Understanding what a business does well and not messing that up in the pursuit of even more growth is an underappreciated business talent, but First Republic (FRC) has that going for it with its management team. While management often fields questions from investors about building or buying its way into new markets, continuing to drive market share growth within its core high net worth (or HNW) market in California, New York City, and Boston continues to drive exceptional performance for this specialized bank.
The biggest challenge for First Republic may be funding its