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Solid Quarterly Results at PNC

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The PNC Financial Services Group Inc. increased quarterly home-loan production, grew its residential servicing portfolio and held mortgage delinquency. Mortgage earnings went from a huge loss to a tidy profit.

Residential loan originations totaled $3.8 billion during the three months ended last month, according to third-quarter earnings data released on Tuesday.

Overall production inched up from the previous quarter’s $3.6 billion and was also better than during the third-quarter 2011, when home-loan volume amounted to $2.6 billion.

Year-to-date Sept. 30 originations totaled $10.8 billion.

All of the latest quarter’s closings were agency loans, and refinances accounted for 74 percent of business. Originations generated under the revised Home Affordable Refinance Program represented 30 percent of volume.

As of Sept. 30, the third-party residential servicing portfolio was $119 billion, up from $116 billion as of June 30. The servicing portfolio fell, however, from $121 billion a year prior.

The Pittsburgh-based company owned $15.383 billion in residential loans as of Sept. 30. Home-loan assets contracted from $15.823 billion three months earlier but expanded from $14.655 billion 12 months earlier.

Delinquency of at least 30 days on conventional residential loans was 1.93 percent, the same as at the end of June. The rate was 2.83 percent a year prior.

On government-insured mortgages, the past-due rate fell to 13.37 percent from 13.53 percent and was 15.21 percent as of the third-quarter 2011.

Home-equity lines of credit on the books slipped to $24.007 billion from $24.360 billion but grew from $22.677 billion as of Sept. 30, 2011. In addition, $11.871 billion in home-equity loans were owned, increasing from $11.478 billion the prior quarter and $10.486 billion in the same quarter during the prior year.

HEL delinquency inched up a basis point from the prior period to 0.55 percent.

In addition, residential construction loans owned by PNC grew to $0.878 billion from $0.896 billion and were up from $0.633 billion at the same point in 2011.

The bank serviced $265 billion in commercial mortgages, up $1 billion from the end of June but off from $267 billion as of Sept. 30, 2011.

Commercial real estate holdings increased to $18.609 billion from $18.480 billion and have also grown from $16.413 billion at the same point in 2011. The Sept. 30 balance included $12.801 billion in real estate projects and $5.808 billion in commercial mortgages.

CRE delinquency closed out the quarter at 1.03 percent, 30 BPS better than three months earlier but surging from 0.74 percent a year earlier.

Income from residential mortgage banking, including provisions for repurchase obligations, swung to $36 million profit from the second quarter’s $213 million loss. Earnings improved as a result of a lower provision for residential mortgage repurchase obligations. Mortgage income was $23 million in the year-earlier period.

Total income at the parent company before income taxes and non-controlling interests was $1.210 billion, better than the $0.719 billion earned in the second quarter and the $1.143 billion in earnings during the third-quarter 2011.

Headcount across all businesses eased to 56,534 employees from 56,633 as of June 30. Staffing stood at 51,692 as of the same date last year.

PNC finished the third quarter with 2,887 retail banking branches, one less than at the end of the second quarter.

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