First Republic Bank Reports Record Annual And Quarterly Earnings

Excluding the impact of purchase accounting, revenues were $316.9 million for the fourth quarter of 2012, compared to $295.8 million for the prior quarter and $254.5 million for the fourth quarter of 2011, a 25% increase from a year ago. On this basis, total revenues for 2012 were $1.2 billion, up 23% from 2011. ⁽¹⁾

Net interest income growth

Net interest income was $302.3 million for the fourth quarter of 2012, compared to $298.8 million for the prior quarter and $285.5 million for the fourth quarter a year ago. Net interest income for 2012 was $1.2 billion, up 10% from 2011.

The strong increase in contractual net interest income was primarily due to increases in the average balances of loans and investment securities as well as lower deposit costs. Excluding the impact of purchase accounting, net interest income (core net interest income) was $261.2 million for the fourth quarter of 2012, compared to $252.2 million for the prior quarter and $225.2 million for the fourth quarter of 2011, up 4% over the prior quarter and up 16% from a year ago. On this basis, net interest income for the full year 2012 was $986.8 million, up 20% from 2011. ⁽¹⁾

Net interest margin

The Bank’s net interest margin was 4.02% for the fourth quarter of 2012, compared to 4.13% for the third quarter of 2012 and 4.53% for the fourth quarter a year ago. For the year ended December 31, 2012, the net interest margin was 4.22%.

Excluding the impact of purchase accounting, net interest margin (core net interest margin) was 3.46% for the fourth quarter of 2012, compared to 3.47% for the prior quarter and 3.55% for the fourth quarter a year ago. For the year ended December 31, 2012, the core net interest margin was 3.53%, the same as 2011. ⁽¹⁾

The core net interest margin remained stable compared to the prior quarter as lower deposit costs largely offset declines in contractual loan yields.

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