U.S. Bancorp and PNC Bank reported Friday morning that net income at both banks is down from the previous year, and the results for mortgage banking revenues at both banks followed right along, according to fourth quarter earnings statements for both banks.
U.S. Bancorp’s average total loans grew 4 point 2 percent, or 10 point 3 billion dollars year-over-year in the fourth quarter of 2015 to reach 256 point 7 billion dollars, with residential mortgages contributing 2 point1 percent to this growth. Despite the increase in loan volume, however, mortgage banking revenue for U.S. Bancorp totaled 211 million dollars in Q4, down over-the-quarter from 2 point 24 million dollars and over-the-year from 235 million dollars.For PNC, residential mortgage banking noninterest income decreased 12 million dollars primarily as a result of lower loan sales revenue. Residential mortgages totaled 113 million dollars in the fourth quarter of 2015, down from last quarter's number of 125 million dollars and last year's number of 135 million dollars.
BankUnited, Inc., a national bank headquartered in Miami Lakes, Florida with 98 banking centers in 15 Florida counties and six banking centers in the New York metro area, has announced that it will no longer be originating mortgages, effective immediately. A spokesperson for the institution told MReport that the company chose to do this due to a lack of scale.