Compared to the prior quarter, mortgage earnings, originations and servicing all declined at Fifth Third Bancorp, as did residential assets.
During the final-three months of last year, income before income taxes was $393 million, according to the fourth-quarter earnings report.
Earnings at the Cincinnati-based bank-holding company fell from $509 million a year earlier and plunged from $1.489 billion three months earlier.
The report indicated a $220 million income tax reduction from a re-measurement of the deferred tax liability as a result of the Tax Cuts and Jobs Act.
Mortgage banking net revenue was $54 million, declining from $63 million in the third quarter and $65 million in the fourth-quarter 2016.
The most-recent number reflected $32 million in origination fees and gains on loans sales, $54 million in gross servicing fees and $32 million in losses tied to mortgage-servicing rights.
Mortgage originations fell to $1.9 billion in the fourth-quarter 2017 from $2.1 billion the prior period and $2.7 billion a year prior. Full-year originations amounted to $8.2 billion, less than $10.1 billion in 2016.
Fifth Third serviced $60.021 billion in residential loans for third parties. The portfolio was reduced from $60.783 billion at the end of the third quarter but has expanded from $53.554 billion at the end of 2016.
Residential assets finished last year at $22.605 billion and included $15.591 billion in mortgages and $7.014 billion in home-equity loans. The total slipped from $22.731 billion at the end of the third quarter and $22.746 billion at the end of 2016.
Mortgage delinquency of at least 90 days was 0.37 percent, worsening from 0.28 percent the previous period and 0.33 percent at the end of the previous year.
HEL delinquency was not meaningful.
The commercial real estate servicing portfolio was $0.316 billion, up from $0.300 billion three months earlier and $0.267 billion a year earlier.
Commercial real estate assets were $11.157 billion, including $6.604 billion in commercial mortgages and $4.553 billion in commercial construction loans. Total CRE assets were reduced from $11.515 billion the prior quarter but expanded from $10.802 billion a year prior.
Fifth Third had 18,125 full-time equivalent employees on its payroll, more than 17,797
three months earlier and 17,844 one year earlier.
Branch count concluded last year at 1,154, one less than at the end of the September.
