The numbers are dropping this quarter—fewer banks are reporting bank owned multifamily property, and there has been a slight decrease in the total dollar volume since last quarter. Fewer banks reported Newly Late Multifamily real estate loans with a decrease in the total dollar volume, and fewer banks reported Non-Performing Multifamily real estate loans, again, with a decrease in the total dollar value.
Now, let’s take a closer look at the specific breakdown.
Q1 2014 Multifamily REO and NPL Update
Multifamily REO Slowly Decreasing
In the most recent filing (Q1 2014) 482 Banks reported a total multifamily REO volume of $699.2MM. That’s a difference of 22 banks (reporting any bank owned multifamily property) and a $2.263MM decrease in total dollar volume of multifamily real estate owned from the previous quarter.
Multifamily REO Currently Represents 3.15% of the Total Amount of REO on Banks’ Books
The total percentage of multifamily REO relative to the 4 other types of reported real estate owned by banks remained virtually the same.
Fewer Banks Reported Newly Late Multifamily Real Estate Loans, $128MM Decrease
Nine fewer banks reported newly late MRE loans than reported the same in the previous quarter for a total decrease of $128MM.
Fewer Banks Report Non-Performing MRE Loans, Total Book Down $173MM
824 Banks—42 fewer than last quarter—are reporting owner-occupied multifamily commercial real estate loans in non-accrual status with a total dollar volume of $1.56B—a $137.6MM drop from last quarter. 123 Banks—same as last quarter—are reporting $435MM in non-owner occupied non-accrual MRE notes—a $35MM drop from last quarter.
Q1 2014 Late and Non-Accrual MRE Notes by the Numbers
Multifamily Real Estate (Loans)
- 30-89 Days Late: $752,420,000 at 516 banks
- 90+ Days Late: $435,367,000 at 123 banks
- Non-Accrual: $1,562,150,000 at 824 banks
Top 5 Banks with Multifamily REO
- Wells Fargo Bank, National Association, Sioux Falls SD $79,000,000
- New York Community Bank, Westbury NY $59,322,000
- PNC Bank, National Association, Wilmington DE $29,236,000
- Santander Bank, N. A., Wilmington DE $20,268,000
- Banco Popular de Puerto Rico, San Juan PR $13,000,000
Top 5 Banks with Multifamily Loans 30-89 Days Late
- Bank of America, N. A., Charlotte NC $70,000,000
- U. S. Bank National Association, Cincinnati OH $58,093,000
- JPMorgan Chase Bank, National Association, Columbus OH $51,000,000
- Wells Fargo Bank, National Association, Sioux Falls SD $27,000,000
- Branch Banking and Trust Company, Winston-Salem NC $21,460,000
Top 5 Banks with Multifamily Loans 90+ Days Late
- North Community Bank, Chicago IL $55,493,000
- City National Bank, Los Angeles CA $29,803,000
- First-Citizens Bank & Trust Company, Raleigh NC $27,034,000
- Urban Partnership Bank, Chicago IL $26,111,000
- Citibank, N. A., Sioux Falls SD $26,000,000
Top 5 Banks with Non-Accrual Multifamily Estate Loans
- JPMorgan Chase Bank, National Association, Columbus OH $183,000,000
- Wells Fargo Bank, National Association, Sioux Falls SD $111,000,000
- PNC Bank, National Association, Wilmington DE $96,179,000
- New York Community Bank, Westbury NY $67,712,000
- Regions Bank, Birmingham AL $38,203,000
See more of the stats and charts at: http://www.distressedpro.com/app/banks/multifamily/