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First Republic Bank net income jumps YOY in Q3

San Francisco-based First Republic Bank reported third-quarter net income available to common shareholders of $222.1 million, or $1.31 per share, up from $196.4 million, or $1.19 per share, in the year-ago period.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the second quarter was $1.21.

On a fully taxable-equivalent basis, net interest margin for the most recent quarter was 2.80%, a decrease from 2.85% in the previous quarter and a decrease from 2.94% in the year-ago period. First Republic Bank attributed the quarter-over-quarter decline to a more rapid decrease in the average yield on loans, compared to the offsetting decrease in total funding costs.

Net interest income for the third quarter was $695.0 million, an increase from $634.5 million a year ago. The increase in net interest income resulted primarily from growth in average earning assets.

Total noninterest income grew to $142.2 million from $134.4 million, attributable to the growth in brokerage and investment fees and foreign exchange fee income, partially offset by a decline in investment management fees attributable to the departure of wealth managers in the second quarter.

Year on year, the company's total interest expenses rose to $214.8 million from $145.6 million.

Net loan charge-offs were $4.3 million, an increase from $185,000 in the year-ago period.

Total loans at the end of the most recent quarter stood at $86.30 billion, compared with $82.24 billion at the end of the second quarter and $72.33 billion at the end of the third quarter of 2018.

Deposits at the end of the third quarter totaled $85.72 billion, compared with $83.43 billion at the end of the previous quarter and $74.76 billion at the end of the year-ago quarter.