Fifth Third Bancorp reported a 45 percent quarter-over-quarter improvement in residential originations. The bank also lifted its residential holdings.
With $4.5 billion in originations, business was $1.4 billion better than in the second quarter, the Cincinnati-based bank-holding company reported Thursday.
Production was weaker, however, then third-quarter 2010 originations of $5.6 billion.
So far this year, $11.5 billion in home loans have been funded by Fifth Third.
The third-party mortgage servicing portfolio finished September at $56 billion, the same as in the prior report. But Fifth Third has grown the servicing portfolio from $52 billion during the same quarter last year.
On Fifth Third’s balance sheet were $10.2 billion in residential loans, more than the $9.8 billion owned three months prior and the $8.0 billion owned 12 months prior.
Home-equity loans on the balance sheet slipped to $10.9 billion from $11.0 billion and were $11.8 billion in the same period last year.
Assets also included $9.9 billion in commercial mortgages. The company owned $10.2 billion in commercial real estate assets as of June 30, while CRE loans were $11.0 billion in the year-prior quarter.
An additional $1.7 billion was owned in commercial construction loans, down from $1.8 billion in the prior period and $2.3 billion in the third quarter of last year.
The parent company earned $534 million before taxes, a little stronger than $511 million earned in the three months ended June 30. A noticeable improvement has been made from the third-quarter 2010, when earnings amounted to $307 million.
The staff size as of Sept. 30 was 27,172, growing from 20,953 three months earlier.
Fifth Third and its affiliates operated 1,314 full-service banking centers as of Sept. 30.
