Shedding MSRs, B of A Earns $653M in Q1 Net Income

First-quarter results for ""Bank of America"":https://www.bankofamerica.com/ recently showed that the company continues to shed its role in the mortgage market, with the giant reporting year-over-year declines to $1.6 trillion for home loan portfolios for investors.

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The financial institution said that mortgage portfolios serviced for investors also fell to $1.3 trillion in the first quarter from $1.4 trillion last year.

The balance for mortgage servicing rights climbed to $7.6 billion from $7.4 billion, a small increase when seen

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alongside $15.3 billion for the same for the bank in March last year.

Bank of America also pointed to $15.2 billion in residential first-lien mortgages it funded in the first quarter, trumpeting new homes for some 63,000 homeowners.

The company said that refinance mortgages accounted for 84 percent of first-lien home loans, with home purchases amounting to 16 percent of the same.

The numbers fall in line with a restructuring strategy in place since the worst of the financial crisis. Bank of America touted the latest results as signs of fiscal strength for the company.

""By focusing on building strong customer and client relationships, we're doing more business and winning in the marketplace,"" CEO Brian Moynihan said in a statement. ""Our strategy is paying off: With the economy steadily improving and because of the work we have done to strengthen and simplify our company, we saw improved profitability in all of our businesses this quarter compared to the fourth quarter of last year.""

The bank fielded an overall $653 million in net income at $0.03 per diluted share.