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First Republic Bank reports higher Q2 net income

SanFrancisco-based First RepublicBank on July 14 reported second-quarter net income available tocommon shareholders of $147.6 million, or 97 cents per share, compared to$116.9 million, or 80 centsper share, in the year-ago period.

TheS&P Capital IQ consensus normalized EPS estimate for the recent quarter was90 cents.

Totalrevenues were $535.1 million, up 17.5% compared to the 2015 second quarter.Wealth management revenues, which represented 13% of total revenues for thesecond quarter, totaled $70.6 million, up 27.4% compared to the same period in2015.

Thebank's net interest margin was 3.21% for the three months ending June 30,compared to 3.20% for the prior quarter and 3.30% for the second quarter of2015. The core NIM was 3.16%, compared to 3.14% for the linked quarter and3.12% for the second quarter of 2015.

Noninterestincome was $93.5 million, up 16.5% compared to the second quarter a year ago, whichwas primarily from increased wealth management revenues, according to a newsrelease. Noninterest expense stood at $320.1 million, up 21.7% from the secondquarter of last year. First Republic Bank said the increase was primarily dueto increased salaries and benefits from the continued expansion of thefranchise, along with growth across all areas of the bank.

FirstRepublic Bank's nonperforming assets totaled $59.1 million as of June 30,compared to $60.6 million as of March 31 and $55.9 million as of June 30, 2015.The bank had net charge-offs of $1.0 million for the second quarter, whileadding $14.2 million to its allowance for loan losses due to continued loangrowth.