Quarterly home-lending volume at BB&T Corp. turned lower as the size of both the mortgage servicing and investment portfolio was reduced.
Income before income taxes at the Winston-Salem, North Carolina-based firm was $930 million in the three months ended Dec. 31, 2016.
Details about operational and financial results were included in the financial institution’s fourth-quarter 2016 earnings report released Thursday.
Earnings inched up from $915 million the prior period and were better than the $793 million earned in the year-prior period.
Income before taxes from residential mortgage banking was $103 million, down from $188 million in the third quarter
but soared from $79 million in the fourth-quarter 2015.
From Oct. 1, 2016, through Dec. 31, residential loan originations came to $5.198 billion. Business subsided from $6.264 billion in the third quarter but was boosted from $3.535 billion closed in the final quarter of 2015.
Fourth-quarter 2016 production consisted of $2.2 billion in retail originations and $3.0 billion in correspondent purchases.
Refinance share soared to 53 percent from 43 percent in the third quarter.
From Jan. 1, 2016, through the end of last year, mortgage production amounted to
$20.669 billion, increasing from $18.107 in 2015.
BB&T serviced $121.639 billion in home loans as of the end of last year. The servicing portfolio was reduced from $122.460 billion at the end of the third quarter and $122.169 billion at the end of 2015.
Last month’s total included $90.325 billion in loans serviced for others.
On BB&T’s balance sheet as of year-end 2016 were $29.921 billion in residential mortgages. The balance was trimmed from $30.369 billion three months earlier and $30.533 billion one year earlier.
Thirty-day mortgage delinquency was 3.51 percent as of the close of the fourth-quarter 2016. The past-due rate improved from 3.69 percent the previous quarter. The rate has worsened, however, from 2.70 percent previously reported for the same quarter a year previous.
At $18.357 billion, commercial real estate assets were off from $18.488 billion as of Sept. 30, 2016. But CRE investments have increased from $17.153 billion as of Dec. 31, 2015.
Included in the most-recent CRE total were $14.538 billion in income-producing properties and $3.819 billion in construction-and-development loans.
Headcount at BB&T was reduced to 37,480 from 37,662 but was up from 36,059 as of the close of 2015.
There were 2,196 banking offices in operation as of the most-recent day. The bank reduced its branches from 2,220 three months prior.
