UPDATE: First Republic Bank (FRC) Misses Q4 EPS by 2c, Miss on Revenues

(Updated corrects consensus figure to comparable figure of $1.12)

First Republic Bank (NYSE: FRC) reported Q4 EPS of $1.10, $0.02 worse than the analyst estimate of $1.12. Revenue for the quarter came in at $699.2 million versus the consensus estimate of $740.34 million.

Quarterly Highlights

Compared to last year’s fourth quarter:

• Diluted EPS of $1.10, up 6.8%.
• Revenues were $699.2 million, up 16.6%.
• Net interest income was $568.9 million, up 15.9%.
• Net income was $194.3 million, up 8.5%.
• Loan originations were $7.4 billion, our second best quarter ever.
• Loans sold totaled $969.2 million for the quarter.
• Net credit recoveries were $1.1 million.
• Net interest margin was 3.08%, compared to 3.09% for the prior quarter.
• Efficiency ratio was 63.7%, compared to 62.4% for the prior quarter.
• Wealth management assets were $107.0 billion, up 5.5% from the prior quarter.

“We are very pleased that both revenue and net interest income grew 18% for the year,” said Mike Roffler, Chief Financial Officer. “Asset quality remains excellent and capital is strong.”

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

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