BOK Financial’s mortgage production increased by $27 million in the second quarter, but mortgage banking revenue was down due to lower gain-on-sale margins.
Overall, the Tulsa, Okla.-based company’s net income fell to $79.9 million, or $1.16 per diluted share, from $88 million, or $1.28 per diluted share, for the
However, the 2Q 2012 figure included $14.5 million, or $0.21 per diluted share, from a gain on the sale of common stock received in settlement of a defaulted loan and a negative provision for credit losses, BOK Financial noted in its earnings report.
“Commercial loan growth and mortgage loan production volume both continued to be strong during the quarter. Outstanding commercial loan balances were up $290 million and mortgage loan production grew $240 million," said president and CEO Stan Lybarger in a press release.
"Fee-based revenue grew $2.8 million over the first quarter, despite the impact of higher interest rates in the second quarter. We estimate that fair value adjustments to mortgage loan commitments and trading securities were reduced by $6 million from the market's reaction to statements that the Federal Reserve may curtail its bond buying program as economic indicators strengthen."
