BOK Financial managed to still report an increase in its mortgage banking revenue despite a tightening lending environment.
Mortgage banking revenue totaled $22.8 million for the first quarter of 2014, up $968 thousand over the fourth quarter.
Revenue from mortgage loan production was up $721 thousand, while outstanding commitments to originate mortgage loans grew by $129 million over December 31 to $388 million at March 31.
Posting a small change, approximately 38% of loans originated in the first quarter were through correspondent channels, compared to 39% in the previous quarter.
Originations from the Home Direct mortgage origination channel grew to 7% of loans originated in the first quarter after its recent launch back in October.
As a whole, BOK reported a first-quarter net income of $76.6 million or $1.11 per diluted share for the first quarter of 2014, up from $73.0 million or $1.06 per diluted share for the fourth quarter of 2013. But this is down compared to $88 million or $1.28 per diluted share for the first quarter of 2013.
“We are executing well on our strategic objectives, and as a result the first quarter was solid for BOK Financial Corporation. Sustained loan growth, sequential revenue growth from key fee-generating lines of business, and careful expense controls led to a strong bottom line,” Steven Bradshaw, CEO, said. “Credit quality remains pristine with net recoveries in the quarter, and our capital base remains at industry-leading levels.”