First Republic Bank (FRC) announced financial results for the quarter ended March 31, 2012. Net income available to common stockholders was $89.31 million for the first quarter of 2012, compared to $88.8 million for last year's first quarter. Earnings per share were $0.67 for the first quarter of 2012 and 2011.
Excluding the impact of purchase accounting, net income was $68.1 million, up 25% from last year's first quarter. On this basis, earnings per share were $0.49, up 20% from last year's first quarter.
Total revenues were $313.9 million for the first quarter of 2012, compared to $285.6 million for the first quarter a year ago.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.66 per share on revenues of $283.75 million for the quarter. Analysts' estimates typically exclude special items.
First Republic also announced plans to initiate a quarterly cash dividend of $0.10 per share on its common stock. Subject to declaration by First Republic's Board of Directors, the Bank expects to commence payment during the third quarter of 2012 following the release of second quarter results.
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