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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


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.

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