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U.S. Bancorp Posts Solid Results

$9.3 billion Q1 fundings

April 15, 2008

By MortgageDaily.com staff

U.S. Bancorp's chairman and chief touted the company's survival as it reported solid earnings and production gains.

First quarter mortgage volume was $9.3 billion, an earnings announcement today said. Originations climbed from $7.7 billion during the fourth quarter and $5.0 billion in the first quarter 2007.

U.S. Bancorp. said it serviced $102.0 billion in mortgages for others at the end of March. Residential loans carried on the balance sheet were $39.9 billion, including $5.6 billion in first-lien home equity loans, $16.6 billion in second lien HELs and $3.2 billion in subprime loans as of March 31.

Including nonperforming loans, residential delinquency of at least 90 days was 1.24 percent, climbing from 1.10 percent in the fourth quarter and 0.59 percent a year earlier.

Commercial real estate loans on the balance sheet were $30.0 billion at quarter's end.

First quarter commercial mortgage delinquency was 1.18 percent, up from 1.02 percent the previous period and 0.69 percent a year prior.

The Minneapolis-based institution reported $1.1 billion in net income during the latest quarter, slightly better than fourth quarter earnings and slightly worse than first quarter 2007 net income.

"I am confident that our company will continue to perform and prosper, despite the current economic environment.," U.S. Bancorp Chairman, President and Chief Executive Officer Richard K. Davis said in the report. "In other words, we are 'open for business.'"

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