First Republic Bank Q2 revenues rise 10% as loans jump 18%
San Francisco-based First Republic Bank (FRC), which has North Bay branches, continued growth in loans and other key areas in its second-quarter results posted Tuesday.
Loans, excluding loans held for sale, clocked in at $82.2 billion at the end of June 30, an increase of 18.9%, compared with the same quarter a year ago. The bank said that is mainly due to increases in loans for single- and multifamily housing, business, and commercial real estate loans.
Quarterly net income was $222.6 million, up 6.1%.
Revenues also continued to climb compared with second quarter of last year. The bank said total revenues were $819.4 million at the midyear point this year, up 10.1% compared with a year before.
A portion of those revenues were driven by the bank’s wealth management practice, which saw revenues of $120.3 million for the quarter, or 14.7% of bank total revenues.
“New client household acquisition continues to be very strong, reflecting our continuing success in delivering exceptional client service,” said Chief Financial Officer Mike Roffler in a statement. “Credit quality and capital strength remain excellent.”
Net interest income climbed as well. The bank attributed that to growth in average earning assets. Net interest income was $674.0 million for the quarter, up 10.2% from the second quarter a year before. Net income was $222.6 million, up 6.1% over the same period.
Banks deposits also grew $83.4 billion, up 14.6% from a year before. First Republic said checking accounts totaled 58.3% of deposits at the end of June.