A bronze plaque showing First Republic Bank's logo at its Back Bay branch in Boston in 2020.

Banker & Tradesman file photo

Prior to its failure and sale to JPMorgan Chase early Monday morning, First Republic Bank had been among Massachusetts’ top residential mortgage lenders

Only Arlington-based Leader Bank beat it out in total purchase mortgage volume among bank lenders in 2022 and 2021, according to The Warren Group, publisher of Banker & Tradesman.

First Republic’s $1.75 billion in residential purchase mortgages last year represented 9 percent of the volume among bank lenders in the state and 4.2 percent of all mortgage purchase volume. In 2021, First Republic had nearly $2 billion in purchase volume in Massachusetts, representing 6 percent of bank lending volume and 2.5 percent of all purchase volume.

First Republic did 90 percent of its nearly 1,500 residential purchase mortgages in the Greater Boston counties of Suffolk, Middlesex, Norfolk and Essex last year and was Suffolk County’s top lender with 576 mortgages for $572 million.

JPMorgan Chase did 63 residential purchase loans for $52.1 million in Suffolk County last year. For all of Massachusetts in 2022, JPMorgan Chase did 534 purchase mortgages for about $446.4 million.

For commercial real estate, First Republic did 26 purchase loans for $81.1 million in Massachusetts last year with 65 percent of the loans in Suffolk County. The bank in 2021 had done 20 purchase loans for $47.1 million in the state, with half of those loans in Suffolk County. Massachusetts had more than 3,500 commercial real estate purchase loans last year for about $14.9 billion.

First Republic also refinanced 72 commercial real estate loans for $421.35 million in 2022 and 61 loans for $144.55 million in 2021.

One area where it wasn’t a major player, unlike the former Silicon Valley Bank, was affordable housing finance.

“First Republic does some charitable giving in the community development sector, and that is important, but the bank is not understood by our members as a player in the affordable housing sector. They may be involved in an isolated deal, here or there, but they don’t belong in the same conversation with SVB, in this sense,” Kevin Murray, interim executive director of the Massachusetts Association of Community Development Corporations, said in an email to Banker & Tradesman.

Still, said Partnership for Financial Equity Executive Director Tom Callahan, many in the Greater Boston community development community had been hoping that First Republic might grow into the void left by SVB, which had been a major buyer of low-income housing tax credits used to finance affordable developments, and a participant in the Massachusetts Housing Partnership’s ONE Mortgage program.

Banker & Tradesman staff writer James Sanna contributed to this report.

First Republic’s Local Impact By the Numbers

by Diane McLaughlin time to read: 2 min
0