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First Republic 2Q income jumps 29 percent
July 18, 2013, 05:00 AM The Associated Press
SAN FRANCISCO — First Republic Bank said Wednesday its second-quarter net income jumped 29 percent, helped by and increase in lending and a rise in deposits.

The San Francisco-based bank earned $104 million, or 77 cents per share, for the three months ended June 30. That was up from $80.6 million, or 60 cents per share, in the same quarter of 2012.

The results beat Wall Street predictions, sending shares higher in Wednesday trading.

Analysts, on average, expected a profit of 74 cents per share, according to FactSet.

First Republic said its loans outstanding, deposits and wealth management assets all increased from a year ago. Loan originations increased 34 percent to $5.3 billion.

Wealth management fees jumped 69 percent to $33.1 million.

Overall, net interest income, or the amount of money banks make on loans and deposits, increased 4 percent to $303.1 million.

Noninterest income, which includes revenue from fees and other sources, jumped 70 percent to $62.3 million.

First Republic shares rose $2.06, or 5.2 percent, to $41.76 in midday trading, and earlier touched an all-time high of $41.89.

Over the past year, the shares have gained about 18 percent.

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