BOK Financial Corporation Just Filed Its Quarterly Report: The amortized cost a...


The amortized cost and fair value of available for sale securities are as follows (in thousands):
 
 
June 30, 2014
 
 
Amortized
 
Fair
 
Gross Unrealized1
 
 
 
 
Cost
 
Value
 
Gain
 
Loss
 
OTTI²
U.S. Treasury
 
$
1,023

 
$
1,024

 
$
1

 
$

 
$

Municipal and other tax-exempt
 
63,931

 
64,970

 
1,624

 
(585
)
 

Residential mortgage-backed securities:
 
 

 
 

 
 

 
 

 
 

U. S. government agencies:
 
 

 
 

 
 

 
 

 
 

FNMA
 
4,297,579

 
4,364,168

 
82,436

 
(15,847
)
 

FHLMC
 
2,055,924

 
2,068,940

 
27,019

 
(14,003
)
 

GNMA
 
815,201

 
820,454

 
8,850

 
(3,597
)
 

Other
 
5,489

 
5,942

 
453

 

 

Total U.S. government agencies
 
7,174,193

 
7,259,504

 
118,758

 
(33,447
)
 

Private issue:
 
 

 
 

 
 

 
 

 
 

Alt-A loans
 
70,880

 
75,700

 
4,820

 

 

Jumbo-A loans
 
97,939

 
103,342

 
5,889

 

 
(486
)
Total private issue
 
168,819

 
179,042

 
10,709

 

 
(486
)
Total residential mortgage-backed securities
 
7,343,012

 
7,438,546

 
129,467

 
(33,447
)
 
(486
)
Commercial mortgage-backed securities guaranteed by U.S. government agencies
 
2,129,521

 
2,115,295

 
5,539

 
(19,765
)
 

Other debt securities
 
34,501

 
34,528

 
195

 
(168
)
 

Perpetual preferred stock
 
22,171

 
24,730

 
2,559

 

 

Equity securities and mutual funds
 
19,507

 
20,053

 
780

 
(234
)
 

Total
 
$
9,613,666

 
$
9,699,146

 
$
140,165

 
$
(54,199
)
 
$
(486
)
1 Gross unrealized gain/loss recognized in AOCI in the consolidated balance sheet.
2 Amounts represent unrealized loss that remains in AOCI after an other-than-temporary credit loss has been recognized in income.
 
 
December 31, 2013
 
 
Amortized
 
Fair
 
Gross Unrealized¹
 
 
 
 
Cost
 
Value
 
Gain
 
Loss
 
OTTI²
U.S. Treasury
 
$
1,042

 
$
1,042

 
$

 
$

 
$

Municipal and other tax-exempt
 
73,232

 
73,775

 
1,606

 
(1,063
)
 

Residential mortgage-backed securities:
 
 
 
 

 
 

 
 

 
 

U. S. government agencies:
 
 

 
 

 
 

 
 

 
 

FNMA
 
4,224,327

 
4,232,332

 
68,154

 
(60,149
)
 

FHLMC
 
2,308,341

 
2,293,943

 
25,813

 
(40,211
)
 

GNMA
 
1,151,225

 
1,152,128

 
9,435

 
(8,532
)
 

Other
 
36,296

 
37,607

 
1,311

 

 

Total U.S. government agencies
 
7,720,189

 
7,716,010

 
104,713

 
(108,892
)
 

Private issue:
 
 

 
 

 
 

 
 

 
 

Alt-A loans
 
104,559

 
107,212

 
4,386

 

 
(1,733
)
Jumbo-A loans
 
109,622

 
113,887

 
4,974

 

 
(709
)
Total private issue
 
214,181

 
221,099

 
9,360

 

 
(2,442
)
Total residential mortgage-backed securities
 
7,934,370

 
7,937,109

 
114,073

 
(108,892
)
 
(2,442
)
Commercial mortgage-backed securities guaranteed by U.S. government agencies
 
2,100,146

 
2,055,804

 
1,042

 
(45,384
)
 

Other debt securities
 
35,061

 
35,241

 
368

 
(188
)
 

Perpetual preferred stock
 
22,171

 
22,863

 
705

 
(13
)
 

Equity securities and mutual funds
 
19,069

 
21,328

 
2,326

 
(67
)
 

Total
 
$
10,185,091

 
$
10,147,162

 
$
120,120

 
$
(155,607
)
 
$
(2,442
)
1 Gross unrealized gain/loss recognized in AOCI in the consolidated balance sheet.
2 Amounts represent unrealized loss that remains in AOCI after an other-than-temporary credit loss has been recognized in income.

 
 
June 30, 2013
 
 
Amortized
 
Fair
 
Gross Unrealized1
 
 
 
 
Cost
 
Value
 
Gain
 
Loss
 
OTTI²
U.S. Treasury
 
$
1,061

 
$
1,060

 
$

 
$
(1
)
 
$

Municipal and other tax-exempt
 
95,974

 
95,103

 
1,653

 
(1,870
)
 
(654
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
U. S. government agencies:
 
 

 
 

 
 

 
 

 
 

FNMA
 
4,648,337

 
4,687,141

 
78,285

 
(39,481
)
 

FHLMC
 
2,695,506

 
2,715,896

 
32,994

 
(12,604
)
 

GNMA
 
916,646

 
925,081

 
11,163

 
(2,728
)
 

Other
 
42,563

 
44,677

 
2,114

 

 

Total U.S. government agencies
 
8,303,052

 
8,372,795

 
124,556

 
(54,813
)
 

Private issue:
 
 

 
 

 
 

 
 

 
 

Alt-A loans
 
113,804

 
115,036

 
2,905

 

 
(1,673
)
Jumbo-A loans
 
178,581

 
182,139

 
4,129

 
(274
)
 
(297
)
Total private issue
 
292,385

 
297,175

 
7,034

 
(274
)
 
(1,970
)
Total residential mortgage-backed securities
 
8,595,437

 
8,669,970

 
131,590

 
(55,087
)
 
(1,970
)
Commercial mortgage-backed securities guaranteed by U.S. government agencies
 
1,885,585

 
1,846,943

 
343

 
(38,985
)
 

Other debt securities
 
35,622

 
35,894

 
479

 
(207
)
 

Perpetual preferred stock
 
22,172

 
25,583

 
3,439

 
(28
)
 

Equity securities and mutual funds
 
19,990

 
23,521

 
3,736

 
(205
)
 

Total
 
$
10,655,841

 
$
10,698,074

 
$
141,240

 
$
(96,383
)
 
$
(2,624
)
1 
Gross unrealized gain/loss recognized in AOCI in the consolidated balance sheet
2 
Amounts represent unrealized loss that remains in AOCI after an other-than-temporary credit loss has been recognized in income.

The amortized cost and fair values of available for sale securities at June 30, 2014, by contractual maturity, are as shown in the following table (dollars in thousands):
 
Less than
One Year
 
One to
Five Years
 
Six to
Ten Years
 
Over
Ten Years
 
Total
 
Weighted
Average
Maturity5
U.S. Treasuries:
 
 
 
 
 
 
 
 
 
 
 
Amortized cost
$
1,023

 
$

 
$

 
$

 
$
1,023

 
0.63

Fair value
1,024

 

 

 

 
1,024

 
 
Nominal yield
0.24
%
 
%
 
%
 
%
 
0.24
%
 
 
Municipal and other tax-exempt:
 

 
 

 
 

 
 

 
 
 
 
Amortized cost
$
3,404

 
$
33,797

 
$
2,778

 
$
23,952

 
$
63,931

 
8.67

Fair value
3,432

 
35,004

 
3,032

 
23,502

 
64,970

 
 
Nominal yield¹
3.96
%
 
4.00
%
 
6.25
%
 
1.92
%
6 
3.32
%
 
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Amortized cost
$

 
$
626,496

 
$
1,156,265

 
$
346,760

 
$
2,129,521

 
8.84

Fair value

 
624,969

 
1,146,932

 
343,394

 
2,115,295

 
 
Nominal yield
%
 
1.30
%
 
1.63
%
 
1.27
%
 
1.47
%
 
 
Other debt securities:
 

 
 

 
 

 
 

 
 
 
 
Amortized cost
$
30,101

 
$

 
$

 
$
4,400

 
$
34,501

 
4.64

Fair value
30,297

 

 

 
4,231

 
34,528

 
 
Nominal yield
1.80
%
 
%
 
%
 
1.71
%
6 
1.79
%
 
 
Total fixed maturity securities:
 

 
 

 
 

 
 

 
 
 
 
Amortized cost
$
34,528

 
$
660,293

 
$
1,159,043

 
$
375,112

 
$
2,228,976

 
8.77

Fair value
34,753

 
659,973

 
1,149,964

 
371,127

 
2,215,817

 
 
Nominal yield
1.97
%
 
1.44
%
 
1.64
%
 
1.32
%
 
1.53
%
 
 
Residential mortgage-backed securities:
 

 
 

 
 

 
 

 
 
 
 
Amortized cost
 

 
 

 
 

 
 

 
$
7,343,012

 
2 

Fair value
 

 
 

 
 

 
 

 
7,438,546

 
 
Nominal yield4
 

 
 

 
 

 
 

 
1.87
%
 
 
Equity securities and mutual funds:
 

 
 

 
 

 
 

 
 

 
 

Amortized cost
 

 
 

 
 

 
 

 
$
41,678

 
³

Fair value
 

 
 

 
 

 
 

 
44,783

 
 

Nominal yield
 

 
 

 
 

 
 

 
1.26
%
 
 

Total available-for-sale securities:
 

 
 

 
 

 
 

 
 
 
 

Amortized cost
 

 
 

 
 

 
 

 
$
9,613,666

 
 

Fair value
 

 
 

 
 

 
 

 
9,699,146

 
 

Nominal yield
 

 
 

 
 

 
 

 
1.79
%
 
 

1 
Calculated on a taxable equivalent basis using a 39% effective tax rate.
2 
The average expected lives of mortgage-backed securities were 3.5 years based upon current prepayment assumptions.
3 
Primarily common stock and preferred stock of corporate issuers with no stated maturity.
4 
The nominal yield on mortgage-backed securities is based upon prepayment assumptions at the purchase date. Actual yields earned may differ significantly based upon actual prepayments. See Quarterly Financial Summary –– Unaudited following for current yields on available for sale securities portfolio.
5 
Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty.
6 
Nominal yield on municipal and other tax-exempt securities and other debt securities with contractual maturity dates over ten years are based on variable rates which generally are reset within 35 days.

Sales of available for sale securities resulted in gains and losses as follows (in thousands):
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2014
 
2013
 
2014
 
2013
Proceeds
$
800,405

 
$
1,083,001

 
$
1,331,190

 
$
1,784,881

Gross realized gains
9,894

 
9,992

 
16,327

 
15,784

Gross realized losses
(9,890
)
 
(6,239
)
 
(15,083
)
 
(7,176
)
Related federal and state income tax expense
2

 
1,460

 
484

 
3,349

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.

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