First Republic Bank (FRC) reported that its second-quarter net income available to common stockholder declined to $80.62 million or $0.60 per share, from $84.83 million or $0.64 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.57 per share for the quarter. Analysts' estimates typically exclude special items.
Net income was $97.91 million, up from $84.83 million last year.
Excluding the impact of purchase accounting, net income for the second quarter of 2012 was $70.9 million, up 31% from last year's second quarter. On a non-GAAP basis, and also excluding the one-time First Republic Preferred Capital Corporation preferred stock redemption charge, the second quarter earnings per share were $0.50, up 22% over last year's second quarter.
Net interest income was $290.6 million for the second quarter of 2012, compared to $256.8 million for the second quarter a year ago.
Noninterest income for the second quarter of 2012 was $36.6 million, compared to $27.2 million for the second quarter a year ago.
Total revenues were $327.2 million for the second quarter of 2012, compared to $284.0 million for the second quarter a year ago, a 15% increase from a year ago. Excluding the impact of purchase accounting, revenues were $275.1 million for the second quarter of 2012, compared to $225.0 million for the second quarter of 2011, a 22% increase from a year ago.
The Bank declared an initial quarterly cash dividend of $0.10 per share. The dividend is payable on August 15, 2012 to shareholders of record on August 1, 2012.
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