First Republic Bank Q3 Profit Rises; Beats Estimates

(RTTNews) - First Republic Bank (FRC), a full-service bank and wealth management firm, on Friday posted a rise in earnings for the third-quarter, driven by an increase in interest income. In addition, the company's earnings beat the Street view.

For the quarter ended on September 30, the California-headquartered lender reported a net income available to common shareholders of $405 million or $2.21 per share, compared with $345 million or $1.91 per share of a year ago.

Twenty-two analysts, on average, polled by Thomson-Reuters were estimating the company to report earnings of $2.18 per share. Analysts' estimates typically exclude one-time items.

Total interest income was at $1.518 billion, higher than last year's $1.118 billion. Net interest income after provision for credit losses stood at $1.233 billion, versus $1.018 billion reported for the third quarter of 2021.

Total noninterest income rose to $254 million from previous year's $251 million.

Income before provision for income taxes was at $568 million, versus $471 million, recorded for the same period of 2021.

The provision for credit losses for the quarter was $36 million, which was primarily driven by loan growth. First Republic Bank had modest net loan charge-offs of only $1 million for the period.

For the third-quarter, the Bank has declared a cash dividend of $0.27 per share, payable on November 10, to shareholders of record on October 27.