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First Republic Bank sees higher Q3 profit amid loan, deposit growth

San Francisco-based First Republic Bank on Oct. 12 posted a 5.8% year-over-year rise in third-quarter profit.

Net income available to common shares climbed to $196.4 million, or $1.19 per share, from net income of $185.7 million, or $1.14 per share, in the third quarter of the prior year.

The S&P Global Market Intelligence consensus estimate for GAAP EPS for the third quarter was $1.20.

Total revenues rose 14.7% year over year to $768.8 million. Non-interest income stood at $134.4 million, up from the year-ago period's $119.3 million, boosted by higher wealth management revenues.

"Growth and new client acquisition across the franchise remain very strong," said Chairman and CEO Jim Herbert. "Credit quality remains excellent."

Total loans expanded 22% compared to the year-ago period and grew 5% from the prior quarter to $72.33 billion. The year-over-year increase was mainly due to growth in single family, business and multifamily loans. Loan originations, however, were down 3.0% to $7.03 billion due to a decrease in single family refinance volume.

Deposits rose 14% compared to the third quarter of 2017 and expanded 3% from the second quarter to $74.76 billion. Additionally, checking accounts totaled 60% of deposits at the end of the third quarter.

Nonperforming assets totaled $42.6 million at the end of the third quarter, compared with $50.9 million in the linked quarter and $37.9 million a year ago.