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 Reports Strong Second Quarter Results

Stocks in this article: FRC

Asset Quality Remains Very Strong

The Bank’s credit quality remains strong. At June 30, 2012, nonperforming assets were only 10 basis points of total assets.

During the second quarter of 2012, the Bank recorded a provision for loan losses of $14.9 million. The Bank’s provision for loan losses is related primarily to loans outstanding that have been originated since July 1, 2010. At June 30, 2012, the allowance related to these loans totaled $83.7 million, or 0.56% of such loans.

Annualized net charge-offs to average loans were 1 basis point for the first half of 2012.

Capital Strength

The Bank’s Tier 1 leverage and total risk-based capital ratios at June 30, 2012 were 9.55% and 14.17%, respectively. These ratios reflect the issuance by the Bank of $150.0 million of 6.20% Noncumulative Perpetual Series B Preferred Stock and the redemption of the Series D preferred stock of FRPCC during the second quarter of 2012, which resulted in a net increase in Tier 1 capital of $85.2 million.

The Bank continues to exceed all current regulatory guidelines for well-capitalized institutions.

Strong Book Value Growth

Book value per share was $20.74 at June 30, 2012, up 15% from a year ago.

Continued Franchise Development and Growth


Total assets at June 30, 2012 were $31.0 billion. During the first six months of 2012, loans increased $2.4 billion and investment securities had a net increase of $285.9 million. This asset expansion was funded primarily by deposit growth of $1.8 billion and a $1.0 billion increase in intermediate-term, fixed-rate Federal Home Loan Bank (“FHLB”) advances.

Loans outstanding were $25.5 billion at June 30, 2012, up 7% for the quarter and 10% since year-end.

Deposit mix continues to improve

Total deposits were $24.2 billion at June 30, 2012, up 4% for the quarter and 8% since year-end.

2 of 8

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 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

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