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First Republic Bank Q1 Profit Beats Estimates; Revenues Up 12%

First Republic Bank (FRC) reported first-quarter earnings per share of $1.26, up 11.5% year-over-year. On average, 23 analysts polled by Thomson Reuters expected the company to report profit per share of $1.22 for the quarter. Analysts' estimates typically exclude special items. Net income was $226.6 million, up 13.8%.

First-quarter total revenues were $807.4 million, up 12.0% from a year ago. Analysts expected revenue of $814.21 million for the quarter. Net interest income was $675.0 million, up 14.8%. The increase in net interest income resulted primarily from growth in average earning assets.

Loans, excluding loans held for sale, totaled $77.3 billion, up 18.5%. Total deposits increased to $81.6 billion, up 14.5% compared to a year ago. Tangible book value per common share at March 31, 2019 was $46.81, up 12.9% from a year ago.

The Bank announced an increase in its quarterly cash dividend to $0.19 per share of common stock. The first quarter dividend is payable on May 9, 2019 to shareholders of record as of April 25, 2019.

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