First Republic Bank Bottom Line Drops In Q1, but beats estimates

(RTTNews) - First Republic Bank (FRC) revealed a profit for first quarter that decreased from the same period last year but beat the Street estimates.

The company's earnings came in at $229 million, or $1.23 per share. This compares with $364 million, or $2.00 per share, in last year's first quarter.

Analysts on average had expected the company to earn $0.85 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 13.6% to $1.21 billion from $1.40 billion last year.

First Republic Bank earnings at a glance (GAAP) :

-Earnings (Q1): $229 Mln. vs. $364 Mln. last year. -EPS (Q1): $1.23 vs. $2.00 last year. -Analyst Estimates: $0.85 -Revenue (Q1): $1.21 Bln vs. $1.40 Bln last year.