First Republic Bank posts 4Q profit, results miss Wall Street estimates

MarketsAssociated Press

First Republic Bank (FRC) on Thursday reported fourth-quarter net income stayed nearly flat at $115.5 million.

The bank, based in San Francisco, California, said it had earnings of 72 cents per share. Earnings, adjusted for one-time gains and costs, were 67 cents per share.

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The results did not meet Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.

The San Francisco bank posted revenue of $416.7 million in the period, also missing Street forecasts. Analysts expected $428 million, according to Zacks.

For the year, the company said profit climbed slightly more than 5 percent to $487 million, or $3.07 per share. Revenue rose 3 percent to $1.65 billion.

First Republic Bank shares have declined slightly more than 8 percent since the beginning of the year. The stock has decreased 7.5 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com) using data from Zacks Investment Research. Access a Zacks stock report on FRC at http://www.zacks.com/ap/FRC

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Keywords: First Republic Bank, Earnings Report