Strong loan growth in regional markets contributed to third quarter performance at BOK Financial Corporation (Nasdaq: BOKF - News).

The company reported net income of $50.8 million, or 76 cents per diluted share, for the third quarter of 2005, compared with $47.8 million, or 72 cents per share for the third quarter of 2004. Year-to-date net income for 2005 totaled $153.3 million, up 16 percent over last year. Earnings per share were $2.29 for the first nine months of 2005 compared with $1.99 last year.

Outstanding loan balances grew $369 million since June 30, 2005, a 17 percent annualized growth rate. Commercial loans increased $208 million, including $121 million of loans to the services sector of the portfolio and $72 million in energy loans. Commercial real estate loans increased $111 million. Loans to single family homebuilders grew $64 million while loans secured by commercial office buildings increased $41 million.

"Texas continues to be a vibrant growth market for the company," said President and CEO Stan Lybarger. "Annualized loan growth in Texas exceeded 28 percent, up from 22 percent in the second quarter. The company also added $32 million of outstanding loans in the Phoenix market. The third quarter's successful completion of Bank of Arizona's processing systems conversion will support further expansion in Arizona."

Net interest revenue increased $4.4 million, or 4 percent, compared with the third quarter of 2004 due to growth in average earning assets. Average earning assets increased $1.2 billion, or 9 percent, including a 13 percent increase in average loans. The growth in average earning assets was funded primarily by a $799 million increase in borrowed funds and a $423 million increase in deposits.

Net interest margin was 3.32 percent for the third quarter, down 18 basis points from the third quarter of 2004 and 13 basis points from the second quarter of 2005. The decreased net interest margin reflected strong loan growth, primarily over the past two quarters. Loan growth has exceeded deposit growth over the past six months, resulting in a shift in funding mix from deposits to short-term borrowed funds. The net spread of this activity generated solid net interest revenue growth, but reduced the net interest margin eight basis points. Net interest margin also decreased three basis points due to a $92 million increase in average margin assets the company carries in support of its energy derivatives business. Fees earned on margin assets, which totaled $2.4 million in the third quarter of 2005, are included in non-interest revenue while the related cost of funds is included in interest expense.

The company continued to position its balance sheet to be essentially interest rate neutral. Securities and short-term borrowings are used to offset the asset-sensitive nature of loans and deposits. This strategy mitigates the effect of changes in interest rates and the flattened yield curve. However, changes in funding mix and competitive pressure on loan and deposit pricing may reduce the net interest margin.

Non-interest revenue from fees and commissions increased $12.1 million, or 15 percent compared to the same period last year. This source of revenue represented 45 percent of total revenue in the third quarter of 2005, compared with 42 percent in 2004. In addition to the $2.4 million increase in fees earned on margin assets, mortgage banking and transaction card revenues increased $2.9 million and $1.8 million, respectively. Growth in mortgage banking revenue was driven by increased volume of loans funded and sold, partially offset by a continued decline in servicing revenue. Check card and merchant discount fees provided the growth in transaction card revenue.

A $4.0 million provision for credit losses was recorded for the third quarter of 2005, compared with $5.0 million for the third quarter of 2004 and $2.0 million for the second quarter of 2005. Net charge-offs totaled $3.3 million in 2005 compared with $4.8 million in 2004 and $2.3 million in the preceding quarter.

"The company continues to benefit from strong credit quality," said Lybarger. "Nonperforming and problem loans continue to decline due to general economic conditions and receipt of payments on problem loans."

Reserves for credit losses, which include the allowance for loan losses and a reserve for credit risk on unfunded loans, totaled $127 million, or 1.44 percent of outstanding loans and 341 percent of non-performing loans at Sept. 30, 2005. The combined reserves for credit losses were 1.50 percent of outstanding loans and 313 percent of nonperforming loans at June 30, 2005. Nonperforming loans totaled $37 million at Sept. 30, 2005, down $3.2 million since June 30, 2005 due to payments received.

Operating expenses totaled $117.0 million for the third quarter of 2005 compared with $114.2 million for the same period of 2004. The provision for impairment of mortgage servicing rights decreased $10.6 million as rising mortgage interest rates increased the value of the servicing rights. Excluding the provision for mortgage servicing rights, operating expenses increased $13.4 million or 12 percent. Personnel costs increased $6.0 million, or 10 percent. Regular compensation expense increased $4.8 million, or 14 percent, due to a 7 percent increase in average compensation per employee and a 7 percent increase in staffing levels. Growth in personnel costs reflected the company's continued expansion, primarily in Texas and Arizona.

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 and Trust, N.A., BOSC, Inc. and the TransFund electronic funds network. Shares of BOK Financial are traded on the NASDAQ under the symbol BOKF. For more information, visit our website at http://www.bokf.com .

This news release contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial Corp., 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 non-traditional competitors, (6) changes in banking regulations, tax laws, prices, levies, and assessments, (7) the impact of technological advances, and (8) trends in customer behavior as well as their ability to repay loans. BOK Financial Corporation and its affiliates undertake no obligation to update, amend, or clarity forward-looking statements, whether as a result of new information, future events or otherwise.

BOK FINANCIAL CORPORATION
(In thousands, except ratio and per share data)

Period End Balances Average Balances
Quarter Ended
September 30, September 30,
BALANCE SHEETS 2005 2004 2005 2004

ASSETS
Cash and due from
banks $564,987 $521,697 $542,841 $520,302
Trading securities 38,032 12,742 14,560 14,956
Funds sold and resell
agreements 49,475 49,674 44,882 23,334
Securities:
Available for sale 4,824,098 4,695,510 4,794,958 4,653,067
Investment 243,161 218,886 236,837 214,558
Total securities 5,067,259 4,914,396 5,031,795 4,867,625
Loans:
Commercial 5,067,690 4,498,449 4,926,685 4,424,742
Commercial real
estate 1,972,624 1,621,124 1,917,996 1,594,867
Residential
mortgage 1,212,865 1,202,814 1,178,777 1,182,943
Consumer 630,389 461,779 612,274 454,036
Total loans 8,883,568 7,784,166 8,635,732 7,656,588
Less reserve for loan
losses (109,622) (113,719) (109,840) (115,504)
Total loans, net 8,773,946 7,670,447 8,525,892 7,541,084
Premises and
equipment, net 177,084 171,617 175,782 172,030
Accrued revenue
receivable 88,721 71,982 79,935 65,578
Intangible assets,
net 258,478 244,483 259,372 245,806
Mortgage servicing
rights, net 52,872 46,227 49,685 49,791
Real estate and other
repossessed assets 5,069 6,038 5,215 6,317
Receivable on
unsettled security
transactions --- 22,589 10,640 1,976
Bankers' acceptances 40,170 24,105 40,585 19,527
Derivative contracts 643,703 150,817 374,537 103,098
Other assets 579,805 217,550 432,154 215,557
TOTAL ASSETS $16,339,602 $14,124,364 $15,587,875 $13,846,981

LIABILITIES AND
SHAREHOLDERS' EQUITY
Deposits:
Demand $1,756,695 $1,856,432 $1,424,102 $1,839,311
Interest-bearing
transaction 4,360,723 3,859,901 4,533,912 3,931,166
Savings 155,152 163,008 157,772 169,398
Time 4,126,635 3,660,100 3,958,948 3,712,161
Total deposits 10,399,205 9,539,441 10,074,734 9,652,036
Funds purchased and
repurchase
agreements 2,173,791 1,717,639 2,067,432 1,458,245
Other borrowings 1,051,228 1,022,347 1,047,423 1,003,050
Subordinated
debentures 296,401 153,121 297,284 152,333
Accrued interest,
taxes, and expense 70,667 57,228 84,231 60,978
Bankers' acceptances 40,170 24,105 40,585 19,527
Due on unsettled
security
transactions 11,198 --- --- ---
Derivative contracts 661,253 156,467 387,051 111,979
Other liabilities 122,147 97,357 101,800 93,323
TOTAL LIABILITIES 14,826,060 12,767,705 14,100,540 12,551,471
Shareholders' Equity:
Shareholders'
equity 1,559,108 1,358,640 1,525,253 1,321,496
Unrealized
securities gains
(losses) (45,566) (1,981) (37,918) (25,986)
TOTAL SHAREHOLDERS'
EQUITY 1,513,542 1,356,659 1,487,335 1,295,510
TOTAL LIABILITIES AND
SHAREHOLDERS'
EQUITY $16,339,602 $14,124,364 $15,587,875 $13,846,981

BOK FINANCIAL CORPORATION
(In thousands, except ratio and per share data)

For the Quarter Ended For the Nine Months Ended
September 30, September 30,
STATEMENTS OF EARNINGS 2005 2004 2005 2004

Interest revenue $199,056 $157,842 $555,694 $451,197
Interest expense 86,228 49,457 222,739 134,416
Net interest revenue 112,828 108,385 332,955 316,781
Provision for credit
losses 3,976 4,986 7,991 16,000
Net interest revenue
after provision for
credit losses 108,852 103,399 324,964 300,781

Other operating revenue
Brokerage and
trading revenue 11,366 10,209 33,106 31,386
Transaction card
revenue 18,526 16,677 53,048 48,218
Trust fees and
commissions 16,376 15,091 48,651 42,739
Service charges and
fees on deposit
accounts 25,619 24,292 73,139 70,375
Mortgage banking
revenue 9,535 6,606 23,663 21,905
Leasing revenue 667 723 2,009 2,470
Other revenue 8,823 5,243 23,038 17,641
Total fees and
commissions 90,912 78,841 256,654 234,734
Gain on sale of
assets 81 78 6,990 797
Gain (loss) on
securities, net (4,744) 2,673 (5,115) (4,055)
Gain (loss) on
derivatives, net 606 (506) 1,073 (1,300)
Total other
operating revenue 86,855 81,086 259,602 230,176

Other operating expense
Personnel 66,533 60,524 190,305 178,543
Business promotion 4,494 3,671 12,794 10,852
Contribution of
stock to BOK
Charitable
Foundation --- --- --- 4,125
Professional fees
and services 3,951 3,658 12,062 11,551
Net occupancy and
equipment 12,587 11,733 37,331 35,316
Data processing and
communications 17,492 14,918 48,972 44,829
Printing, postage
and supplies 3,846 3,770 11,090 10,217
Net (gains) losses
and operating
expenses on
repossessed assets (387) (305) 237 (360)
Amortization of
intangible assets 1,801 1,991 5,146 6,250
Mortgage banking costs 4,268 3,962 11,268 14,238
Provision (recovery)
for impairment of
mortgage servicing
rights (4,671) 5,900 (3,207) (1,262)
Other expense 7,120 4,380 19,205 15,343
Total other operating
expense 117,034 114,202 345,203 329,642

Income before taxes 78,673 70,283 239,363 201,315
Federal and state
income tax 27,846 22,501 86,016 68,848

Net Income $50,827 $47,782 $153,347 $132,467

BOK FINANCIAL CORPORATION
(In thousands, except ratio and per share data)

For the Quarter Ended For the Nine Months Ended
September 30, September 30,
FINANCIAL DATA 2005 2004 2005 2004

Capital:
Average equity $1,487,335 $1,295,510 $1,446,616 $1,273,908
Period-end equity $1,513,542 $1,356,659 $1,513,542 $1,356,659
Risk-based capital
ratios:
Tier 1 9.71% 9.82%
Total capital 12.04% 11.56%
Leverage ratio 8.01% 7.81%

Common stock:
Book value per share $22.75 $22.65 $22.75 $22.65

Basic earnings per
share $0.77 $0.79 $2.42 $2.21

Diluted earnings
per share $0.76 $0.72 $2.29 $1.99

Period end common
shares outstanding 66,520,927 59,236,171 66,520,927 59,236,171

Average shares
outstanding:
Basic 66,427,447 59,197,676 63,239,165 59,132,074
Diluted 67,105,539 66,802,600 67,013,525 66,722,933

Key ratios:
Return on average
assets 1.29% 1.37% 1.37% 1.30%
Return on average
equity 13.56% 14.67% 14.17% 13.89%
Net interest margin 3.32% 3.50% 3.41% 3.47%

Credit Quality:
Nonperforming assets:
Nonaccrual loans $37,353 $51,776
Real estate and
other repossessed
assets 5,069 6,038
Total nonperforming
assets $42,422 $57,814

90 days past due $10,027 $9,173

Gross charge-offs $5,311 $6,879 $16,179 $21,513
Recoveries 1,977 2,099 7,380 5,985
Net charge-offs $3,334 $4,780 $8,799 $15,528

Key ratios:
Reserve for loan
losses to period
end loans (A) 1.24% 1.48%
Combined reserves
for credit losses
to period end
loans (A) 1.44% 1.68%
Nonperforming
assets to period
end loans (A) and
repossessed
assets 0.48% 0.75%
Net charge-offs
(annualized) to
average loans (A) 0.16% 0.25% 0.14% 0.28%
Reserve for loan
losses to
nonperforming
loans 293.48% 219.64%
Combined reserves
for credit losses
to nonperforming
loans 341.11% 249.36%

(A) Excluding residential mortgage loans held for sale.

BOK FINANCIAL CORPORATION
(In thousands, except ratio and per share data)

For the Quarter Ended For the Nine Months Ended
September 30, September 30,
2005 2004 2005 2004
Other Data:
Average earning
assets, net of
unsettled
security
transactions $13,628,267 $12,457,565 $13,196,053 $12,316,106
Average total assets $15,587,875 $13,846,981 $14,924,913 $13,605,160
Average equity $1,487,335 $1,295,510 $1,446,616 $1,273,908
Average loans $8,635,732 $7,656,588 $8,315,930 $7,566,848
Average total
deposits $10,074,734 $9,652,036 $9,842,389 $9,362,476
Average demand
deposits $1,424,102 $1,839,311 $1,633,718 $1,761,020
Loans held for sale
(Period end) $46,306 $82,053 $46,306 $82,053
Loans held for sale
(Average) $59,265 $71,591 $47,471 $80,311
Tax equivalent
adjustment $1,289 $1,120 $3,790 $3,406
Preferred stock
dividends - BOKF $--- $750 $375 $1,500
Period end common
shares O/S 66,520,927 59,236,171 66,520,927 59,236,171
Period end fully
diluted shares 67,199,019 66,841,095 67,199,019 66,841,095
Number of days in
period 92 92 273 274

Tangible Book Value
per Common Share $18.87 $18.52 $17.83 $17.07

Stock Buy Back Program:
Stock buy back # shares --- --- 59,700 ---
Stock buy back account $--- $--- $2,439,321 $---
Average price per share $--- $--- $40.86 $---

Mortgage Banking:
Mortgage servicing
portfolio $4,053,885 $4,023,054
Mortgage loan
fundings during
quarter $247,045 $138,941 $584,472 $495,732
Mortgage loan
refinances to
total fundings 27.19% 23.84% 27.07% 34.74%

Trust Assets:
Total trust assets $27,598,958 $23,309,118