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5th 3rd Earnings and Servicing Up, Home Lending Off

Quarterly earnings at Fifth Third Bancorp, including mortgage revenues, strengthened. While residential loan originations have slowed, the servicing portfolio expanded.

In its first-quarter earnings report, Fifth Third disclosed $836 million in income before taxes during the three months that concluded on March 31.

Earnings at the Cincinnati-based bank-holding company more than doubled versus $396 million in the first-three months of last year and $393 million in the final-three months of last year.

In the mortgage banking business, net revenues rose to $56 million from $52 million in the first-quarter 2017 and $54 million in the fourth-quarter 2017. An $11 million decline in charges for net valuation adjustments on mortgage-servicing rights more than offset an $8 million drop in origination fees and gains on loan sales.

Single-family loan originations during the first quarter of this year
were reported at $1.56 billion. Business decreased from $1.90 billion the prior quarter and $1.93 billion a year prior.

Residential loans serviced for others ended the most-recent quarter at $60.973 billion, expanding from $60.021 billion
at the end of the fourth quarter and $55.413 billion at the end of the first-quarter 2017.

Residential investments ended March 2018 at $22.340 billion — including $15.583 billion
in mortgages and $6.757 billion in home-equity loans. The total was trimmed from $22.605 billion at the end of last year and $22.805 billion at the same point last year.

Delinquency of at least 90 days on mortgages was 0.40 percent, deteriorating from 0.37 percent the previous month and 0.29 percent a year previous.

HEL delinquency was deemed not meaningful.

Third-party servicing of commercial real estate loans was $0.325 billion.

CRE
assets grew to $11.295 billion from $11.157 billion as of Dec. 31, 2017, and $11.207 as of March 31, 2017. Most recently, CRE holdings were comprised of $6.509 billion in commercial mortgages and $4.786 billion in commercial construction loans.

Across the entire company, there were 18,344 full-time equivalent employees, more than 18,125 people three months earlier and 17,763 employees one year earlier.

Fifth Third said it operated 1,153 full-service banking centers as of the end of last month, one less than at the end of last year.

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