first republic bank/ca (FRC) Snapshot

First Republic Bank has announced that it has declared cash dividends on all four outstanding series of its preferred stock. A quarterly cash dividend of $16.75 per share was declared on its Noncumulative Perpetual Series A Preferred Stock. This dividend equals $0.418750 per depositary share, each representing 1/40(th) interest in a share of Series A Preferred Stock. The Series A Preferred Stock dividend is payable on June 28, 2013, to shareholders of record as of June 17, 2013. A quarterly cash dividend of $15.50 per share was declared on its Noncumulative Perpetual Series B Preferred Stock. This dividend equals $0.38750 per depositary share, each representing 1/40(th) interest in a share of Series B Preferred Stock. The Series B Preferred Stock dividend is payable on June 28, 2013, to shareholders of record as of June 17, 2013. A quarterly cash dividend of $14.0625 per share was declared on its Noncumulative Perpetual Series C Preferred Stock. This dividend equals $0.3515625 per depositary share, each representing 1/40(th) interest in a share of Series C Preferred Stock. The Series C Preferred Stock dividend is payable on June 28, 2013, to shareholders of record as June 17, 2013. A quarterly cash dividend of $10.236111 per share was declared on its Noncumulative Perpetual Series D Preferred Stock. This dividend equals $0.25590278 per depositary share, each representing 1/40(th) interest in a share of Series D Preferred Stock. The Series D Preferred Stock dividend is payable on June 28, 2013, to shareholders of record as June 17, 2013.

First Republic Bank Presents at Morgan Stanley Financials Conference 2013, Jun-11-2013 12:05 PM. Venue: Waldorf Astoria Hotel, 301 Park Avenue at 50th Street, New York, New York, United States. Speakers: James H. Herbert, Co-Founder, Chairman, Chief Executive Officer and Member of Investment Committee.

First Republic Bank reported consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the bank reported total interest income of USD 323,746,000 against USD 309,156,000 for the same period a year ago. Net interest income was USD 298,049,000 against USD 281,268,000 for the same period a year ago. Net interest income after provision for loan losses was USD 291,571,000 against USD 266,416,000 for the same period a year ago. Income before provision for income taxes was USD 166,405,000 against USD 134,306,000 for the same period a year ago. Net income available to common shareholders was USD 114,532,000 or USD 0.85 per diluted share against USD 89,307,000 or USD 0.67 per diluted share for the same period a year ago. Book value per common share as on March 31, 2013 was USD 22.96 compared to USD 22.08 as of March 31, 2012. Tangible book value per common share as on was March 31, 2013 USD 20.99 compared to USD 20.06 as of March 31, 2012. Non-GAAP net income available to common shareholders was USD 97,567,000 against USD 65,691,000 for the same period a year ago. Non-GAAP earnings per diluted common share were USD 0.72 against USD 0.49 a year ago. Non-GAAP net interest income was USD 263,775,000 against USD 234,977,000 for the same period a year ago. The increase in core net interest income was primarily due to increases in the average balances of loans and investment securities as well as lower deposit costs. Non-GAAP total revenue was USD 336,043,000 against USD 267,553,000 for the same period a year ago. Non-GAAP net income was USD 105,343,000 compared to USD 68,142,000 a year ago. Excluding the impact of purchase accounting, core net income was USD 105.3 million, up 55% from last year's first quarter. On this non-GAAP basis, core diluted EPS were USD 0.72, up 47% year-over-year. Total revenues were USD 370.3 million for the first quarter of 2013, compared to USD 357.9 million for the prior quarter and USD 313.9 million for last year's first quarter, an 18% increase from a year ago. The company reported net charge-offs were USD 267,000 for the first quarter of 2013 compared to USD 547,000 for the same period a year ago. The bank's effective tax rate for 2013 is expected to be 26.5%, compared to 30.4% for 2012. The decline in the effective tax rate results from the steady increase in tax-exempt securities, bank-owned life insurance, tax credit investments and tax-advantaged loans. The bank announced an increase in its quarterly dividend to USD 0.12 per share of common stock, from USD 0.10 per share. The first quarter cash dividend is payable on May 15, 2013 to shareholders of record on May 1, 2013.