First Republic Bank (FRC) Tops Q2 EPS by 3c, Revenues Miss

First Republic Bank (NYSE: FRC) reported Q2 EPS of $1.20, $0.03 better than the analyst estimate of $1.17. Revenue for the quarter came in at $744.1 million versus the consensus estimate of $757.16 million.

“First Republic had an excellent second quarter and first half of the year,” said Jim Herbert, Chairman and CEO. “Our client-focused service model continues to attract many new households, and business remains very good across the enterprise.”

Quarterly Highlights

Financial Results

Year-over-year:

• Revenues were $744.1 million, up 16.0%.
  • Net income was $209.8 million, up 12.4%.
  • Diluted earnings per share of $1.20, up 13.2%.
  • Loan originations totaled $9.4 billion, our best quarter ever.
  • Tangible book value per share was $42.15, up 11.4%.
• Net interest margin was 2.95%, compared to 2.97% last quarter.
• Efficiency ratio was 63.5%, compared to 64.0% last quarter.

“Total revenues increased 16% and net interest income grew 15% compared to a year ago,” said Mike Roffler, Chief Financial Officer. “We are pleased to have very successfully accessed the capital markets with a perpetual preferred stock offering during the quarter.”

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

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