On Thursday, First Republic Bank's (NYSE: FRC) negotiated 2,002,796 shares against it an average volume of 1,123,270 shares. The stock concluded the recent trade at $95.86 with upbeat/downbeat trend move of +1.16%. The company has total market value of 16.028B. The daily trading range was observed between a day’s low price of $94.22 to a day’s high price of $96.27.
First Republic Bank (FRC) recently reported financial results for the quarter ended June 30, 2k19. “The franchise continues to perform well,” stated Jim Herbert, Chairman, CEO & Founder. “Loans and deposits grew very nicely and our client-focused business model continues to deliver strong, safe, organic growth.”
Quarterly Highlights
Financial Results
Continued Capital and Credit Strength
Continued Franchise Development
“New client household acquisition continues to be very strong, reflecting our continuing success in delivering exceptional client service,” stated Mike Roffler, Chief Financial Officer. “Credit quality and capital strength remain excellent.”
Quarterly Cash Dividend Reported
FRC return on assets ratio of the Company was 0.80% and return on equity ratio was 10.80% while its return on investment ratio was 23.70%. The stock as of last trading session moved 20.70% up from its 52 week low and was -11.03% behind its 52 week high. Analyst recommendation for this stock stands at 2.50.
First Republic Bank (FRC) recently reported financial results for the quarter ended June 30, 2k19. “The franchise continues to perform well,” stated Jim Herbert, Chairman, CEO & Founder. “Loans and deposits grew very nicely and our client-focused business model continues to deliver strong, safe, organic growth.”
Quarterly Highlights
Financial Results
- Year-over-year:
- Revenues were $819.4M, up 10.1%.
- Net interest income was $674.0M, up 10.2%
- Net income was $222.6M, up 6.1%.
- Diluted earnings per share of $1.24, up 3.3%.
- Tangible book value per share was $47.64, up 13.0%.
- Loan origination's totaled $9.4B, our strongest quarter ever.
- Net interest margin was 2.85%, contrast to 2.97% last quarter.
- Efficiency ratio was 64.5%, contrast to 65.0% last quarter.
Continued Capital and Credit Strength
- Ordinary Equity Tier 1 ratio was 10.19%, contrast to 10.18% a year ago.
- Nonperforming assets remained at a low 14 basis points of total assets.
- Net charge-offs were only $1.2M, or 1 basis point of average loans.
Continued Franchise Development
- Year-over-year:
- Loans, not including loans held for sale, totaled $82.2B, up 18.9%.
- Deposits were $83.4B, up 14.6%.
- Wealth management assets were $137.6B and wealth management revenues were $120.3M. (1)
“New client household acquisition continues to be very strong, reflecting our continuing success in delivering exceptional client service,” stated Mike Roffler, Chief Financial Officer. “Credit quality and capital strength remain excellent.”
Quarterly Cash Dividend Reported
The Bank reported a cash dividend for the second quarter of $0.19 per share of ordinary stock, which is payable on August 8, 2k19 to shareholders of record as of July 25, 2k19.
Very Strong Asset Quality
Credit quality remains strong. Nonperforming assets were only 14 basis points of total assets at June 30, 2k19.
The Bank had net charge-offs for the quarter of $1.2M, while adding $21.2M to its allowance for loan lossesBecause of continued loan growth.
Continued Capital Strength
The Bank’s Ordinary Equity Tier 1 ratio was 10.19% at June 30, 2k19, contrast to 10.18% a year ago.
FRC return on assets ratio of the Company was 0.80% and return on equity ratio was 10.80% while its return on investment ratio was 23.70%. The stock as of last trading session moved 20.70% up from its 52 week low and was -11.03% behind its 52 week high. Analyst recommendation for this stock stands at 2.50.
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