,523	)				(361,209	)				(363,177	)
					$	23,520,689				$	22,410,481				$	22,973,919				$	22,373,439				$	22,014,625
Tangible common equity ratio						7.78	%				7.55	%				6.84	%				6.64	%				7.16	%
(B) Tier 1 common equity ratio is a non-GAAP measure.
Reconciliation to a GAAP financial measure follows:
Tier 1 capital					$	1,849,254				$	1,807,705				$	1,773,576				$	1,728,926				$	1,707,390
Less: non-controlling interest						(18,981	)				(15,590	)				(14,751	)				(13,855	)				(19,286	)
Tier 1 common equity					$	1,830,273				$	1,792,115				$	1,758,825				$	1,715,071				$	1,688,104
Risk weighted assets					$	17,515,147				$	18,338,540				$	18,355,862				$	18,401,051				$	18,347,504
Tier 1 common equity ratio						10.45	%				9.77	%				9.58	%				9.32	%				9.20	%

QUARTERLY EARNINGS TRENDS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except ratio and per share data)
				Quarter Ended
				September 30,					June 30,					March 31,					December 31,					September 30,
					2009					2009					2009					2008					2008
Interest revenue				$	226,246				$	230,685				$	233,227				$	262,160				$	263,358
Interest expense					45,785					55,105					63,382					85,713					99,010
Net interest revenue					180,461					175,580					169,845					176,447					164,348
Provision for credit losses					55,120					47,120					45,040					73,001					52,711
Net interest revenue after provision for credit losses
					125,341					128,460					124,805					103,446					111,637
Other operating revenue
Brokerage and trading revenue					24,944					21,794					24,699					23,507					30,846
Transaction card revenue					26,264					27,533					25,428					25,177					25,632
Trust fees and commissions					16,315					16,860					16,510					17,143					20,100
Deposit service charges and fees					30,464					28,421					27,405					29,239					30,404
Mortgage banking revenue					13,197					19,882					18,498					7,217					7,145
Bank-owned life insurance					2,634					2,418					2,317					2,682					2,829
Margin asset fees					51					68					67					187					1,934
Other revenue					6,087					6,124					6,583					5,778					7,768
Total fees and commissions					119,956					123,100					121,507					110,930					126,658
Gain (loss) on other assets					3,223					973					143					(7,420	)				(841	)
Gain (loss) on derivatives, net					(294	)				(1,037	)				(1,664	)				(2,219	)				4,366
Gain (loss) on securities, net					12,266					6,471					20,108					20,156					2,103
Total other-than-temporary impairment losses					(6,133	)				(1,263	)				(54,368	)				-					-
Portion of loss recognized in other comprehensive income					(2,752	)				279					(39,366	)				-					-
Net impairment losses recognized in earnings					(3,381	)				(1,542	)				(15,002	)				-					-
Total other operating revenue					131,770					127,965					125,092					121,447					132,286
Other operating expense
Personnel					98,012					96,191					92,627					87,695					87,549
Business promotion					4,827					4,569					4,428					7,283					5,837
Professional fees and services					7,555					7,363					6,512					7,923					6,501
Net occupancy and equipment					15,884					15,973					16,258					14,901					15,570
Insurance					6,092					5,898					5,638					3,216					2,436
FDIC special assessment					-					11,773					-					-					-
Data processing and communications					20,413					20,452					19,306					19,720					19,911
Printing, postage and supplies					3,716					4,072					4,571					3,823					4,035
Net (gains) losses and operating expenses of repossessed assets
					3,497					996					1,806					1,006					(136	)
Amortization of intangible assets					1,686					1,686					1,686					1,967					1,884
Mortgage banking costs					8,065					9,336					7,467					4,967					5,811
Change in fair value of mortgage servicing rights					2,981					(7,865	)				(1,955	)				26,432					5,554
Visa retrospective responsibility obligation					-					-					-					(1,700	)				1,700
Other expense					6,004					5,326					7,450					8,209					7,638
Total other operating expense					178,732					175,770					165,794					185,442					164,290
Net income before taxes					78,379					80,655					84,103					39,451					79,633
Federal and state income taxes					24,772					28,315					28,838					10,363					22,958
Net income before non-controlling interest					53,607					52,340					55,265					29,088					56,675
Net income (loss) attributable to non-controlling interest					2,947					225					233					(6,355	)				(10	)
Net income attributable to BOK Financial Corporation				$	50,660				$	52,115				$	55,032				$	35,443				$	56,685
Average shares outstanding:
Basic					67,392,059					67,344,577					67,315,986					67,294,069					67,263,317
Diluted					67,513,700					67,448,029					67,387,102					67,456,267					67,432,444
Net income per share:
Basic				$	0.75				$	0.77				$	0.81				$	0.53				$	0.84
Diluted				$	0.75				$	0.77				$	0.81				$	0.52				$	0.84

LOANS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
			Quarter Ended
			September 30,				June 30,				March 31,				December 31,				September 30,
				2009				2009				2009				2008				2008
Oklahoma:
Commercial			$	2,738,217			$	2,918,478			$	3,119,362			$	3,356,520			$	3,368,823
Commercial real estate				815,362				855,742				881,620				843,576				827,357
Residential mortgage				1,245,917				1,249,104				1,234,417				1,196,924				1,134,066
Consumer				483,369				521,431				562,021				579,809				580,211
Total Oklahoma				5,282,865				5,544,755				5,797,420				5,976,829				5,910,457
Texas:
Commercial				2,075,379				2,182,756				2,277,186				2,353,860				2,205,169
Commercial real estate				734,742				741,199				816,830				825,769				853,653
Residential mortgage				335,797				345,780				337,044				315,438				307,655
Consumer				188,374				196,752				214,134				212,820				214,133
Total Texas				3,334,292				3,466,487				3,645,194				3,707,887				3,580,610
New Mexico:
Commercial				344,910				380,378				393,180				418,732				442,644
Commercial real estate				344,988				313,190				315,511				286,574				281,061
Residential mortgage				88,271				90,944				99,805				98,018				95,165
Consumer				18,176				18,826				19,900				18,616				18,296
Total New Mexico				796,345				803,338				828,396				821,940				837,166
Arkansas:
Commercial				99,559				97,676				99,955				103,446				104,630
Commercial real estate				128,984				133,026				133,227				134,015				127,925
Residential mortgage				19,128				19,015				17,145				16,875				16,941
Consumer				136,461				152,620				168,971				175,647				183,543
Total Arkansas				384,132				402,337				419,298				429,983				433,039
Colorado:
Commercial				569,549				595,858				675,223				660,546				598,519
Commercial real estate				249,879				269,923				267,035				261,820				266,739
Residential mortgage				68,667				58,557				59,120				53,875				49,676
Consumer				18,272				14,097				14,599				16,141				18,328
Total Colorado				906,367				938,435				1,015,977				992,382				933,262
Arizona:
Commercial				219,330				215,540				211,953				211,356				213,861
Commercial real estate				257,169				262,607				285,841				319,525				326,615
Residential mortgage				57,304				58,265				61,605				62,123				58,800
Consumer				4,826				3,229				5,261				6,075				5,551
Total Arizona				538,629				539,641				564,660				599,079				604,827
Kansas:
Commercial				323,112				325,165				324,671				307,143				340,156
Commercial real estate				29,211				36,006				32,017				29,969				30,642
Residential mortgage				14,740				12,310				10,814				9,321				7,650
Consumer				1,871				1,454				1,469				1,473				2,161
Total Kansas				368,934				374,935				368,971				347,906				380,609
TOTAL BOK FINANCIAL			$	11,611,564			$	12,069,928			$	12,639,916			$	12,876,006			$	12,679,970

DEPOSITS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
			Quarter Ended
			September 30,				June 30,				March 31,				December 31,				September 30,
				2009				2009				2009				2008				2008
Oklahoma:
Demand			$	1,895,980			$	1,451,057			$	1,651,111			$	1,683,374			$	1,681,325
Interest-bearing:
Transaction				4,566,058				4,374,089				4,089,838				4,117,729				4,151,430
Savings				93,443				94,048				95,827				86,476				86,900
Time				1,765,980				2,033,312				2,876,313				3,104,933				3,036,297
Total interest-bearing				6,425,481				6,501,449				7,061,978				7,309,138				7,274,627
Total Oklahoma				8,321,461				7,952,506				8,713,089				8,992,512				8,955,952
Texas:
Demand				1,138,794				1,002,266				1,021,424				1,067,456				956,846
Interest-bearing:
Transaction				1,716,460				1,660,642				1,527,399				1,460,576				1,543,974
Savings				35,724				33,992				33,867				32,071				32,400
Time				1,007,579				1,035,919				1,054,632				857,416				794,911
Total interest-bearing				2,759,763				2,730,553				2,615,898				2,350,063				2,371,285
Total Texas				3,898,557				3,732,819				3,637,322				3,417,519				3,328,131
New Mexico:
Demand				216,330				175,033				180,308				155,345				176,477
Interest-bearing:
Transaction				424,528				434,498				401,000				397,382				376,941
Savings				18,039				18,255				17,858				16,289				16,316
Time				511,507				542,388				561,300				522,894				475,560
Total interest-bearing				954,074				995,141				980,158				936,565				868,817
Total New Mexico				1,170,404				1,170,174				1,160,466				1,091,910				1,045,294
Arkansas:
Demand				19,077				17,261				16,503				16,293				23,565
Interest-bearing:
Transaction				85,061				73,972				63,924				38,566				19,146
Savings				1,131				1,031				1,100				1,083				865
Time				137,109				162,505				150,015				75,579				47,684
Total interest-bearing				223,301				237,508				215,039				115,228				67,695
Total Arkansas				242,378				254,769				231,542				131,521				91,260
Colorado:
Demand				121,555				113,895				111,048				116,637				115,677
Interest-bearing:
Transaction				477,418				445,521				466,276				480,113				440,888
Savings				18,518				18,144				18,905				17,660				19,300
Time				520,906				579,709				584,971				532,475				428,872
Total interest-bearing				1,016,842				1,043,374				1,070,152				1,030,248				889,060
Total Colorado				1,138,397				1,157,269				1,181,200				1,146,885				1,004,737
Arizona:
Demand				54,046				55,975				54,362				39,424				45,725
Interest-bearing:
Transaction				95,242				89,842				66,809				56,985				64,463
Savings				971				1,282				970				1,014				1,033
Time				56,809				59,775				54,923				34,290				14,433
Total interest-bearing				153,022				150,899				122,702				92,289				79,929
Total Arizona				207,068				206,874				177,064				131,713				125,654
Kansas / Missouri:
Demand				16,406				9,692				16,140				3,850				5,548
Interest-bearing:
Transaction				15,682				12,907				11,976				10,999				9,780
Savings				70				54				117				42				33
Time				84,923				158,325				141,505				55,656				19,794
Total interest-bearing				100,675				171,286				153,598				66,697				29,607
Total Kansas / Missouri				117,081				180,978				169,738				70,547				35,155
TOTAL BOK FINANCIAL			$	15,095,346			$	14,655,389			$	15,270,421			$	14,982,607			$	14,586,183

NET INTEREST MARGIN TREND - UNAUDITED
BOK FINANCIAL CORPORATION
			Quarter Ended
			September 30,			June 30,			March 31,			December 31,			September 30,
			2009			2009			2009			2008			2008
TAX-EQUIVALENT ASSETS YIELDS
Trading securities			4.72%			3.49%			3.69%			6.55%			5.61%
Funds sold and resell agreements			0.11%			0.19%			0.24%			0.76%			1.44%
Securities:
Taxable			4.18%			4.50%			4.90%			5.12%			5.09%
Tax-exempt			5.03%			5.69%			6.64%			6.43%			6.64%
Total securities			4.21%			4.54%			4.96%			5.17%			5.15%
Total loans			4.67%			4.64%			4.56%			5.27%			5.69%
Less Allowance for loan losses			-			-			-			-			-
Total loans, net			4.78%			4.74%			4.65%			5.35%			5.77%
Total tax-equivalent yield on earning assets			4.54%			4.65%			4.75%			5.28%			5.55%
COST OF INTEREST-BEARING LIABILITIES
Interest-bearing deposits:
Interest-bearing transaction			0.65%			0.78%			0.95%			1.51%			1.72%
Savings			0.48%			0.25%			0.28%			0.37%			0.37%
Time			2.20%			2.48%			2.83%			3.28%			3.39%
Total interest-bearing deposits			1.23%			1.49%			1.76%			2.29%			2.39%
Funds purchased and repurchase agreements			0.32%			0.35%			0.45%			0.94%			1.98%
Other borrowings			0.38%			0.49%			0.58%			1.51%			2.56%
Subordinated debt			5.53%			5.67%			5.67%			5.48%			5.55%
Total cost of interest-bearing liabilities			1.09%			1.31%			1.50%			2.02%			2.41%
Tax-equivalent net interest revenue spread			3.45%			3.34%			3.25%			3.26%			3.14%
Effect of noninterest-bearing funding sources and other			0.18%			0.21%			0.22%			0.31%			0.34%
Tax-equivalent net interest margin			3.63%			3.55%			3.47%			3.57%			3.48%

CREDIT QUALITY INDICATORS
BOK FINANCIAL CORPORATION
(In thousands, except ratios)
			Quarter Ended
			September 30,					June 30,					March 31,					December 31,					September 30,
				2009					2009					2009					2008					2008
Nonperforming assets:
Nonaccruing loans (B):
Commercial			$	128,266				$	126,510				$	128,501				$	134,846				$	105,757
Commercial real estate				212,418					189,586					175,487					137,279					78,235
Residential mortgage				38,220					35,860					34,182					27,387					27,075
Consumer				3,897					1,037					1,065					561					758
Total nonaccruing loans			$	382,801				$	352,993				$	339,235				$	300,073				$	211,825
Renegotiated loans (A)				17,426					17,479					13,623					13,039					12,326
Real estate and other repossessed assets				89,507					75,243					61,383					29,179					28,088
Total nonperforming assets			$	489,734				$	445,715				$	414,241				$	342,291				$	252,239
Nonaccruing loans by principal market (B):
Oklahoma			$	112,610				$	108,490				$	105,536				$	108,367				$	87,885
Texas				65,911					51,582					55,225					42,934					29,141
New Mexico				35,541					29,640					18,046					16,016					12,293
Arkansas				5,911					3,888					4,078					3,263					3,386
Colorado				50,432					45,794					38,567					32,415					20,980
Arizona				108,161					106,076					111,772					80,994					54,832
Kansas				4,235					7,523					6,011					16,084					3,308
Total nonaccruing loans			$	382,801				$	352,993				$	339,235				$	300,073				$	211,825
				-					-					-					-					-
Nonaccruing loans by loan portfolio sector (B):
Commercial:
Energy			$	48,992				$	53,842				$	49,618				$	49,364				$	49,839
Manufacturing				17,429					16,975					18,248					7,343					6,479
Wholesale / retail				7,623					10,983					8,650					18,773					7,806
Agriculture				98					105					115					680					755
Services				30,094					24,713					30,226					36,873					26,581
Healthcare				13,758					14,222					14,288					12,118					3,300
Other				10,272					5,670					7,356					9,695					10,997
Total commercial				128,266					126,510					128,501					134,846					105,757
Commercial real estate:
Land development and construction				113,868					97,425					99,922					76,082					53,624
Retail				22,254					17,474					9,893					15,625					13,011
Office				31,406					27,685					23,305					7,637					3,022
Multifamily				28,223					27,827					27,198					24,950					896
Industrial				527					527					575					6,287					390
Other commercial real estate				16,140					18,648					14,594					6,698					7,292
Total commercial real estate				212,418					189,586					175,487					137,279					78,235
Residential mortgage:
Permanent mortgage				36,431					34,149					32,848					26,233					26,401
Home equity				1,789					1,711					1,334					1,154					674
Total residential mortgage				38,220					35,860					34,182					27,387					27,075
Consumer				3,897					1,037					1,065					561					758
Total nonaccruing loans			$	382,801				$	352,993				$	339,235				$	300,073				$	211,825
				-					-					-					-					-
Performing loans 90 days past due			$	24,238				$	32,479				$	46,123				$	19,123				$	20,213
Gross charge-offs			$	38,581				$	37,409				$	34,535				$	35,681				$	33,926
Recoveries				2,594					2,472					2,664					2,022					13,712
Net charge-offs			$	35,987				$	34,937				$	31,871				$	33,659				$	20,214
Provision for credit losses			$	55,120				$	47,120				$	45,040				$	73,001				$	52,711
Reserve for loan losses to period end loans				2.42	%				2.18	%				1.99	%				1.81	%				1.47	%
Combined reserves for credit losses to period end loans				2.52	%				2.27	%				2.07	%				1.93	%				1.65	%
Nonperforming assets to period end loans
and repossessed assets				4.19	%				3.67	%				3.26	%				2.65	%				1.98	%
Net charge-offs (annualized) to average loans				1.21	%				1.13	%				1.00	%				1.05	%				0.64	%
Reserve for loan losses to nonaccruing loans				73.38	%				74.59	%				73.99	%				77.73	%				88.05	%
Combined reserves for credit losses to nonaccruing loans				76.51	%				77.55	%				77.11	%				82.78	%				98.69	%
(A) includes residential mortgage loans guaranteed by agencies of the U.S. government. These loans have been modified to extend payment terms and/or reduce interest rates to current market.			$	11,234				$	11,079				$	10,514				$	10,396				$	9,604
(B) includes loans subject to First United Bank sellers escrow			$	4,173				$	8,305				$	11,287				$	13,181				$	13,262

Buzz up!