TheStreet
First Republic Bank surges on strong quarterly results.

Shares of First Republic Bank ( FRC - Get Report) surged 11.8% to $94.33 by the close of trading on Tuesday, Jan. 15, after releasing strong fourth-quarter and year-end financial results.
 
The bank posted quarterly earnings per share of $1.29 -- up more than 17% from the same period last year. Net income surged, too, by 19% to $231.4 million in the quarter ended Dec. 31.
 
It also hit $8.4 billion in loan originations, which the bank called its "best fourth quarter ever."
 
Revenue also was up year-over-year by 16% to nearly $811 million, and net interest income was up by more than 17% at $667.2 million.
  
"Results for 2018 were excellent," said First Republic's chief executive Jim Herbert, in a statement.
 
For the year, revenue hit $3 billion, up 16.6% from 2017, and net income reached nearly $854 million, up nearly 13%. Earnings per share rose 11.6% to $4.81.
 
As for loan originations, those were also the highest to date, at  $32.1 billion, said the bank. Total deposits were also up nearly 15% to more than $79 billion.
 
"Loans, deposits and wealth management assets all grew nicely, and client acquisition remains strong," said the bank's chief financial officer, Mike Roffler, adding that "capital and credit quality remain consistently strong."
 
Founded in 1985, San Francisco-based First Republic has a several locations in California as well as a presence in Portland, Oregon; Palm Beach, Florida; Greenwich, Connecticut; Jackson Hole, Wyoming; and Boston and New York.