Residential loan originations during the first quarter declined from the final-three months of last year at HomeStreet Inc. But the servicing portfolio grew.
The financial institution closed $1.573 billion in single-family mortgages during the three months ended March 31.
Business slowed from $1.649 billion in the prior three-month period.
Those details, along with other financial and operational performance metrics, were included in the Seattle-based firm’s first-quarter 2016 earnings report.
In the first quarter of last year, there were $1.607 billion in loans funded.
There were $1.8 billion in single-family rate-lock commitments, increasing from the fourth quarter’s $1.3 billion and suggesting second-quarter originations could pick up.
Multifamily originations tumbled to $0.039 billion from $0.053 billion but were better than $0.024 billion in the same quarter last year.
As of March 31, 2016, there were $15.981 billion in single-family loans serviced for others.
The servicing portfolio grew from $15.348 billion as of year-end 2015 and $11.910 billion as of the same date in 2015.
HomeStreet owned $1.507 billion in residential assets, more than $1.460 billion at the end of 2015 and $1.404 billion at the same point in 2015.
The March 31, 2016, residential total included $1.232 billion in single-family loans and $0.275 billion in home-equity and other loans.
The multifamily third-party servicing portfolio finished March 2016 at $0.946 billion, growing firm $0.924 billion three months earlier and $0.773 billion a year earlier.
Commercial real estate assets on the balance sheet increased to
$1.836 billion from $1.610 billion as of Dec. 31, 2015. CRE investments stood at $1.290 billion as of March 31, 2015.
Last month’s CRE assets included $0.662 billion in commercial mortgages, $0.544 billion in multifamily loans and $0.630 billion in construction-and-land-development loans.
The mortgage banking business earned $7 million prior to income taxes, surging from less than $1 million in the fourth-quarter 2015 but plummeting from $17 million in the first-quarter 2015.
Earnings before taxes at the bank-holding company level
were $10 million, off from the previous quarter’s $11 million and down from the year-earlier quarter’s $14 million.
Within home lending, there were 1,361 full-time equivalent employees. Staffing expanded from 1,311 at the end of last year and 1,061 at the same point last year.
Company-wide staffing ended last month at 2,264 full-time equivalent employees. Headcount finished last year at 2,139 people and was 1,829
a year earlier.
There were 65 home-loan centers operated as of the most-recent period, one more than as of the fourth-quarter 2015.
Retail deposit branch count was 48, four more than the previous period.
HomeStreet indicated that it completed th acquisition of
Orange County Business Bank.
