Regions Financial Corp. funded less in home loans than the prior quarter — though it saw a smaller decline than many of its competitors. Mortgage holdings, earnings and staff size all declined.
Residential originations slipped to $1.4 billion, the company reported to Mortgage Daily. There were 8,100 loans funded based on the number of units.
First-quarter volume was previously reported at $1.6 billion, while second-quarter 2010 fundings came in at $1.8 billion.
The 13 percent decline between the first and second quarters was more moderate than the one-third drop at both BB&T and U.S. Bancorp and the 29 percent reduction at Bank of America Corp. But it was a more severe decline than the 5 percent contraction at JPMorgan Chase &Â Co. and 6 percent at Flagstar Bancorp Inc.
Region’s total residential servicing portfolio ended June at $41.6 billion. The portfolio has grown from the end of last year when it stood at $41.5 billion.
The third-party portion of the servicing portfolio ended June at $26.9 billion.
In its second-quarter earnings report, residential first mortgages owned by Regions were $14.3 billion, slipping from $14.4 billion at the end of the prior quarter and $15.6 billion in the same period in 2010. Residential delinquency of at least 90 days improved to 2.07 percent from 2.18 percent on March 31. The rate was also better than 2.24 percent on June 30 of last year.
In addition, the company held $13.6 billion in home-equity loans, less than the $13.9 billion owned on March 31 and $14.8 billion at the same point last year. HELÂ lates were at 1.16 percent, retreating from 1.26 percent three months earlier and 1.45 percent a year earlier.
Commercial real estate loans finished June at $23.6 billion, less than $24.8 billion at the end of the first quarter and $27.1 billion at the same point last year. Delinquency on owner-occupied CRE loans climbed to 0.09 percent from 0.07 percent as of March 31, while investor CRE delinquency fell to 0.04 percent from 0.10 percent.
Another $2.2 billion in commercial construction loans were on the books, down from the first quarter’s $2.5 billion and from $4.9 billion a year prior.
The Birmingham, Ala.-based firm said mortgage income climbed to $50 million from the first quarter’s $45 million. But mortgage earnings dropped from $63 million in the second-quarter 2010.
Regions Financial Corp. earned $49 million before taxes, less than the $57 million in income during the first quarter. Earnings, however, swung from a $365 million loss in the year-earlier period.
Company-wide headcount at Regions has fallen to 27,261 as of the end of June from 27,557 at the end of March. The staff size was 27,895 on June 20, 2010.
The bank operated 1,769 branches at the close of the second quarter.
