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Huntington Mortgage Originations Down, Servicing Up

Residential loan production during the final three months of last year was down at Huntington Bancshares Inc. But the company managed to grow its residential servicing portfolio and assets while reducing delinquency.

In its fourth-quarter earnings report, the parent of The Huntington National Bank said it originated $0.841 billion in home loans.

Business sank compared to the third quarter, when $1.176 billion was funded, and the fourth-quarter 2012, when it closed $1.161 billion.

During all 12 months of last year, mortgage production amounted to $4.418 billion. Business retreated from $4.833 billion in 2012.

Huntington serviced $15.239 billion for third parties as of the end of last month, lifting the servicing portfolio from $15.231 billion three months earlier but reducing it from $15.623 billion a year earlier.

There were $5.321 billion in residential loans in Huntington’s investment portfolio. Home loan holdings crept up from $5.307 billion at the end of September and have grown from $4.970 billion as of Dec. 31, 2012.

Delinquency of at least 30 days on the residential loan portfolio improved to 2.34 percent from 2.76 percent at the end of the prior period and 3.01 percent at the end of the prior year.

Another $8.336 billion in home-equity loans were among the Columbus, Ohio-based company’s assets, slipping from $8.347 billion at the end of the third quarter but inching up from $8.335 billion as of the fourth-quarter 2012.

HEL delinquency was 1.01 percent, a basis point more than at the end of the prior period but 23 BPS better than at the end of the prior year.

Also on the balance sheet were $4.850 billion in commercial real estate loans. The CRE portfolio slipped from $4.872 billion as of Sept. 30 and has been reduced from $5.399 billion at the end of 2012.

The Dec. 31, 2013, CRE total included $0.557 billion in construction loans and $4.293 billion in commercial mortgages.

CRE delinquency jumped to 1.52 percent from 1.30 percent at the end of the third quarter and 1.51 percent at the end of 2012.

Total mortgage banking income edged up to just over $24 million from just under $24 million and sank from $62 million in the fourth-quarter 2012.

Prior to income taxes, Huntington earned $207 million, off from $241 million earned in the previous period and $222 million earned in the same period during 2012.

As of the end of the fourth quarter, Huntington employed 11,765 people. Staffing was reduced from 12,080 at the end of September and 11,789 at the end of 2012.

The number of full-service branches fell to 711 from 731 as of Sept. 30, 2013.

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