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U.S. Bancorp Performance Fair

$7.6 billion Q2 originations

October 21, 2008

By MortgageDaily.com staff

Quarterly performance at U.S. Bancorp could have been worse.

Mortgage production was $7.6 billion during the third quarter, according to earnings data released today. Volume fell from $9.1 billion in the prior quarter but was better than $7.2 billion a year earlier.

Through September, year-to-date residential volume totals $26.0 billion.

The portfolio of mortgages serviced for others at the Minneapolis-based company ended the quarter at $112.9 billion, climbing from $107.3 billion at the end of June.

Residential loans held for investment were $23.3 billion at the end of September, unchanged from the end of June. Home-equity second mortgages were $18.2 billion, up from $17.5 billion.

Including non-performing loans, residential delinquency of at least 90 days was 2.00 percent at the end of the third quarter, up from 1.55 percent three months earlier and 0.79 percent one year earlier.

Commercial mortgages ended the quarter at $32.2 billion, up from $31.2 billion.

Delinquency on commercial real estate loans was 2.25 percent on Sept. 30, up from 1.57 on June 30 and 0.83 percent a year earlier.

Mortgage banking contributed $31 million to third-quarter earnings, down $3 million from a year earlier.

Earnings across all of U.S. Bancorp were $0.6 billion, down from $1.0 billion in the second quarter and $1.1 billion in the third-quarter 2007. Third-quarter earnings reflected $0.4 billion in securities losses, including losses on mortgage-backed securities and shares of government-sponsored enterprises.

Headcount at the company was 54,000.

"As expected, credit costs were higher this quarter, reflecting stress in the residential mortgage portfolio and residential homebuilding and related businesses, as well as the overall economy," the report said. "The company's fundamental business performance continues to be strong, despite the challenging financial markets."

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