First Republic Bank reported consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the bank reported total interest income of USD 323,746,000 against USD 309,156,000 for the same period a year ago. Net interest income was USD 298,049,000 against USD 281,268,000 for the same period a year ago. Net interest income after provision for loan losses was USD 291,571,000 against USD 266,416,000 for the same period a year ago. Income before provision for income taxes was USD 166,405,000 against USD 134,306,000 for the same period a year ago. Net income available to common shareholders was USD 114,532,000 or USD 0.85 per diluted share against USD 89,307,000 or USD 0.67 per diluted share for the same period a year ago. Book value per common share as on March 31, 2013 was USD 22.96 compared to USD 22.08 as of March 31, 2012. Tangible book value per common share as on was March 31, 2013 USD 20.99 compared to USD 20.06 as of March 31, 2012. Non-GAAP net income available to common shareholders was USD 97,567,000 against USD 65,691,000 for the same period a year ago. Non-GAAP earnings per diluted common share were USD 0.72 against USD 0.49 a year ago. Non-GAAP net interest income was USD 263,775,000 against USD 234,977,000 for the same period a year ago. The increase in core net interest income was primarily due to increases in the average balances of loans and investment securities as well as lower deposit costs. Non-GAAP total revenue was USD 336,043,000 against USD 267,553,000 for the same period a year ago. Non-GAAP net income was USD 105,343,000 compared to USD 68,142,000 a year ago. Excluding the impact of purchase accounting, core net income was USD 105.3 million, up 55% from last year's first quarter. On this non-GAAP basis, core diluted EPS were USD 0.72, up 47% year-over-year. Total revenues were USD 370.3 million for the first quarter of 2013, compared to USD 357.9 million for the prior quarter and USD 313.9 million for last year's first quarter, an 18% increase from a year ago. The company reported net charge-offs were USD 267,000 for the first quarter of 2013 compared to USD 547,000 for the same period a year ago. The bank's effective tax rate for 2013 is expected to be 26.5%, compared to 30.4% for 2012. The decline in the effective tax rate results from the steady increase in tax-exempt securities, bank-owned life insurance, tax credit investments and tax-advantaged loans. The bank announced an increase in its quarterly dividend to USD 0.12 per share of common stock, from USD 0.10 per share. The first quarter cash dividend is payable on May 15, 2013 to shareholders of record on May 1, 2013.

First Republic Bank announced that it expect to expand its deposit franchise by opening six more offices in 2013.

First Republic Bank, Q1 2013 Earnings Call, Apr 15, 2013