First Republic Bank (FRC) Tops Q3 EPS by 23c, Revenues Beat

First Republic Bank (NYSE: FRC) reported Q3 EPS of $1.61, $0.23 better than the analyst estimate of $1.38. Revenue for the quarter came in at $1 billion versus the consensus estimate of $954.99 million.

Financial Results

• Year-over-year:
  • Revenues were $1.0 billion, up 19.6%.
  • Net interest income was $830.3 million, up 19.5%.
  • Net income was $293.1 million, up 24.8%.
  • Diluted earnings per share of $1.61, up 22.9% (included $0.09 positive impact from discounts on loans sold, insurance proceeds and an amended tax return refund).
  • Tangible book value per share was $55.00, up 12.6%.
• Loan originations totaled $12.2 billion, our best quarter ever.
• Net interest margin was 2.71%, compared to 2.70% for the prior quarter.
• Efficiency ratio was 60.7%, compared to 62.0% for the prior quarter.

“First Republic’s client-centric business model delivered another quarter of safe, consistent growth,” said Jim Herbert, Founder, Chairman and CEO of First Republic. “Lending, deposits and wealth management all continued to grow strongly due to our focus on exceptional, differentiated client service.”

“We’re very pleased with the double-digit growth of revenue, net interest income and earnings per share, both this quarter and year to date,” said Mike Roffler, Chief Financial Officer. “Credit quality, capital and liquidity remain strong. We’re pleased to have raised $500 million of Tier 1 fixed-for-life perpetual, preferred stock during the quarter at the lowest dividend rate ever for a bank.”

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

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