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First Republic Bank - Stock Quote FRC

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Morningstar's First Republic Bank Stock Analysis

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Circling Back on First Republic After Q1 Earnings; Maintaining Our $185 Fair Value Estimate

Eric Compton, CFA Senior Equity Analyst

Business Strategy and Outlook

| Eric Compton, CFA |

First Republic Bank is one of the more unusual banks under our coverage. It has a uniquely focused business model, with a high service offering aimed at wealthy clients concentrated in costal urban areas. The bank was exclusively led by its founder, Jim Herbert, until mid-2021, and has been able to churn out remarkably high organic growth year after year, resulting in compounded asset growth of roughly 20% over the past 10 years compared with an industry growth rate of closer to 5%.

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First Republic Bank's Company Profile

Business Description

First Republic offers private banking and wealth management services to high-net-worth clients. Services are primarily offered in the San Francisco, New York City, and Los Angeles markets. The bank was founded in 1985.

111 Pine Street, 2nd Floor
San Francisco, CA, 94111
T +1 415 392-1400
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 6,452