Although First Republic Bank managed to grow its mortgage servicing portfolio and residential assets, quarterly home-lending volume receded.
Prior to the provision for income taxes, income at the financial institution came in at $202 million during the three months that ended on Sept. 30.
San Francisco-based First Republic provided the details, along with other financial and operational metrics, in its third-quarter earnings report.
Income was hardly changed from $201 million three months earlier but was lifted from $178 million one year earlier.
Residential loan originations totaled $3.260 billion during the
period that started on July 1, 2016, and concluded on Sept. 30.
Lending volume retreated from $3.416 billion in the second quarter but was boosted from $2.315 billion in the third-quarter 2015.
Third-quarter 2016 production included $2.805 billion in single-family lending and $0.455 billion in the origination of home-equity lines of credit.
For all nine months that have elapsed so far this year, overall residential production amounted to
$8.914 billion.
First Republic reported an additional $1.289 billion in commercial real estate loan originations during the latest three-month period.
CRE production inched up from $1.210 billion in the second quarter and $1.127 billion in the third-quarter 2015.
The most-recent period’s activity consisted of $0.567 billion in multifamily lending, $0.311 billion in commercial mortgage originations and $0.411 billion in construction lending.
During all three quarters so far in 2016, CRE originations totaled $3.569 billion.
As of September 2016, the third-party loan servicing portfolio was $11.494 billion. First Republic serviced $11.061 billion three months earlier and $10.550 billion one year earlier.
Residential assets finished last month at $27.499 billion, expanding from $26.705 billion as of mid-2016 and $24.590 billion as of the same point in 2015.
The Sept. 30, 2016, total consisted of $24.924 billion in single-family loans and $2.575 billion in HELOCs.
Another $12.777 billion in CRE loans resided on the balance sheet as of the most-recent date, growing from $12.311 billion at the end of the second quarter and $10.675 billion as of the close of the third-quarter 2015.
The latest CRE total was comprised of $6.227 billion in multifamily loans, $5.206 billion in commercial mortgages, $0.496 billion in single-family construction loans and $0.847 billion in multifamily construction assets.
