Huntington National Bank 2010 Annual Report Download - page 58
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The following table details mortgage banking income and the net impact of MSR hedging activity for the
three years ended December 31, 2010:
Table 12 — Mortgage Banking Income
2010 Amount Percent 2009 Amount Percent 2008
Change from 2009 Change from 2008
Twelve Months Ended December 31,
(Dollar amounts in thousands, unless
otherwise noted)
Mortgage Banking Income
Origination and secondary
marketing ................ $117,440 $ 22,729 24% $ 94,711 $ 57,454 154%$ 37,257
Servicing fees............... 48,123 (371) (1) 48,494 2,936 6 45,558
Amortization of capitalized
servicing(1) .............. (47,165) 406 (1) (47,571) (20,937) 79 (26,634)
Other mortgage banking
income .................. 16,629 (6,731) (29) 23,360 6,592 39 16,768
Sub-total .................... 135,027 16,033 13 118,994 46,045 63 72,949
MSR valuation adjustment(1) ..... (12,721) (47,026) (137) 34,305 86,973 N.R. (52,668)
Net trading gains (losses) related to
MSR hedging ............... 53,476 94,477 N.R. (41,001) (29,714) 263 (11,287)
Total mortgage banking income .. $175,782 $ 63,484 57% $112,298 $103,304 1,149% $ 8,994
Mortgage originations (in
millions) .................. $ 5,476 $ 214 4% $ 5,262 $ 1,489 39% $ 3,773
Average trading account securities
used to hedge MSRs (in
millions) .................. 64 (6) (9) 70 (961) (93) 1,031
Capitalized MSRs(2) ........... 196,194 (18,398) (9) 214,592 47,154 28 167,438
Total mortgages serviced for others
(in millions)(2) .............. 15,933 (77) — 16,010 256 2 15,754
MSR % of investor servicing
portfolio ................... 1.23% (0.11) (8)% 1.34% 0.28 26% 1.06%
Net Impact of MSR Hedging
MSR valuation adjustment(1) . . . $ (12,721) $(47,026) N.R.% $ 34,305 $ 86,973 N.R.% $ (52,668)
Net trading gains (losses) related
to MSR hedging ........... 53,476 94,477 N.R. (41,001) (29,714) 263 (11,287)
Net interest income related to
MSR hedging ............. 972 (2,027) (68) 2,999 (30,140) (91) 33,139
Net gain (loss) of MSR hedging .. $ 41,727 $ 45,424 N.R.% $ (3,697) $ 27,119 N.R.% $ (30,816)
N.R. — Not relevant, as denominator of calculation is a loss in prior period compared with income in current
period.
(1) The change in fair value for the period represents the MSR valuation adjustment, net of amortization of
capitalized servicing.
(2) At period end.
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