First Republic Bank (FRC) Tops Q4 EPS by 12c, Revenues Beat

First Republic Bank (NYSE: FRC) reported Q4 EPS of $1.39, $0.12 better than the analyst estimate of $1.27. Revenue for the quarter came in at $877.5 million versus the consensus estimate of $858.45 million.

“2019 was another very strong year across the board,” said Founder, Chairman and CEO Jim Herbert. “Loans, deposits and wealth management assets all grew nicely. Our results continue to reflect the strength of our unique, client-focused service model.”

Quarterly Highlights

• Compared to last year’s fourth quarter:
• Revenues were $877.5 million, up 8.2%.
• Net interest income was $720.1 million, up 7.9%.
• Net income was $246.3 million, up 6.4%.
• Diluted EPS of $1.39, up 7.8%.
• Loan originations were $11.2 billion, our best quarter ever.
• Net recoveries were $1.1 million.
• Net interest margin was 2.73%, compared to 2.80% for the prior quarter.
• Efficiency ratio was 63.7%, compared to 63.8% for the prior quarter.
• Wealth management assets were $151.0 billion, up 7.7% from the prior quarter.

“We’re pleased with revenue growth of 9.7% and net interest income growth of 10.5% for the year, despite a very challenging interest rate environment in 2019,” said Chief Financial Officer Mike Roffler. “Capital and credit quality remain excellent.”

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

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