Regions Financial Corp. reported growth in its residential loan servicing and investment portfolios, while delinquency fell. But quarterly mortgage production was off.
Residential loan originations during the first-three months of this year came to $1.111 billion.
Mortgage production slipped from the previous three-month period, when volume totaled $1.190 billion.
Those figures, as well as other operational and financial details, were reflected in the the
Birmingham, Alabama-based company’s first-quarter 2016 earnings report.
Business was also down from the first quarter of last year, when $1.270 billion in home lending occurred.
Refinance share during the latest period was 32.0 percent,
climbing from 28.4 percent in the fourth quarter.
Third-party mortgage servicing grew to $28.035 billion from $25.840 billion as of Dec. 31, 2015, and $26.903 billion as of March 31, 2015.
Regions owned $23.809
in residential assets as of March 31, 2016. The residential investment portfolio increased from the end of the fourth-quarter 2015, when it stood at $23.789 billion, and the end of the first-quarter 2015, when the total was $23.272 billion.
The most-recent loan total consisted of $12.895 billion in residential first liens, $6.723 billion in first-lien home-equity loans and $4.191 billion in second-lien HELs.
Delinquency of at least 30 days on the non-guaranteed portion of Region’s residential loan portfolio finished the latest period at 1.78 percent. The past-due rate improved from 1.89 percent as of the end of December 2015 and 1.81 percent as of the end of March 2015.
On the bank’s HEL holdings, the delinquency rate fell to 1.10 percent from 1.30 percent and was also better than 1.55 percent as of the same date last year.
Commercial real estate assets on the balance sheet came to $14.801 billion, not as much as the $14.908 billion in CRE loans as of the prior period or the $15.401 billion as of the year-prior period.
The March 31, 2016, total was comprised of $7.385 billion in owner-occupied commercial mortgages, $4.516 billion in investor commercial mortgages and $2.900 billion in construction loans.
Delinquency on owner-occupied CRE
loans rose to 0.50 percent as of the first-quarter 2016 from 0.45 percent as of the final quarter of last year and 0.46 percent as of the first quarter of last year.
Investor CRE loan delinquency, however, improved to 0.51 percent from 0.73 percent — though it more than doubled from 0.24 percent as of March 31, 2015.
Mortgage income was $38 million, up slightly from $37 million three months earlier but dipping from $40 million a year earlier.
At the bank-holding company, earnings from continuing operations before income taxes fell to $386 million from $408 million but improved from $331 million in the first-three months of last year.
Full-time associate headcount finished March 2016 at 22,855 people. Staffing subsided from 23,393 employees at the end of last year and 23,062 at the same point last year.
The were 1,605 branch outlets as of the most-recent data, 22 fewer than as of year-end 2015.
