First Republic Bank (FRC) said that its first-quarter net income available to common shareholders dropped to $100.82 million from the previous year's $114.78 million, with earnings per share declining to $0.73 from $0.85 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.72 per share for the quarter. Analysts' estimates typically exclude special items.
Non-GAAP earnings per share for the quarter was $0.67, down from $0.72 last year.
Net interest income was $320.7 million for the quarter, a 7.6% increase over the first quarter last year. Core net interest income was $301.2 million for the quarter, up 14.2% over the first quarter last year.
Noninterest income for the quarter was $61.01 million, down from $72.27 million last year. But, Noninterest income, excluding gain on sale of loans, increased 25.7% over the first quarter last year.
Total revenues were $381.7 million for the quarter, a 3.1% increase over the first quarter last year. Core revenues were $362.2 million for the quarter, a 7.8% increase over the first quarter last year. Seven analysts estimated revenues of $395.92 million for the quarter.
The Bank announced a 17% increase in its quarterly cash dividend for the first quarter to $0.14 per share of common stock, which is payable on May 15, 2014 to shareholders of record as of May 1, 2014.
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