U.S. Bancorp increased home lending activity and expanded the size of its residential investment portfolio. But mortgage earnings deteriorated, while servicing was reduced.
Income before income taxes during the three months ended Sept. 30 at the Minneapolis-based bank-holding company was $2.3 billion, according to its third-quarter earnings report.
Results at the parent of U.S. Bank, N.A., inched up from $2.2 billion earned in the same quarter last year and also in the preceding three-month period.
Source: Mortgage Daily