[Update: TF Financial corrected and re-released mortgage numbers, article updated]
TF Financial (THRD) reported that mortgage originations more than quadrupled in the second quarter from a year earlier, further sign that smaller players aren’t shying away from lending.
The Newton, Pa.-based company only originated $10.9 million in mortgages in the quarter, but robustly more than the $2.6 million it produced in the second quarter of 2011. Gain on sale of loans totaled $214,000 in the quarter, compared with $50,000 in the year-ago period.
“We intensified efforts to originate new credits to quality borrowers,” Chief Executive Kent Lufkin said. “The loan pipeline is solid, and we look forward to growing the loan portfolio via an expanded team of highly experienced lending officers.”
Total loans grew 4.3%, or $21.6 million, to $519.9 million during the quarter.
TF Financial owns 3rd Fed Bank, which operates 14 full service retail and commercial banking offices in Pennsylvania and New Jersey. The former reported net income of $1.25 million, or 46 cents a share, in the second quarter, a 79% boost over the $699,000, 26 cents a share, reported in the second quarter of 2011.
Net income in 2012 so far is up 83%, coming in at $2.4 millionth in the six-month period ended June 30. At that point last year, TF Financial had earned $1.3 million.