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BOk PARENT REPORTS RECORD EARNINGS IN SECOND QUARTER

    TULSA, Okla., July 27 /PRNewswire/ -  BOK Financial Corp. (NASDAQ: BOKF), parent company of the Bank of Oklahoma, N.A.(BOk), today announced earnings for the second quarter 1993, of $8.4 million, or 43 cents a share.  This is compared with earnings of $8.0 million, or 41 cents a share for the immediately preceding quarter, and $6.7 million, or 36 cents a share, for the corresponding quarter in 1992.  This represents a 19-percent increase in fully diluted earnings per share, and continues the pattern of record quarterly earnings for the company for the sixth consecutive quarter.  Return on assets was 1.21 percent, and return on equity 20.4 percent for the quarter. Nonperforming assets declined to $26.4 million, or 1.78 percent of loans and other assets.
    Year-to-date earnings are $16.4 million, or 84 cents a share, compared with $12.2 million or 65 cents a share for the first six months 1992, representing a 29-percent increase.  The year-to-date 1993 earnings do not include a $1.6-million gain reported in the first quarter related to the realization of tax benefits resulting from a change in accounting principle.
    All historical information has been restated to reflect the acquisition of Brookside Bancshares during the second quarter on a pooling of interests basis.  The results also include the operation of Sand Springs Bancshares, purchased during the quarter.
     In commenting on the results, President and Chief Operating Officer Stanley A. Lybarger said, "We are pleased to continue to report sizeable increases in earnings.  Commercial and consumer loans continue to grow, having increased $220 million or 18.1 percent over the past year, to $1.44 billion.  Though our net interest margin has remained strong, our income growth this year has also been driven by excellent growth in our non-credit businesses which contribute approximately 40 percent of our revenues.  One area of especially strong growth has been our sales of investment products to institutions and consumers, which have more than doubled over the same period last year."
    During the second quarter, BOk completed its acquisition of Brookside and Sand Springs State banks, adding total assets of $173 million.  In addition, it opened three new Tulsa-area supermarket branches and announced its reentry into the Visa credit card business.
    BOK Financial is a one bank holding company whose principal subsidiary is BOk, which presently has 47 locations, including 21 in the Oklahoma City area and 21 in Northeastern Oklahoma, principally Tulsa. BOk has five other locations in smaller communities throughout Oklahoma. Other operating units include BancOklahoma Mortgage Corp., the largest originator of home loans in the state with a servicing portfolio in excess of $2 billion, BancOklahoma Trust Co., and the TransFund Automated Teller Machine Network.  BancOklahoma Trust, which is responsible for over $6 billion in assets, is the leading fiduciary organization in Oklahoma.  TransFund is the state's dominant network and has 518 machines installed statewide serving 86 financial institutions and 406,000 cardholders.
    BOK Financial common stock is traded in the over-the-counter market under the symbol BOKF, with quotations available through NASDAQ.
                       BOK FINANCIAL CORP.
          (In thousands except for ratio and share data)
                                        For the quarter ended
                                              March 31,
    FINANCIAL DATA                      1993(A)       1992(A)
    CAPITAL
    Average equity                 $   154,848   $   116,859
    Period end equity                  156,124       119,266
    Risk-based capital ratios:
      Tier 1                          7.86 pct.     7.91 pct.
      Total capital                      10.50          9.38
    Leverage ratio                        5.03          5.37
    Common stock
      Book value per share         $      8.07   $      6.37
      Earnings per share:
       Primary:
         Operating income          $      0.68   $      0.45
         Income taxes                     0.20          0.11
          Income before adoption of
            FAS 109                       0.48          0.34
          Cumulative effect of
            adoption of FAS 109           0.09           ---
         Net Income                $      0.57   $      0.34
       Fully diluted:
         Operating income          $      0.59   $      0.39
         Income taxes                     0.18          0.09
          Income before adoption of
            FAS 109                       0.41          0.30
          Cumulative effect of
            adoption of FAS 109           0.09           ---
         Net Income                $      0.50   $      0.30
    Average shares outstanding      16,844,360    16,211,848
    Average shares outstanding
      (fully diluted)               19,356,910    18,711,848
    Key ratios
      Return on average assets(B)     1.24 pct.     1.06 pct.
      Return on average equity(B)        20.99         19.13
      Net yield                           3.98          4.09
    Operating results
      Operating income             $    11,427   $     7,268
      Income tax                         3,414         1,711
        Income before adoption of
            FAS 109                      8,013         5,557
        Cumulative effect of
            adoption of FAS 109          1,600           ---
         Net Income                $     9,613   $     5,557
    Employees - FTE                      1,467         1,275
    (A) Restated to reflect the pooling of Brookside Bancshares Inc.
    (B) Ratios are before adoption of FAS 109, Accounting for Income
        Taxes.
                                         For the quarter ended
                                                June 30,
    FINANCIAL DATA                        1993          1992(A)
    CAPITAL
    Average equity                 $   165,023   $   122,965
    Period end equity                  171,996       126,062
    Risk-based capital ratios:
      Tier 1                          8.06 pct.     8.15 pct.
      Total capital                      10.63          9.62
    Leverage ratio                        5.13          5.75
    Common stock
      Book value per share         $      8.79   $      6.73
      Earnings per share:
       Primary:
         Operating income          $      0.71   $      0.57
         Income taxes                     0.22          0.16
          Income before adoption of
            FAS 109                       0.49          0.41
          Cumulative effect of
            adoption of FAS 109            ---           ---
         Net Income                $      0.49   $      0.41
       Fully diluted:
         Operating income          $      0.62   $      0.49
         Income taxes                     0.19          0.13
          Income before adoption of
            FAS 109                       0.43          0.36
          Cumulative effect of
            adoption of FAS 109            ---           ---
         Net Income                $      0.43   $      0.36
    Average shares outstanding      17,063,324    16,244,034
    Average shares outstanding
      (fully diluted)               19,563,324    18,744,034
    Key ratios
      Return on average assets(B)     1.21 pct.     1.28 pct.
      Return on average equity(B)        20.42         21.81
      Net yield                           4.12          4.34
    Operating results
      Operating income             $    12,035   $     9,204
      Income tax                         3,631         2,536
        Income before adoption of
            FAS 109                      8,404         6,668
        Cumulative effect of
            adoption of FAS 109            ---           ---
         Net Income                $     8,404   $     6,668
    Employees - FTE                      1,552         1,287
    (A) Restated to reflect the pooling of Brookside Bancshares Inc.
    (B) Ratios are before adoption of FAS 109, Accounting for Income
        Taxes.
                                        For the six months ended
                                                June 30,
    FINANCIAL DATA                        1993(A)       1992(A)
    CAPITAL
    Average equity                 $   157,850   $   119,912
    Period end equity                  171,996       126,062
    Risk-based capital ratios:
      Tier 1                           --- pct.      --- pct.
      Total capital                        ---           ---
    Leverage ratio                         ---           ---
    Common stock
      Book value per share         $       ---   $       ---
      Earnings per share:
       Primary:
         Operating income          $      1.38   $      1.02
         Income taxes                     0.41          0.27
          Income before adoption of
            FAS 109                       0.97          0.75
          Cumulative effect of
            adoption of FAS 109           0.09           ---
         Net Income                $      1.06   $      0.75
       Fully diluted:
         Operating income          $      1.20   $      0.88
         Income taxes                     0.36          0.23
          Income before adoption of
            FAS 109                       0.84          0.65
          Cumulative effect of
            adoption of FAS 109           0.08           ---
         Net Income                $      0.92   $      0.65
    Average shares outstanding      16,954,490    16,225,007
    Average shares outstanding
      (fully diluted)               19,460,765    18,725,007
    Key ratios
      Return on average assets(B)     1.23 pct.     1.17 pct.
      Return on average equity(B)        20.97         20.50
      Net yield                           4.05          4.22
    Operating results
      Operating income             $    23,462   $    16,472
      Income tax                         7,045         4,247
        Income before adoption of
            FAS 109                     16,417        12,225
        Cumulative effect of
            adoption of FAS 109          1,600           ---
         Net Income                $    18,017   $    12,225
    Employees - FTE
    (A) Restated to reflect the pooling of Brookside Bancshares Inc.
    (B) Ratios are before adoption of FAS 109, Accounting for Income
        Taxes.
                       BOK FINANCIAL CORPORATION
              (In thousands except for ratio and share data)
                                       Period End Balance
                                            June 30,
    BALANCE SHEETS                     1993          1992(A)
    Investment securities, at cost:
      Taxable                      $   989,811  $    579,207
      Tax-exempt                        93,421        13,219
        Total investment securities  1,083,232       592,426
    Trading account securities,
       at market                         5,464           173
    Loans:
      Commercial                       790,911       715,221
      Commercial real estate           224,436       226,180
      Consumer                         454,242       304,111
      All other                          9,059         8,855
         Gross loans                 1,478,648     1,254,367
      Reserve for loan losses          (38,164)      (34,346)
           Total loans               1,440,484     1,220,021
    Funds sold                             ---        62,400
      Total interest-earning assets  2,529,180     1,875,020
    Cash and due from banks            228,522       247,354
    Premises and equipment,net          31,701        23,689
    Other real estate owned,net          8,133         6,866
    Other assets                        84,662        53,707
      Total Assets                 $ 2,882,198  $  2,206,636
    Deposits:
      Demand                       $   576,295  $    512,253
      Transaction                      325,180       216,398
      Money market                     404,366       343,900
      Time: CDs                        836,721       588,802
      Time: Other                      282,925       184,383
         Total Deposits              2,425,487     1,845,736
    Short-term borrowings              227,185       178,574
    Other liabilities                   34,530        56,264
    Subordinated debenture              23,000             -
    Equity                             171,996       126,062
      Total Liabilities and Equity $ 2,882,198  $  2,206,636
    CREDIT QUALITY (period end)
    Nonperforming assets:
       Nonaccrual loans            $    11,785  $     28,535
       90-days past due                  5,446 (B)     1,084
       Restructured loans                  619           928
       OREO (other assets)               8,581         7,212
        Total nonperforming assets $    26,431  $     37,759
      Gross charge-offs
          (quarter end)            $     1,422  $      5,175
    Less recoveries                        583           488
         Net charge-offs           $       839  $      4,687
    Key Ratios:
    Reserve for loan losses to
       period end loans                   2.58 pct.     2.74 pct.
    Nonperforming assets to period end
       loans and OREO (other assets)      1.78 pct.     2.99 pct.
    Net charge-offs to average
       loans (annualized)                 0.24 pct.     1.55 pct.
    (A) Restated to reflect the pooling of Brookside Bancshares, Inc.
    (B) Includes $4,350 of loans guaranteed by government agencies
        repurchased to minimize costs to BOK Financial.
                                         AVERAGE BALANCE
                                      For the quarter ended
                                             June 30,
    BALANCE SHEETS                      1993         1992(A)
    Investment securities, at cost:
      Taxable                      $   990,982  $    602,082
      Tax-exempt                        72,229        12,574
        Total investment securities  1,063,211       614,656
    Trading account securities,
      at market                          4,360         1,173
    Loans:
      Commercial                       761,591       663,877
      Commercial real estate           251,196       257,148
      Consumer                         405,073       284,721
      All other                          8,320         7,535
         Gross loans                 1,426,180     1,213,281
      Reserve for loan losses          (37,909)      (38,154)
         Total loans                 1,388,271     1,175,127
    Funds sold                          16,466        32,286
        Total interest-earning
           assets                    2,472,308     1,823,242
    Cash and due from banks            186,642       173,741
    Premises and equipment, net         30,758        22,399
    Other real estate owned, net         7,285         8,737
    Other assets                        82,474        61,314
             Total Assets          $ 2,779,467  $  2,089,433
    Deposits:
      Demand                       $   494,408  $    432,145
      Transaction                      317,321       205,296
      Money market                     399,724       353,200
      Time: CDs                        825,840       603,304
      Time: Other                      272,072       190,344
         Total Deposits              2,309,365     1,784,289
    Short-term borrowings              248,338       148,159
    Other liabilities                   33,741        34,020
    Subordinated debenture              23,000           ---
    Equity                             165,023       122,965
      Total Liabilities and Equity $ 2,779,467  $  2,089,433
                           BOK FINANCIAL CORP.
                (In thousands except for ratio and share data)
                                      For the quarter ended
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Date:Jul 27, 1993
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