First Republic posts USD 136.0m of 3Q14 net income.
BANKING AND CREDIT NEWS-October 17, 2014--First Republic posts USD 136.0m of 3Q14 net income
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17 October 2014 -- San Francisco-based First Republic Bank (NYSE: FRC) posted 3Q14 net income of USD 136.0m and diluted earnings per share were USD 0.86.
The bank said that its loan sales volume and profitability were up compared to 3Q14.
First Republic said it sold a record USD 1.8bn of primarily intermediate-term, fixed-rate home loans during the quarter and recorded a gain on sale of USD 13.7m. The margin on such loan sales was 0.67%, excluding the impact of purchase accounting.
For the nine months ended September 30, 2014, the Bank sold USD 3.4bn of loans, compared to USD 2.4bn for the same period last year.
Gain on sale of loans for the nine months ended September 30, 2014 was USD 31.4m, compared to USD 36.0m for the same period a year ago.
Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth management, including investment, trust and brokerage services.
Services are offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Boston, Palm Beach, Greenwich and New York City.
Find out more at www.firstrepublic.com.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Oct 17, 2014|
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