First Republic Bank

FRCB: PINX (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$4.71	Qsb	Rwgdcqw

Higher Deposit Costs Continue to Bite First Republic in Q4 Results, but Asset Growth Remains Strong

Eric Compton

Jan 13, 2023

No-moat-rated First Republic Bank reported fourth-quarter earnings of $1.88 per share, ahead of the FactSet consensus of $1.79 and just ahead of our own estimate of $1.83. Revenue came in at $1.44 billion compared with our own estimate of $1.49 billion. Net interest margins, or NIM, and the efficiency ratio both deteriorated in the quarter, which was expected. Deposit pricing increased from 0.74% to 1.63% in the period, while the bank’s NIM went from 2.71% to 2.45%.

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