BOK Financial (BOKF) in Tulsa, Okla., reported first quarter earnings of $83.6 million, up from 29% from a year earlier, as credit costs lowered and mortgage banking revenues soared.
The $25 billion-asset, multi-bank company reported Tuesday that mortgage banking revenue of $33 million, nearly doubled from a year earlier. BOK Financial is among several companies reporting strong year-over-year mortgage banking results; the first quarter of 2011 saw a steep decline in such revenue.
The mortgage revenue, however, was also up roughly a third from the fourth quarter of 2011.
The company also did not book any provisions for loan losses in the quarter, while it set aside $6.25 million a year earlier. It recovered $15 million of provisions in the fourth quarter. Its allowance for loan losses was 2.20% of outstanding loans at the end of the quarter, while nonperforming loans decreased 6% to $336 million, or 2.87% of total assets.
Outstanding loan balances increased 2.65% to $11.6 billion from the end of 2011, with the company adding $371 million of commercial loans, while decreasing consumer loans by $38 million and commercial real estate loans by $16 million.
BOK's shares were up nearly 4% in early trading Tuesday, to $55.80.