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Bank Earnings Lower, HEL Delinquency Higher

Q3 bank income $14.5 billion

Nov. 23, 2010

By staff

While late payments on home loans eked out a small improvement on a quarter-over-quarter basis at federally insured banks, home-equity delinquency jumped. But the year-over-year change was the exact opposite for both categories. Quarterly earnings, meanwhile, fell by a third, though income improved from a year ago.

Banks insured by the Federal Deposit Insurance Corp. owned an aggregate of $1.8804 trillion in mortgages in the third quarter, the agency reported. Home-loan holdings were higher than the second quarter's $1.8751 trillion but below the same period last year, when residential assets were $1.9282 trillion.

Residential delinquency of 12.53 percent was 1 basis point below the previous period. However, the rate was 132 BPS worse than the third-quarter 2009. The most recent delinquency reading reflected a 2.85 percent rate for mortgages between 30 and 89 days past due and a 9.68 percent rate on loans at least 90 days delinquent.

Home-equity lines-of-credit on the books were $0.6479 trillion, declining from the second quarter's $0.6541 trillion and also lower than the $0.6675 trillion reported for a year earlier.

Home-equity loan lates deteriorated, rising to 3.05 percent from 2.87 percent three months earlier. But the HEL rate was still better than 3.11 percent a year earlier.

Including residential loans, HELOCs, non-farm residential loans and construction-and-development loans, real estate-secured holdings were $4.3023 trillion.

Net income at just banks that have a mortgage concentration was $1.4 billion.

Collective earnings at all FDIC-insured commercial banks and savings institutions were $14.5 billion in the third quarter. Aggregate income fell from the previous period's $21.6 billion. A $10.1 billion quarterly loss at a single institution dragged down third-quarter results.

But earnings were better than $2 billion during the same quarter last year.

"The industry continues making progress in recovering from the financial crisis," FDIC Chairman Sheila C. Bair said in the report. "Credit performance has been improving, and we remain cautiously optimistic about the outlook."

The report was based on data from 7,760 institutions, fewer than the prior period's 7,830.

The Sept. 30 total included 4,381 commercial banks supervised by the FDIC, 1,415 that were supervised by the Office of the Comptroller of the Currency and 826 supervised by the Federal Reserve. The total also included 740 savings institutions that are supervised by the Office of Thrift Supervision and 398 state-supervised savings banks.

Banks on the FDIC's problem institution list rose to 860 from the second quarter's 829. It was the highest number of problem institutions since March 31, 1993, when there were 928 such organizations.

Banks employed 2,042,030 people based on the current report, rising for the second consecutive quarter. Second-quarter headcount was 2,033,835, while 2,069,470 bank employees were counted a year previous.

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