BOK Financial Corp. in Tulsa said Wednesday that third-quarter net income fell 5% from a year earlier, to $56.7 million, or 84 cents a share, mainly because of bad residential construction loans.

However, the $22.4 billion-asset company's results beat the average analyst estimate by 7 cents a share, according to Thomson Reuters.

BOK said it was helped by a $19.4 million increase in the fair value of trading contracts related to the energy trading company SemGroup LP as oil prices dropped. That was partly offset by a $12.7 million writedown from exposure to Lehman Brothers, which filed for bankruptcy protection last month.

Net interest income rose 18%, to $164.3 million, as a result of increased earnings assets and widening spreads. Its net interest margin rose 21 basis points, to 3.48%. Fee income rose 16%, to $126.7 million.

Credit quality remains an issue. BOK's provision rose more than sevenfold from a year earlier but fell 11% from the second quarter, to $52.7 million.

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