First Republic Bank (FRC) Tops Q2 EPS by 23c, Revenues Beat

First Republic Bank (NYSE: FRC) reported Q2 EPS of $1.40, $0.23 better than the analyst estimate of $1.17. Revenue for the quarter came in at $919 million versus the consensus estimate of $912.52 million.

Quarterly Highlights - Financial Results (Year-over-year):

• Revenues were $919.0 million, up 12.2%.
• Net interest income was $787.4 million, up 16.8%.
• Provision for credit losses was $31.1 million, compared to $21.2 million for the second quarter of 2019.
• Net income was $256.8 million, up 15.4%.
• Diluted earnings per share of $1.40, up 12.9%.
• Tangible book value per share was $53.46, up 12.2%.
• Loan originations totaled $11.4 billion (excluding originations under the Small Business Administration’s Paycheck Protection Program (“PPP”)), our best quarter ever.
• Net interest margin was 2.70%, compared to 2.74% for the prior quarter.
• Efficiency ratio was 62.0%, compared to 63.5% for the prior quarter. (1)

“Second quarter results were very strong,” said Jim Herbert, Founder, Chairman and CEO of First Republic. “Loan origination volume was our best ever, while deposits and wealth management assets also grew very nicely. Since its founding 35 years ago, First Republic’s simple, conservative, client-centric business model has delivered consistently strong results.”

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

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