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As filed with the Securities and Exchange Commission on June 27, 2001
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2000
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A. Full title of the plan and the address of the plan:
BOK FINANCIAL THRIFT PLAN FOR HOURLY EMPLOYEES
Bank of Oklahoma Tower
Tulsa, Oklahoma
74192
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B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
BOK Financial Corporation
Bank of Oklahoma Tower
Tulsa, Oklahoma 74192
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Exhibit Number Description of Exhibit
23.0 Consent of Ernst & Young, LLP
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit
plan) have duly caused this annual report to be signed on its behalf by
the undersigned hereunto duly authorized.
BOK FINANCIAL THRIFT PLAN FOR HOURLY
EMPLOYEES
Date: June 27, 2001 By: /s/ Gregg Jaynes
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Gregg Jaynes
Vice President,
Manager of Corporate Compensation
BOK Financial Thrift Plan for Hourly Employees
Financial Statements
and Supplemental Schedule
As of December 31, 2000 and 1999,
and for the Year ended December 31, 2000
Index to Financial Statements
Report of Independent Auditors.......................................1
Audited Financial Statements
Statements of Net Assets Available for Benefits......................2
Statement of Changes in Net Assets Available for Benefits............3
Notes to Financial Statements........................................4
Supplemental Schedule
Schedule H; Line 4i--Schedule of Assets (Held at End of Year)........9
Report of Independent Auditors
The Plan Administrative Committee
BOK Financial Thrift Plan for Hourly Employees
We have audited the accompanying statements of net assets available for benefits
of the BOK Financial Thrift Plan for Hourly Employees as of December 31, 2000
and 1999, and the related statement of changes in net assets available for
benefits for the year ended December 31, 2000. These financial statements are
the responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan at
December 31, 2000 and 1999, and the changes in its net assets available for
benefits for the year ended December 31, 2000, in conformity with accounting
principles generally accepted in the United States.
Our audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedule of assets
(held at end of year) as of December 31, 2000, is presented for purposes of
additional analysis and is not a required part of the financial statements, but
is supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This supplemental schedule is the responsibility of the
Plan's management. The supplemental schedule has been subjected to the auditing
procedures applied in our audits of the financial statements and, in our
opinion, is fairly stated in all material respects in relation to the financial
statements taken as a whole.
May 4, 2001
BOK Financial Thrift Plan for Hourly Employees
Statements of Net Assets Available for Benefits
December 31
2000 1999
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Assets
Investments:
BOKF Common Stock $ 24,779 $ 14,908
American Performance Funds:
Growth Equity Fund 6,052 699
Equity Fund 11,626 7,250
Cash Management Fund 4,786 1,356
Intermediate Bond Fund 5,561 3,672
SEI Funds:
S&P 500 Index Fund 23,692 14,637
Stable Asset Fund 6,228 3,178
Equity Income Fund 11,699 7,226
American Advantage Funds:
Balanced Fund 3,503 2,107
International Equity Fund 4,666 1,909
Neuberger and Berman Genesis Trust Fund 7,497 3,190
Participant Loans 878 -
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Total investments 110,967 60,132
Cash 2,518 3,633
Accrued interest receivable 104 44
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Total assets 113,589 63,809
Liabilities
Due to broker 2,343 3,334
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Net assets available for benefits $ 111,246 $ 60,475
==================================
See accompanying notes.
BOK Financial Thrift Plan for Hourly Employees
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 2000
Additions
Investment income:
Interest and dividends $ 1,339
Net appreciation in fair value of investments 26
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1,365
Contributions:
Participant 50,475
Employer 17,853
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Total additions 69,693
Deductions
Benefits paid directly to participants 18,922
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Net increase 50,771
Net assets available for benefits at beginning of year 60,475
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Net assets available for benefits at end of year $ 111,246
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See accompanying notes.
BOK Financial Thrift Plan for Hourly Employees
Notes to Financial Statements
December 31, 2000
1. Description of Plan
The following description of the BOK Financial Thrift Plan for Hourly Employees
(the Plan) provides only general information. Participants should refer to the
Summary Plan Description or the Plan document for a more complete description of
the Plan's provisions.
General
Effective January 1, 1999, through a resolution of the Board of Directors dated
December 30, 1998, the BOK Financial Thrift Plan for Hourly Employees was
established. The Plan is a defined contribution plan covering all employees of
BOK Financial Corporation (BOKF) and its subsidiaries and affiliates
(collectively, the Employer or Company) who have attained age 21 and have
completed at least one year of service (equivalent to 1,000 hours) and who are
compensated on an hourly basis, except those covered under a collective
bargaining agreement and those treated as independent contractors. The Plan is
subject to the provisions of the Employee Retirement Income Security Act of 1974
(ERISA).
Contributions
Participants may elect to contribute up to 12% of their compensation (as defined
by the Plan) on a pre-tax basis pursuant to a salary reduction agreement filed
with the Plan administrator. In addition, participants may make after-tax
contributions to the Plan. The sum of the percentage of pre-tax and after-tax
contributions shall not exceed 20% of each participant's compensation.
The Employer contributes a matching contribution to the Plan. The matching
contribution may be made in cash or in shares of BOKF Common Stock. In 2000, the
entire matching contribution of $17,853 was made in cash.
BOK Financial Thrift Plan for Hourly Employees
Notes to Financial Statements (continued)
1. Description of Plan (continued)
For 2000, the Employer matching contribution ranges from $.40 to $1.00 for each
dollar of the participant's contribution, up to 5% of compensation, based on
each participant's years of service as follows:
Years of Service Matching Percentage
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Less than three years 40%
At least three, but less than seven, years 60%
At least seven, but less than ten, years 80%
Ten or more years 100%
The Employer may, at its sole discretion, make an additional discretionary
contribution to the Plan. There was no discretionary contribution in 2000.
Participant Accounts
Each participant's account is credited with the participant's contribution and
allocations of (a) the Employer's contribution and (b) Plan earnings.
Allocations are based on participant earnings or account balances, as defined by
the Plan. The benefit to which a participant is entitled is the benefit that can
be provided from the participant's vested account.
Vesting
Participants vest in Employer matching contributions based upon years of
service, as defined by the Plan. Participants are 100% vested upon completion of
five years of service and are immediately vested in their deferred (pre-tax)
contributions, after-tax contributions, and the actual earnings thereon.
Loans
Participants may borrow against their accounts in amounts of not less than
$1,000 and not to exceed the lesser of $50,000 or 50% of the participant's
vested account balance. Loans will bear interest based on the current banking
prime rate and may not exceed a five-year term, unless it is used to acquire the
primary residence of the participant, in which case the maximum term may be 25
years. The loans are secured by the balances in the participants' accounts. The
interest rate in effect during 2000 was 9.5%. Repayment is made by payroll
withholdings of level installments of principal and interest.
1. Description of Plan (continued)
Payment of Benefits
A participant who terminates employment with a vested account balance of less
than $5,000 will receive a lump-sum payment. If the participant has a vested
balance which exceeds $5,000, the Plan will make a distribution only with the
consent of the participant at any time prior to the earlier of the participant's
65th birthday or death. In lieu of a lump-sum payment, a participant who
terminates employment as an employee after his or her 65th birthday or after
attaining age 60 and completing 10 years of service, shall be entitled to elect
monthly, quarterly, semiannual, or annual installment payments to be paid over a
period not to exceed 10 years from the benefit commencement date. The
installments may be accelerated at the direction of the participant.
Forfeitures
Forfeited balances of terminated participants' nonvested accounts are utilized
to pay administrative costs or to reduce future Employer contributions. During
2000, forfeitures of $1,986 were used to reduce Employer matching contributions.
Plan Termination
The Employer expects to continue the Plan indefinitely. However, the Employer
reserves the right to discontinue the Plan or to amend the Plan, in whole or in
part, from time-to-time. In the event of Plan termination, participants will
become 100% vested in their accounts.
2. Summary of Significant Accounting Policies
Basis of Accounting
The financial statements of the Plan are prepared on the accrual basis of
accounting.
Administrative Expenses
The Employer pays all administrative expenses of the Plan except for loan
origination fees, which are paid by the participants.
2. Summary of Significant Accounting Policies (continued)
Investment Valuation and Income Recognition
Shares of registered investment companies are valued at published market prices,
which represent the net asset value of shares held by the Plan at year-end. The
BOKF Common Stock is valued at the quoted market price. Participant loans
receivable are valued at cost, which approximates fair value.
Purchases and sales of securities are recorded on a trade-date basis. Dividend
income is recorded on the ex-dividend date. Interest income is recorded on the
accrual basis.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
that affect the amounts reported in the financial statements and accompanying
notes. Actual results could differ from those estimates.
3. Investments
The Plan's investments are held by a bank-administered trust fund at Bank of
Oklahoma, N.A. Trust Division (the Trustee). During 2000, the Plan's investments
(including investments purchased and sold, as well as held during the year)
appreciated (depreciated) in fair value as determined by quoted market prices
for BOKF Common Stock and published market prices for registered investment
companies as follows:
Net Appreciation
(Depreciation) in
Fair Value
of Investments
-----------------------
BOKF Common Stock $ 2,446
Registered investment companies (2,420)
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$ 26
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The fair value of individual investments that represent 5% or more of the Plan's
net assets are separately identified in the financial statements.
4. Income Tax Status
The Plan has received a determination letter from the Internal Revenue Service
dated November 24, 1999, stating that the Plan is qualified under Section 401(a)
of the Internal Revenue Code (the Code) and, therefore, the related trust is
exempt from taxation. Once qualified, the Plan is required to operate in
conformity with the Code to maintain its qualification. The Plan administrator
believes the Plan is being operated in compliance with the applicable
requirements of the Code and, therefore, believes that the Plan is qualified and
the related trust is tax exempt.
SUPPLEMENTAL SCHEDULE
BOK Financial Thrift Plan for Hourly Employees
EIN: 73-0780382 Plan #: 004
Schedule H; Line 4i--Schedule of Assets (Held at End of Year)
December 31, 2000
(c)
(b) Description of Investments, (e)
Identity of Issuer, Borrower, Including Maturity Date, Rate Current
(a) Lessor, or Similar Party of Interest, or Maturity Value Value
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* BOK Financial Thrift Plan for
Hourly Employees BOKF Common Stock $ 24,779
* Bank of Oklahoma, N.A. American Performance Funds:
Growth Equity Fund 6,052
Equity Fund 11,626
Cash Management Fund 4,786
Intermediate Bond Fund 5,561
* Bank of Oklahoma, N.A. SEI Funds:
S&P 500 Index Fund 23,692
Stable Asset Fund 6,228
Equity Income Fund 11,699
* Bank of Oklahoma, N.A. American Advantage Funds:
Balanced Fund 3,503
International Equity Fund 4,666
* Bank of Oklahoma, N.A. Neuberger and Berman Genesis
Trust Fund 7,497
* Participant Loans Interest rate of 9.5% 878
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$ 110,967
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*Indicates Party-in-interest to the Plan.
Column (d) is not applicable as all investments are participant directed.