Loan originations hit a record $16.7 billion in the fourth quarter, though executives caution that a recent rise in mortgage rates could slow refinancing activity.
The San Francisco bank reported record loan originations thanks to explosive growth in single-family home loans, and profits beat analysts' expectations.
Home purchases in markets outside of cities accounted for some of the San Francisco bank's loan growth. Executives believe this will be a long-term trend because a generous supply of inventory in less populated areas will appeal to buyers.
For First Republic Bank in San Francisco, “the pain index is likely somewhere between excruciating and traumatic,” says one expert. But few realize how much the bank got for its money.
For First Republic Bank in San Francisco, “the pain index is likely somewhere between excruciating and traumatic,” says one expert. But few realize how much the bank got for its money.
The company has appointed President Gaye Erkan to its board of directors, potentially positioning her to replace longtime CEO James Herbert when he eventually retires.
Student loan debt — now at $1.5 trillion in the U.S. — is arguably the greatest pain point for consumers in their 20s and 30s. To court that demographic, banks are increasingly offering help with refinancing and repayment.
