Last $47.15 USD
Change Today +0.33 / 0.70%
Volume 549.3K
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As of 12:28 PM 07/25/14 All times are local (Market data is delayed by at least 15 minutes).

first republic bank/ca (FRC) Key Developments

First Republic Bank Announces Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Announces Net Charge-Offs for the Second Quarter Ended June 30, 2014

First Republic Bank announced consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the bank reported net income available to common shareholders of $106.943 million or $0.76 per diluted share compared to $102.764 million or $0.76 per diluted share a year ago. Non-GAAP reported net income available to common shareholders of $96.999 million or $0.69 per diluted share compared to $86.139 million or $0.64 per diluted share a year ago. Book value per share was $26.82 against $23.50 per share a year ago. Net interest income was $333.213 million against $303.092 million for the same period last year. Income before provision for income taxes was $165.523 million against $163.830 million of prior year period. Total interest income was $370.303 million against $332.744 million a year ago. Non-GAAP net interest income was $311.951 million against $269.572 million for the same period last year. For the six months, the bank reported net income available to common shareholders of $207.758 million or $1.49 per diluted share compared to $217.541 million or $1.61 per diluted share a year ago. Non-GAAP reported net income available to common shareholders of $188.953 million or $1.36 per diluted share compared to $183.951 million or $1.36 per diluted share a year ago. Net interest income was $653.916 million against $601.141 million for the same period last year. Income before provision for income taxes was $322.652 million against $341.135 million of prior year period. Total interest income was $727.614 million against $601.141 million a year ago. Non-GAAP net interest income was $613.116 million against $533.347 million for the same period last year. The bank reported net charge-offs were $130,000 for the quarter.

First Republic Bank Declares Cash Dividend for the Second Quarter of 2014, Payable on August 15, 2014

First Republic Bank declared a cash dividend for the second quarter of $0.14 per share of common stock, which will be payable on August 15, 2014 to shareholders of record as of August 1, 2014.

First Republic Bank to Report Q2, 2014 Results on Jul 16, 2014

First Republic Bank announced that they will report Q2, 2014 results at 9:00 AM, Eastern Standard Time on Jul 16, 2014

First Republic Bank, Q2 2014 Earnings Call, Jul 16, 2014

First Republic Bank, Q2 2014 Earnings Call, Jul 16, 2014

First Republic Bank Sells $400 Million Aggregate Principal Amount of Its 2.375% Senior Notes Due 2019

First Republic Bank issued and sold $400 million aggregate principal amount of its 2.375% senior notes due 2019. First Republic Bank on June 17 issued and sold $400 million aggregate principal amount of its 2.375% senior notes due 2019. The notes were issued pursuant to a fiscal and paying agency agreement, dated June 17, by and between the bank and Bank of New York Mellon Trust Co. NA, the company disclosed in a Form 8-K filed the same day. The notes mature on June 17, 2019. The interest on the notes will be paid semiannually in arrears on June 17 and Dec. 17 of each year, beginning on December 17, 2014, at the rate of 2.375% per annum. Interest on the notes will be calculated on the basis of a 360-day year of 12 30-day months. The bank may redeem the notes, in whole or in part, on or after May 17, 2019, at 100% of the principal amount of the notes, plus accrued and unpaid interest.

 

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Valuation FRC Industry Range
Price/Earnings 15.4x
Price/Sales 4.3x
Price/Book 1.7x
Price/Cash Flow 12.9x
TEV/Sales NM Not Meaningful
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