Fifth Third Bancorp grew its loan production, servicing portfolio and income. But home-equity assets were lower and repurchase expense was worse.
The company originated $5.6 billion in mortgages, according to its third-quarter earnings report. Business improved from $3.8 billion three months earlier and $4.6 billion a year earlier.
For all of 2010, fundings added up to $12.9 billion.
The mortgage servicing portfolio closed out September at $52 billion. The June 30 portfolio was $51 billion, while the Sept. 30, 2009, total was $46.8 billion.
Residential mortgages owned by the Cincinnati-based institution increased to $8.0 billion from $7.7 billion on June 30. But home-loan assets were down from $8.2 billion at the same time last year.
Home-equity holdings fell to $11.8 billion from $12.0 billion at the end of the second quarter and $12.4 billion a year prior.
Mortgage repurchase expenses were $45 million, worse than the second quarter’s $18 million. During the same period last year, the figure was $11 million.
Commercial mortgages on the Sept. 30 balance sheet were $11.0 billion, lower than $11.5 billion the prior quarter and $12.1 billion a year earlier. Commercial construction loans declined to $2.3 billion from $3.0 billion and $4.1 billion.
Fifth Third Bancorp earned $238 million in the most recent period, improving from the second quarter’s $192 million and from a $97 million loss a year prior.
Company-wide headcount climbed to 20,667 from the prior period’s 20,479 and Sept. 30, 2009’s, 20,559.
