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first republic bank/ca (FRC) Key Developments

First Republic Bank Announces Executive Appointments

First Republic Bank announced that portfolio managers Hugh Beecher and Rick Gordon have joined First Republic in San Francisco. Beecher and Gordon have each been named as Managing Director and Portfolio Manager. They work for First Republic Private Wealth Management and are located at First Republic'sSan Francisco office at 111 Pine Street. First Republic Private Wealth Management provides customized wealth management solutions, including trust, investment management and brokerage services, to high net worth individuals and families, foundations, and endowments. Beecher has more than 20 years of investment management experience. Prior to joining First Republic, Beecher worked at Barclays wealth management group in San Francisco. Earlier in his career, he worked for Credit Suisse, Goldman Sachs and founded Beecher Investment Management. Gordon has eight years of investment management experience. Prior to joining First Republic, Gordon worked for Barclays wealth management group in San Francisco. Earlier in his career, he worked for Goldman Sachs and Lehman Brothers.

First Republic Bank Announces Consolidated Financial Results for the Four the Fourth Quarter and Year Ended December 31, 2014; Reports Net Loan Charge-Offs to Allowance for Loan Losses for the Fourth Quarter Ended December 31, 2014

First Republic Bank announced consolidated financial results for the four the fourth quarter and year ended December 31, 2014. For the quarter, the company reported total interest income of $378,999,000 against $376,396,000 a year ago. Net interest income was $340,855,000 against $335,989,000 a year ago. Net interest income after provision for loan losses was $326,779,000 against $322,474,000 a year ago. Income before provision for income taxes was $158,463,000 against $188,768,000 a year ago. Net income available to common shareholders was $101,570,000 against $122,122,000 a year ago. Diluted earnings per common share were $0.72 against $0.86 a year ago. Non-GAAP net income was $94,814,000 or $0.67 per diluted share against $114,261,000 or $0.81 per diluted share a year ago. Non-GAAP net interest income (tax-equivalent basis) was $354,222,000 against $347,899,000 a year ago. Non-GAAP net interest income was $325,456,000 against $320,189,000 a year ago. For the year, the company reported total interest income of $1,483,009,000 against $1,356,018,000 a year ago. Net interest income was $1,330,760,000 against $1,224,175,000 a year ago. Net interest income after provision for loan losses was $1,274,274,000 against $1,187,206,000 a year ago. Income before provision for income taxes was $669,883,000 against $663,559,000 a year ago. Net income available to common shareholders was $431,450,000 against $421,399,000 a year ago. Diluted earnings per common share were $3.07 against $3.10 a year ago. Book value per common share as at December 31, 2014 was $28.13 against $24.63 as at December 31, 2013. Tangible book value per common share as at December 31, 2014 was $26.56 against $22.83 as at December 31, 2013. Non-GAAP net income available to common shareholders was $398,028,000 or $2.83 per diluted share against $360,756,000 or $2.65 per diluted share a year ago. Non-GAAP net interest income (tax-equivalent basis) was $1,368,084,000 against $1,185,426,000 a year ago. Non-GAAP net interest income was $1,258,761,000 against $1,100,596,000 a year ago. For the fourth quarter ended December 31, 2014, the company reported net loan charge-offs to allowance for loan losses was $1,783,000.

First Republic Bank Declares Dividend for the Fourth Quarter Ended December 31, 2014, Payable on February 12, 2015

First Republic Bank declared cash dividend for the fourth quarter ended December 31, 2014, of $0.14 per share of common stock, which is payable on February 12, 2015 to shareholders of record as of January 29, 2015.

First Republic Bank Names Boris Groysberg and Duncan Niederauer to its Board of Directors

First Republic Bank has named Boris Groysberg and Duncan Niederauer to its board of directors. Groysberg is an award-winning author, researcher and business consultant who is an expert in organizational behavior. Niederauer is a highly successful financial services executive who has built and managed global trading platforms.

First Republic Bank to Report Q4, 2014 Results on Jan 15, 2015

First Republic Bank announced that they will report Q4, 2014 results at 9:00 AM, Eastern Standard Time on Jan 15, 2015

 

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City National Corp/CA $88.20 USD 0.00
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Valuation FRC Industry Range
Price/Earnings 16.8x
Price/Sales 4.5x
Price/Book 1.8x
Price/Cash Flow 13.7x
TEV/Sales NM Not Meaningful
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