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. The following table presents the carrying values and estimated fair values of financial instruments as of December 31, 2001 and 2000 (dollars in thousands): (19) Fair Value of Financial Instruments Range of Average Estimated Carrying Contractual . Repricing Discount Fair Value Yields (in years) Rate Value 2001: Cash and cash equivalents $ 647,338 § 647,338 Securities 3,700,989 3,702,504 Loans: Commercial 3,674,750 2.04 - 17.70% 0.42 1.96 - 4.90% 3,693,209 Commercial real estate 1,341,775 2.25 - 13.90 1.39 4.64 ~ 4.83 1,402,885 Residential mortgage 703,080 3.81 -— 13.00 2.04 4.05 - 7.62 701,349 Residential mortgage — held for sale 166,093 - - - 166,093 Consumer 409,680 2.03 - 21.00 2.73 4.26 ~ 6.98 438,625 Total loans 6,295,378 6,402,161 Reserve for loan losses (101,905) = Net.loans 6,193,473 6,402,161 Derivative instruments with positive fair value 34,131 34,131 Deposits with no stated maturity : 4,084,638 - - 4,084,638 Time deposits 2,821,106 - 1.25 - 7.65 0.64 1.50 - 2.80 2,861,413 Other borrowings 2,822,937. 4.17 -8.51 0.06 1.37 — 3.70 2,824,409 Subordinated debt 186,302 6.03 6.27 5.87 189,775 Derivative instruments with negative fair value 38,517 38,517 2000: Cash and cash equivalents $750,729 $750,729 Securities 3,037,056 3,037,552 Loans: Commercial 3,248,033 4.50 ~ 17.63% 0.43 6.20-9.15% 3,321,380 Commercial real estate 1,270,494. 7.00 - 14.00 1.26 8.89 - 9.08 1,262,690 Residential mortgage 638,044 3.81 — 13.40 1.61 7.41 - 7.58 612,616 Residential mortgage - held for sale 48,901 - - - 48,901 Consumer 312,390. 4,00 — 21.00 2.35 8.10 — 14.00 302,230 Total loans 5,517,862 5,547,817 Reserve for loan losses (82,655) = Net loans 5,435,207 5,547,817 Deposits with no stated maturity 3,372,817 = - - 3,372,817 Time deposits 2,673,188 2.00 = 7.40 0.54 3.55 — 6.49 2,685,773 Other borrowings 2,735.277.. 5.94 -9.89 0.14 5.62 - 7.35 2,722,214 Subordinated debt 148,816 7.03 6.27 5.94 165,946