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First Republic 2017 Mortgage Originations Up

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Although quarterly residential lending turned lower at First Republic Bank, annual activity increased. The mortgage servicing portfolio continued to grow.

In its fourth-quarter 2017 earnings report, the San Francisco-based financial institution revealed $237 million in income before the provision for income taxes.

Earnings improved from $229 million during the final-three months of 2016. But income was shy of the $242 million earned in the preceding three-month period.

A one-time revaluation adjustment of $40 million was related to the Tax Cuts and Jobs Act.

Residential loan originations came to $3.445 billion during the three months ended Dec. 31, 2017. Business dipped from $3.447 billion in the third quarter and fell from $3.517 billion in the fourth-quarter 2016.

Most recently, production included $3.011 billion in mortgages and $0.434 billion in home-equity lines of credit.

Full-year 2017 originations amounted to $13.300 billion, more than $12.431 billion in 2016.

As of year-end 2017, First Republic serviced $12.495 billion in residential loans for third parties.
The servicing portfolio expanded from $12.111 billion three months earlier and $11.655 billion one year earlier.

First Republic owned $34.244 billion in residential assets, including $31.508 billion in mortgages and $2.736 billion in
HELOCs. The total increased from $32.468 billion as of Sept. 30 and $28.902 billion as of year-end 2016.

First Republic originated $1.508 billion in commercial real estate loans — including $0.842 billion in multifamily loans, $0.335 billion in commercial mortgages and $0.332 billion in construction loans. CRE volume rose from $1.417 billion in the three months ended Sept. 30 but was off from $1.670 billion in the final-three months of 2016.

For all of 2017, CRE originations
totaled $5.448 billion versus $5.239 billion in 2016.

CRE assets ended last year at $16.431 billion and included $8.640 billion in multifamily loans, $6.083 billion in commercial mortgages and $1.708 billion in construction loans. CRE investments grew from $1.604 billion three months prior and $1.414 billion a year prior.

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