BOK Financial Corp. (BOKF) reported net income of $83.6 million, or $1.22 a share, up 29% over the year-ago period.

That's up from net income of $64.8 million, or 94 cents a share, for the first quarter of 2011.

Mortgage banking revenue increased $7.6 million and brokerage and trading revenue increased $5.5 million.

Residential mortgage loan production revenue increased $7.7 million compared to the previous quarter. The unpaid principal balance of residential mortgage loans held for sale was up $53 million or 30%. Outstanding mortgage loan commitments were up $113 million or 59% over Dec. 31, 2011.

Residential mortgage loans financed totaled $698 million for the first quarter of 2012 compared to $753 million for the fourth quarter of 2011.

Refinanced mortgage loans were 67% of loans originated for sale in the first quarter of 2012 compared to 66% of the loans originated for sale in the fourth quarter of 2011. Revenue from interest-rate derivatives used by customers to hedge residential mortgage loan production, included in brokerage and trading revenue, increased $2.4 million.

Outstanding loan balances were $11.6 billion at March 31, 2012, up $308 million over Dec. 31, 2011. Commercial loan balances increased $371 million over Dec. 31, 2011.

Consumer loans decreased $38 million, commercial real estate loans decreased $16 million and residential mortgage loans decreased $9.6 million from the fourth quarter.

jgaffney@housingwire.com