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First Republic Bank$100.98$.19.19%

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 First Republic Reports Strong First Quarter 2018 Results
   Friday, April 13, 2018 8:00:00 AM ET

Year-Over-Year Revenues Increased 20% and Wealth Management Assets Increased 25%

SAN FRANCISCO--(BUSINESS WIRE)-- First Republic Bank (NYSE: FRC) today announced financial results for the quarter ended March 31, 2018.

“First Republic had an excellent quarter,” said Jim Herbert, Chairman and CEO. “Loans, deposits and wealth management assets continued to increase nicely. First Republic again delivered consistently strong results, while continuing to make investments in infrastructure and its next generation of clients.”



Financial Results

  • Year-over-year:
    • Revenues were $720.9 million, up 19.9%.
    • Net income was $199.1 million, up 12.6%.
    • Diluted earnings per share of $1.13, up 11.9%.
    • Loan originations totaled $7.3 billion, our strongest first quarter ever, up 29.9%.
    • Tangible book value per share was $41.46, up 11.6%.
  • Net interest margin was 2.97%.
  • Efficiency ratio was 64.0%.

Continued Capital and Credit Strength

  • Common Equity Tier 1 ratio was 10.47%, compared to 11.15% a year ago.
  • Increased quarterly dividend to $0.18 per share in April 2018.
  • Nonperforming assets remained very low at 5 basis points of total assets.
  • Net charge-offs were only $154,000, or less than 1 basis point of average loans.

Continued Franchise Development

  • Year-over-year:
    • Loans, excluding loans held for sale, totaled $65.2 billion, up 20.9%.
    • Deposits were $71.3 billion, up 16.4%.
    • Wealth management assets were $113.0 billion, up 25.4%.
    • Wealth management revenues were $99.5 million, up 27.6%.

“Revenue grew 20% and net interest income grew 18% compared to a year ago, while tangible book value was up 12%,” said Mike Roffler, Chief Financial Officer. “Asset quality remains excellent and capital is strong.”

The Bank announced an increase in its quarterly cash dividend to $0.18 per share of common stock. This first quarter dividend is payable on May 10, 2018 to shareholders of record as of April 26, 2018.

Credit quality remains very strong. Nonperforming assets were only 5 basis points of total assets at March 31, 2018.

The Bank had net charge-offs for the quarter of $154,000, while adding $13.0 million to its allowance for loan losses due to continued loan growth.

The Bank’s Common Equity Tier 1 ratio was 10.47% at March 31, 2018, compared to 11.15% a year ago.

In addition, as previously announced, on January 2, 2018, the Bank redeemed all of the outstanding shares of its 5.625% Noncumulative Perpetual Series C Preferred Stock, which totaled $150.0 million.

Tangible book value per common share at March 31, 2018 was $41.46, up 11.6% from a year ago.

Loan originations were $7.3 billion for the quarter, compared to $5.6 billion for the same quarter a year ago, an increase of 29.9%, primarily due to increases in business lending, multifamily and construction loans.

Loans, excluding loans held for sale, totaled $65.2 billion at March 31, 2018, up 20.9% compared to a year ago. The increase was primarily due to growth in single family, multifamily and business loans.

Total deposits increased to $71.3 billion, up 16.4% compared to a year ago.

At March 31, 2018, checking accounts totaled 62.2% of deposits.

The average rate paid on deposits was 0.30% during the quarter, compared to 0.28% for the prior quarter.

Total investment securities at March 31, 2018 were $16.5 billion, down 11.0% for the quarter and up 3.6% compared to a year ago.

High-quality liquid assets, including eligible cash, totaled $11.1 billion at March 31, 2018, and represented 12.8% of average total assets.

During the first quarter, the Bank performed a repositioning of its investment portfolio and sold certain intermediate and long-term, fixed-rate investment securities totaling $2.2 billion, and recognized a gain on sale of $10.7 million.

During the first quarter, the Bank sold $161.4 million of loans and recorded a gain on sale of $689,000, compared to loan sales of $645.8 million and a gain of $3.4 million during the first quarter of last year.

Loans serviced for investors at quarter-end totaled $12.2 billion, up 3.0% from a year ago.

Wealth management revenues totaled $99.5 million for the quarter, up 27.6% compared to last year’s first quarter. Such revenues represented 13.8% of the Bank’s total revenues for the quarter.

Total wealth management assets were $113.0 billion at March 31, 2018, up 5.6% for the quarter and up 25.4% compared to a year ago. The growth in wealth management assets for the quarter was due to client inflows. The year-over-year growth was due to both net new assets from existing and new clients, and market appreciation.

Wealth management assets included investment management assets of $55.1 billion, brokerage assets and money market mutual funds of $48.3 billion, and trust and custody assets of $9.6 billion.

Total revenues were $720.9 million for the quarter, up 19.9% compared to the first quarter a year ago.

Net interest income was $587.8 million for the quarter, up 17.6% compared to the first quarter a year ago. The increase in net interest income resulted primarily from growth in average earning assets.

The net interest margin was 2.97% for the first quarter. Such net interest margin reflects the new computation of tax-equivalent yields, which were slightly reduced following the enactment of tax reform legislation (the “Tax Reform Act”) in December 2017.

Noninterest income was $133.1 million for the quarter, up 31.2% compared to the first quarter a year ago. The increase was primarily from growth in wealth management revenues and gain on sale of investments related to the previously discussed repositioning of the Bank’s investment portfolio.

Noninterest expense was $461.6 million for the quarter, up 21.9% compared to the first quarter a year ago. The efficiency ratio was 64.0% for the quarter, compared to 63.0% for the first quarter a year ago. The increases were primarily due to increased salaries and benefits, information systems and other costs from the continued investments in the expansion of the franchise.

Beginning in 2018, the Tax Reform Act reduced the federal tax rate for corporations from 35% to 21% and changes or limits certain tax deductions.

The Bank’s effective tax rate for the first quarter of 2018 was 19.2%, which reflects the new federal tax rate, along with changes in tax deductions.

First Republic Bank’s first quarter 2018 earnings conference call is scheduled for April 13, 2018 at 7:00 a.m. PT / 10:00 a.m. ET. To access the event by telephone, please dial (877) 407-0792 approximately 10 minutes prior to the start time (to allow time for registration). International callers should dial +1 (201) 689-8263.

The call will also be broadcast live over the Internet and can be accessed in the Investor Relations section of First Republic’s website at firstrepublic.com . To listen to the live webcast, please visit the site at least 10 minutes prior to the start time to register, download and install any necessary audio software.

For those unable to join the live presentation, a replay of the call will be available beginning April 13, 2018, at 10:00 a.m. PT / 1:00 p.m. ET, through April 20, 2018, at 8:59 p.m. PT / 11:59 p.m. ET. To access the replay, dial (844) 512-2921 and use conference ID #13678017. International callers should dial +1 (412) 317-6671 and enter the same conference ID number. A replay of the webcast also will be available for 90 days following, accessible in the Investor Relations section of First Republic Bank’s website at firstrepublic.com .

The Bank’s press releases are available after release in the Investor Relations section of First Republic Bank’s website at firstrepublic.com .

Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth management, including investment, trust and brokerage services. First Republic specializes in delivering exceptional, relationship-based service, with a solid commitment to responsiveness and action. Services are offered through preferred banking or wealth management offices primarily 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 later in 2018, Jackson, Wyoming. First Republic offers a complete line of banking products for individuals and businesses, including deposit services, as well as residential, commercial and personal loans. For more information, visit firstrepublic.com .

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this press release that are not historical facts are hereby identified as “forward-looking statements” for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimates,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Accordingly, these statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in them.

Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: significant competition to attract and retain banking and wealth management customers, from both traditional and non-traditional financial services and technology companies; our ability to recruit and retain key managers, employees and board members; the possibility of earthquakes, fires and other natural disasters affecting the markets in which we operate; interest rate risk and credit risk; our ability to maintain and follow high underwriting standards; economic and market conditions affecting the valuation of our investment securities portfolio, which could result in other-than-temporary impairment if the general economy deteriorates, credit ratings decline, the financial condition of issuers deteriorates, interest rates increase or the liquidity for securities is limited; real estate prices generally and in our markets; our geographic and product concentrations; demand for our products and services; the regulatory environment in which we operate, our regulatory compliance and future regulatory requirements; the impact of tax reform legislation; the phase-in of the final capital rules regarding the Basel III framework, changes to the definitions and components of regulatory capital and a new approach for risk-weighted assets; legislative and regulatory actions affecting us and the financial services industry, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act, including increased compliance costs, limitations on activities and requirements to hold additional capital; our ability to avoid litigation and its associated costs and liabilities; the impact of new accounting standards; future Federal Deposit Insurance Corporation (“FDIC”) special assessments or changes to regular assessments; fraud, cybersecurity and privacy risks; and custom technology preferences of our customers and our ability to successfully execute on initiatives relating to enhancements of our technology infrastructure, including client-facing systems and applications. For a discussion of these and other risks and uncertainties, see First Republic’s FDIC filings, including, but not limited to, the risk factors in First Republic’s Annual Report on Form 10-K. These filings are available in the Investor Relations section of our website.

All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Any forward-looking statements are qualified in their entirety by reference to the factors discussed in our Annual Report on Form 10-K and any subsequent reports filed by First Republic with the FDIC. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

   

 
Quarter Ended
March 31,
Quarter Ended
December 31,
(in thousands, except per share amounts) 2018   2017 2017
Interest income:
Loans $ 541,313 $ 428,398 $ 514,700
Investments 138,270 118,058 140,396
Other 4,978 3,371 4,842
Cash and cash equivalents 3,913   2,668   2,863
Total interest income 688,474   552,495   662,801
 
Interest expense:
Deposits 50,387 22,051 46,120
Borrowings 50,329   30,759   47,820
Total interest expense 100,716   52,810   93,940
 
Net interest income 587,758 499,685 568,861
Provision for loan losses 13,000   9,088   17,042
Net interest income after provision for loan losses 574,758   490,597   551,819
 
Noninterest income:
Investment management fees 78,117 60,895 82,358
Brokerage and investment fees 10,532 8,039 9,374
Trust fees 3,489 3,202 3,762
Foreign exchange fee income 7,397 5,861 8,198
Deposit fees 5,985 5,372 5,870
Loan and related fees 3,617 3,266 3,101
Loan servicing fees, net 3,519 2,771 3,932
Gain on sale of loans 689 3,364 3,065
Gain (loss) on investment securities, net 9,197 (1,435 )
Income from investments in life insurance 9,477 9,635 9,836
Other income 1,083   489   801
Total noninterest income 133,102   101,459   130,297
 
Noninterest expense:
Salaries and employee benefits 277,024 221,907 250,076
Information systems 58,964 45,770 58,139
Occupancy 36,172 33,366 35,620
Professional fees 13,414 11,165 15,976
FDIC assessments 15,532 13,150 14,844
Advertising and marketing 11,928 9,026 17,173
Other expenses 48,547   44,155   53,715
Total noninterest expense 461,581   378,539   445,543
 
Income before provision for income taxes 246,279 213,517 236,573
Provision for income taxes 47,196   36,743   42,296
Net income 199,083 176,774 194,277
Dividends on preferred stock 12,222   15,152   14,272
Net income available to common shareholders $ 186,861   $ 161,622   $ 180,005
 
Basic earnings per common share $ 1.16   $ 1.04   $ 1.12
Diluted earnings per common share $ 1.13   $ 1.01   $ 1.10
Dividends per common share $ 0.17   $ 0.16   $ 0.17
 
Weighted average shares—basic 161,752   155,012   160,371
Weighted average shares—diluted 164,839   160,433   164,197
 

 
As of
($ in thousands) March 31,
2018
  December 31,
2017
  March 31,
2017

Cash and cash equivalents $ 3,839,931 $ 2,297,021 $ 2,756,385
Investment securities available-for-sale 2,256,295 2,418,088 2,037,657
Investment securities held-to-maturity 14,264,992 16,157,945 13,934,204
Equity securities (fair value) 19,734
 
Loans:
Single family (1-4 units) 32,211,100 31,508,468 27,418,458
Home equity lines of credit 2,575,234 2,735,612 2,641,384
Multifamily (5+ units) 9,152,736 8,640,233 6,952,664
Commercial real estate 6,173,825 6,083,152 5,652,065
Single family construction 621,847 591,066 502,070
Multifamily/commercial construction 1,256,370 1,116,855 945,201
Business 8,991,752 8,295,224 6,897,282
Stock secured 1,207,646 1,083,553 907,576
Other secured 954,317 1,015,039 758,058
Unsecured 2,047,107   1,771,013   1,257,442  
Total loans 65,191,934   62,840,215   53,932,200  
Allowance for loan losses (378,778 ) (365,932 ) (314,978 )
Loans, net 64,813,156   62,474,283   53,617,222  
 
Loans held for sale 686,393 87,695 178,226
Investments in life insurance 1,340,170 1,330,652 1,282,659
Tax credit investments 1,088,602 1,107,546 1,134,172
Prepaid expenses and other assets 1,265,806 1,254,720 955,055
Premises, equipment and leasehold improvements, net 299,587 296,197 236,774
Goodwill and other intangible assets 285,749 290,221 310,009
Mortgage servicing rights 63,093   66,139   61,988  
Total Assets $ 90,223,508   $ 87,780,507   $ 76,504,351  
 

Liabilities:
Deposits:
Noninterest-bearing checking $ 27,496,642 $ 26,355,331 $ 23,622,962
Interest-bearing checking 16,809,785 17,324,683 14,731,109
Money market checking 9,088,019 9,251,504 8,769,899
Money market savings and passbooks 8,865,304 8,752,396 8,527,125
Certificates of deposit 8,995,322   7,234,794   5,556,153  
Total Deposits 71,255,072   68,918,708   61,207,248  
 
Short-term borrowings 100,000 100,000
Long-term FHLB advances 8,500,000 8,300,000 5,900,000
Senior notes 895,147 894,723 398,157
Subordinated notes 777,180 777,084 776,803
Other liabilities 959,571   971,691   1,033,398  
Total Liabilities 82,386,970   79,962,206   69,415,606  
 
Shareholders’ Equity:
Preferred stock 840,000 990,000 940,000
Common stock 1,619 1,617 1,571
Additional paid-in capital 3,797,419 3,778,913 3,547,447
Retained earnings 3,211,804 3,051,611 2,595,978
Accumulated other comprehensive income (loss) (14,304 ) (3,840 ) 3,749  
Total Shareholders’ Equity 7,836,538   7,818,301   7,088,745  
Total Liabilities and Shareholders’ Equity $ 90,223,508   $ 87,780,507   $ 76,504,351  
   
Quarter Ended March 31, Quarter Ended December 31,
2018   2017 2017

Average Balances, Yields and Rates

Average
Balance

 

Interest
Income/
Expense (1)

 

Yields/
Rates (2)

Average
Balance

 

Interest
Income/
Expense (1)

 

Yields/
Rates (2)

Average
Balance

 

Interest
Income/
Expense (1)

 

Yields/
Rates (2)

($ in thousands)
Assets:
Cash and cash equivalents $ 1,126,806 $ 3,913 1.41 % $ 1,448,729 $ 2,668 0.75 % $ 983,289 $ 2,863 1.16 %
Investment securities (3) 17,199,928 158,446 3.68 % 15,434,058 155,405 4.03 % 18,150,468 184,827 4.07 %
Loans (3) 64,062,925 547,610 3.42 % 53,090,033 439,654 3.32 % 61,163,482 527,227 3.41 %
FHLB stock 280,962   4,978   7.19 % 161,310   3,371   8.48 % 282,150   4,842   6.81 %

Total interest-earning assets

82,670,621   714,947   3.46 % 70,134,130   601,098   3.43 % 80,579,389   719,759   3.54 %
 
Noninterest-earning cash 347,567 307,359 341,903

Goodwill and other intangibles

287,948 312,628 292,505
Other assets 3,440,748   3,168,092   3,380,998  

Total noninterest-earning assets

4,076,263   3,788,079   4,015,406  
Total Assets $ 86,746,884   $ 73,922,209   $ 84,594,795  
 
Liabilities and Equity:
Checking $ 42,440,377 5,509 0.05 % $ 37,351,531 1,126 0.01 % $ 40,653,195 4,672 0.05 %

Money market checking and savings

17,132,181 18,138 0.43 % 16,299,170 4,989 0.12 % 17,699,117 17,577 0.39 %
CDs 7,641,580   26,740   1.42 % 5,346,421   15,936   1.21 % 7,062,947   23,871   1.34 %
Total deposits 67,214,138   50,387   0.30 % 58,997,122   22,051   0.15 % 65,415,259   46,120   0.28 %
 
Short-term borrowings 685,000 2,510 1.49 % 121,945 519 1.72 % 471,304 1,416 1.19 %
Long-term FHLB advances 8,354,444 32,800 1.59 % 5,786,111 20,615 1.44 % 8,159,783 31,390 1.53 %
Senior notes (4) 894,940 5,923 2.65 % 398,058 2,577 2.59 % 894,519 5,919 2.65 %
Subordinated notes (4) 777,133 9,096 4.68 % 590,688 6,915 4.68 % 777,038 9,095 4.68 %
Other borrowings     % 25,876   133   2.05 %     %
Total borrowings 10,711,517   50,329   1.90 % 6,922,678   30,759   1.79 % 10,302,644   47,820   1.85 %
Total interest-bearing
liabilities
77,925,655   100,716   0.52 % 65,919,800   52,810   0.32 % 75,717,903   93,940   0.49 %
 
Noninterest-bearing liabilities 980,290 1,040,994 1,103,473
Preferred equity 841,667 1,004,291 990,000
Common equity 6,999,272   5,957,124   6,783,419  
Total Liabilities and
Equity
$ 86,746,884   $ 73,922,209   $ 84,594,795  
 
Net interest spread (5) 2.94 % 3.11 % 3.05 %

Net interest income (fully taxable-equivalent basis) and net interest margin (3), (6)

$ 614,231   2.97 % $ 548,288   3.13 % $ 625,819   3.08 %
 

Reconciliation of tax-equivalent net interest income to reported net interest income:

Tax-equivalent adjustment (3) (26,473 ) (48,603 ) (56,958 )

Net interest income, as reported

$ 587,758   $ 499,685   $ 568,861  
__________
(1) Interest income is presented on a fully taxable-equivalent basis.
(2) Yields/rates are annualized.

(3) Beginning in 2018, tax equivalent adjustments to interest income and yields reflect the new federal tax rate following the enactment of the Tax Reform Act in December 2017.

(4) Average balances include unamortized issuance discounts and costs. Interest expense includes amortization of issuance discounts and costs.

(5) Net interest spread represents the average yield on interest-earning assets less the average rate on interest-bearing liabilities.
(6) Net interest margin represents net interest income on a fully taxable-equivalent basis divided by total average interest-earning assets.
   
Quarter Ended
March 31,
Quarter Ended
December 31,
Operating Information 2018   2017 2017
($ in thousands)
Net income to average assets (1) 0.93 % 0.97 % 0.91 %
Net income available to common shareholders to average common equity (1) 10.83 % 11.00 % 10.53 %
Net income available to common shareholders to average tangible common equity (1) 11.29 % 11.61 % 11.00 %
Net interest income to average interest-earning assets (1) 2.88 % 2.89 % 2.80 %
Dividend payout ratio 15.0 % 15.9 % 15.5 %
Efficiency ratio (2) 64.0 % 63.0 % 63.7 %
 
Net loan charge-offs (recoveries) $ 154 $ 508 $ (1,125 )
Net loan charge-offs (recoveries) to average total loans (1) 0.00 % 0.00 % (0.01 )%
 
Allowance for loan losses to:
Total loans 0.58 % 0.58 % 0.58 %
Nonaccrual loans 774.7 % 609.3 % 971.8 %
__________
(1) Ratios are annualized.
(2) Efficiency ratio is the ratio of noninterest expense to the sum of net interest income and noninterest income.
   
Quarter Ended
March 31,
Quarter Ended
December 31,
Effective Tax Rate 2018   2017 2017
Effective tax rate, prior to excess tax benefits and deferred tax assets valuation adjustment 21.1 % 23.1 % 22.4 %
 
Excess tax benefits—stock options (1.8 )% (4.3 )% (21.1 )%
Excess tax benefits—other stock awards (0.1 )% (1.6 )% (0.2 )%
Total excess tax benefits (1.9 )% (5.9 )% (21.3 )%
 
Deferred tax assets valuation adjustment (1) % % 16.8 %
Effective tax rate 19.2 % 17.2 % 17.9 %
 
(1) For the quarter ended December 31, 2017, as a result of the Tax Reform Act, the Bank recorded a one-time revaluation adjustment of $39.7 million to reduce its deferred tax assets, which increased the provision for income taxes.
   
Quarter Ended
March 31,
Quarter Ended
December 31,
Mortgage Loan Sales 2018   2017 2017
($ in thousands)
Loans sold:
Flow sales:
Agency $ 14,047 $ 49,732 $ 20,967
Non-agency 55,655   56,202   91,916  
Total flow sales 69,702 105,934 112,883
 
Bulk sales:
Non-agency 91,709   539,821   856,359  
Total loans sold $ 161,411   $ 645,755   $ 969,242  
 
Gain on sale of loans:
Amount $ 689 $ 3,364 $ 3,065
Gain as a percentage of loans sold 0.43 % 0.52 % 0.32 %
   
Quarter Ended
March 31,
Quarter Ended
December 31,
Loan Originations 2018   2017 2017
($ in thousands)
Single family (1-4 units) $ 2,326,712 $ 2,516,674 $ 3,011,145
Home equity lines of credit 346,333 414,323 433,733
Multifamily (5+ units) 761,584 408,946 842,329
Commercial real estate 275,683 395,569 334,557
Construction 464,806 238,801 331,501
Business 2,057,454 952,428 1,766,978
Stock and other secured 666,546 483,522 332,245
Unsecured 428,342   230,874   397,325
Total loans originated $ 7,327,460   $ 5,641,137   $ 7,449,813
 
As of
Loan Servicing Portfolio March 31,
2018
  December 31,
2017
  September 30,
2017
  June 30,
2017
  March 31,
2017
($ in millions)
Loans serviced for investors $ 12,192   $ 12,495   $ 12,111   $ 11,791   $ 11,838
 
As of
Asset Quality Information March 31,
2018
  December 31,
2017
  September 30,
2017
  June 30,
2017
  March 31,
2017
($ in thousands)
Nonperforming assets:
Nonaccrual loans $ 48,895 $ 37,656 $ 37,922 $ 43,384 $ 51,694
Other real estate owned       1,930    
Total nonperforming assets $ 48,895   $ 37,656   $ 37,922   $ 45,314   $ 51,694  
 
Nonperforming assets to total assets 0.05 % 0.04 % 0.04 % 0.06 % 0.07 %
 
Accruing loans 90 days or more past due $ $ $ $ $
 
Restructured accruing loans $ 11,853 $ 12,605 $ 18,242 $ 13,001 $ 14,224
 
As of
Book Value Ratios March 31,
2018
  December 31,
2017
  September 30,
2017
  June 30,
2017
  March 31,
2017
(in thousands, except per share amounts)
Number of shares of common stock outstanding 161,863   161,696   157,930   157,686   157,122
Book value per common share $ 43.23   $ 42.23   $ 40.76   $ 39.76   $ 39.13
Tangible book value per common share $ 41.46   $ 40.43   $ 38.90   $ 37.83   $ 37.16
 
As of
2018   2017
Capital Ratios March 31 (1) December 31   September 30   June 30   March 31
Tier 1 leverage ratio (Tier 1 capital to average assets) 8.64 % 8.85 % 8.78 % 8.99 % 9.22 %
Common Equity Tier 1 capital to risk-weighted assets 10.47 % 10.63 % 10.58 % 10.72 % 11.15 %
Tier 1 capital to risk-weighted assets 11.80 % 12.22 % 12.27 % 12.49 % 12.94 %
Total capital to risk-weighted assets 13.65 % 14.11 % 14.23 % 14.51 % 15.04 %
Regulatory Capital (2)
($ in thousands)
Common Equity Tier 1 capital $ 6,624,101 $ 6,488,618 $ 6,140,330 $ 5,975,457 $ 5,852,885
Tier 1 capital $ 7,464,101 $ 7,457,944 $ 7,121,330 $ 6,960,057 $ 6,788,885
Total capital $ 8,633,859 $ 8,615,389 $ 8,259,581 $ 8,087,714 $ 7,892,528
Assets (2)
($ in thousands)
Average assets $ 86,378,664 $ 84,238,404 $ 81,125,539 $ 77,419,255 $ 73,624,461
Risk-weighted assets $ 63,253,340 $ 61,054,077 $ 58,027,938 $ 55,730,798 $ 52,476,984
__________
(1) Ratios and amounts as of March 31, 2018 are preliminary.
(2) As defined by regulatory capital rules.
 
As of
Wealth Management Assets March 31,
2018
  December 31,
2017
  September 30,
2017
  June 30,
2017
  March 31,
2017
($ in millions)
First Republic Investment Management $ 55,104 $ 52,712 $ 50,318 $ 47,530 $ 44,573
 
Brokerage and investment:
Brokerage 46,150 43,015 40,652 37,658 35,397
Money market mutual funds 2,104   1,671   1,201   1,402   1,795
Total brokerage and investment 48,254   44,686   41,853   39,060   37,192
 
Trust Company:
Trust 4,694 4,678 4,441 4,276 3,929
Custody 4,938   4,885   4,734   4,559   4,438
Total Trust Company 9,632   9,563   9,175   8,835   8,367
Total Wealth Management Assets $ 112,990   $ 106,961   $ 101,346   $ 95,425   $ 90,132

Investors:
Addo Investor Relations
Andrew Greenebaum / Lasse Glassen, 310-829-5400
agreenebaum@addoir.com
lglassen@addoir.com
or
Media:
Blue Marlin Partners
Greg Berardi, 415-239-7826
greg@bluemarlinpartners.com

Source: First Republic Bank



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