FRC - FRC STOCK NEWS

First Republic Bank (NYSE:FRC) has appointed Shilla Kim-Parker, CEO & Co-Founder of Thrilling, to its Board of Directors. This appointment is effective immediately. Kim-Parker brings extensive experience in leadership and digital strategy from her previous roles at Disney and J.P. Morgan. Additionally, the bank has reappointed Jim Herbert, Founder and Co-CEO, to the Board, reaffirming its commitment to exceptional client service and growth strategies. The Board believes Kim-Parker's skills will bolster efforts to attract a younger client demographic.

First Republic Bank (FRC) reported impressive financial results for the quarter and year ending December 31, 2021. Revenues increased 28.5% year-over-year to $5.0 billion, with net interest income at $4.1 billion, up 26.1%. The bank's net income rose 38.9% to $1.5 billion, driving diluted earnings per share to $7.68, up 32.2%. Loan originations reached a record $64.8 billion for the year. Tangible book value per share rose 17.1% to $67.10, reflecting strong franchise growth in loans, deposits, and wealth management assets, which grew 43.7% to $279.4 billion.

First Republic Bank (NYSE:FRC) announced the addition of two new Managing Directors and Wealth Managers, Stephen Stabile and Adam Hirsch, to its New York team. Both bring extensive experience in wealth management, previously serving at Merrill Lynch. Stabile has over 19 years in the field, specializing in private equity and venture capital. Hirsch has over 17 years focusing on high net worth clients. This expansion aims to enhance the bank's client service offerings in the competitive New York market.

First Republic Bank (NYSE:FRC) has declared cash dividends on its preferred stock series. A quarterly dividend of $11.75 per share for Series J, $10.3125 for Series K, $10.6250 for Series L, $10.00 for Series M, and an initial $7.6250 for Series N will be paid on January 28, 2022, to shareholders on record by January 14, 2022. This decision reflects the bank's commitment to returning value to its shareholders.

First Republic Bank announces the resignation of Hafize Gaye Erkan from her role as Co-CEO, effective immediately, to pursue other opportunities. Mike Roffler has been named Acting Co-CEO and joins the Board of Directors. The Board expresses confidence in Roffler's qualifications and leadership. Additionally, preliminary unaudited financial results reveal total loans increased by 20% YoY and total deposits grew by 36% YoY as of December 31, 2021. Net charge-offs are projected at approximately $100,000 for Q4 2021.

First Republic Bank (NYSE:FRC) will release its fourth quarter and full year 2021 financial results on January 14, 2022, before the market opens. A conference call is scheduled for 7:00 a.m. PT to discuss these results. Investors can access the call by phone or through a live webcast on the company's Investor Relations website. A replay will be available shortly after the call, lasting until January 21, 2022. Founded in 1985, First Republic offers private banking and wealth management services, emphasizing relationship-based service.

First Republic Bank announced significant leadership changes effective January 1, 2022. Founder and Co-CEO Jim Herbert will take a medical leave due to a coronary health issue, stepping down from the Board temporarily. In his absence, Hafize Gaye Erkan will continue as Co-CEO and assume additional responsibilities. Mike Roffler, previously CFO, has been appointed President, with over 25 years of experience. The Board supports these transitions, emphasizing commitment to the company’s strong culture and stability.

First Republic Bank (NYSE:FRC) has declared cash dividends on its perpetual preferred stock. The quarterly cash dividend for the Noncumulative Perpetual Series H Preferred Stock is $12.8125 per share, payable on December 30, 2021, to shareholders of record as of December 16, 2021. Similarly, a dividend of $13.75 per share for the Series I Preferred Stock will also be paid on the same date. These dividends reflect the bank's commitment to returning value to shareholders.

First Republic Bank (FRC) has priced a public offering of 26 million depositary shares, each representing a 1/40th interest in its 4.500% Noncumulative Perpetual Series N Preferred Stock, at $25.00 per share. The offering is expected to close on or about November 29, 2021, pending customary conditions. The bank plans to utilize the net proceeds for general corporate purposes, including funding loans and securities purchases. The underwriters also have a 30-day option for an additional 3.9 million shares.