First Republic Bank Q2 Profit Rises - Quick Facts

(RTTNews) - First Republic Bank (FRC) reported that its second-quarter net income available to common shareholders was $104.01 million or $0.77 per share, up from $80.62 million or $0.60 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.74 per share for the quarter. Analysts' estimates typically exclude special items.

Excluding the impact of purchase accounting, core net income was $97.1 million, up 37% from last year. On a non-GAAP basis, which also excludes the one-time redemption charge in 2012, core earnings per share for the quarter were $0.64, up 28% year-over-year.

Total revenues were $365.3 million for the quarter, compared to $327.2 million last year, a 12% increase. Non-GAAP Total revenue for the quarter was $331.82 million, up from $275.05 million last year. Fourteen analysts had consensus revenue estimate of $303.08 million for the quarter.

Net interest income was $303.1 million for the quarter, compared to $290.6 million last year. Noninterest income for the quarter was $62.3 million, up $25.6 million from the second quarter a year ago.

Core net interest income, excluding the impact of purchase accounting, was $269.6 million for the quarter, compared to $238.4 million last year.

The Bank declared a cash dividend for the second quarter of $0.12 per share of common stock, which is payable on August 15, 2013 to shareholders of record as of August 1, 2013.