United Bank Earnings and Mortgage Banking Summary
MORTGAGE BANKING
GEORGE MASON
MORTGAGE, LLC
A Subsidiary of United Bank
CRESCENT
MORTGAGE
Three Months Ended
Full Year
(000s)
Applications
Loans Originated
9/30/22
12/31/22
2021
2022
$785,529
$447,951
$8,088,453
$4,089,086
$552,487
$399,706
$6,242,246
$2,913,708
Loans Sold
$564,267
$396,735
$6,439,598
$3,203,749
Purchase Money %
86%
85%
61%
81%
Realized Gain on Sale Margin
2.13%
1.82%
3.31%
2.40%
Locked Pipeline (EOP)
$131,846
$68,654
$448,889
$68,654
Loans Held for Sale (EOP)
$210,075
$56,879
$504,416
$56,879
Balance of Loans Serviced (EOP)
$3,459,781
$3,381,485
$3,698,998
$3,381,485
Total Income
Total Expense
Income Before Tax
Net Income After Tax
$16,507
$13,347
$193,713
$79,906
$20,662
$17,097
$138,508
$88,983
$(4,155)
$(3,750)
$55,205
$(9,077)
$(3,335)
$(2,940)
$43,930
$(7,219)
Mortgage Banking Segment represents George Mason Mortgage and Crescent Mortgage Company. George Mason Mortgage,
founded in 1980, is headquartered in the Washington D.C. MSA with 10 offices located throughout Virginia, Maryland, and South
Carolina. Crescent Mortgage Company, founded in 1993, is headquartered in Atlanta, Georgia, and is primarily a
correspondent/wholesale mortgage company approved to originate loans in 48 states partnering with community banks, credit
unions and mortgage brokers.
The quarterly net fair value impact on mortgage banking derivatives and loans held for sale was $(2.3) million in 3Q22 and $0.3
million in 4Q22.
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