First Republic 4Q net income rises 14 pct
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..
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