- 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.
For further details see:
Higher Expectations Make First Republic's Loan Growth Even More Important