SAN FRANCISCO (AP) — First Republic Bank (FRC) on Friday reported first-quarter earnings of $226.6 million.
The San Francisco-based bank said it had earnings of $1.26 per share.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.22 per share.
The San Francisco bank posted revenue of $979.3 million in the period. Its revenue net of interest expense was $807.4 million, missing Street forecasts. Five analysts surveyed by Zacks expected $814 million.
First Republic Bank shares have increased 18 percent since the beginning of the year. The stock has increased 15 percent in the last 12 months.