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BofA Earnings, Mortgage Originations Up

Quarterly earnings were stronger at Bank of America Corp. as originations improved. The payroll expanded, and the residential and commercial mortgage portfolios grew.

Charlotte, North-Carolina-based BofA disclosed in its second-quarter earnings report $8.5 billion in income before income taxes.

Results exceeded the second quarter of last year, when it earned $8.1 billion, and three months earlier, when earnings worked out to $8.4 billion.

BofA originated $15.753 billion in residential loans during the latest three-month period, more than $13.173 billion in the first quarter. Business wasn’t as good, though, as the $17.936 billion closed in the same-three months in 2017.

Most recently, originations were comprised of $11.672 billion in first mortgages and $4.081 billion in home-equity loans.

Consumer banking generated $11.525 billion of the latest business, and
$4.228 billion came from Global Wealth and Investment Management.

During the six months ended June 30, BofA originated $28.926 billion.

Residential assets owned by BofA ended last month at $261.151 billion — including $207.564 billion in mortgages and $53.587 billion in HELs. Its single-family holdings grew from $259.420 billion the prior quarter and $259.388 billion a year prior.

Commercial real estate loans expanded to $61.073 billion from $60.085 billion as of March 31 and $59.177 billion on the same date in 2017.

Company-wide staffing closed out the first half at 207,992 employees. Headcount was raised from 207,953 and cut from 210,904 as of mid-2017.

Last month finished with 4,411 financial centers, 24 fewer than three months previous.

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