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5/3 Grows Portfolio Despite Falling Originations

$3.1 billion in Q2 fundings

July 21, 2011

By staff

Fifth Third Bancorp's home-loan production was down more than a quarter. But the servicing portfolio, residential assets and earnings all increased from the prior quarter.

The Cincinnati-based bank reported $3.1 billion in second-quarter originations, down from $3.9 billion the prior period. Second-quarter 2010 production was $3.8 billion.

The third-party mortgage servicing portfolio finished June at $56.0 billion, higher than the first quarter's $55.4 billion. The servicing portfolio was $51.3 billion at the same point in 2010.

The company owned $9.8 billion in residential loans, growing the investment portfolio from $9.5 billion three months earlier and $7.7 billion a year earlier.

The home-equity portfolio eased to $11.0 billion from the prior quarter's $11.2 billion. Home-equity holdings were $12.0 billion at the same time last year.

Fifth Third serviced $0.3 billion in commercial mortgages, mostly unchanged from prior periods.

Commercial mortgages on the books fell to $10.2 billion from $10.5 billion and were $11.5 billion as of June 30, 2010.

Commercial construction loans fell to $1.8 billion from the first quarter's $2.0 billion and the second-quarter 2010's $3.0 billion.

Fifth Third said that it earned $511 million before income taxes. That was an improvement from $382 million in the first quarter and $247 million in the second-quarter 2010.

The staff size was 20,953, growing from 20,837 as of March 31. Headcount was 20,479 as of June 30, 2010.

The parent company closed out the second quarter with 1,316 full-service banking centers.

Fifth Third profile

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