SunTrust Banks reported a net income increase of 14 percent to $467 million available to common shareholders, according to the bank’s Q2 2015 earnings statement released Friday. SunTrust determined that mortgage production-related income for the current quarter was $76 million compared to $83 million for the prior quarter. Mortgage production volume increased 27 percent compared to the prior quarter and applications declined 10 percent, entirely driven by lower refinance activity given the increase in interest rates in Q2.
Comerica reported that their Q2 2015 earnings reached $135 million, or 73 cents per share in their earnings statement also released on Friday. Last quarter, the bank reported a net income of $134 million and $151 million for Q2 2014. Comerica’s revenue increased 2 percent compared to Q1 2015 and the bank returned $96 million to shareholders through equity buybacks and increased dividends.
The U.S. Census Bureau and HUD jointly announced new residential construction data for June 2015, finding single-family building permits rose slightly, while housing starts and housing completions both declined. Single-family building permit authorizations in June were at a rate of 687,000, an increase of 0.9 percent above the revised May figure of 681,000. Single-family housing starts dropped 0.9 percent to 685,000 from the May figure of 691,000. Single-family housing completions in June decreased by 0.3 percent to a rate of 647,000.