First Republic Bank (FRC) Tops Q4 EPS by 6c, Revenues Beat

First Republic Bank (NYSE: FRC) reported Q4 EPS of $1.29, $0.06 better than the analyst estimate of $1.23. Revenue for the quarter came in at $810.8 million versus the consensus estimate of $792.94 million.

“Results for 2018 were excellent,” said Jim Herbert, Chairman and CEO. “Organic growth continues to be strong across the franchise. Our client-focused business model is driving our growth and delivering consistent results in all types of economic conditions.”

• Compared to last year’s fourth quarter:
  • Revenues were $810.8 million, up 16.0%.
  • Net interest income was $667.2 million, up 17.3%.
  • Net income was $231.4 million, up 19.1%.
  • Diluted EPS of $1.29, up 17.3%.
• Loan originations were $8.4 billion, our best fourth quarter ever.
• Loans sold totaled $263.7 million for the quarter.
• Net charge-offs were $1.9 million.
• Net interest margin was 2.98%, compared to 2.94% for the prior quarter. The fourth quarter’s net interest margin included a 2 basis point positive impact from an FHLB special dividend.
• Efficiency ratio was 61.5%, compared to 63.0% for the prior quarter (includes 0.4% positive impact from an FHLB special dividend).
• Wealth management assets were $126.2 billion, down 3.6% from the prior quarter due to market declines.

“First Republic’s differentiated business model continues to perform very well,” said Mike Roffler, Chief Financial Officer. “Loans, deposits and wealth management assets all grew nicely, and client acquisition remains strong. We’re very pleased with revenue growth of 17% and net interest income growth of 16% for the full year 2018. Capital and credit quality remain consistently strong.”

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

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Silexion Therapeutics (SLXN) Tops Q2 EPS by 793c
• Z Squared outlines AI power strategy and Paradox Data acquisition