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(AFX UK Focus) 2006-08-04 12:28 GMT: Greater Bay Bancorp 2Q profit increases
EAST PALO ALTO, Calif. (AFX) - Greater Bay Bancorp, a financial services holding company, said Friday its second-quarter profit rose 11 percent on increased net interest income, topping Wall Street's estimate.
Net income grew to $25.1 million, or 46 cents per share, from $22.7 million, or 38 cents per share, in the year-ago period.
On average, analysts polled by Thomson Financial predicted earnings of 42 cents per share.
Net interest income, or earnings from interest accounts like loans and deposits, climbed to $65.8 million compared with $65.4 million last year on a $125.7 million increase in the average loan portfolio balance.
Non interest income, or cash made from mortgage loan service fees and other fees and charges, grew 5 percent to $56.8 million from $54.2 million due to a $1 million rise in insurance brokerage commissions and fees and a $2.2 million increase in other income.
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Mortgage Lenders Fund Record Loans - Production News From MortgageDaily.com
Several major mortgage bankers originated a record volume of loans, according to second quarter financial data analyzed by MortgageDaily.com, the dominant source of online news for the mortgage industry.
NovaStar Financial Inc. closed $2.8 billion in mortgages during the second quarter -- $1.0 billion more than first quarter. The Kansas City, Mo.-based lender said the latest numbers represented an all-time record. Most of the real estate investment trust's business was delivered by mortgage brokers.
Melville, N.Y.-based American Home Mortgage Investment Corp. also saw all- time high production during the second quarter, with $14.9 billion in fundings. "Our production business experienced record originations, record market share, a strong gain-on-sale margin and improved warehouse income," said CEO Michael Strauss in the earnings statement.