FRC - First Republic Bank GAAP EPS of $2.00 beats by $0.11 revenue of $1.44B beats by $40M

First Republic Bank press release (NYSE:FRC): Q1 GAAP EPS of $2.00 beats by $0.11. Revenue of $1.44B (+23.1% Y/Y) beats by $40M. Tangible book value per share was $68.47, up 14.2%. Loan originations totaled $17.8 billion, our best quarter ever. Net interest margin was 2.68%, consistent with the prior quarter. Efficiency ratio was 62.0%, compared to 63.5% for the first quarter of 2021. Increased quarterly dividend to $0.27 per share. During the first quarter, the Bank recorded a provision for credit losses of $10 million, which was primarily driven by loan growth.

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First Republic Bank GAAP EPS of $2.00 beats by $0.11, revenue of $1.44B beats by $40M