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James Herbert's bank is thriving by delivering top-notch service and maintaining strict underwriting standards at a time when many banks are struggling to increase revenues and undercutting each other to win loan business.
December 21 - California
First Republic Bank reported higher quarterly profit, though loan growth pushed the San Francisco company above $50 billion in assets.
April 16 -
First Republic Bank in San Francisco has agreed to purchase Constellation Wealth Advisors for about $115 million.
June 17
First Republic Bank in San Francisco reported higher second-quarter profit, driven by higher loan revenue and wealth management fees.
The $53.1 billion-asset bank's
Net interest income, after a provision for loan losses, rose 15% to $358.1 million. Income from loans rose 4.8% to $334 million, and investment income rose 52% to $77.2 million. The net interest margin narrowed by eight basis points to 3.30%.
Noninterest income rose 4.4% to $80.2 million, on higher revenue from investment advisory fees, income from life insurance, loan fees, brokerage fees and other categories.
Noninterest expense rose 18% to $263.1 million, from rise in salaries and employee benefits and an increase in professional fees. The efficiency ratio worsened by 35 basis points to 57.8%.
