Mortgage production, servicing and assets at First Republic Bank all increased on a quarter-over-quarter and year-over-year basis.
Fourth-quarter 2016 earnings data indicate that prior to income taxes, there was a $229 million profit at the 32-year-old
company.
San Francisco-based First Republic earned more than $202 million in the previous three-month period and $182 million a year earlier.
First Republic originated $3.517 billion in consumer residential loans during the three months ended Dec. 31, 2016. Business
ascended from $3.260 billion in the third quarter and $2.034 billion in the final three months of 2015.
Fourth-quarter 2016 volume consisted of $3.064 billion in single-family loans and $0.452 billion in home-equity lines of credit.
Full-year 2016 residential production amounted to $12.431 billion, including $10.616 billion in single-family business and $1.815 billion in HELOC activity. Full-year overall originations increased from $9.209 billion during 2015.
First Republic serviced $11.655 billion in residential loans for third parties as of the close of last year, The servicing portfolio was up from $11.494 billion
as of Sept. 30, 2016, and $10.531 billion as of year-end 2015.
The bank had $28.857 billion in residential assets on its balance sheet as of New Years Eve, including $26.235 billion in single-family loans and $2.622 billion in HELOCs. The balance grew from $27.499 billion three months earlier and $25.463 billion as of Dec. 31, 2015.
Within First Republic’s commercial real estate unit, loan originations surged to $1.670 billion from $1.289 billion in the third quarter and $0.900 billion in the fourth-quarter 2015.
The most-recent three-month period was comprised of $0.743 billion in multifamily loans, $0.447 billion in commercial mortgages and $0.480 billion in construction loans.
From Jan. 1, 2016, through Dec. 31, overall CRE production was $5.239 billion — including $2.453 billion in multifamily loans, $1.355 billion in commercial mortgages and $1.342 billion in construction loans. Full-year 2015 CRE originations came to $4.097 billion.
CRE loans on First Republic’s balance sheet came to $13.599 billion as of year-end 2016, expanding from $12.777 billion as of the close of the third quarter and $10.964 billion as of the end o 2015. Last month’s CRE investments were made up of $6.688 billion in multifamily loans, $5.485 billion in commercial mortgages, $0.497 billion in single-family construction loans and $0.929 billion in multifamily construction loans.
