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Earnings Jump at BofA as Originations Sink

Quarterly earnings climbed at Bank of America Corp., while home-lending activity tumbled. The company stopped reporting mortgage earnings and servicing.

Prior to income taxes, income was $8.4 billion during the three months ended March 31, according to BofA’s first-quarter earnings report.

Income at the Charlotte, North Carolina-based bank-holding company climbed from $7.3 billion a year prior and jumped from $6.2 billion the prior quarter.

While BofA previously reported mortgage income, results are now included in “other income.”

Single-family loan originations during the latest period came to
$13.173 billion — including $9.424 billion in first-mortgage production and $3.749 billion in home-equity loans. Business tumbled from $16.758 billion in the fourth-quarter 2017 and $15.495 billion in the first-quarter 2017.

BofA no longer reports its third-party servicing in its earnings report.

Residential assets were reduced to $259.420 billion as of the end of the first quarter from $261.555 billion three months earlier. But BofA has grown the portfolio from $257.758 billion as of one year earlier. Last month’s total was comprised of $204.112 billion in mortgages and $55.308 billion in HELs.

Commercial real estate holdings expanded to $60.085 billion from $58.298 billion as of the conclusion of the fourth quarter and $57.849 billion at the close of the first-quarter 2017.

Company-wide staffing was 207,953 as of March 31 of this year. BofA cut headcount from 209,376 employees at the end of last year and 210,533 people at the same point last year.

There were 4,435 financial centers in operation, 35 fewer than at the close of 2017.

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