First Republic Bank (FRC: Quote) Wednesday reported a higher fourth-quarter profit, as total revenues grew about 14 percent, with rise in both interest and non-interest income.
Net income available in the quarter to common shareholders increased to $103.58 million or $0.77 per share from $90.69 million or $0.68 per share in the previous year. Excluding items, earnings were $0.61 per share, while the company posted $0.44 per share a year earlier.
On average, 15 analysts polled by Thomson Reuters expected the company to earn $0.73 per share for the quarter. Analysts’ estimates typically exclude special items.
Total revenues for the quarter grew 14 percent to $357.9 million. Excluding the impact of purchase accounting, revenues were $316.9 million, up 25 percent from a year ago. Analysts estimated revenues of $310.87 million for the quarter.
Net interest income increased to $302.33 million from $285.54 million reported last year. Total non-interest income totaled $55.61 million, up from $29.40 million in the preceding year. .
Net interest margin decreased to 4.02 percent from 4.53 percent a year ago. Excluding the impact of purchase accounting, net interest margin was 3.46 percent, compared to 3.55 percent in the prior year.
Provision for loan losses was $17.20 million, higher than $16.16 million in the same quarter a year ago.
For the full year, the company posted net income available to common shareholders of $370.53 million or $2.76 per share, higher than $352.09 million or $2.65 per share in the prior year. Non-GAAP earnings totaled $2.15 per share. Total revenues for 2012 were $1.3 billion, up 13 percent from the year 2011.
Net interest income for the year rose to $1.17 billion from $1.07 billion a year earlier. Total non-interest income was $168.73 million, up from $117.93 million in the previous year.
Jim Herbert, chairman and chief executive officer of the company said, “Core earnings per share increased 28% in 2012, while loans, deposits, business banking and wealth management assets all grew strongly. Credit quality and capital ratios are strong.”
As at December 31, 2012, deposits increased 21 percent to $27.1 billion.
FRC closed Tuesday’s regular trading at $34.54 on the NYSE.
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by RTT Staff Writer
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