On Tuesday,First Republic Bank (NYSE: FRC) announced its financial results for the fourth quarter of 2017. With both revenue and earnings missing estimates, shares of the bank opened at $91.06 per share today.
For the fourth quarter, the bank announced revenues of $699.2 million, increasing 16.6% from the same period last year. The results missed analysts’ estimates of $740.34 million. In addition, net income for the fourth quarter was up was 8.5% to $194.3 million, and diluted earnings per share was reported to increase 6.8% to $1.10 per share, also missing expectation of $1.12 per share by $0.02 per share.
For the full year 2017, according to the bank, revenue rose 18.1% to $2.6 billion. Net income was up 12.5% to $757.7 million, and diluted earnings per share increases 9.7% to $4.31 per share.
“2017 was another strong year for growth in deposits, loans and wealth management assets,” Jim Herbert, the Chairman and CEO of First Republic Bank, said in the statement on Tuesday. “Our stable, client-centric business model continues to perform well across the franchise.”
“We are very pleased that both revenue and net interest income grew 18% for the year,” Mike Roffler, the Chief Financial Officer of the bank, said on Tuesday. “Asset quality remains excellent and capital is strong.”