The San Francisco-based bank posted net income of $226.6 million, or $1.26 a share, vs. $199.1 million, or $1.13 a share, in the comparable year-earlier period. Analysts polled by FactSet had been expecting earnings per share of $1.22.
"Loans, deposits and wealth management assets have all grown nicely compared to a year ago," CEO Jim Herbert said in a statement. "We are delivering exceptional, differentiated client service, which is reflected in continued strong household acquisition across the franchise."
Revenue was $807.4 million, up 12%, while net interest income after provisions for loan losses was $660.8 million vs. $574.8 million a year earlier. Net interest margin was 2.97% compared to 2.98% for the prior quarter, the bank said.
Meanwhile, the bank sold $180.6 million of mortgage loans during the first quarter and recorded a gain on sale of $359,000, compared to loan sales of $161.4 million and a gain of $689,000 during the first quarter of last year.
Shares of First Republic slipped more than 1.3% in early trading on Friday, falling $1.33 to $101.27 on the New York Stock Exchange. The shares ended the day Thursday at $102.56.