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Fifth Third Earnings, Delinquency Improve as Closings Slip

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Serious delinquency was down at Fifth Third Bancorp, while new originations slowed. Earnings at the bank-holding company were stronger both on a quarter-over-quarter and year-over-year basis.

First-quarter 2012 earnings data indicate that mortgage originations were $6.4 billion from Jan. 1 through March 31.

Business was slower than $7.1 billion closed in the fourth quarter. But activity picked up from the first-quarter 2011, when just $3.9 billion was funded.

The third-party mortgage servicing portfolio was $60 billion at the end of last month. The portfolio grew from $57 billion in the prior quarter and $55 billion at the same point in 2011.

Fifth Third owned $12.523 in residential mortgages as of the latest quarter, cutting its holdings from $13.474 billion as of the end of last year but growing the portfolio from $10.566 billion as of March 31 of last year.

Residential delinquency of at least 90 days improved to 0.66 percent from 0.74 percent as of Dec. 31. Past-due payments were at 1.03 percent as of the end of the first quarter of last year.

Another $10.493 billion in home-equity loans were owned, a little less than $10.719 billion at the end of the fourth quarter. HEL assets were $11.222 billion a year previous.

HEL delinquency was unchanged from the prior quarter and a year prior at 0.62 percent.

Commercial mortgages on the books closed out the first quarter at $9.976 billion, lower than $10.214 billion at as of the end of 2011. Commercial mortgage assets were $10.617 billion as of March 31, 2011. 

Delinquency of at least 90 days on commercial real estate loans was 0.30 percent as of March 31, inching up over the past three months from 0.03 percent. The rate was 0.08 percent a year prior.

Commercial construction loan holdings slipped to $0.916 billion from $1.037 billion and were $2.020 billion a year prior. The delinquency rate fell to 0.05 percent from 0.09 percent and was much higher a year earlier at 1.16 percent.

Repurchase losses were unchanged from the fourth quarter at $17 million and down from $23 million a year prior. Outstanding counterparty claims grew to $78 million from $66 million but were down from a year earlier, when claims totaled $145 million.

Before the effect of income taxes, Fifth Third earned $608 million during the most recent three-month period. Earnings were $422 million one quarter earlier and $382 million four quarters earlier.

The staff size at Fifth Third fell to 21,206 from 21,334 employees as of yearend 2011. But the bank has expanded headcount from 20,837 as of the same point last year.

Banking-center count finished March at 1,315, one less than at the end of December but five more than a year earlier.

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