A quarter-over-quarter decline was recorded for mortgage originations and assets at Huntington Bancshares Inc. But the firm boosted the size of its servicing portfolio.
From Jan. 1, 2017, through March 31, income before income taxes at the bank-holding company was $267 million, down from an upwardly revised $313 million the previous quarter.
The results, in addition to other operational and financial metrics, were presented by the Columbus, Ohio-based financial institution in its first-quarter 2017 earnings report.
Earnings improved, however, from a downwardly revised $226 billion in the first-quarter 2016.
Huntington generated $32 million in mortgage banking income, less than $38 million in the fourth-quarter 2016 but more than $19 million in the first-quarter 2016.
Mortgage originations tumbled to $1.266 billion in the three months ended March 31 of this year from $1.542 billion in the final three months of last year. But production was elevated versus the same three months in 2016,
when the total was $0.936 billion.
Another $0.562 billion in home-equity
originations were reported for the first-quarter 2017.
Huntington serviced $19.051 billion in residential loans for others as of the end of the first-quarter 2016.
The servicing portfolio grew from $18.852 billion as of Dec. 31, 2016, and $16.239 billion as of March 31, 2016.
Mortgage servicing rights as a percentage of the servicing portfolio was 1.00 percent, slightly more than 0.99 percent in the prior report.
As of the end of last month, residential assets totaled $17.803 billion. The bank trimmed its residential investments from $17.831 billion three months earlier but boosted its
holdings from $14.504 billion a year earlier. The latest total consisted of $7.829 billion in mortgages and $9.974 billion in home-equity holdings.
Mortgage delinquency of at least 30 days concluded March 2017 at 2.42 percent. Delinquency dropped 40 basis points from the previous quarter and was down 48 BPS from a year previous.
But on home-equity holdings, delinquency climbed to 0.75 percent from 0.70 percent and jumped from 0.55 percent at the end of the first-quarter 2016.
The investment portfolio also included $7.093 billion in commercial real estate loans, less than $7.301 billion as of year-end 2016 but more than $5.282 billion as of the same date in 2016. The most-recent number was comprised of $5.986 billion in commercial mortgages and $1.107 billion in construction loans.
CRE delinquency jumped to 0.74 percent from 0.56 percent and has skyrocketed from 0.32 percent as of March 31, 2016.
Average full-time equivalent headcount was 16,331, increasing from 15,993 at the end of last year and 12,386 at the same point last year.
There were 996 branches in operation,
fewer than 1,115 at the end of last year. The decline reflected the consolidation of 110 branches, including 101 branches related to the August 2016 acquisition of FirstMerit Corp.
