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First Republic records recoveries instead of charge-offs; Q1 earnings rise

on April 14reported first-quarter net income available to common shareholders of $132.4million, or 88 cents per share. It was $102.0 million, or 71 cents per share,in the first quarter of 2015.

TheS&P Capital IQ consensus normalized EPS estimate for the recent quarter was81 cents.

Investmentmanagement fees grew to 52.8 million; brokerage and investment fees increasedto $7.9 million. The San Francisco-based company also touted higher wealthmanagement revenues and a greater amount of high-quality liquid assets, whichcomprised 11.2% of total assets as of March 31.

Onthe other hand, expenses for FDIC assessments and information systems were alsoup.

Netinterest margin was 3.20%, up from 3.10% in the linked quarter but down from3.21% a year ago.

Totalnonperforming assets decreased sequentially to $60.6 million from $73.5million. The provision for loan losses was $4.5 million, down from the previousquarter's $11.9 million and the year-ago period's $12.0 million. First Republicalso recorded recoveries of $29,000, compared with net charge-offs of $1.4million in the previous quarter and of $13,000 in the first quarter of 2015.

Thecompany also increased its quarterly cash dividend to 16 cents per share, upfrom the previous 15 cents. It will be paid out on May 12 to shareholders ofrecord as of April 28.