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According to Market Intelligence, April 2023

First Republic Bank's Q3 net income up 20.3% YOY

San Francisco-based First Republic Bank on Oct. 13 posted a 20.3% year-over-year increase in third-quarter results.

Net income applicable to common shares rose to $185.7 million, or $1.14 per share, from net income of $154.4 million, or $1.00 per share, a year ago.

The S&P Capital IQ consensus estimate for normalized EPS for the third quarter was $1.15.

The bank's net interest margin for the quarter was 3.09%, down from 3.16% in the linked quarter.

The company recorded a provision for loan losses of $10.1 million, compared to $23.9 million in the previous quarter and down from $18.0 million a year earlier.

Loan originations grew to $7.24 billion, compared to $6.48 billion a year ago.

Total revenues were $670.3 million, with wealth management revenues contributing 13.2% of the total revenues for the quarter. The company's wealth management assets also climbed to $101.3 billion. The growth was driven by net new assets from existing and new clients and market appreciation.

Efficiency ratio for the third quarter was 62.4%, up from 61.9% in the linked quarter and up from 60.5% a year ago.

Net charge-offs for the quarter were $655,000, compared to $609,000 in the second quarter and $626,000 a year ago.

At the end of the third quarter, nonperforming assets totaled $37.9 million, down from $45.3 million in the linked quarter and a decrease from $54.0 million a year ago.