First Republic Bank, together with its subsidiaries, provides private banking, private business banking, and private wealth management services to clients in metropolitan areas in the United States. It operates through two segments, Commercial Banking and Wealth Management. The company accepts deposit products, such as checking, money market checking, savings, passbook deposits, and individual retirement accounts, as well as certificates of deposit. It also offers a range of lending products that comprise residential mortgage loans, home equity lines of credit, multifamily loans, commercial real estate and construction loans, personal and business loans, single family construction loans, and other loans and lines of credit to businesses and individuals. The company's loans are secured by single family residences, multifamily buildings, and commercial real estate properties. In addition, it provides wealth management services, which include various investment strategies and products, online investment management services, trust and custody services, full service and online brokerage, financial and estate planning, and access to alternative investments, as well as investing, insurance, and foreign exchange services; and treasury services. Additionally, the company offers online and mobile banking services; refinancing services; and ATM and debit cards. As of December 31, 2020, the company offered its services through 92 offices, including 80 licensed deposit-taking offices in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, and San Diego, California; Portland, Oregon; Boston, Massachusetts; Palm Beach, Florida; Greenwich, Connecticut; New York, New York; and Jackson, Wyoming, as well as 12 additional offices that provided lending, wealth management, and trust services. First Republic Bank was founded in 1985 and is headquartered in San Francisco, California.
IPO Year:
Exchange: NYSE
Website: firstrepublic.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 12/4/2023 | $6.00 → $2.00 | Outperform → In-line | Evercore ISI |
| 4/25/2023 | Buy → Hold | Maxim Group | |
| 4/25/2023 | $11.00 | Sell | Citigroup |
| 4/25/2023 | $10.00 → $8.00 | Neutral → Sell | Janney |
| 3/17/2023 | Overweight → Neutral | Argus | |
| 3/17/2023 | $140.00 → $5.00 | Outperform → Neutral | Wedbush |
| 3/13/2023 | $168.00 → $130.00 | Buy → Neutral | Compass Point |
| 3/13/2023 | Strong Buy → Mkt Perform | Raymond James | |
| 3/13/2023 | Outperform → Peer Perform | Wolfe Research | |
| 1/9/2023 | Hold → Buy | Jefferies |
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NEW YORK, May 1, 2023 /PRNewswire/ -- S&P MidCap 400 constituent Axon Enterprise Inc. (NASD: AXON) will replace First Republic Bank (NYSE:FRC) in the S&P 500, and STAG Industrial Inc. (NYSE:STAG) will replace Axon Enterprise in the S&P MidCap 400 effective prior to the opening of trading on Thursday, May 4. The Federal Deposit Insurance Corp. (FDIC) announced that it has taken First Republic Bank into FDIC Receivership and therefore First Republic Bank is no longer eligible for inclusion. Following is a summary of the changes that will take place prior to the open of trading on the effective date: Effective Date Index Name Action Company Name Ticker GICS Sector May 4, 2023 S&P 500 Add
First Republic Bank (NYSE:FRC) today announced financial results for the quarter ended March 31, 2023. Jim Herbert, Founder and Executive Chairman, and Mike Roffler, CEO and President of First Republic said, "With the stabilization of our deposit base and the strength of our credit quality and capital position, we continue to take steps to strengthen our business. We remain fully committed to serving our communities, and we are grateful for the ongoing support of our clients and colleagues." Financial Results Year-over-year: Revenues were $1.2 billion, down 13.4%. Net interest income was $923 million, down 19.4%. (1) Net income was $269 million, down 32.9%. Diluted earning
First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, today announced it plans to release first quarter 2023 financial results after the market closes on April 24, 2023. First Republic Bank will conduct a conference call to share the results at 1:30 p.m. PT / 4:30 p.m. ET the same day. To access the conference call by telephone, please dial (877) 400-0505 and provide confirmation code 3782547 approximately 15 minutes prior to the start time (to allow time for registration). International callers should dial +1 (856) 344-9221 and provide the same confirmation code. To access the conference call online, please visit the Investor Relations section of First R
$30 Billion in Uninsured Deposits Committed from America's Largest Banks First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, today announced it will receive uninsured deposits totaling $30 billion on March 16, 2023 from Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, PNC Bank, State Street, Truist, and U.S. Bank. This support from America's largest banks reflects confidence in First Republic and its ability to continue to provide unwavering exceptional service to its clients and communities. Jim Herbert, Founder and Executive Chairman, and Mike Roffler, CEO and President of First Republic B
Capital and Liquidity Remain Very Strong First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, today said it has further enhanced and diversified its financial position through access to additional liquidity from the Federal Reserve Bank and JPMorgan Chase & Co. The additional borrowing capacity from the Federal Reserve, continued access to funding through the Federal Home Loan Bank, and ability to access additional financing through JPMorgan Chase & Co. increases, diversifies, and further strengthens First Republic's existing liquidity profile. The total available, unused liquidity to fund operations is now more than $70 billion. This excludes additional l
First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, today announced that a six-person team led by Alexander Kadish, Nicholas Davey and J.P. Garofalo has joined First Republic Investment Management. Kadish and Davey were each named Managing Director and Wealth Manager. Garofalo was named Vice President and Wealth Manager. Based in Century City, the team will provide portfolio management, retirement planning, investment consulting and other wealth management services to individuals, families, nonprofits and private family foundations. "Alexander Kadish, Nicholas Davey, J.P. Garofalo and their team are a terrific addition to our growing wealth management
First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, today announced that it has declared cash dividends on the following outstanding series of its perpetual preferred stock. A quarterly cash dividend of $12.8125 per share was declared on its Noncumulative Perpetual Series H Preferred Stock. This dividend equals $0.3203125 per depositary share, each representing 1/40th interest in a share of Series H Preferred Stock, which is traded on the NYSE under the symbol "FRCPrH." The Series H Preferred Stock dividend is payable on March 30, 2023, to shareholders of record as of March 15, 2023. A quarterly cash dividend of $13.75 per share was declared on its Noncum
First Republic Bank ("First Republic") (NYSE:FRC), a leading private bank and wealth management company, announced today the pricing of an underwritten public offering of 2,500,000 shares of its common stock for expected gross proceeds of approximately $350 million before underwriting discounts and commissions and estimated offering expenses. First Republic has also granted the underwriters a 30-day option to purchase up to an additional 375,000 shares from First Republic. BofA Securities, J.P. Morgan, Goldman Sachs & Co. LLC and Morgan Stanley are serving as joint bookrunning managers. The last reported sale price of its common stock on February 7, 2023 was $143.69 per share. The underwri
First Republic Bank ("First Republic") (NYSE:FRC), a leading private bank and wealth management company, announced today that it has agreed to sell 2,000,000 shares of its common stock in an underwritten public offering. First Republic has also granted the underwriters a 30-day option to purchase up to an additional 300,000 shares from First Republic. BofA Securities, J.P. Morgan, Goldman Sachs & Co. LLC and Morgan Stanley are serving as joint bookrunning managers. First Republic intends to use the net proceeds from the offering for general corporate purposes, which may include, among other things, funding loans or purchasing investment securities for its portfolio. Closing of the offerin
First Republic Bank (NYSE:FRC) announced today that it has given notice of its intention to redeem in full the $500 million outstanding principal amount of its 1.912% Senior Fixed-to-Floating Rate Notes due 2024 (CUSIP No. 33616C HQ6) (the "Notes") on February 12, 2023. The Notes will be redeemed at a redemption price equal to the sum of 100% of the aggregate principal amount of the Notes and any accrued and unpaid interest to, but excluding, February 12, 2023. First Republic Bank has instructed The Bank of New York Mellon Trust Company, N.A., the fiscal and paying agent for the Notes, to distribute a notice of redemption to all holders of the Notes. Copies of the applicable notice of rede
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Evercore ISI downgraded First Republic Bank from Outperform to In-line and set a new price target of $2.00 from $6.00 previously
Maxim Group downgraded First Republic Bank from Buy to Hold
Citigroup resumed coverage of First Republic Bank with a rating of Sell and set a new price target of $11.00
Janney downgraded First Republic Bank from Neutral to Sell and set a new price target of $8.00 from $10.00 previously
Argus downgraded First Republic Bank from Overweight to Neutral
Wedbush downgraded First Republic Bank from Outperform to Neutral and set a new price target of $5.00 from $140.00 previously
Compass Point downgraded First Republic Bank from Buy to Neutral and set a new price target of $130.00 from $168.00 previously
Raymond James downgraded First Republic Bank from Strong Buy to Mkt Perform
Wolfe Research downgraded First Republic Bank from Outperform to Peer Perform
Jefferies upgraded First Republic Bank from Hold to Buy
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Live Leadership Updates
First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, today announced that Rick Osterloh, Senior Vice President of Devices & Services at Google and a technology innovator, has been appointed to the First Republic Board of Directors effective immediately. Osterloh has led Google's global Devices & Services product area since 2016. During his 22-year career, he also worked with Motorola, Skype, Kleiner Perkins Caufield & Byers, Amazon.com, and Deloitte Consulting. Osterloh earned an MBA from Stanford Graduate School of Business and a Master of Science degree and Bachelor's degree in Industrial Engineering from Stanford University. He has served on the Board of
Founder Jim Herbert Transitions to Executive Chairman First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, announced that its Board of Directors has named Mike Roffler CEO of the Company effective March 13, 2022. Roffler will also continue to serve as President and Board Member. George G.C. Parker, Acting Chairman and Board Member, said: "We are exceedingly pleased to appoint Mike as First Republic's CEO. Mike fully embodies our culture, has a deep knowledge of our business model, and is highly regarded by our stakeholders. As a collaborative and forward-looking leader, he is well-positioned to drive thoughtful evolution while maintaining the Bank's consis
Live finance-specific insights
First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, today announced it plans to release first quarter 2023 financial results after the market closes on April 24, 2023. First Republic Bank will conduct a conference call to share the results at 1:30 p.m. PT / 4:30 p.m. ET the same day. To access the conference call by telephone, please dial (877) 400-0505 and provide confirmation code 3782547 approximately 15 minutes prior to the start time (to allow time for registration). International callers should dial +1 (856) 344-9221 and provide the same confirmation code. To access the conference call online, please visit the Investor Relations section of First R
$30 Billion in Uninsured Deposits Committed from America's Largest Banks First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, today announced it will receive uninsured deposits totaling $30 billion on March 16, 2023 from Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, PNC Bank, State Street, Truist, and U.S. Bank. This support from America's largest banks reflects confidence in First Republic and its ability to continue to provide unwavering exceptional service to its clients and communities. Jim Herbert, Founder and Executive Chairman, and Mike Roffler, CEO and President of First Republic B
First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, today announced that it has declared cash dividends on the following outstanding series of its perpetual preferred stock. A quarterly cash dividend of $12.8125 per share was declared on its Noncumulative Perpetual Series H Preferred Stock. This dividend equals $0.3203125 per depositary share, each representing 1/40th interest in a share of Series H Preferred Stock, which is traded on the NYSE under the symbol "FRCPrH." The Series H Preferred Stock dividend is payable on March 30, 2023, to shareholders of record as of March 15, 2023. A quarterly cash dividend of $13.75 per share was declared on its Noncum
Net Interest Income Grew 17% Year-Over-Year Tangible Book Value Per Share Increased 11% Year-Over-Year First Republic Bank (NYSE:FRC) today announced financial results for the quarter and year ended December 31, 2022. "2022 was another terrific year of safe, consistent and organic growth," said Mike Roffler, Chief Executive Officer and President. "We achieved our highest Net Promoter Score ever, which reflects our unwavering focus on exceptional client service." Full Year Highlights Financial Results Revenues were $5.9 billion, up 16.5%. Net interest income was $4.8 billion, up 17.5%. Net income was $1.7 billion, up 12.7%. Diluted earnings per share of $8.25, up 7.4%. Loan or
First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, today announced that it has declared cash dividends on the following outstanding series of its perpetual preferred stock. A quarterly cash dividend of $11.75 per share was declared on its Noncumulative Perpetual Series J Preferred Stock. This dividend equals $0.29375 per depositary share, each representing 1/40th interest in a share of Series J Preferred Stock, which is traded on the NYSE under the symbol "FRCPrJ." The Series J Preferred Stock dividend is payable on January 30, 2023, to shareholders of record as of January 13, 2023. A quarterly cash dividend of $10.3125 per share was declared on its Nonc
First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, today announced it will release fourth quarter and full year 2022 financial results before the market opens on Friday, January 13, 2023. First Republic Bank will conduct a conference call to discuss the results at 7:00 a.m. PT / 10:00 a.m. ET the same day. To access the event by telephone, please dial (888) 204-4368 and provide confirmation code 7764494 approximately 15 minutes prior to the start time (to allow time for registration). International callers should dial +1 (856) 344-9221 and provide the same confirmation code. The call will also be broadcast live over the Internet and can be accessed in th
First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, today announced that it has declared cash dividends on the following outstanding series of its perpetual preferred stock. A quarterly cash dividend of $12.8125 per share was declared on its Noncumulative Perpetual Series H Preferred Stock. This dividend equals $0.3203125 per depositary share, each representing 1/40th interest in a share of Series H Preferred Stock, which is traded on the NYSE under the symbol "FRCPrH." The Series H Preferred Stock dividend is payable on December 30, 2022, to shareholders of record as of December 16, 2022. A quarterly cash dividend of $13.75 per share was declared on its
First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, today announced that it has declared cash dividends on the following outstanding series of its perpetual preferred stock. A quarterly cash dividend of $11.75 per share was declared on its Noncumulative Perpetual Series J Preferred Stock. This dividend equals $0.29375 per depositary share, each representing 1/40th interest in a share of Series J Preferred Stock, which is traded on the NYSE under the symbol "FRCPrJ." The Series J Preferred Stock dividend is payable on October 28, 2022, to shareholders of record as of October 14, 2022. A quarterly cash dividend of $10.3125 per share was declared on its Nonc
First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, today announced it will release third quarter 2022 financial results before the market opens on Friday, October 14, 2022. First Republic Bank will conduct a conference call to discuss the results at 7:00 a.m. PT / 10:00 a.m. ET the same day. To access the event by telephone, please dial (888) 204-4368 and provide confirmation code 2879019 approximately 15 minutes prior to the start time (to allow time for registration). International callers should dial +1 (856) 344-9299 and provide the same confirmation code. The call will also be broadcast live over the Internet and can be accessed in the Investor Rela
First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, today announced that it has declared cash dividends on the following outstanding series of its perpetual preferred stock. A quarterly cash dividend of $12.8125 per share was declared on its Noncumulative Perpetual Series H Preferred Stock. This dividend equals $0.3203125 per depositary share, each representing 1/40th interest in a share of Series H Preferred Stock, which is traded on the NYSE under the symbol "FRCPrH." The Series H Preferred Stock dividend is payable on September 30, 2022, to shareholders of record as of September 16, 2022. A quarterly cash dividend of $13.75 per share was declared on it