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FRC - Higher Expectations Make First Republic's Loan Growth Even More Important
FIRST REPUBLIC BANK
First Republic posted another good beat at the pre-provision profit level, as the bank's loan growth exceeded expectations and net interest margin matched expectations.
The Street didn't seem to like the guidance for mid-teens loan growth and a slight uptick in the efficiency ratio, but there could be room to outperform on loan growth.
I can't call First Republic's valuation today a bargain, but it's also not unreasonable for a standout growth stock in the sector.