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First Republic Earnings, Mortgage Assets Increase

Although quarterly home lending was significantly lower at First Republic Bank, residential asset holdings expanded and earnings were stronger.

Before the provision for income taxes, the San Francisco-based company earned $246 million, according to its first-quarter earnings report.

First Republic’s
earnings improved from $214 billion in the same three months last year and $237 in the preceding three-month period.

Residential loan originations totaled $2.673 billion in the first-three months of this year, tumbling from $3.445 billion in the fourth-quarter 2017 and $2.931 billion in the first-quarter 2017. The most-recent total reflected $2.327 billion in single-family loans and $0.346 billion in home-equity lines of credit.

Commercial real estate loan production came to $1.502 billion in the first-quarter 2018, about the same as $1.508 billion the prior quarter and much better than $1.043 billion a year prior.

As of March 31, First Republic serviced
$12.192 billion in home loans for third parties, less than $12.495 billion three months earlier but more than $11.838 billion one year earlier.

Residential assets finished last month $34.786 billion — including $32.211 billion in mortgages and $2.575 billion in HELOCs. The total was $34.244 as of year-end 2017 and $30.060 billion as of the same date in 2017.

First Republic also owned $17.205 billion in CRE assets — including $9.153 billion in multifamily loans, $6.174 billion in commercial mortgages and $1.878 billion in construction loans. The CRE total expanded from $16.431 billion
as of year-end 2017 and $14.052 billion at the same point last year.

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