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.
Source: Mortgage Daily