First Republic Bank GAAP EPS of $1.23 beats by $0.71, revenue of $1.21B beats by $80M

Q1 GAAP EPS of $1.23 beats by $0.71.

Revenue of $1.21B (-16.0% Y/Y) beats by $80M.

Net interest income was $923 million, down 19.4%.

Book value per share was $76.97, up 10.4%.

Net interest margin was 1.77%, compared to 2.45% for the prior quarter.

Efficiency ratio was 70.4%, compared to 63.9% for the prior quarter.