First Republic Bank (FRC) Tops Q1 EPS by 18c, Revenues Beat

First Republic Bank (NYSE: FRC) reported Q1 EPS of $1.20, $0.18 better than the analyst estimate of $1.02. Revenue for the quarter came in at $916.2 million versus the consensus estimate of $872.54 million.

“Results for the first quarter were strong,” said Jim Herbert, Founder, Chairman and CEO of First Republic. “In these very unusual times, our strength and durability, coupled with a time-tested culture of service, enable us to take great care of our colleagues, communities, and clients.”

Quarterly Highlights

Year-over year:

• Revenues were $916.2 million, up 13.5%.
• Net interest income was $752.1 million, up 11.4%.
• Provision for credit losses and unfunded loan commitments was $62.4 million, compared to $14.0 million for the first quarter of 2019.
• Net income was $218.7 million, down 3.5%.
• Diluted earnings per share of $1.20, down 4.8%.
• Tangible book value per share was $52.40, up 11.9%.
• Loan originations totaled $10.3 billion.
• Net interest margin was 2.74%, compared to 2.73% for the prior quarter.
• Efficiency ratio was 65.1%, compared to 65.0% for the first quarter of 2019.

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

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