BOK Financial Reports $55 Million First Quarter Earnings

Business Wire, April 29, 2009

Total deposits increased $288 million during the first quarter and totaled $15.3 billion at March 31, 2009. Consumer banking deposits increased $353 million or 6% and wealth management deposits increased $335 million or 12% during the first quarter. Commercial banking deposits grew by $14 million. Deposit growth in our primary lines of business was partially offset by decreases in brokered deposits and other non-core deposit sources. The cost of our interest-bearing deposits was 1.76% for the first quarter of 2009 and 2.29% for the fourth quarter of 2008.

The Company and each of its subsidiary banks exceeded the regulatory definition of well capitalized at March 31, 2009. The Company’s Tier 1 and tangible common equity ratios were 9.76% and 6.84%, respectively, at March 31, 2009. Tier 1 and tangible common equity ratios were 9.42% and 6.64%, respectively, at December 31, 2008. The increase in tangible common equity ratio was primarily due to retained earnings and reduced unrealized losses on securities. In addition, the Company’s total capital ratio was 13.20% at March 31, 2009 and 12.84% at December 31, 2008.

BOK Financial chose not to participate in the TARP Capital Purchase Program. Participation in the TARP Capital Purchase Program places restrictions on dividend increases and is now forcing companies that participated to reduce or eliminate dividends in an effort to conserve capital to repay the government. Since 2008, 186 publicly traded banks and thrifts have cut their dividends. In contrast, on April 28, 2009, BOK Financial’s board of directors declared an increase in the quarterly cash dividend to $0.24 per common share from $0.225 per common share.

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 March 31, 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.