BOK Financial (BOKF) in Tulsa, Okla., reported lower net income as mortgage activity declined.
The $27 billion-asset company's first-quarter profit fell 13% from a year earlier, to $76.6 million. Total interest earning assets declined 14%, to $24.6 billion. Mortgage revenue plummeted 42.8%, to $22.8 million.
Net interest income fell 5.1%, to $162.6 million. The net interest margin compressed 3 basis points from the fourth quarter, to 2.71%.
The company did not record a loan-loss provision in the first quarter.
Revenue from fees and commissions fell 10.3%, to $140.8 million.