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Net interest, noninterest incomes boost First Republic Bank Q4'18 profit

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Net interest, noninterest incomes boost First Republic Bank Q4'18 profit

San Francisco-based First Republic Bank on Jan. 15 reported net income applicable to common shareholders of $215.2 million, or $1.29 per share, in the fourth quarter of 2018, up from net income of $180.0 million, or $1.10 per share, in the fourth quarter of the prior year.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the fourth quarter was $1.23.

First Republic Bank's net interest income for the fourth quarter of 2018 was $667.2 million, an increase of 17.3% from the year-ago period. The company's fourth-quarter 2018 noninterest income was $143.5 million, up 10.2% from the year-ago period.

Total loans were $75.87 billion as of Dec. 31, 2018, compared to $72.33 billion as of Sept. 30, 2018, and $62.84 billion as of Dec. 31, 2017.

Total deposits grew to $79.06 billion at Dec. 31, 2018, from $74.76 billion at Sept. 30, 2018, and $68.92 billion at Dec. 31, 2017.

Loan originations grew 12.2% year over year to $8.36 billion in the most recent quarter from $7.45 billion, primarily due to increases in multifamily and business lending, partially offset by a decline in single family refinance volume.

For full year 2018, the company reported net income of $796.1 million, or $4.81 per share, compared to net income of $699.6 million, or $4.31 per share, in the previous year.

The S&P Global Market Intelligence consensus GAAP EPS estimate for 2018 was $4.75.