Huntington Bancshares Inc. beat its single-family lending volume for both the previous quarter and the same quarter last year. Mortgage income was maintained.
Before income taxes, Huntington earned $350 million during the period beginning April 1, 2017, and concluding on June 30. Income increased from $229 million a year prior.
The Columbus, Ohio-based organization presented those details, plus additional earnings and operations data, in its second-quarter earnings report.
In the first-three months of this year, Huntington earned $267 million.
Second-quarter 2017 mortgage banking income exceeded $32 billion versus less than $32 billion three months earlier and a year earlier.
Mortgage production totaled $1.756 billion, accelerating from $1.266 billion in the first quarter and $1.600 billion in the second quarter of last year.
So far this year,
there have been $3.022 billion in mortgages originated.
As of the middle of this year, Huntington serviced $19.111 billion in mortgages for third parties, increasing the portfolio from $19.051 billion the previous period and $16.211 billion one year previous.
The ratio of mortgage-servicing rights to the unpaid principal balance of the
servicing portfolio was trimmed to 0.99 percent from 1.00 percent a quarter sooner.
The bank-holding company’s balance sheet included $18.203 billion in residential loans, growing its investments from $17.803 billion at the close of the previous period and $14.824 billion
as of the same date last year. The mid-2017 total was comprised of $8.237 billion in mortgages and $9.966 billion in home-equity loans.
Delinquency on the HEL portion of the portfolio inched up a basis point to 0.76 percent and was 20 BPS worse on a year-over-year basis.
The commercial real estate investment portfolio increased to $7.145 billion
from $7.093 billion as of March 31 and $5.322 billion as of June 30, 2016. Most recently, commercial mortgages accounted for $6.000 billion of the total, and construction loans made up the other $1.145 billion.
CRE delinquency plunged 36 basis points to 0.38 percent but was still 14 BPS worse than at the same point in 2016.
Average full-time equivalent employment was reduced to 16,103 people from 16,331 at the close of the previous period. But headcount expanded significantly from 12 months earlier, before the acquisition of FirstMerit, when the total was just 12,363.
Last month ended with 996 branches,
no different than at the end of the preceding quarter.
Huntington said it will consolidate 38 branches and seven drive-through convenience locations during the third quarter.
