Compared to the prior quarter, residential lending turned sharply lower at The PNC Financial Services Group Inc. The servicing portfolio grew, though.
From Jan. 1, 2017, through March 31,
income before income taxes and non-controlling interests at the Pittsburgh-based firm came to $1.39 billion.
PNC delivered the details Thursday, as well as additional financial and operational metrics, in its earnings report for the first quarter of this year.
Earnings crept higher from $1.37 billion in the fourth-quarter 2016 and increased from $1.2 billion in the first-quarter 2016.
Residential mortgage income fell to $113 million from $142 million but was up from $100 million a year ago.
Home-lending volume in the first-three months of this year came to $1.9 billion, plunging from $3.0 billion in the previous three-month period but no different than in the same three months last year.
Refinance share was slashed to 57 percent from 67 percent in the final quarter of last year.
The financial institution serviced $130 billion in residential loans at the conclusion of the first-quarter 2017. The servicing
portfolio was increased from $125 billion as of year-end 2016 and as of March 31, 2016.
The mortgage servicing rights capitalization rate was 97 basis points, more than 94 BPS the prior quarter and 69 BPS a year prior.
PNC reported a residential loan portfolio of $45.358 billion. The portfolio declined from an upwardly revised $45.547 billion as of Dec. 31, 2016, and an upwardly revised $46.130 billion as of March 31, 2016. Last month’s total consisted of $15.781 billion in mortgages and $29.577 billion in home-equity assets.
Delinquency of at least 30 days on the
conventional portion of its residential mortgages was slashed to 0.60 percent at the end of last month from 0.93 percent at the end of last year and 0.80 percent at the same point last year.
Government mortgage delinquency improved to 3.39 percent as of March 31, 2017, from 3.73 percent three months earlier and 4.01 percent one year earlier.
Delinquency on HELs declined to 0.27 percent from 0.31 percent and was unchanged from March 31, 2016.
Commercial real estate loans on the balance sheet increased to $41.125 billion from a downwardly revised $40.930 billion at year-end 2016 and a downwardly revised $40.383 billion as of the same date last year.
CRE delinquency was 0.07 percent, rising from 0.03 percent as of Dec. 31, 2016, and 0.02 percent as of March 31, 2016. The latest total was comprised of $11.690 billion in real estate related loans and $29.435 billion in commercial mortgages.
There were 52,355 employees on PNC’s payroll at the end of the latest period. Headcount was increased from 52,006 the previous quarter but slipped from 52,380 a year previous.
Branch count was cut by 12 from the end of last year to 2,508.
