Last $52.08 USD
Change Today +0.01 / 0.02%
Volume 1.1M
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As of 8:04 PM 04/17/14 All times are local (Market data is delayed by at least 15 minutes).

first republic bank/ca (FRC) Key Developments

First Republic Bank Reports Earnings Results for the First Quarter of 2014; Provides Tax Rate Guidance for the Year 2014

First Republic Bank reported earnings results for the first quarter of 2014. For the quarter, the company reported book value per common was $26.21, up 14% over the year. Core earnings per share were up about 8% year over year. core revenues were up 5% over the prior quarter and 8% year-over-year. For the year 2014, the effective tax rate is expected to be approximately 27%, which is down from 30.4% in 2013. This is primarily driven by the level of tax-advantaged investing done over the last few years.

First Republic Bank Announces First Quarterly Cash Dividend Payable on May 15, 2014

First Republic Bank announced an increase in its quarterly cash dividend for the first quarter to $0.14 per share of common stock, which is payable on May 15, 2014 to shareholders of record as of May 1, 2014.

First Republic Bank Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Loan Charge-Offs for the Fourth Quarter of 2013

First Republic Bank reported consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net interest income of $314,824,000, income before provision for income taxes of $162,280,000, net income of $115,299,000 and net income available to common shareholders of $102,499,000 or $0.75 per diluted share compared to net interest income of $302,334,000, income before provision for income taxes of $163,351,000, net income of $109,589,000 and net income available to common shareholders of $103,055,000 or $0.76 per diluted share for the same period last year period. Non-GAAP net income was $103,299,000 against $88,796,000 for the same period last year. Non-GAAP net income available to common shareholders was $90,499,000 or $0.66 per diluted share against $82,262,000 or $0.61 per diluted share for the same period last year. Non-GAAP net interest income was $289,666,000 against $261,246,000 for the same period last year. Total revenue was $371,024,000 compared with $357,945,000 for the same period last year. Non-GAAP total revenue was $345,866,000 against $316,857,000 for the same period last year. For the full year, the company reported net interest income of $1,224,175,000, income before provision for income taxes of $663,559,000, net income of $462,070,000 and net income available to common shareholders of $421,399,000 or $3.10 per diluted share compared to net interest income of $1,173,020,000, income before provision for income taxes of $601,347,000, net income of $401,164,000 and net income available to common shareholders of $369,221,000 or $2.75 per diluted share for the same period last year period. Book value per common share was $24.63 at December 31, 2013, up 11.4% from for the same period last year. Non-GAAP net income was $401,427,000 against $305,724,000 for the same period last year. Non-GAAP net income available to common shareholders was $360,756,000 or $2.65 per diluted share against $286,981,000 or $2.14 per diluted share for the same period last year. Non-GAAP net interest income was $1,100,596,000 against $986,821,000 for the same period last year. Total revenue was $1,468,525,000 against $1,341,754,000 for the same period last year. Non-GAAP total revenue was $1,344,946,000 against $1,155,300,000 for the same period last year. Book value per common share was $24.63 compared to $24.13 as at September 30, 2013. Tangible book value per common share was $22.83 compared to $22.27 as at September 30, 2013. The company reported net loan charge-offs to allowance for loan losses for the quarter was $722,000 against $315,000 for the same period last year.

First Republic Bank Names Bill Ward as Executive Vice President - Chief BSA/AML & Security Officer

First Republic Bank announced that Bill Ward has been named Executive Vice President - Chief BSA/AML & Security Officer. Prior to joining First Republic, Ward was Executive Vice President, Chief BSA/AML & Security Officer at Union Bank in San Francisco for seven years. Earlier in his career, Ward worked in law enforcement for 17 years.

First Republic Bank, Q1 2014 Earnings Call, Apr 16, 2014

First Republic Bank, Q1 2014 Earnings Call, Apr 16, 2014

 

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Valuation FRC Industry Range
Price/Earnings 17.4x
Price/Sales 4.8x
Price/Book -- Not Meaningful
Price/Cash Flow 14.8x
TEV/Sales NM Not Meaningful
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