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First Republic Bank

First Republic Bank (FRC)

First Republic Bank, incorporated on October 15, 2009, is a commercial bank and trust company. The Bank specializes in providing services, including private banking, private business banking, real estate lending and wealth management services, including trust and custody services, to clients in selected metropolitan areas in the United States. The Bank operates through two segments: Commercial Banking and Wealth Management. The Bank offers services through approximately 70 offices located primarily in the areas, such as San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland (Oregon), Boston, Palm Beach (Florida), Greenwich and New York City. The Bank has approximately five additional offices that offer lending, wealth management or trust services. It originates real estate-secured loans and other loans for retention in its loan portfolio.

The principal business activities of the Commercial Banking segment are attracting funds from the public; originating loans, primarily real estate secured mortgage loans, and investing in investment securities. The Wealth Management segment consists of First Republic Investment Management, Inc. (FRIM); its money market mutual fund activities through third-party providers and the brokerage activities of First Republic Securities Company, LLC (FRSC); First Republic Trust Company and First Republic Trust Company of Delaware LLC (the Trust Company), and its foreign exchange activities. It offers a range of internally managed investment services.

Lending Activities

The Bank offers a range of lending products, including residential mortgage loans and lines of credit, multifamily loans, commercial real estate loans, residential construction loans and business loans. The Bank's loan portfolio primarily consists of loans secured by single-family residences, multifamily buildings and commercial real estate properties. It also originates business loans, Eagle One loans and lines of credit, Eagle Professional loans, personal loans and Eagle Gold All-in-One loans. Its single-family loans amount to approximately $23.09 million.

Investment Activities

The Bank performs brokerage and investment activities for clients through FRSC. The Bank provides traditional portfolio management and client portfolios through its subsidiary, FRIM. Its available-for-sale securities include the United States Treasury securities, agency residential mortgage-backed securities (MBS), other residential MBS, agency commercial MBS, and securities of states and political subdivisions of the United States. Its held-to-maturity securities include the United States Government-sponsored agency securities, agency residential MBS, other residential MBS, agency commercial MBS, and securities of states and political subdivisions of the United States. Its available-for-sale securities amount to approximately $2,910.8 million. Its held-to-maturity securities amount to approximately $7,540.68 million.

Sources of Funds

The Bank obtains funds from depositors by offering consumer and business checking, money market and passbook accounts, and term certificates of deposits. The Bank's accounts are federally insured by the Federal Deposit Insurance Corporation (FDIC). The Bank's total deposits amount to approximately $47.9 billion. The Bank's non-interest-bearing deposits amount to approximately $18.3 billion and interest-bearing deposits amount to approximately $29.6 billion. The Bank's other sources of funding include federal funds purchased, securities sold under agreements to repurchase and senior notes. Its short-term borrowings include Federal funds purchased, FHLB advances and securities sold under agreements to repurchase. Its long-term debt includes Federal Home Loan Bank (FHLB) advances and senior notes.

Fundamentals

Optimized Dividends

Annual Dividends

Year Amount Change
2006 0.0c
2007 0.0c 0%
2008 0.0c 0%
2009 0.0c 0%
2010 0.0c 0%
2011 0.0c 0%
2012 30.0c 100%
2013 48.0c 60.0%
2014 56.0c 16.7%
2015 60.0c 7.1%
2016 64.0c 6.7%
2017 68.0c 6.3%
2018 72.0c 5.9%
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Dividends

Ex-Div Date Pay Date Year Type Frequency Status Amount
30 Jul 2012 15 Aug 2012 2012 Interim Quarterly Paid 10c
31 Oct 2012 15 Nov 2012 2012 Interim Quarterly Paid 10c
13 Dec 2012 28 Dec 2012 2012 Final Quarterly Paid 10c
29 Apr 2013 15 May 2013 2013 Interim Quarterly Paid 12c
30 Jul 2013 15 Aug 2013 2013 Interim Quarterly Paid 12c
30 Oct 2013 15 Nov 2013 2013 Interim Quarterly Paid 12c
29 Jan 2014 14 Feb 2014 2013 Final Quarterly Paid 12c
29 Apr 2014 15 May 2014 2014 Interim Quarterly Paid 14c
30 Jul 2014 15 Aug 2014 2014 Interim Quarterly Paid 14c
28 Oct 2014 13 Nov 2014 2014 Interim Quarterly Paid 14c
27 Jan 2015 12 Feb 2015 2014 Final Quarterly Paid 14c
28 Apr 2015 14 May 2015 2015 Interim Quarterly Paid 15c
28 Jul 2015 13 Aug 2015 2015 Interim Quarterly Paid 15c
27 Oct 2015 12 Nov 2015 2015 Interim Quarterly Paid 15c
26 Jan 2016 11 Feb 2016 2015 Final Quarterly Paid 15c
26 Apr 2016 12 May 2016 2016 Interim Quarterly Paid 16c
26 Jul 2016 11 Aug 2016 2016 Interim Quarterly Paid 16c
25 Oct 2016 10 Nov 2016 2016 Interim Quarterly Paid 16c
24 Jan 2017 09 Feb 2017 2016 Final Quarterly Paid 16c
25 Apr 2017 11 May 2017 2017 Interim Quarterly Paid 17c
25 Jul 2017 10 Aug 2017 2017 Interim Quarterly Paid 17c
25 Oct 2017 09 Nov 2017 2017 Interim Quarterly Paid 17c
24 Jan 2018 08 Feb 2018 2017 Final Quarterly Paid 17c
25 Apr 2018 10 May 2018 2018 Interim Quarterly Paid 18c
25 Jul 2018 09 Aug 2018 2018 Interim Quarterly Paid 18c
24 Oct 2018 08 Nov 2018 2018 Interim Quarterly Paid 18c
30 Jan 2019 14 Feb 2019 2018 Final Quarterly Paid 18c
24 Apr 2019 09 May 2019 2019 Interim Quarterly Paid 19c
24 Jul 2019 08 Aug 2019 2019 Interim Quarterly Paid 19c
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