Like its peers that have so far reported quarterly results, home lending retreated at The PNC Financial Services Group Inc.
Servicing, however, grew.
Residential loan originations during the three months ended March 31 totaled $1.9 billion, falling from $2.3 billion in the previous quarter.
The Pittsburgh-based financial institution detailed the statistics, along with other financial and operational data, in its first-quarter 2016 earnings report.
Business tumbled from the first quarter of last year, when $2.6 billion in home loans were closed.
Refinances accounted for 60 percent of first-quarter 2016 volume, widening from a refinance share of 55 percent three months previous.
The bank reported that it serviced $125 billion in mortgages for third parties, up $2 billion from the fourth quarter and more than the $113 billion serviced in the year-earlier period.
PNC had $45.883 billion in residential assets on its balance sheet. This category was reduced from $46.295 billion as of year-end 2015 and $48.047 billion as of the first-quarter 2015.
The first-quarter 2016 total reflected $14.425 billion in mortgages, $18.458 billion in home-equity lines of credit and $13.000 billion in home-equity loans.
Delinquency of at least 30 days was 0.80 percent on the portion of its mortgage portfolio not government-guaranteed. The rate dropped 9 basis points from the prior quarter and was unchanged from the year-earlier period.
On government-insured loans, the 30-day rate fell to 4.01 percent from 4.48 percent three months earlier and 5.10 percent a year earlier.
HEL delinquency was trimmed to 0.27 percent from 0.29 percent but was no different than as of March 31, 2015.
Also on PNC’s balance sheet were $0.247 billion in residential construction loans.
In addition, PNC owned $40.383 billion in commercial real estate assets. CRE holdings grew from $39.127 billion three months earlier and $35.299 billion a year earlier.
The most-recent CRE total consisted of $12.153 billion in real-estate related loans, $16.199 billion in real estate projects and $12.031 billion in commercial mortgages.
CRE delinquency ended last month at 0.02 percent, 3 BPS better than at the end of last year and 17 BPS lower than at the same point last year.
Before income taxes and non-controlling interests, income was $1.2 billion, declining from $1.4 billion the prior period and $1.3 billion the year-earlier period.
At the end of the most-recent quarter, there were 52.380 employees on staff. PNC’s headcount was reduced from 52,513 at the end of the fourth-quarter 2015 and 53,472 at the end of the first-quarter 2015.
PNC finished the latest period with 2,613 branches, three fewer than at the end of last year.
