Quarterly home lending grew stronger at Huntington Bancshares Inc., while a quarter-over-quarter gain was recorded for mortgage earnings. The servicing portfolio, though, fell.
During the second quarter of this year, residential loan originations totaled $1.600 billion.
The volume of home lending soared from the previous three-month period, when mortgage production was $0.936 billion.
Business was also slightly better than the $1.454 billion in home loans closed during the year-earlier quarter.
Those details, along with other operational and financial performance metrics, were outlined by the Columbus, Ohio-based company in its second-quarter 2016 earnings report.
First-half 2016 mortgage originations amounted to $2.536 billion.
The report additionally indicated that home-equity originations totaled $1.555 billion during the first-six months of 2016 and $3.048 billion during all of 2015. HEL production was previously not reported.
Huntington said that it serviced $16.211 billion for third parties as of the most-recent date. The servicing portfolio was trimmed from $16.239 billion at the end of March but was bolstered from $15.722 billion as of the middle of last year.
Losses on mortgage servicing rights hedging were reduced to $2 million from $6 million but swung from a $6 million gain in the second quarter of last year.
The residential investment portfolio closed out last month at $14.824 billion. These assets grew from $14.504 billion as of March 31 and $14.513 billion as of June 30, 2015.
Residential assets as of June 30, 2016, included $6.377 billion in mortgages and $8.447 billion in HELs.
Mortgage delinquency of at least
30 days was 2.82 percent, improving from 2.90 percent as of the first quarter and 3.22 percent as of the second-quarter 2015.
Also included in the residential investment portfolio were $8.447 billion in home-equity assets.
Home-equity delinquency crept up to 0.56 percent from 0.55 percent but was lower than 0.78 percent as of mid-2015.
Commercial real estate loans on the balance sheet were $5.322 billion as of mid-2016, more than $5.282 billion at the end of the prior quarter and $5.213 billion as of mid-2015.
The June 30, 2016, CRE loan portfolio included $0.856 billion in construction loans and $4.466 billion in commercial mortgages.
Mortgage-banking income soared to $32 million from $19 million in the first quarter. But earnings came up short of the $39 million earned in the second-quarter 2015.
Huntington Chairman and Chief Executive Officer
Steve Steinour noted in the report that the residential lending business has exhibited “ongoing strong performance.”
Prior to income taxes, Huntington earned $229 million, not much different than the $226 million earned three months earlier and less than the $260 million earned 12 months earlier.
Headcount was 12,363 people at mid-year, fewer than the 12,386 employees accounted for as of March 31. But staffing expanded from 12,274 as of June 30, 2015.
After adding one domestic full-service branch during the quarter, branch count closed out the latest period at 772.
