Although mortgage production and assets fell from the previous quarter at Citizens Financial Group Inc., both were up from a year earlier.
Income before income taxes at the
Providence, Rhode Island-based financial services company was $434 million in the three months ended March 31.
Citizens’ earnings were among a plethora of operational and financial metrics that were delivered in its
first-quarter 2017 earnings report.
Income moved up from $414 million in the previous three-month period and jumped from $332 million in the same quarter last year.
But despite the improvement at the bank-holding company, mortgage-banking fees fell to $23 million from $36 million in the fourth-quarter 2016, though they increased from $18 million in the first-quarter 2016.
Citizens closed $1.664 billion in home loans during the period that started on Jan. 1, 2017, and concluded on March 31. Originations subsided from $2.200 billion the previous quarter but improved from $1.386 billion a year previous.
Business isn’t likely to be much different during the second quarter based on the origination pipeline, which dipped to $1.7 billion at the end of last month from $1.9 billion
at the end of last year.
Residential assets on Citizens’ balance sheet concluded last month at $31.830 billion, off from $32.042 billion as of year-end 2016. Residential assets, however, grew from $31.453 billion as of March 31, 2016. The most-recent total included $15.389 billion in mortgages, $2.428 billion in home-equity loans and $14.013 billion in home-equity lines of credit.
Also on the bank’s balance sheet were $10.915 billion in commercial real estate loans. The balance was up from $10.624 billion three months earlier and $9.406 billion twelve months earlier.
Mortgage loan officer count ended the latest period at 560, up 22 from year-end 2016.
There were 17,515 people on the financial institution’s payroll as of the close of the first-quarter 2017. Headcount was reduced from 17,639 employees at the end of last year and 17,902 at the same point last year.
