First Republic Bank (FRC) Misses Q3 EPS by 2c, Miss on Revenues

First Republic Bank (NYSE: FRC) reported Q3 EPS of $1.19, $0.02 worse than the analyst estimate of $1.21. Revenue for the quarter came in at $768.8 million versus the consensus estimate of $770.41 million.

“First Republic had a terrific quarter,” said Jim Herbert, Chairman and CEO. “Growth and new client acquisition across the franchise remain very strong. Credit quality remains excellent.”

Quarterly Highlights

• Year-over-year:
  • Revenues were $768.8 million, up 14.7%.
  • Net income was $213.5 million, up 6.8%.
  • Diluted earnings per share of $1.19, up 4.4%.
  • Loan originations totaled $7.0 billion.
  • Tangible book value per share was $44.00, up 13.1%.
• Net interest margin was 2.94%, compared to 2.95% last quarter.
• Efficiency ratio was 63.0%, compared to 63.5% last quarter.

“Total revenues and net interest income both increased 15% compared to a year ago,” said Mike Roffler, Chief Financial Officer. “We are pleased that the efficiency ratio remained stable, while we continue to invest in the franchise.”

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

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