First Republic Reports First Quarter 2020 Results
FIRST REPUBLIC BANK (FRC)
Last first republic bank earnings: 4/14 06:50 am
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US:NYSE Investor Relations:
ir.firstrepublic.com
Company Research
Source: Business Wire
Revenues Increased 13% Year-Over-YearTangible Book Value Per Share Increased 12% Year-Over-Year SAN FRANCISCO--(BUSINESS WIRE)--First Republic Bank (NYSE: FRC) today announced financial results for the quarter ended March 31, 2020.“Results for the first quarter were strong,” said Jim Herbert, Founder, Chairman and CEO of First Republic. “In these very unusual times, our strength and durability, coupled with a time-tested culture of service, enable us to take great care of our colleagues, communities, and clients.”Quarterly HighlightsFinancial Results– Year-over year:– Revenues were $916.2 million, up 13.5%.– Net interest income was $752.1 million, up 11.4%.– Provision for credit losses and unfunded loan commitments was $62.4 million, compared to $14.0 million for the first quarter of 2019.– Net income was $218.7 million, down 3.5%.– Diluted earnings per share of $1.20, down 4.8%.– Tangible book value per share was $52.40, up 11.9%.– Loan originations totaled $10.3 billion.– Net int
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