Hammond Co. Sets Marks for New Loans, Profits

The Hammond Co., an 11-year-old mortgage banking firm in Newport Beach, reported a net income of $849,235--one of a number of records it posted--in its fiscal second quarter, ended Sept. 30. The figure is more than six times higher than the $139,158 it earned in last year’s second quarter.

The company’s revenues in the quarter rose 60% to $8.8 million--its highest ever--from $5.5 million.

The second-quarter profit made up for a first-quarter loss and helped the company report a record six-month net income of $325,562, a 29.4% increase over the $251,591 earned in the same period last year. Revenues in the period rose 38.2% to a record $14.1 million from $10.2 million a year ago.

The company originated $142.6 million in loans during the quarter, the most ever and a 76.9% increase over the $80.6 million in loan originations in last year’s second quarter. It originated $236.2 million in loans in the first six months, also the most ever and a 69.5% increase over the $139.3 million in loans in the same period last year.