This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

First Republic Bank CEO Presents At Deutsche Bank Global Financial Services Investor Conference (Transcript)

Stocks in this article: FRC

So I think with that, I will introduce Jim Herbert, Chairman and CEO. We also have with us, Mollie Richardson, Director of Investor Relations, and a number of other professionals that we will hear from today about the bank. So I think we will get a very good perspective of what the story is all about.

We will have a 5 to 10-minute presentation from Jim. We will go into a fireside chat format and then we will break it into Q&A.

Jim Herbert

Okay, great. Thank you very much. Thank you all for being here. I will be brief on my opening comments and try to get to a fireside chat and some of the other people here with me because that really is the story.

First Republic has been built on service. It's a repetitive franchise. It works on word-of-mouth. One client has a good experience, tells a friend of like-kind and we pick up another client.

Basic growth rate of the bank has been about 20% for a long time. You can look back five year, 10 year, 15 year increments. It's not because we reached to do that, our credit standards are very high and you will see that in some of the slides and we can talk about that. It's because the service provided by individuals is so unusually good that people stay with us. We have very low attrition, and they like it enough to tell their friends.

On the average, our core business is home lending, larger home lending. It has been for a long time. I started the bank in 1980, in Sunnyvale, California, stumbled in the jumbo home lending when rates were 20%. Now they are minus a decimal, and we haven’t got to zero yet but we are trying and it worked, and I am sure that 84 it’s probably just an 85, and home lending has been one of the cores of the business from the beginning.

2 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs