Sneak peek on First Republic Bank (NYSE: FRC)

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First Republic Bank (NYSE: FRC) stocks lost over 2.3% on October 15th, 2018 (as of 12:09 PM GMT-4; Source: Google finance).

The firm was able deliver truly differentiated client service that is continuing to result in safe, strong organic growth as well as very robust new household acquisition. For the third quarter of 2018, the Revenues were $768.8 million which is an increase of 14.7% from the previous year same quarter and the Net income was $213.5 million an increase of 6.8% from last year. The Diluted earnings per share landed at $1.19 up 4.4% and the loan originations summed up to $7.0 billion. The tangible book value per share increased a 13.1% to $44.00 from the previous year.

The Net interest margin was 2.94%, compared to 2.95% last quarter. And the efficiency ratio was 63.0%, compared to 63.5% last quarter. Coming to the Continued Capital and Credit Strength the Common Equity Tier 1 ratio was 10.47% compared to 10.58% a year ago while the Nonperforming assets remained very low at 4 basis points of total assets. Net charge-offs were only $185,000, or less than 1 basis point of average loans.

In the Continued Franchise Development, the Loans, excluding loans held for sale, totaled $72.3 billion, up 21.6%. And the Deposits were $74.8 billion which is an increase of 14.2%. The Wealth management assets were $131.0 billion, up 29.2% and wealth management revenues were $109.7 million an increase of 24.0% from the previous year same quarter.

Credit quality remains very strong. The Bank had net charge-offs for the quarter of $185,000, while adding $18.6 million to its allowance for loan losses due to continued loan growth. The Bank currently expects to redeem its $200.0 millions of 7.00% Noncumulative Perpetual Series E Preferred Stock when such stock becomes redeemable at the Bank’s option on or after December 28, 2018, subject to all applicable regulatory approvals. During the third quarter, the Bank sold $92.1 million of loans and recorded a gain on sale of $303,000, compared to loan sales of $822.4 million and a gain of $2.0 million during the third quarter of last year. Loans serviced for investors at quarter-end totaled $11.7 billion, down 3.1% from a year ago.

 

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