{"id":40290,"date":"2013-01-16T11:55:00","date_gmt":"2013-01-16T11:55:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/first-republic-frc-2012-a-terrific-year-by-every-performance-measure\/40290\/"},"modified":"2013-01-16T11:55:00","modified_gmt":"2013-01-16T11:55:00","slug":"first-republic-frc-2012-a-terrific-year-by-every-performance-measure","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/first-republic-frc-2012-a-terrific-year-by-every-performance-measure\/40290\/","title":{"rendered":"First Republic &#8211; FRC &#8211; 2012 a terrific year by every performance measure"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><strong>First Republic Bank (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=FRC\">NYSE: FRC<\/a>)<\/strong> announced strong financial results for the fourth quarter and the year ended December 31, 2012.<\/p>\n<p>\u201cFirst Republic had a terrific year by every performance measure,\u201d said Jim Herbert, Chairman and Chief Executive Officer. \u201cCore earnings per share increased 28% in 2012, while loans, deposits, business <a href=\"http:\/\/www.knowfinance.com\/category\/banking\/\" target=\"_blank\" rel=\"noopener\">banking<\/a> and wealth management assets all grew strongly. Credit quality and capital ratios are strong.\u201d<\/p>\n<p><strong>FRC-\u00a0 2012 Full Year Highlights<\/strong><\/p>\n<ul>\n<li>Book value per share increased by 13.5% to $22.08.<\/li>\n<li>Tier 1 leverage ratio increased to 9.32%, up from 8.81% a year ago.<\/li>\n<li>Asset quality remains very strong; nonperforming assets were only 14 basis points of total assets.<\/li>\n<li>Net income was a record $402.5 million, an increase of 14%, and diluted earnings per share (\u201cEPS\u201d) were $2.76.<\/li>\n<li>Excluding the impact of purchase accounting, net income was $307.0 million, up 38%.<\/li>\n<li>Excluding the impact of purchase accounting and the one-time charge on redemption of <a href=\"http:\/\/www.knowfinance.com\/preferred-stock\/\" target=\"_blank\" rel=\"noopener\">preferred stock<\/a> in the second quarter, core diluted EPS were $2.15, up 28%.<\/li>\n<li>Excluding the impact of purchase accounting, the net interest margin was 3.53% in 2012 and 2011.<\/li>\n<li>Loan originations were a record $15.5 billion.<\/li>\n<li>Loans outstanding were $28.5 billion at December 31, 2012, up 23%.<\/li>\n<li>Deposits were $27.1 billion at December 31, 2012, up 21%.<\/li>\n<li>Wealth management assets were $31.7 billion, including $5.9 billion from the Luminous Capital Holdings, LLC (\u201cLuminous\u201d) acquisition, up 55%.<\/li>\n<li>A dividend on our common stock was initiated in the third quarter of 2012.<\/li>\n<\/ul>\n<p><b>FRC &#8211; Fourth Quarter Highlights<\/b><\/p>\n<ul>\n<li>Net income was $110.1 million, up 21% from last year\u2019s fourth quarter. Diluted EPS were $0.77, up 13% from last year\u2019s fourth quarter.<\/li>\n<li>Excluding the impact of purchase accounting, net income was $89.3 million, up 51% from last year\u2019s fourth quarter and diluted EPS were $0.61, up 39% from last year\u2019s fourth quarter.<\/li>\n<li>Net interest margin was 4.02%, compared to 4.13% for the prior quarter.<\/li>\n<li>Excluding the impact of purchase accounting, the net interest margin was 3.46%, compared to 3.47% for the prior quarter.<\/li>\n<li>The efficiency ratio was 51.2%, compared to 52.1% for the prior quarter.<\/li>\n<li>Excluding the impact of purchase accounting, the efficiency ratio was 56.2%, versus 58.6% for the prior quarter.<\/li>\n<li>Loan originations were $4.3 billion, our highest quarter ever.<\/li>\n<li>Loans sold were $671 million for the quarter and pre-tax net gains on sales were $17.7 million, compared to sales of $774 million and pre-tax gains of $12.5 million for the prior quarter.<\/li>\n<\/ul>\n<p>\u201cFirst Republic\u2019s success in 2012 was due to its intense focus on exceptional client service coupled with disciplined asset underwriting,\u201d said Katherine August-deWilde, President and Chief Operating Officer. \u201cWe\u2019re particularly pleased with the robust growth of business banking and wealth management assets, including those acquired in the Luminous transaction.\u201d<\/p>\n<p><b>About First Republic Bank &#8211; FRC<\/b><\/p>\n<p>First Republic Bank (FRC) and its subsidiaries provide private banking, private business banking and private wealth management.<\/p>\n<div class=\"nr_clear\"><\/div>\n<div id=\"nrelate_popular_2\" class=\"nrelate nrelate_popular nrelate_default nr_1col nr_text\"><\/div>\n<p>\t<!--[if IE 6]>\n\t\t<script type=\"text\/javascript\">jQuery('.nrelate_default').removeClass('nrelate_default');<\/script>\n\t<![endif]--><\/p>\n<p>\t<script type=\"text\/javascript\">\n\t\/* <![CDATA[ *\/\n\t\tnRelate.domain = \"www2.thestockmarketwatch.com%2Fstock-market-news\";\n\t\tvar entity_decoded_nr_mp_url = jQuery('<span\/>').html(\"https:\/\/web.archive.org\/web\/20130117235311\/http:\/\/api.nrelate.com\/mpw_wp\/0.51.2\/?tag=nrelate_popular&domain=www2.thestockmarketwatch.com%2Fstock-market-news&url=http%3A%2F%2Fwww2.thestockmarketwatch.com%2Fstock-market-news%2Ffirst-republic-frc-2012-a-terrific-year-by-every-performance-measure%2F40290&nr_div_number=2&maxageposts=7200&increment=1\").text();\n\t\tnRelate.getNrelatePosts(entity_decoded_nr_mp_url);\n\t\/* ]]&gt; *\/\n\t<\/script>\n\n\n<div class=\"nr_clear\"><\/div>\n\n\n<script id=\"mNCC\" language=\"javascript\">  medianet_width='600';  medianet_height= '250';  medianet_crid='814932888';  <\/script>  <script id=\"mNSC\" src=\"https:\/\/web.archive.org\/web\/20130117235311js_\/http:\/\/contextual.media.net\/nmedianet.js?cid=8CUT71M67\" language=\"javascript\"><\/script> \n\n\n\n\n<!-- AddThis Button BEGIN -->\n\n\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a>\n<a class=\"addthis_button_preferred_2\"><\/a>\n<a class=\"addthis_button_preferred_3\"><\/a>\n<a class=\"addthis_button_preferred_4\"><\/a>\n<a class=\"addthis_button_compact\"><\/a>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n\n\n<script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script>\n<!-- AddThis Button END -->\n\n\n\n\n<p>More Posts by this author<\/p>\n\n\n\n<ul>\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-end-higher-on-strong-economic-data-3\/40388\">\nStocks End Higher on Strong Economic Data<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-settle-higher-silver-prices-also-gain-19\/40378\">\nGold Prices Settle Higher; Silver Prices Also Gain<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-headed-for-a-strong-finish-30\/40376\">\nStocks Headed for a Strong Finish<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-in-green-in-mid-day-trading-20\/40375\">\nStocks in Green in Mid-Day Trading<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stryker-syk-to-acquire-trauson-holdings-company-limited\/40361\">\nStryker &#8211; SYK &#8211; To Acquire Trauson Holdings Company Limited<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/aviva-plc-adr-av-sale-of-stake-in-malaysian-joint-venture\/40360\">\nAviva Plc (ADR) &#8211; AV &#8211; Sale of stake in Malaysian joint venture<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/igate-igte-earnings-better-than-estimates-by-0-07\/40359\">\niGATE &#8211; IGTE &#8211; Earnings Better Than Estimates by $0.07<\/a><\/li>\n\n\n\n<\/ul>\n\n\n\n\n\n\n<hr>\n\n\n\n\n\n<table style=\"border:none;margin:0;\">\n\n\n<tr>\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20130117235311im_\/http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/userphoto\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n\n\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n\n\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n\n\n\n\n<div style=\"font-size:10pt;\">\n\nEd Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/div>\n\n\n<\/td>\n\n<\/tr>\n\n<\/table>\n\n\n\n\n\n\n\n<!--script type=\"text\/javascript\">\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\n<\/script>\n<script type=\"text\/javascript\"\nsrc=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script-->\n\n\t\t\t\t\t\t\n\n\t\n\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>First Republic Bank (NYSE: FRC) announced strong financial results for the fourth quarter and the year ended December 31, 2012. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"rank_math_schema_Article":[],"rank_math_focus_keyword":[],"rank_math_description":[],"financial_data_references":[],"stock_symbols_mentioned":[],"footnotes":""},"categories":[6],"tags":[3420],"class_list":["post-40290","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot-stocks-to-watch","tag-frc"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/40290","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/comments?post=40290"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/40290\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media\/50312"}],"wp:attachment":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media?parent=40290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=40290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=40290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}