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First Republic Bank (NYSE: FRC) today announced financial results for the
quarter ended June 30, 2020.
Revenues Increased 12% Year-Over-Year
Net Income Increased 15% Year-Over-Year
"Second quarter results were very strong," said Jim Herbert, Founder,
Chairman and CEO of First Republic. "Loan origination volume was our best
ever, while deposits and wealth management assets also grew very nicely.
Since its founding 35 years ago, First Republic’s simple, conservative,
client-centric business model has delivered consistently strong results."
Quarterly Highlights
Financial Results
– Year-over-year:
– Revenues were $919.0 million, up 12.2%.
– Net interest income was $787.4 million, up 16.8%.
– Provision for credit losses was $31.1 million, compared to $21.2 million
for the second quarter of 2019.
– Net income was $256.8 million, up 15.4%.
– Diluted earnings per share of $1.40, up 12.9%.
– Tangible book value per share was $53.46, up 12.2%.
– Loan originations totaled $11.4 billion (excluding originations under the
Small Business Administration’s Paycheck Protection Program ("PPP")), our
best quarter ever.
– Net interest margin was 2.70%, compared to 2.74% for the prior quarter.
– Efficiency ratio was 62.0%, compared to 63.5% for the prior quarter. (1)
Continued Capital and Credit Strength |
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