U.S. Bancorp had over $28 billion of mortgage and other retail loan originations during the second quarter, as well as $37 billion of new and renewed commercial and commercial real estate loan commitments.
The Minneapolis-based company set record net earnings of $1.4 billion for the second quarter, up 18% from $1.2 billion in 2Q11.
One year ago, USB reported $13 billion of residential mortgage and other retail loan originations.
Richard Davis, chairman, president and chief executive, said, "Our investment in mortgage banking over the past few years was very well-timed, as we posted both record origination volume and revenue in the second quarter."
The company reported an 8.4% increase in mortgage banking revenue from 1Q12, to $490 million. For 2Q11, mortgage banking revenue was $239 million. The year-over-year increase is attributed by USB to higher loan origination and loan sales revenue.
USB's residential mortgage loan net charge-offs decreased to $109 million (1.12% of average loans outstanding), compared with $112 million (1.19% of average loans outstanding) in the first quarter and $119 million (1.46% of average loans outstanding) in the second quarter of 2011.
