Quarterly mortgage earnings and originations significantly deteriorated from a year earlier at BB&T Corp., while mortgage delinquency worsened from the previous period.
In its earnings report for the third quarter, the
Winston-Salem, North Carolina-based bank-holding company disclosed $942 million in income before income taxes.
Earnings improved from $915 million during the same three-month period last year. But income was modestly off from the preceding quarter, when $978 million was earned.
In BB&T’s mortgage banking business,
pre-tax income plunged to $107 million from $212 million in the third-quarter 2016, though the segment improved from $73 million earned in the second quarter of this year.
Home-lending originations totaled $3.463 billion during the three months ended Sept. 30, 2017. Business was similar to $3.524 billion the previous quarter. However, mortgage production plummeted from $6.264 billion in the same-three months last year.
From Jan. 1, 2017, through Sept. 30, volume came to $10.980 billion.
Retail originations accounted for $1.6 billion of third-quarter 2017 production, while correspondent acquisitions made up $1.9 billion.
The financial institution serviced $118.736 billion in home loans as of the end of last month. The servicing portfolio was reduced from $120.173 billion
at the end of the prior quarter and $122.460 billion a year prior.
Included in the latest servicing portfolio were $89.391 billion in loans serviced for others. The weighted-average coupon rate
on the loans was 4.00 percent, while the weighted-average servicing fee was 0.278 percent.
BB&T’s investment portfolio included $28.657 billion in residential mortgages. Single-family assets were trimmed from $29.217 billion as of mid-2017 and $30.369 billion as of the same date last year.
Mortgage delinquency of at least 30 days was 3.01 percent, worsening from 2.72 percent in the last report but better than 3.69 percent in the same period a year ago.
Commercial real estate assets grew to $19.401 billion from $18.727 billion three months earlier and $18.488 one year earlier. The latest number consisted of $14.900 billion in income-producing property loans and $4.501 billion in construction-and-development loans.
Company-wide headcount concluded last month at 37,189 full-time employees. Staffing subsided from 37,374 people the previous quarter and 37,662 positions the same period the previous year.
There were 2,127 banking offices as of the most-recent date, 61 fewer than at the close of the second quarter.
