Strong demand for mortgages, driven by lower interest rates, helped two midwestern thrifts boost first-quarter earnings.

Charter One Financial Inc., a $13 billion-asset Cleveland company, reported net income of $38.5 million, a 31% increase. Charter One originated $812 million of loans in the quarter, a 258% increase from the same period last year. Its loan growth was primarily due to its doubling in size through the fourth-quarter acquisition of Firstfed Michigan Corp. of Detroit.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.