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## (19) Fair Value of Financial Instruments 

The following table presents the carrying values and estimated fair values of financial instruments as of December 31, 2001 and 2000 (dollars in thousands): 

<img src='content_image/125371.jpg'>

The preceding table presents the estimated fair values of financial instruments. The fair values of certain of these instruments were calculated by discounting expected cash flows, which involved significant judgments by management. Fair value is the estimated amount at which financial assets or liabilities could be exchanged in a current transaction between willing parties, other than ina 

forced or liquidation sale. Because no market exists for certain of these financial instruments and because manage- ment does not intend to sell these financial instruments, BOK Financial does not know whether the fair values shown above represent values at which the respective financial instruments could be sold individually or in the aggregate. 

