First Republic Bank

FRCB: PINX (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$9.19	Yzvt	Mmmsmzg

Lowering Our Fair Value for First Republic to $34 After Latest Liquidity Injection Announcement

Eric Compton

Mar 17, 2023

Business Strategy and Outlook

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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