U.S. Bancorp, a top ranked player in residential mortgages, reported $17.2 billion of originations in the third quarter, more than double its home funding production in the prior period.
Its consumer and small business lending unit earned $228 million during the period, a 21% jump from 2Q.
The Minneapolis-based bank booked $122 million of residential charge-offs in the third quarter, just about flat compared to 2Q and the same period a year earlier.
U.S. Bancorp saw an improvement in its nonperforming commercial mortgage holdings ($1.2 billion versus $1.4 billion a year ago) but a slight increase in problem residential loans: $650 million compared to $614 million in 3Q 2010.
The entire company reported a profit of $1.27 billion, up from $908 million a year earlier.
