Although quarterly and annual mortgage production was down at Citizens Financial Group Inc., the residential asset and servicing portfolios have grown.
Prior to income tax expense, the
Providence, Rhode Island-based organization earned a $503 million profit, according to its fourth-quarter earnings report.
Earnings improved from the same-three months during 2016, when pre-tax income was $414 million. But a $10 million decline was recorded versus the previous quarter.
Citizens reported mortgage banking fees of $28 million, declining from $36 million in the fourth-quarter 2016 but about the same as $27 million in the third-quarter 2017.
From Oct. 1, 2017, through the end of
last year, single-family loan originations came to $1.687 billion. Business slowed from $1.875 billion three months earlier and slid from $2.220 billion one year earlier.
For all of 2017,
Citizens closed $7.177 billion in residential loans, off from $7.757 billion the preceding year.
First-quarter 2018 originations are likely to end up slightly lower based on the origination pipeline, which fell to $1.2 billion in the fourth quarter from $1.5 billion the prior period.
Citizens serviced $20.3 billion in mortgages for third parties as of the end of last year. The mortgage servicing portfolio has expanded from $17.3 billion a the conclusion of 2016.
Residential assets were $32.611 billion — including $17.045 in mortgages, $1.392 billion in home-equity loans, $13.483 billion in home-equity lines of credit, as well as $0.542 billion in HELs and $0.149 billion in HELOCs that are serviced by others.
Total residential holdings were up from $32.422 billion the preceding quarter and $32.042 billion the preceding year.
Citizens owned $11.308 billion in commercial real estate assets. The bank trimmed its CRE holdings from $11.426 billion as of Sept. 30. Still, the CRE loan portfolio has expanded from $10.624 billion as of year-end 2016.
When 2017 was over, 17,594 full-time equivalent employees were on Citizens’ payroll. Staffing subsided from 17,696 people at the end of September and 17,639 employees at the end of 2016.
