First Republic Bank: 4Q Earnings Snapshot
SAN FRANCISCO (AP) _ First Republic Bank (FRC) on Tuesday reported fourth-quarter profit of $231.4 million.
The bank, based in San Francisco, said it had earnings of $1.29 per share.
The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.24 per share.
The San Francisco bank posted revenue of $972.2 million in the period. Its revenue net of interest expense was $810.8 million, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $790.3 million.
For the year, the company reported profit of $853.8 million, or $4.81 per share. Revenue was reported as $3.04 billion.
First Republic Bank shares have dropped almost 3 percent since the beginning of the year. The stock has decreased slightly more than 7 percent in the last 12 months.