First Republic Bank (FRC) Tops Q4 EPS by 2c

First Republic Bank (NYSE: FRC) reported Q4 EPS of $1.03, $0.02 better than the analyst estimate of $1.01. Revenue for the quarter came in at $599.5 million versus the consensus estimate of $620.92 million.

"Results for the fourth quarter 2016 and full year were very strong and were a record in many respects," said Jim Herbert, Chairman and CEO. "Asset quality remains excellent. We are also pleased to have completed the acquisition of Gradifi, the leading provider of student debt repayment benefit plans."

– Compared to last year’s fourth quarter:

– Revenues were $599.5 million, up 21.1%.

– Net income was $179.1 million, up 27.9%.

– Diluted EPS of $1.03, up 22.6%.

– Loan originations were a record $7.9 billion for the quarter.

– Net interest margin was 3.16% for both the fourth quarter of 2016 and the prior quarter.

– Core net interest margin was 3.08%, compared to 3.11% for the prior quarter. (2)

– Efficiency ratio was 60.1%, compared to 60.5% for the prior quarter.

– Wealth management assets were $83.6 billion, up 4.2% from the prior quarter.

“Revenue growth was strong, and net interest margin remained stable,” said Mike Roffler, Chief Financial Officer. “During the fourth quarter, we were pleased to complete another successful common stock offering, bringing total new capital raised in 2016 to over $1 billion.”

For earnings history and earnings-related data on First Republic Bank (FRC) click here.

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