Redwood’s net income slips on lower mortgage banking earnings

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Net income applicable to common. that the latest results were boosted by lower credit costs and the sale of non-core assets, but were hurt by lower trading account profits, reduced mortgage banking.

Mortgage banking income fell by $18 million mainly due to lower gain-on-sale margins. Also see: BB&T Corporation Q4 2018 Earnings Transcript BB&T recorded earnings increases across all its major business units, helped by higher net interest income, driven mainly by higher funding spreads and average loan growth.

Redwood Trust (RWT) saw its net income nearly triple in the third quarter, rising from $16 million in the second quarter to $45 million in the third quarter. The company also reported earnings of.

Core earnings reflected growth in portfolio, net interest income from continued capital deployment and solid mortgage banking results which were partially offset by lower core gains relative to the prior quarter. For the full year gaap earnings were $1.34 per share and core earnings were $1.78 per share.

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Asset management activity is also expected to show relatively lower returns on record-high valuations. In 4Q17, Wells Fargo managed net income of $6.2 billion, higher than its net income of $5.3 billion in 4Q16, reflecting the positive impact of the Tax Cuts and Jobs Act .

Net interest revenue was down 5.9 percent from that of 2011. But a lower loss provision and other market valuation adjustments resulted in net revenue of $97 million and an overall increase of 56.

Effective income tax rate was lower vs. q3. wells fargo slips 1.2. says. Q4 net interest margin of 2.94%, unchanged from Q3, and vs. 2.84% in Q4 2017. Q4 effective income tax rate was 13.7% vs..

Net revenues in fixed income, currencies and commodities were 40% lower compared to a year ago, in a quarter marked by low volatility and sluggish activity, the firm said. Investment banking was 3%.

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