Shares of First Republic Bank (FRC) are falling more than 10% Friday morning despite reporting better-than-expected third quarter results.
Net income in the third quarter increased to $405 million or $2.21 per share from $345 million or $1.91 per share a year ago.
Quarterly revenue increased 16.9% year-over-year to $1.5 billion.
On average, 22 analysts polled by Thomson-Reuters expected the company to report earnings of $2.18 per share on revenue of $1.55 billion.
The Bank declared a quarterly dividend of $0.27 per share, payable on November 10, to shareholders of record as on October 27.
FRC, currently at $121.03, has traded in the range of $120.76-$222.86 in the last 1 year.
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