First Republic Bank (FRC) reported first-quarter net income to shareholders of $114.53 million, compared to $89.31 million last year. Profit per share were $0.85, compared to $0.67 prior year. Excluding the impact of purchase accounting, core net income was $105.3 million, up 55% from last year's first quarter. On an adjusted basis, core profit per share was $0.72, up 47% year-over-year.
Net interest income increased to $298.05 million from $281.27 million last year. Noninterest income was $72.3 million, up $39.6 million from a year ago. The company said the increases were primarily due to increases in wealth management fees and gain on sale of loans.
Analysts polled by Thomson Reuters expected the company to report profit of $0.73 per share on revenue of $320.04 million for the quarter. Analysts' estimates typically exclude special items.
The Bank announced an increase in its quarterly dividend to $0.12 per share of common stock, from $0.10 per share. The first quarter cash dividend of $0.12 per common share is payable on May 15, 2013 to shareholders of record on May 1, 2013.
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