BOK Financial posts $76M 2Q net income
Mortgage banking revenue reaches $29M
BOK Financial Corporation (BOKF) posted a second-quarter net income of $75.9 million, or $1.10 per share, marginally down from $76.6 million, or $1.11 per share, for the first quarter 2014 and $79.9 million, or $1.16 per share, for the same period a year ago.
“BOK Financial delivered improved results across the organization in the second quarter,” Steven Bradshaw, president and CEO of BOK Financial, said. “Loan growth exceeded expectations, and each of our fee-generating businesses delivered very strong sequential revenue growth.”
Mortgage banking revenue reached $29.3 million for the second quarter, increasing $6.5 million from the first quarter of 2014.
In addition, revenue from mortgage loan production was up $6.3 million, while outstanding commitments to originate mortgages totaled $1.1 billion, an increase of $363 million over the previous quarter.
The refinance share represented 25% of loans originated for sale in the second quarter of 2014, down from 32% last quarter.
Meanwhile, revenue from mortgage loan servicing grew by $211,000 due to an increase in the volume of loans serviced.
“The quarter’s results reflect the earnings power inherent in our diversified business model, as several lines of business grew this quarter, including energy lending, brokerage and trading, and mortgage banking,” Bradshaw said.
“We are excited about the bank’s performance in the second quarter, and we believe our businesses are well-positioned for continued growth for the balance of 2014,” he continued.
This falls in line with how the earnings season continues to play out. “[Top banks] continue to lose market share to the smaller guys because the smaller guys are able to take more risk and the bigger guys keep giving cookie cutter mortgages,” Paul Miller, FBR Capital Markets managing director, said.