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LONDON, UK / ACCESSWIRE / January 22, 2018 / Active-Investors.com has just released a free earnings report on First Republic Bank (NYSE: FRC). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=FRC. The Company posted its financial results on January 16, 2018, for the fourth quarter of the fiscal year 2017. The wealth management Company's results were lower than market expectations. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Bank of America Corporation (NYSE: BAC), which also belongs to the Financial sector as the Company First Republic Bank. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, First Republic Bank most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=FRC
Earnings Highlights and Summary
For the three months ended December 31, 2017, First Republic Bank's revenues increased 16.6% to $699.16 million from $599.46 million in Q4 FY16. The Company's revenue numbers were below analysts' expectations of $718.3 million.
During Q4 FY17, First Republic Bank's total interest income increased 23.1% to $662.80 million from $537.59 million in Q4 FY16. For the reported quarter, the Company's total interest expenses increased 100% to $93.94 million from $46.97 million in Q4 FY16. For the reported quarter, the Company's net interest income increased 15.9% to $568.86 million from $490.63 million in Q4 FY16, due to a growth in average earnings assets.
For the reported quarter, the Company's net interest margin was 3.08% compared to 3.16% in Q4 FY16.
During Q4 FY17, First Republic Bank's total non-interest income advanced 19.7% to $130.30 million from $108.83 million in Q4 FY16, driven by higher wealth management revenues. For the reported quarter, the Company's salaries and employee benefits expenses increased 24.4% to $250.08 million from $201.09 million in Q4 FY16. For the reported quarter, First Republic Bank's occupancy expenses increased 10.3% to $35.62 million from $32.28 million in Q4 FY16. For the reported quarter, the Company's total non-interest expenses increased 23.7% to $445.54 million from $360.17 million in Q4 FY16.
During Q4 FY17, First Republic Bank's earnings before tax (EBT) increased 3.4% to $236.57 million from $228.79 million in the same period of last year. For the reported quarter, the Company's EBT margin decreased 440 basis points to 33.8% of revenue from 38.2% of revenue in Q4 FY16.
For the reported quarter, First Republic Bank's net income available to common shareholders jumped 11.3% to $180.01 million on a y-o-y basis from $161.74 million in Q4 FY16. During Q4 FY17, the Company's diluted earnings per share (EPS) increased 6.8% to $1.10 on a y-o-y basis from $1.03 in the comparable period of last year, but was below analysts' expectations of $1.15.
Asset Quality
During Q4 FY17, First Republic Bank's total non-performing assets decreased 23.2% to $37.66 million from $49.02 million in the corresponding period of last year. For the reported quarter, the Company's non-performing assets to total assets ratio was 0.04% compared to 0.07% in Q4 FY16.
Balance Sheet
As on December 31, 2017, First Republic Bank's cash and cash equivalents increased 9% to $2.30 billion from $2.11 billion as on December 31, 2016.
For the reported quarter, the Company's net loans increased 20.8% to $62.47 billion from $51.70 billion in Q4 FY16. For the reported quarter, the Company's total deposits increased 17.6% to $68.92 billion from $58.60 billion in Q4 FY16.
During Q4 FY17, First Republic Bank's book value per share was $42.23 compared to $37.39 in the same period of last year. For the reported quarter, the Company's tangible book value per share was $40.43 compared to $35.35 in the fourth quarter of 2016.
For the reported quarter, the Company's common equity Tier 1 capital ratio was 10.63% compared to 10.83% in Q4 FY16. For the reported quarter, the Company's efficiency ratio was 63.7% compared to 60.1% in Q4 FY16.
On January 16, 2018, the Company's Board of Directors declared a cash dividend of $0.17 per share of common stock, payable on February 08, 2018, to shareholders of record as of January 25, 2018.
Stock Performance Snapshot
January 19, 2018 - At Friday's closing bell, First Republic Bank's stock rose 4.61%, ending the trading session at $89.93.
Volume traded for the day: 2.47 million shares, which was above the 3-month average volume of 1.48 million shares.
Stock performance in the last month - up 1.26%; and year-to-date - up 3.80%
After last Friday's close, First Republic Bank's market cap was at $14.20 billion.
Price to Earnings (P/E) ratio was at 21.20.
The stock has a dividend yield of 0.76%.
The stock is part of the Financial sector, categorized under the Money Center Banks industry. This sector was up 0.6% at the end of the session.
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