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Mortgage Origination Surge at First Republic

Quarterly mortgage originations moved sharply higher at First Republic Bank. Also expanding were company-wide earnings, the servicing portfolio and single-family holdings.

In its second-quarter earnings report, the San Francisco-based bank-holding company disclosed $252 million in income before the provision for income taxes.

First Republic’s earnings crept up from $220 million in the first-three months of last year. The improvement wasn’t quite as significant versus the prior period, when earnings were $246 million.

Home-lending volume jumped to $3.541 billion
during the three months ended mid-2018 from $2.673 billion in the first quarter. Business was also slightly better than $3.477 billion in the second quarter of last year.

Second-quarter 2018 production was made up of $3.125 billion in single-family volume and $0.416 billion in the origination of home-equity lines of credit.

During the six months ended June 30, 2018, originations amounted to $6.214 billion.

First Republic serviced $12.374 billion for investors. The servicing portfolio grew from $12.192 billion the preceding quarter and $11.791 billion in the same period last year.

The financial institution’s investment portfolio included of $36.890 billion in residential loans. The portfolio was greater than $34.786 billion three months prior and $31.760 billion one year prior.

Most recently, residential assets consisted of $34.277 billion in mortgages and $2.614 billion in HELOCs.

In its commercial real estate business, originations rose to $1.648 billion from $1.502 billion and were also up from $1.479 billion the same three months in 2017. CRE production was comprised of $0.922 billion in multifamily loans, $0.342 billion in commercial mortgages and $0.384 billion in construction loans.

CRE
holdings came to $17.964 billion, also growing from March 31, when the balance was $17.205 billion. As of mid-year 2017, First Republic owned just $14.774 billion in CRE assets. Last month’s total was made up of $9.707 billion in multifamily loans, $6.321 billion in commercial mortgages and $1.935 billion in construction loans.

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