Share “First Republic 4Q net income rises 14 pct”

First Republic 4Q net income rises 14 pct

Published on NewsOK Modified: January 16, 2013 at 9:15 am •  Published: January 16, 2013

Total revenue rose 14 percent to $357.9 million. Analysts expected $343.5 million.

The company's provision for loan losses, or the amount of money it set aside to cover soured loans, rose 6 percent to $17.2 million. The company attributed the growth to increases in its loan portfolio over the last few years.

For the full year 2012, First Republic earned $370.5 million, or $2.76 per share, up from $352.1 million, or $2.65 per share, in 2011. Revenue rose 13 percent to $1.34 billion from $1.18 billion.

First Republic shares rose $1.12, or 3.2 percent, to $35.66 in morning trading after trading as high as $36.10 earlier in the session. FactSet says that was an all-time high..