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Wells Fargo, First Republic Bank drop following Q3 earnings releases

Stocks of Wells Fargo & Co. and First Republic Bank declined during morning trading on Oct. 13, after the companies released their third-quarter financial results.

At 10:51 a.m. ET, Wells Fargo had dropped 3.04% to $53.53, while First Republic Bank had retreated 5.80% to $96.25.

Wells Fargo reported net income applicable to common shares of $4.18 billion, or 84 cents per share, for the third quarter, down from $5.24 billion, or $1.03 per share, a year ago. The company's third-quarter results included a $1 billion litigation accrual due to mortgage-related regulatory investigations.

San Francisco-based First Republic Bank's net income applicable to common shares grew to $185.7 million, or $1.14 per share, from $154.4 million, or $1.00 per share, in the previous year. The S&P Capital IQ consensus estimate for normalized EPS for the third quarter was $1.15.

At 10:53 a.m. ET, the SNL U.S. Bank Index had lost 0.64% to 570.94, while the SNL U.S. Thrift Index had fallen 0.29% to 942.99. The Dow Jones Industrial Average had added 0.11% to 22,866.72, the S&P 500 had gained 0.18% to 2,555.60 and the Nasdaq Composite Index had increased 0.29% to 6,610.49.

S&P Dow Jones Indices and S&P Global Market Intelligence are owned by S&P Global Inc. Market prices and index values are current as of the time of publication and are subject to change.