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
TheStreet Open House

First Republic Bank Reports Record Earnings

Asset Quality Remains Very Strong

The Bank’s credit quality remains strong. At September 30, 2012, nonperforming assets were only 13 basis points of total assets.

During the third quarter of 2012, the Bank recorded additional provisions for loan losses of $16.5 million. The Bank’s provision for loan losses is related primarily to loans outstanding that have been originated since July 1, 2010. At September 30, 2012, the allowance related to these loans totaled $96.6 million, or 0.56% of such loans.

Net charge-offs were $554,000 (1 basis point, annualized, of average loans) for the third quarter of 2012 and $1.3 million for the nine months ended September 30, 2012.

Continued Capital Strength

The Bank’s Tier 1 leverage ratio at September 30, 2012 was 9.33%, compared to 8.95% a year ago. The Bank continues to exceed all current regulatory guidelines for well-capitalized institutions.

Strong Book Value Growth

Book value per share was $21.48 at September 30, 2012, up 15% from a year ago.

Quarterly Cash Dividend Declared

The Bank has declared a quarterly cash dividend on its common stock of $0.10 per share. The dividend is payable on November 15, 2012 to shareholders of record on November 1, 2012.

Continued Franchise Development

Assets

Total assets at September 30, 2012 were $32.6 billion. During the first nine months of 2012, loans increased $3.8 billion, of which 60% was in single family loans and related home equity lines of credit; investment securities have increased $428 million in 2012.

Deposit mix continues to improve

At September 30, 2012, checking and savings accounts were 88% of total deposits, compared to 82% at year-end. The contractual rate paid on all deposits averaged 0.29% for the third quarter of 2012, compared to 0.38% for the prior quarter, with the reduction in the average rate paid coming both from an improved deposit mix and reduced rates paid on deposits.

2 of 7

Select the service that is right for you!

COMPARE ALL SERVICES
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 17,131.97 +100.83 0.59%
S&P 500 1,998.98 +14.85 0.75%
NASDAQ 4,552.7590 +33.8570 0.75%

Brokerage Partners

Rates from Bankrate.com

  • 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