First Republic Bank Announces Consolidated Earnings Results for the Fourth Quarter and Twelve Months Ended December 31, 2012; Announces Net Charge-Offs for the Fourth Quarter of 2012
For the twelve months, the company's total interest income was USD 1,287,206,000 against USD 1,182,957,000 for the same period a year ago. Net interest income was USD 1,173,020,000 against USD 1,065,739,000 for the same period a year ago. Income before provision for income taxes was USD 580,474,000 against USD 554,732,000 for the same period a year ago. Net income available to common share holders was USD 370,529,000 or USD 2.76 per diluted share against USD 352,088,000 or USD 2.65 per diluted share for the same period a year ago. Non-GAAP earnings net income was USD 402,472,000 against USD 352,088,000 for the same period a year ago. Non-GAAP earnings per diluted common share were USD 2.15 against USD 1.68 a year ago. Non-GAAP net income available to common share holders was USD 288,289,000 against USD 222,868,000 for the same period a year ago. Non-GAAP net interest income was USD 1,052,935,000 against USD 863,547,000 for the same period a year ago. Total revenue was USD 1,341,754,000 against USD 1,183,669,000 for the same period a year ago. Non-GAAP total revenue was USD 1,155,300,000 against USD 936,214,000 for the same period a year ago. Book value per common share as at December 31, 2012 was USD 22.08 against USD 19.46 as at December 31, 2011. Tangible book value per common share as at December 30, 2012 was USD 20.06 against USD 18.23 as at September 30, 2011. For the full year, core net income was up 38% and core earnings per share were up 28%.
Net charge-offs were USD 315,000 for the fourth quarter of 2012.