CFPB wants more mortgages in "underserved" areas

CFPB wants more mortgages in "underserved" areas

And here's how they will get it done

Fitch warns Ocwen-related RMBS deals face major downgrade

Placed on “Rating Watch Negative”

WATCH: Famous televangelist gives terrible reverse mortgage advice

Let's clear this up for Maria
W S
Lending / The Ticker

Despite mortgage reductions, Huntington earnings rise

Mortgage-banking income fell $11 million

money roll
/ Print / Reprints /
| Share More
/ Text Size+

Columbus, Ohio-based Huntington Bancshares (HBAN) posted a second-quarter net income of $165 million, up $14 million, or 9%, from last year, and up $15 million, or 10%, from the first quarter of 2014.   

Earnings per share jumped 12% year over year to $0.19, an increase of $0.02 from both the year-ago and prior quarters.  

This beat analyst EPS estimates by $0.01 and revenue by $23.8 million.

“We have been able to grow both total revenue and net interest income year over year. Net interest income was particularly noteworthy, as average loan growth of 9% allowed us to overcome continued pressure on the net interest margin from the low, flat yield curve,” said Steve Steinour, chairman, president and CEO of Huntington.

Average loans and leases jumped 9% to $3.7 billion, from the prior year. This was driven by a 7%, or $0.4 billion, increase in average residential mortgage loans as a result of increased demand for Adjustable Rate Mortgages.

Meanwhile, mortgage-banking income fell $11 million, or 33%, reflecting a 49% reduction in originations and secondary marketing revenue as originations dropped 23% and gain-on-sale margins compressed. 

Recent Articles by Brena Swanson

Comments powered by Disqus