The volume of home-lending activity at Fifth Third Bancorp ascended from the previous quarter, as did mortgage income and the size of the servicing portfolio.
Earnings before income taxes were $494 million in the three months ended June 30, growing from $427 million in the same three-month period last year.
Those metrics, as well as other financial and other operational results, were presented in the Cincinnati-based bank-holding company’s second-quarter earnings report.
On a linked-quarter basis, earnings
improved by $98 billion.
Most recently, mortgage banking net revenue
was nudged up $3 million from the first-quarter 2017 to $55 million. Results deteriorated, though, by $20 million from the second quarter of last year.
Fifth Third originated $2.3 billion in residential loans in the second-quarter 2017.
Business climbed from $1.9 billion the prior period but came up short compared to a year prior, when $2.7 billion in loans were closed.
From Jan. 1, 2017, through mid-year 2017,
mortgage production amounted to $4.2 billion.
Refinance share
was slashed to 30 percent from 49 percent in the first-quarter 2017.
Home loans serviced for others by Fifth Third finished the first-half 2017 at $61.803 billion, growing from $55.413 billion at the end of the prior period and $56.170 billion as of mid-2016.
Residential holdings were trimmed to $22.761 billion from $22.805 billion at the end of the first quarter but have expanded from $22.295 billion as of the same date last year. Last month’s balance was made up of $15.460 billion in mortgages and $7.301 billion in home-equity loans.
Delinquency of at least 90 days on residential assets was 0.29 percent, no different than as of March 31. The rate deteriorated, however, by 2 basis points from mid-2016.
The report indicated that delinquency on HELs was not meaningful.
Third-party commercial-real-estate servicing ended last month at $0.242 billion, a little more than $0.223 billion the previous quarter and $229 billion at the same point in 2016.
Fifth Third owned $11.234 billion in CRE assets. The portfolio grew from $11.207 billion three months earlier and $10.581 billion one year earlier. The latest quarter’s total consisted of $6.868 billion in commercial mortgages and $4.366 billion in commercial construction loans.
The bank-holding company reported 17,744 full-time equivalent employees as of June 30, 2017. Staffing was trimmed by 19 people versus three months earlier and has been reduced by 307 since a year earlier.
Banking centers in operation as of last month numbered 1,157, two more than at March’s conclusion.
