EverBank Financial in Jacksonville, Fla., driven by growth in jumbo mortgage originations, had second quarter home loan volume of $2.7 billion, up from $2.2 billion one year prior.
It did $1.46 billion of jumbo mortgages versus $1.11 billion for the same period the year prior. During the same time frame, conforming loan volume fell to $1.18 billion from $1.25 billion.
The $24.1 billion-asset bank reported net income of $41.6 million, or 31 cents a share. When adjusted for one-time gains and costs, the company earned 35 cents a share, in line with a survey of analysts' estimates. Revenue rose 10% to $253 million, including a change in the valuation of mortgage servicing rights.
Total originations rose 19%, to $3.5 billion, from a year earlier. Consumer originations rose 22% year over year, to $2.7 billion; commercial loans rose 11%, to $759 million, but fell slightly from the first quarter.
W. Blake Wilson, EverBank's president and chief operating officer, said the company intends to build on the momentum in the first half with a $1.5 billion commercial lending pipeline at June 30, up 16% from the first quarter.
Total deposits rose 19% year over year to $16.5 billion. That included an 86% jump in commercial deposits to $3.4 billion. Commercial deposits made up 21% of total deposits, up from 13% a year earlier.
"Commercial deposit growth remains a key strategic initiative for us," Wilson said.
Net interest income rose 21% to $169 million, driven by an increase in the net interest margin to 3.11%.
The company sold $5.5 billion of mortgage servicing rights in the quarter and hired an asset-based lending team to support its commercial diversification growth strategy.
EverBank had $2.2 billion of mortgage warehouse loans on its balance sheet at the end of the quarter, up 64% from June 30, 2014.