CRB Almost Doubles Auto Originations | Auto Finance News | Auto Finance News

CRB Almost Doubles Auto Originations

Over the past year, California Republic Bank has been busy pumping up its auto lending business to the tune of 99% in year over year loan growth business.

carmoneyIn its first quarter 2014 earnings report Monday the bank said that prime auto loan originations grew to $229 million, compared to the $115 million the same time last year.

The bank said that the significant origination growth in auto loans had not sacrificed credit quality because CRB has maintained stable and consistent borrower credit attributes, demographics, and loan structure.

Total serviced loans outstanding as of March 31, 2014 increased to $1.2 billion, a $538 million increase over the previous year.

Among other auto related first quarter developments at the bank, CRB also completed a $223-million prime automobile loan securitization transaction in the first quarter. The bank sold all remaining residual interest in the securitized receivables through a sale of the underlying ownership certificates of the securitization trust through a private placement transaction under Rule 144A to qualified institutional buyers.

“On the liabilities side of the balance sheet, we continue to grow our noninterest-bearing demand deposit accounts at a strong pace, while on the asset side, our run rate for both auto and commercial loans continues to accelerate,” said John DeCero, the bank’s president.

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