SIVB - First Republic Remains A Top-Notch Growth Bank Stock

• First Republic comfortably beat sell-side pre-provision earnings and core EPS expectations, with strong loan growth and growth in wealth management fees.
• Management seems confident that loan growth can continue at a mid-teens clip, and the bank continues to leverage strong customer satisfaction to add more clients and market share.
• First Republic's uncommonly strong growth profile puts its outside typical bank valuation approaches, but I expect the market will continue to reward high revenue, earnings, and TBV growth.

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