Tulsa-based BOK Financial Corp. reported net income for the first quarter of 2010 of $60.1 million, or 88 cents per diluted share, up from $42.8 million, or 63 cents per diluted share, for the fourth quarter of 2009 and $55 million, or 81 cents per diluted share, for the first quarter of 2009.

Net income for the first quarter of 2010 included a $6.5 million, or 10 cents per share, day-one gain from the purchase of the rights to service $4.2 billion of residential mortgage loans on favorable terms.

“BOK Financial is pleased to announce a strong start to 2010,” said President and CEO Stan Lybarger. “Our performance continues to be among the best performing banks $12 billion and larger in the country. Credit quality indicators continue to migrate in a positive direction. Total nonperforming assets are declining, and net loans charged off have stabilized in a range between $34 million and $36 million per quarter for the past four quarters. We have modestly lowered our quarterly provision for credit losses in each of the past two quarters.”

Highlights of first quarter of 2010 included:

• Net interest revenue totaled $182.6 million, compared with $184.5 million, for the fourth quarter of 2009. Net interest margin was 3.68 percent for the first quarter of 2010 and 3.64 percent for the fourth quarter of 2009. Average earning assets for the first quarter of 2010 decreased $23 million from the previous quarter.

• Fees and commissions revenue totaled $115.3 million, down $634,000 from the previous quarter. Deposit service charges decreased $2.7 million, and mortgage banking revenue increased $1.5 million.

• Operating expenses, excluding changes in the fair value of mortgage servicing rights, totaled $177.7 million, down $4.1 million from the prior quarter. Decreases in mortgage banking costs and most other operating expense categories were partially offset by higher personnel expenses, net losses and operating expenses on repossessed assets.

• Combined reserves for credit losses totaled $314 million, or 2.86 percent of outstanding loans, at March 31, up from $306 million, or 2.72 percent of outstanding loans, at Dec. 31. Net loans charged off and provision for credit losses were $34.5 million and $42.1 million, respectively, for the first quarter of 2010, compared with $35 million and $48.6 million, respectively, for the fourth quarter of 2009.

• Nonperforming assets totaled $483 million, or 4.36 percent of outstanding loans and repossessed assets, at March 31, compared with $484 million, or 4.24 percent of outstanding loans and repossessed assets, at Dec. 31. Nonaccruing loans increased $4.2 million, and real estate and other repossessed assets decreased $7.1 million during the first quarter.

• Available-for-sale securities totaled $8.9 billion at March 31, up $32 million since Dec. 31, due primarily to an increase in the fair value of portfolio. Other-than-temporary impairment charges on certain privately issued residential mortgage-backed securities reduced pre-tax income by $4.2 million during the first quarter of 2010 and $14.5 million during the fourth quarter of 2009.

• BOKF paid a cash dividend of $16.3 million, or 24 cents per common share, during the first quarter of 2010.