FRC - First Republic's Earnings Troubles Have Only Just Begun
2023-04-26 08:08:00 ET
Embattled bank First Republic (NYSE: FRC) reported its highly anticipated first-quarter earnings results after the market closed on April 24.
While the headline numbers beat analyst estimates pretty easily, I don't think the bank is in any better shape than it was prior to its earnings report. Shares fell significantly after rallying leading up to the release of earnings.
The banking crisis began in the second week of March and therefore only occurred for a short period of time in the first quarter, so its full effect has likely not been felt yet. In fact, I think First Republic's earnings troubles have only just begun. Here's why.
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First Republic's Earnings Troubles Have Only Just Begun