First Republic Bank (FRC) Tops Q1 EPS by 25c, Revenues Beat

First Republic Bank (NYSE: FRC) reported Q1 EPS of $1.79, $0.25 better than the analyst estimate of $1.54. Revenue for the quarter came in at $1.1 billion versus the consensus estimate of $1.09 billion.

Quarterly Highlights

Financial Results

– Year-over-year:

– Revenues were $1.1 billion, up 23.8%.

– Net interest income was $938.8 million, up 24.8%.

– Net income was $334.8 million, up 53.1%.

– Diluted earnings per share of $1.79, up 49.2%.

– Tangible book value per share was $59.98, up 14.5%.

– Loan originations totaled $15.7 billion, our strongest first quarter ever.

– Net interest margin was 2.67%, compared to 2.73% for the prior quarter.

– Efficiency ratio was 63.5% for both the first quarter of 2021 and 2020.

– Increased quarterly dividend by 10% to $0.22 per share.

“First Republic is off to a very strong start in 2021, driven by strong growth in loans, deposits and wealth management assets,” said Jim Herbert, Founder, Chairman and CEO. “Our client-centric business model continues to perform very well.”

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

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