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First Republic Bank (NYSE:FRC) will present at the Goldman Sachs US Financial Services Conference on December 9, 2020, at 11:20 a.m. ET. CFO Mike Roffler and COO Jason Bender will lead the presentation, which can be accessed live on First Republic’s Investor Relations website. A replay will be available for 30 days post-event. Founded in 1985, First Republic Bank specializes in private banking and wealth management, offering services like personal loans and investment management through various locations across the U.S.
First Republic Bank (NYSE: FRC) has announced an underwritten public offering of 1,500,000 shares of common stock, targeting approximately $198.3 million in gross proceeds. The offering includes a 30-day option for underwriters to purchase an additional 225,000 shares. The last reported share price was $134.90. Proceeds will be used for general corporate purposes, including funding loans and purchasing investment securities. The offering is expected to close on November 16, 2020, pending customary conditions.
First Republic Bank (FRC) announced it will sell 1,500,000 shares of common stock in a public offering, with an option for underwriters to purchase an additional 225,000 shares. The offering aims to raise capital for general corporate purposes, possibly including funding loans or acquiring investment securities. The closing date is expected around November 16, 2020. This move comes as First Republic continues to expand its banking and wealth management services across various U.S. cities.
First Republic Investment Management announced that the First Republic Founders Index outperformed the S&P 500 by 46% in its first year. The Index, which includes over 400 U.S. equities influenced by founders, was up 29.7% since its inception on October 7, 2019, compared to a 20.3% rise in the S&P 500. Bob Thornton, President of First Republic Private Wealth Management, emphasized the advantages of founder leadership in driving superior performance. As of September 30, 2020, First Republic Private Wealth Management managed assets worth $168.2 billion.
First Republic Bank (NYSE: FRC) reported strong financial performance for the quarter ended September 30, 2020. Revenues reached $1.0 billion, a 19.6% increase year-over-year, with net income up 24.8% to $293.1 million. Diluted earnings per share rose to $1.61, supported by a notable quarter for loan originations totaling $12.2 billion. The bank's deposit base grew 21.8% to $104.4 billion. Additionally, the tangible book value per share increased by 12.6% to $55.00. The bank also declared a cash dividend of $0.20 per share, marking its ninth consecutive year of dividend increases.
First Republic Bank (NYSE:FRC) announced cash dividends for its perpetual preferred stock. A quarterly cash dividend of $11.75 per share on its Noncumulative Perpetual Series J Preferred Stock will be paid on October 30, 2020, to shareholders of record as of October 16, 2020. Additionally, an initial cash dividend of $5.0417 per share was declared for the Noncumulative Perpetual Series K Preferred Stock, also payable on October 30, 2020, to shareholders of record as of October 16, 2020.
First Republic Bank (NYSE:FRC) will release its third quarter 2020 financial results on October 13, 2020, prior to market opening. A conference call is scheduled for the same day at 7:00 a.m. PT to discuss the results. Investors can join via telephone or through a live webcast on the bank's website. A replay of the call will be available shortly after, accessible until October 20, 2020. First Republic, established in 1985, offers a range of private banking and wealth management services across several states.