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Mortgage Business Expands at First Republic Bank

Single-family lending activity was stronger than a year ago at First Republic Bank. The residential servicing and asset portfolios both continued to expand.

The San Francisco-based organization said in its third-quarter 2017 earnings report that income before the provision for income taxes was $242 million in the three months ended Sept. 30.

That was a solid improvement
over the same quarterly period last year, when First Republic earned $202 million. Earnings also ascended from $220 billion in the prior quarter.

Residential loan originations came to $3.447 billion during the latest period, about the same as the $3.477 billion in production the prior quarter. But business was better than $3.260 billion
a year prior. Third-quarter 2017 volume was made up of $2.987 billion in single-family loans and $0.460 billion in home-equity lines of credit.

For all three quarters that have elapsed so far in 2017, home lending was $9.855 billion.

The bank’s third-party mortgage servicing portfolio climbed to $12.111 billion from $11.791 billion three months earlier and $11.494 billion one year earlier.

First Republic owned $32.468 billion in residential assets at the conclusion of last month, growing the portfolio from $31.760 billion as of mid-2017 and an upwardly revised $27.528 billion on the same date in 2016. The latest figure consisted of $29.800 billion in single-family mortgages and $2.669 billion in HELOCs.

Commercial real estate loan originations dipped to $1.417 billion from $1.479 billion in the second quarter but were elevated from $1.289 billion in the same three months during 2016. The most-recent volume included $0.805 billion in multifamily loans, $0.198 billion in commercial mortgages and $0.414 billion in construction loans.

From Jan. 1, 2017, through the end of last month, CRE loan production was $3.940 billion.

CRE
holdings expanded to $15.544 billion from $14.774 billion and were significantly greater than a downwardly revised $12.735 billion in the report from a year ago. Most recently, CRE assets were comprised of $8.060 billion in multifamily loans, $5.879 billion in commercial mortgages and $1.604 billion in construction loans.

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