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Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.


Associated Finishes 2012 Strong

Q4 mortgage production rises 15 percent from Q3

Jan. 30, 2013

By Mortgage Daily staff


The final three months of last year saw an uptick in residential loan originations at Associated Bancorp, helping to push annual home-loan production up more than a third. Mortgage staffing expanded, as did the mortgage servicing portfolio.

The Green Bay, Wis.-based company reported to Mortgage Daily that it originated 7,116 mortgages for $1.324 billion during the three months ended Dec. 31, 2012.

Retail production accounted for $0.981 billion of fourth-quarter activity, while $0.050 billion was originated through wholesale lending and $0.293 billion came from the correspondent channel.

Associated originated 6,004 loans for $1.148 billion in the third quarter, while production was 6,890 loans originated for $1.256 billion in the same period during 2011.

Full-year 2012 mortgage production totaled 24,889 loans for $4.519 billion, climbing from 2011, when 17,308 loans were originated for $3.321 billion.

The total mortgage servicing portfolio was 80,510 loans for $10.905 billion, growing from three months earlier, when Associated serviced 80,297 loans for $10.777 billion.

A year earlier, 79,048 loans were serviced for $10.211 billion.

The Dec. 31, 2012, total included $3.434 billion in portfolio loans and $7.471 billion in loans serviced for third parties. The third-party servicing portfolio was $7.321 billion at the end of 2011.

Included in the bank's investment portfolio were $3.377 billion in residential loans, according to fourth-quarter earnings data. Associated grew its home-loan holdings from $3.205 billion as of Sept. 30, 2012, and $2.951 billion as of Dec. 31, 2011.

Home-equity assets finished last year at $2.219 billion, off from $2.357 billion at the end of the prior quarter and down from $2.505 billion at the end of the prior year.

Commercial real estate loans owned by Associated totaled $4.127 billion at the end of 2012, growing from $3.985 billion at the end of the third quarter and $3.651 billion at the end of 2011. Investor CRE loans accounted for $2.907 billion of the latest total and $2.564 billion of the year-earlier total.

Another $0.655 billion in real estate construction loans were on the books, up from $0.611 billion three months earlier and $0.584 billion a year earlier.

Net income from mortgage banking came in at $14 million for the fourth quarter, off from the prior period's $16 million but better than $10 million a year earlier. Full-year mortgage earnings soared to $64 million from $13 million in 2011.

Income at the parent company before income taxes fell to $60 million from the third quarter's $67 million but improved from the $50 million in the fourth-quarter 2011.

As of the end of last month, 498 mortgage employees were on staff, up from 486 as of Sept. 30.

Associated said that it had 4,915 average full-time equivalent employees as of the end of last year, 50 fewer than at the end of the third quarter. Headcount was 5,056 at the end of 2011.


Associated Bank profile

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