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Name | Symbol | Market | Type |
---|---|---|---|
First Republic Preferred Capital Corp. - Preferred Stock, Convertible (MM) | NASDAQ:FRCCO | NASDAQ | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.08 | 0 | 01:00:00 |
Nevada
|
|
91-1971389
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
111 Pine Street, 2nd Floor,
San Francisco, California
|
|
94111
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
o
|
|
Accelerated filer
o
|
|
|
|
Non-accelerated filer
x
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
o
|
|
|
|
Item 1.
|
|
|
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 5.
|
||
Item 6.
|
||
•
|
as conducted as an independent institution, including the Company and First Republic’s other subsidiaries, from 1985 until its acquisition in September 2007 by MLFSB, a subsidiary of Merrill Lynch & Co. Inc. (“Merrill Lynch”);
|
•
|
as conducted as a separate division within MLFSB, and, following MLFSB’s merger into BANA effective as of November 2009, as a separate division of BANA, a banking subsidiary of Bank of America Corporation (“Bank of America”), in each case including the Company and any other subsidiaries acquired in the 2007 transaction; and
|
•
|
as conducted by First Republic Bank, a California-chartered commercial bank that acquired the First Republic division of BANA after the close of business on June 30, 2010, including the Company and all other subsidiaries acquired in such transaction.
|
|
Successor
|
||||||
($ in thousands)
|
September 30,
2011 |
|
December 31,
2010 |
||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
66,422
|
|
|
$
|
66,344
|
|
Single family mortgage loans
|
382,653
|
|
|
372,855
|
|
||
Multifamily mortgage loans
|
15,589
|
|
|
17,946
|
|
||
Total mortgage loans (Note 3)
|
398,242
|
|
|
390,801
|
|
||
Less: Allowance for loan losses
|
(568
|
)
|
|
(31
|
)
|
||
Mortgage loans, net
|
397,674
|
|
|
390,770
|
|
||
Accrued interest receivable
|
1,231
|
|
|
1,379
|
|
||
Prepaid expenses
|
9
|
|
|
—
|
|
||
Total Assets
|
$
|
465,336
|
|
|
$
|
458,493
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Dividends payable on preferred stock
|
$
|
1,444
|
|
|
$
|
—
|
|
Advisory fees payable to First Republic (Note 4)
|
25
|
|
|
25
|
|
||
Other payables
|
121
|
|
|
54
|
|
||
Total Liabilities
|
1,590
|
|
|
79
|
|
||
Stockholders’ Equity (Notes 5 and 6):
|
|
|
|
||||
Preferred stock, $0.01 par value per share; 15,000,000 shares authorized:
|
|
|
|
||||
10.50% perpetual, exchangeable, noncumulative Series A Preferred Stock; $1,000 liquidation value per share; 55,000 shares authorized, issued and outstanding
|
55,000
|
|
|
55,000
|
|
||
7.25% perpetual, exchangeable, noncumulative Series D Preferred Stock; $25 liquidation value per share; 2,400,000 shares authorized, issued and outstanding
|
60,000
|
|
|
60,000
|
|
||
Common stock, $0.01 par value per share; 100,000,000 shares authorized, 30,538,277 shares issued and outstanding at September 30, 2011 and December 31, 2010
|
305
|
|
|
305
|
|
||
Additional paid-in capital
|
342,421
|
|
|
342,421
|
|
||
Retained earnings
|
6,020
|
|
|
688
|
|
||
Total Stockholders’ Equity
|
463,746
|
|
|
458,414
|
|
||
Total Liabilities and Stockholders’ Equity
|
$
|
465,336
|
|
|
$
|
458,493
|
|
|
|
|
Successor
|
|
|
|
|
Predecessor
|
||||||||
($ in thousands)
|
Three Months
Ended September 30, 2011 |
|
Three Months
Ended September 30, 2010 |
|
Nine Months
Ended September 30, 2011 |
|
|
Six Months
Ended June 30, 2010 |
||||||||
Interest income:
|
|
|
|
|
|
|
|
|
||||||||
Interest on loans
|
$
|
4,490
|
|
|
$
|
4,375
|
|
|
$
|
13,647
|
|
|
|
$
|
7,046
|
|
Interest on interest-earning deposit
|
52
|
|
|
67
|
|
|
181
|
|
|
|
199
|
|
||||
Total interest income
|
4,542
|
|
|
4,442
|
|
|
13,828
|
|
|
|
7,245
|
|
||||
Provision for loan losses
|
399
|
|
|
—
|
|
|
537
|
|
|
|
—
|
|
||||
Interest income after provision for loan losses
|
4,143
|
|
|
4,442
|
|
|
13,291
|
|
|
|
7,245
|
|
||||
Operating expense:
|
|
|
|
|
|
|
|
|
||||||||
Advisory fees payable to First Republic (Note 4)
|
25
|
|
|
25
|
|
|
75
|
|
|
|
50
|
|
||||
General and administrative
|
77
|
|
|
84
|
|
|
291
|
|
|
|
122
|
|
||||
Total operating expense
|
102
|
|
|
109
|
|
|
366
|
|
|
|
172
|
|
||||
Net income
|
4,041
|
|
|
4,333
|
|
|
12,925
|
|
|
|
7,073
|
|
||||
Dividends on preferred stock (Note 5)
|
2,531
|
|
|
2,531
|
|
|
7,593
|
|
|
|
5,062
|
|
||||
Net income available to common stockholder
|
$
|
1,510
|
|
|
$
|
1,802
|
|
|
$
|
5,332
|
|
|
|
$
|
2,011
|
|
($ in thousands)
|
Preferred
Stock
|
|
Common
Stock
|
|
Additional
Paid-in Capital
|
|
Retained
Earnings
|
|
Total
|
||||||||||
|
Predecessor
|
||||||||||||||||||
Balance as of December 31, 2009
|
$
|
115,000
|
|
|
$
|
305
|
|
|
$
|
177,539
|
|
|
$
|
3,585
|
|
|
$
|
296,429
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
7,073
|
|
|
7,073
|
|
|||||
Dividends on preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,062
|
)
|
|
(5,062
|
)
|
|||||
Balance as of June 30, 2010
|
115,000
|
|
|
305
|
|
|
177,539
|
|
|
5,596
|
|
|
298,440
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Successor
|
||||||||||||||||||
Purchase accounting adjustments
|
—
|
|
|
—
|
|
|
6,319
|
|
|
(5,596
|
)
|
|
723
|
|
|||||
Capital contribution of loans
|
—
|
|
|
—
|
|
|
155,000
|
|
|
—
|
|
|
155,000
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
4,333
|
|
|
4,333
|
|
|||||
Dividends on preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,531
|
)
|
|
(2,531
|
)
|
|||||
Balance as of September 30, 2010
|
$
|
115,000
|
|
|
$
|
305
|
|
|
$
|
338,858
|
|
|
$
|
1,802
|
|
|
$
|
455,965
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance as of December 31, 2010
|
$
|
115,000
|
|
|
$
|
305
|
|
|
$
|
342,421
|
|
|
$
|
688
|
|
|
$
|
458,414
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
12,925
|
|
|
12,925
|
|
|||||
Dividends on preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,593
|
)
|
|
(7,593
|
)
|
|||||
Balance as of September 30, 2011
|
$
|
115,000
|
|
|
$
|
305
|
|
|
$
|
342,421
|
|
|
$
|
6,020
|
|
|
$
|
463,746
|
|
|
Successor
|
|
|
Predecessor
|
||||||||
($ in thousands)
|
Nine Months
Ended September 30, 2011 |
|
Three Months
Ended September 30, 2010 |
|
|
Six Months
Ended June 30, 2010 |
||||||
Operating activities:
|
|
|
|
|
|
|
||||||
Net income
|
$
|
12,925
|
|
|
$
|
4,333
|
|
|
|
$
|
7,073
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|||||||
Provision for loan losses
|
537
|
|
|
—
|
|
|
|
—
|
|
|||
(Accretion) amortization of net loan discount/premium
|
(767
|
)
|
|
(262
|
)
|
|
|
10
|
|
|||
Accretion of purchase accounting discount
|
(1,077
|
)
|
|
(204
|
)
|
|
|
(1,704
|
)
|
|||
Decrease (increase) in accrued interest receivable
|
148
|
|
|
(615
|
)
|
|
|
21
|
|
|||
(Increase) decrease in prepaid expenses
|
(9
|
)
|
|
9
|
|
|
|
(16
|
)
|
|||
Decrease in payable to Bank of America, N.A.
|
—
|
|
|
—
|
|
|
|
(100
|
)
|
|||
Increase in other payables
|
67
|
|
|
6
|
|
|
|
4
|
|
|||
Net cash provided by operating activities
|
11,824
|
|
|
3,267
|
|
|
|
5,288
|
|
|||
|
|
|
|
|
|
|
||||||
Investing activities:
|
|
|
|
|
|
|
||||||
Loans acquired from First Republic
|
(68,134
|
)
|
|
(38,943
|
)
|
|
|
—
|
|
|||
Proceeds from loans sold to First Republic
|
—
|
|
|
—
|
|
|
|
4,179
|
|
|||
Proceeds from principal payments on loans
|
62,537
|
|
|
18,349
|
|
|
|
15,609
|
|
|||
Net cash (used for) provided by investing activities
|
(5,597
|
)
|
|
(20,594
|
)
|
|
|
19,788
|
|
|||
|
|
|
|
|
|
|
||||||
Financing activities:
|
|
|
|
|
|
|
||||||
Dividends paid on preferred stock
|
(6,149
|
)
|
|
(1,087
|
)
|
|
|
(5,062
|
)
|
|||
Net cash used for financing activities
|
(6,149
|
)
|
|
(1,087
|
)
|
|
|
(5,062
|
)
|
|||
Increase (decrease) in cash and cash equivalents
|
78
|
|
|
(18,414
|
)
|
|
|
20,014
|
|
|||
Cash and cash equivalents at beginning of period
|
66,344
|
|
|
51,129
|
|
|
|
31,115
|
|
|||
Cash and cash equivalents at end of period
|
$
|
66,422
|
|
|
$
|
32,715
|
|
|
|
$
|
51,129
|
|
|
|
|
|
|
|
|
||||||
Supplemental schedule of noncash financing activities:
|
|
|
|
|
|
|
||||||
Preferred stock dividends payable
|
$
|
1,444
|
|
|
$
|
1,444
|
|
|
|
$
|
—
|
|
Capital contribution of loans
|
$
|
—
|
|
|
$
|
155,000
|
|
|
|
$
|
—
|
|
•
|
In July 2010, the Financial Accounting Standards Board (“FASB”) issued amendments to Accounting Standards Codification ("ASC") 310-10, “Receivables - Overall.” The amendments significantly increase disclosures about the credit quality of loans and the allowance for credit losses to give financial statement users greater transparency about entities' credit risk exposure. The disclosures required as of the balance sheet date were effective as of December 31, 2010 and were included in the Company's 2010 Form 10-K. The disclosures required for activity during the period became effective January 1, 2011 and are included in Note 3. The adoption of these additional disclosures did not have a significant impact on the Company's financial condition, results of operations or cash flows.
|
•
|
In April 2011, the FASB issued amendments to ASC 310-40, “Receivables - Troubled Debt Restructurings by Creditors.” These amendments provide additional guidance related to determining whether a creditor has granted a concession to a borrower and whether a borrower is experiencing financial difficulties. These amendments and the additional disclosures about troubled debt restructurings required by ASC 310-10 became effective on July 1, 2011 and are included in Note 3. The adoption of this new guidance did not have a significant impact on the Company's financial condition, results of operations or cash flows.
|
•
|
In May 2011, the FASB issued amendments to ASC 820-10, “Fair Value Measurement,” which clarify existing fair value measurement requirements. The amendments also change certain fair value measurement principles and require expanded disclosures for certain items measured at fair value or items disclosed at fair value in the notes to the financial statements. These amendments and additional disclosures are effective for interim and annual periods beginning after December 15, 2011. The Company is evaluating the impact of adoption of this new guidance on its financial condition, results of operations, cash flows and disclosures in the financial statements.
|
•
|
In June 2011, the FASB issued amendments to ASC 220-10, “Comprehensive Income,” which require the presentation of items of net income, items of other comprehensive income and total comprehensive income in either one single statement of comprehensive income or in two separate but consecutive statements. Under these amendments, other comprehensive income may no longer be presented in the statement of changes in stockholders' equity. The amendments are effective for interim and annual periods beginning after December 15, 2011 and will be applied retrospectively. The adoption of this new guidance will not have an impact on the Company's financial condition, results of operations, cash flows and disclosures in the financial statements.
|
•
|
In September 2011, the FASB issued amendments to ASC 350-20, “Intangibles - Goodwill and Other - Testing Goodwill for Impairment,” which gives entities the option to first perform a qualitative assessment to determine whether it is more likely than not that a reporting unit's fair value is less than its carrying amount before applying the two-step goodwill impairment test. If an entity determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the entity does not need to perform the two-step goodwill impairment test. The amendments are effective for annual and interim goodwill impairment tests performed in fiscal years beginning after December 15, 2011, with early adoption permitted. The adoption of this new guidance will not have an impact on the Company's financial condition, results of operations, cash flows and disclosures in the financial statements.
|
|
Successor
|
||||||
($ in thousands)
|
September 30,
2011 |
|
December 31,
2010 |
||||
Single family mortgage loans
|
|
|
|
||||
Unpaid principal balance
|
$
|
390,560
|
|
|
$
|
382,608
|
|
Net unaccreted purchase accounting discount
|
(3,826
|
)
|
|
(4,706
|
)
|
||
Net unaccreted discount on mortgage loans acquired from First Republic
|
(4,081
|
)
|
|
(5,047
|
)
|
||
Total
|
382,653
|
|
|
372,855
|
|
||
Multifamily mortgage loans
|
|
|
|
||||
Unpaid principal balance
|
15,993
|
|
|
18,547
|
|
||
Net unaccreted purchase accounting discount
|
(404
|
)
|
|
(601
|
)
|
||
Total
|
15,589
|
|
|
17,946
|
|
||
Total carrying value of mortgage loans
|
398,242
|
|
|
390,801
|
|
||
Less:
|
|
|
|
||||
Allowance for loan losses
|
(568
|
)
|
|
(31
|
)
|
||
Mortgage loans, net
|
$
|
397,674
|
|
|
$
|
390,770
|
|
Loan Aging:
|
|||||||||||||||||||||||||||||||
($ in thousands)
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
Greater Than
90 Days Past
Due
|
|
Total Past
Due
|
|
Current
|
|
Total
Loans
|
|
Greater Than
90 Days Past
Due and
Accruing
|
|
Nonaccrual
|
||||||||||||||||
At September 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Single family mortgage loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Non-impaired
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
381,718
|
|
|
$
|
381,718
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Impaired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
935
|
|
|
935
|
|
|
—
|
|
|
935
|
|
||||||||
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
382,653
|
|
|
382,653
|
|
|
—
|
|
|
935
|
|
||||||||
Multifamily mortgage loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Non-impaired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,589
|
|
|
15,589
|
|
|
—
|
|
|
—
|
|
||||||||
Impaired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,589
|
|
|
15,589
|
|
|
—
|
|
|
—
|
|
||||||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
398,242
|
|
|
$
|
398,242
|
|
|
$
|
—
|
|
|
$
|
935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands)
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
Greater Than
90 Days Past
Due
|
|
Total Past
Due
|
|
Current
|
|
Total
Loans
|
|
Greater Than
90 Days Past
Due and
Accruing
|
|
Nonaccrual
|
||||||||||||||||
At December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Single family mortgage loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Non-impaired
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
372,793
|
|
|
$
|
372,793
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Impaired
|
—
|
|
|
—
|
|
|
62
|
|
|
62
|
|
|
—
|
|
|
62
|
|
|
—
|
|
|
62
|
|
||||||||
|
—
|
|
|
—
|
|
|
62
|
|
|
62
|
|
|
372,793
|
|
|
372,855
|
|
|
—
|
|
|
62
|
|
||||||||
Multifamily mortgage loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Non-impaired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,946
|
|
|
17,946
|
|
|
—
|
|
|
—
|
|
||||||||
Impaired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,946
|
|
|
17,946
|
|
|
—
|
|
|
—
|
|
||||||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
62
|
|
|
$
|
62
|
|
|
$
|
390,739
|
|
|
$
|
390,801
|
|
|
$
|
—
|
|
|
$
|
62
|
|
Credit Quality Indicators:
|
|
|
|
|
|
|
|
|
|
||||||||||
($ in thousands)
|
Pass
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||
At September 30, 2011
|
|
|
|
|
|
|
|
|
|
||||||||||
Single family mortgage loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-impaired
|
$
|
379,319
|
|
|
$
|
2,399
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
381,718
|
|
Impaired
|
—
|
|
|
—
|
|
|
935
|
|
|
—
|
|
|
935
|
|
|||||
|
379,319
|
|
|
2,399
|
|
|
935
|
|
|
—
|
|
|
382,653
|
|
|||||
Multifamily mortgage loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-impaired
|
13,883
|
|
|
1,706
|
|
|
—
|
|
|
—
|
|
|
15,589
|
|
|||||
Impaired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
13,883
|
|
|
1,706
|
|
|
—
|
|
|
—
|
|
|
15,589
|
|
|||||
Total
|
$
|
393,202
|
|
|
$
|
4,105
|
|
|
$
|
935
|
|
|
$
|
—
|
|
|
$
|
398,242
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
($ in thousands)
|
Pass
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||
At December 31, 2010
|
|
|
|
|
|
|
|
|
|
||||||||||
Single family mortgage loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-impaired
|
$
|
372,793
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
372,793
|
|
Impaired
|
—
|
|
|
—
|
|
|
62
|
|
|
—
|
|
|
62
|
|
|||||
|
372,793
|
|
|
—
|
|
|
62
|
|
|
—
|
|
|
372,855
|
|
|||||
Multifamily mortgage loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-impaired
|
17,946
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,946
|
|
|||||
Impaired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
17,946
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,946
|
|
|||||
Total
|
$
|
390,739
|
|
|
$
|
—
|
|
|
$
|
62
|
|
|
$
|
—
|
|
|
$
|
390,801
|
|
Allowance Rollforward:
|
|
|
|
|
|
||||||
($ in thousands)
|
Single Family
Mortgage Loans
|
|
Multifamily
Mortgage Loans
|
|
Total
|
||||||
Allowance for loan losses:
|
|
|
|
|
|
||||||
At or for the Three Months Ended September 30, 2011
|
|
|
|
|
|
||||||
Beginning balance
|
$
|
99
|
|
|
$
|
70
|
|
|
$
|
169
|
|
Provision
|
394
|
|
|
5
|
|
|
399
|
|
|||
Charge-offs
|
—
|
|
|
—
|
|
|
—
|
|
|||
Recoveries
|
—
|
|
|
—
|
|
|
—
|
|
|||
Ending balance
|
$
|
493
|
|
|
$
|
75
|
|
|
$
|
568
|
|
At or for the Nine Months Ended September 30, 2011
|
|
|
|
|
|
||||||
Beginning balance
|
$
|
31
|
|
|
$
|
—
|
|
|
$
|
31
|
|
Provision
|
462
|
|
|
75
|
|
|
537
|
|
|||
Charge-offs
|
—
|
|
|
—
|
|
|
—
|
|
|||
Recoveries
|
—
|
|
|
—
|
|
|
—
|
|
|||
Ending balance
|
$
|
493
|
|
|
$
|
75
|
|
|
$
|
568
|
|
Ending balance: non-impaired loans individually evaluated for impairment
|
$
|
11
|
|
|
$
|
75
|
|
|
$
|
86
|
|
Ending balance: non-impaired loans collectively evaluated for impairment
|
$
|
84
|
|
|
$
|
—
|
|
|
$
|
84
|
|
Ending balance: impaired loans individually evaluated for impairment
|
$
|
398
|
|
|
$
|
—
|
|
|
$
|
398
|
|
Loans:
|
|
|
|
|
|
||||||
At September 30, 2011
|
|
|
|
|
|
||||||
Ending balance
|
$
|
382,653
|
|
|
$
|
15,589
|
|
|
$
|
398,242
|
|
Ending balance: non-impaired loans individually evaluated for impairment
|
$
|
313,756
|
|
|
$
|
15,589
|
|
|
$
|
329,345
|
|
Ending balance: non-impaired loans collectively evaluated for impairment
|
$
|
67,962
|
|
|
$
|
—
|
|
|
$
|
67,962
|
|
Ending balance: impaired loans individually evaluated for impairment
|
$
|
935
|
|
|
$
|
—
|
|
|
$
|
935
|
|
($ in thousands)
|
Single Family
Mortgage Loans
|
|
Multifamily
Mortgage Loans
|
|
Total
|
||||||
At December 31, 2010
|
|
|
|
|
|
||||||
Allowance for loan losses:
|
|
|
|
|
|
||||||
Ending balance
|
$
|
31
|
|
|
$
|
—
|
|
|
$
|
31
|
|
Ending balance: non-impaired loans individually evaluated for impairment
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Ending balance: impaired loans individually evaluated for impairment
|
$
|
31
|
|
|
$
|
—
|
|
|
$
|
31
|
|
Loans:
|
|
|
|
|
|
||||||
Ending balance
|
$
|
372,855
|
|
|
$
|
17,946
|
|
|
$
|
390,801
|
|
Ending balance: non-impaired loans individually evaluated for impairment
|
$
|
372,793
|
|
|
$
|
17,946
|
|
|
$
|
390,739
|
|
Ending balance: impaired loans individually evaluated for impairment
|
$
|
62
|
|
|
$
|
—
|
|
|
$
|
62
|
|
|
Successor
|
|
|
Predecessor
|
||||
($ in thousands)
|
At or for the
Three Months
Ended
September 30,
2010
|
|
|
At or for the
Six Months
Ended
June 30,
2010
|
||||
Allowance for loan losses:
|
|
|
|
|
||||
Beginning balance
|
$
|
—
|
|
|
|
$
|
—
|
|
Provision
|
—
|
|
|
|
—
|
|
||
Charge-offs
|
—
|
|
|
|
—
|
|
||
Recoveries
|
—
|
|
|
|
—
|
|
||
Ending balance
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
|
|
|
|
Successor
|
||||||
($ in thousands)
|
At September 30, 2011
|
|
At December 31, 2010
|
||||
Total loans at end of period
|
$
|
398,242
|
|
|
$
|
390,801
|
|
Ratios:
|
|
|
|
||||
Allowance for loan losses to total loans
|
0.14
|
%
|
|
0.01
|
%
|
||
Allowance for loan losses to nonaccrual loans
|
60.7
|
%
|
|
50.0
|
%
|
||
Nonaccrual loans to total loans
|
0.23
|
%
|
|
0.02
|
%
|
Impaired Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Total
|
|
With no related allowance recorded
|
|
With an allowance recorded
|
||||||||||||||||||||||
($ in thousands)
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
||||||||||||||
At September 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Single family mortgage loans
|
$
|
935
|
|
|
$
|
954
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
935
|
|
|
$
|
954
|
|
|
$
|
398
|
|
Multifamily mortgage loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total
|
$
|
935
|
|
|
$
|
954
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
935
|
|
|
$
|
954
|
|
|
$
|
398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Total
|
|
With no related allowance recorded
|
|
With an allowance recorded
|
||||||||||||||||||||||
($ in thousands)
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
||||||||||||||
At December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Single family mortgage loans
|
$
|
62
|
|
|
$
|
62
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
62
|
|
|
$
|
62
|
|
|
$
|
31
|
|
Multifamily mortgage loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total
|
$
|
62
|
|
|
$
|
62
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
62
|
|
|
$
|
62
|
|
|
$
|
31
|
|
|
Three Months Ended September 30, 2011
|
|
Nine Months Ended September 30, 2011
|
||||||||||||
($ in thousands)
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
Single family mortgage loans
|
$
|
278
|
|
|
$
|
2
|
|
|
$
|
148
|
|
|
$
|
2
|
|
Multifamily mortgage loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
$
|
278
|
|
|
$
|
2
|
|
|
$
|
148
|
|
|
$
|
2
|
|
|
Successor
|
||||||
($ in thousands)
|
At September 30, 2011
|
|
At December 31, 2010
|
||||
Cash and cash equivalents deposited with First Republic
|
$
|
66,422
|
|
|
$
|
66,344
|
|
Advisory fees payable to First Republic
|
$
|
25
|
|
|
$
|
25
|
|
|
Successor
|
|
|
Predecessor
|
||||||||||||
($ in thousands)
|
Three Months
Ended September 30, 2011 |
|
Three Months
Ended September 30, 2010 |
|
Nine Months
Ended September 30, 2011 |
|
|
Six Months
Ended June 30, 2010 |
||||||||
Mortgage Loans acquired from First Republic
|
|
|
|
|
|
|
|
|
||||||||
Gross principal
|
$
|
—
|
|
|
$
|
199,498
|
|
|
$
|
67,935
|
|
|
|
$
|
—
|
|
Net unearned (discount) premium
|
—
|
|
|
(5,555
|
)
|
|
199
|
|
|
|
—
|
|
||||
Total Mortgage Loans acquired
|
$
|
—
|
|
|
$
|
193,943
|
|
|
$
|
68,134
|
|
|
|
$
|
—
|
|
Mortgage Loans sold to First Republic
|
|
|
|
|
|
|
|
|
||||||||
Gross principal
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
$
|
4,360
|
|
Net unaccreted purchase accounting discount
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(181
|
)
|
||||
Total Mortgage Loans sold
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
$
|
4,179
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest income on deposit account with First Republic
|
$
|
52
|
|
|
$
|
67
|
|
|
$
|
181
|
|
|
|
$
|
199
|
|
Loan servicing fee expense
|
$
|
264
|
|
|
$
|
234
|
|
|
$
|
782
|
|
|
|
$
|
333
|
|
Advisory fee expense
|
$
|
25
|
|
|
$
|
25
|
|
|
$
|
75
|
|
|
|
$
|
50
|
|
|
Successor
|
||||||
($ in thousands)
|
September 30, 2011
|
|
December 31, 2010
|
||||
Series A — 55,000 shares authorized, issued and outstanding
|
$
|
55,000
|
|
|
$
|
55,000
|
|
Series D — 2,400,000 shares authorized, issued and outstanding
|
60,000
|
|
|
60,000
|
|
||
Total preferred stock
|
$
|
115,000
|
|
|
$
|
115,000
|
|
|
Successor
|
|
|
Predecessor
|
||||||||||||
($ in thousands)
|
Three Months
Ended September 30, 2011 |
|
Three Months
Ended September 30, 2010 |
|
Nine Months
Ended September 30, 2011 |
|
|
Six Months
Ended June 30, 2010 |
||||||||
Series A Preferred Stock
|
$
|
1,444
|
|
|
$
|
1,444
|
|
|
$
|
4,332
|
|
|
|
$
|
2,888
|
|
Series D Preferred Stock
|
1,087
|
|
|
1,087
|
|
|
3,261
|
|
|
|
2,174
|
|
||||
Total
|
$
|
2,531
|
|
|
$
|
2,531
|
|
|
$
|
7,593
|
|
|
|
$
|
5,062
|
|
|
Successor
|
||||||||||||||
|
September 30,
2011 |
|
December 31,
2010 |
||||||||||||
($ in thousands)
|
Carrying
Value
|
|
Fair
Value
|
|
Carrying
Value
|
|
Fair
Value
|
||||||||
Cash and cash equivalents
|
$
|
66,422
|
|
|
$
|
66,422
|
|
|
$
|
66,344
|
|
|
$
|
66,344
|
|
Mortgage loans, net
|
$
|
397,674
|
|
|
$
|
404,010
|
|
|
$
|
390,770
|
|
|
$
|
392,645
|
|
•
|
Projections of loans, assets, liabilities, revenues, expenses, tax liabilities, net income, liquidity, dividends, capital structure or other financial items;
|
•
|
The possibility of earthquakes and other natural disasters affecting the markets in which we operate;
|
•
|
Interest rates and credit risk;
|
•
|
Descriptions of plans or objectives of management for future operations, products or services;
|
•
|
First Republic Bank’s ability to maintain and follow high underwriting standards;
|
•
|
Forecasts of future economic conditions generally and in our market areas in particular, which may affect the ability of borrowers to repay their loans and the value of real property or other property held as collateral for such loans;
|
•
|
Geographic concentration of our loan portfolio;
|
•
|
Future provisions for loan losses, increases in nonperforming assets and our allowance for loan losses;
|
•
|
The regulatory environment in which we operate, our regulatory compliance and future regulatory requirements;
|
•
|
Proposed legislative and regulatory action affecting us and the financial services industry;
|
•
|
Descriptions of assumptions underlying or relating to any of the foregoing.
|
|
Three Months Ended September 30,
|
||||||||||||||||||||||||||
|
2011
|
|
2010
|
||||||||||||||||||||||||
($ in thousands)
|
Average
Balance
|
|
Interest
Income
|
|
Yield
|
|
Contractual
Yield
|
|
Average
Balance
|
|
Interest
Income
|
|
Yield
|
|
Contractual
Yield
|
||||||||||||
Loans
|
$
|
410,086
|
|
|
$
|
4,490
|
|
|
4.37
|
%
|
|
3.61
|
%
|
|
$
|
372,309
|
|
|
$
|
4,375
|
|
|
4.69
|
%
|
|
4.09
|
%
|
Cash and cash equivalents
|
52,901
|
|
|
52
|
|
|
0.39
|
%
|
|
0.39
|
%
|
|
33,357
|
|
|
67
|
|
|
0.80
|
%
|
|
0.80
|
%
|
||||
Total interest-earning assets
|
$
|
462,987
|
|
|
$
|
4,542
|
|
|
3.92
|
%
|
|
3.25
|
%
|
|
$
|
405,666
|
|
|
$
|
4,442
|
|
|
4.37
|
%
|
|
3.82
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||||
|
2011
|
|
2010
|
||||||||||||||||||||||||
($ in thousands)
|
Average
Balance
|
|
Interest
Income
|
|
Yield
|
|
Contractual
Yield
|
|
Average
Balance
|
|
Interest
Income
|
|
Yield
|
|
Contractual
Yield
|
||||||||||||
Loans
|
$
|
409,064
|
|
|
$
|
13,647
|
|
|
4.44
|
%
|
|
3.76
|
%
|
|
$
|
295,149
|
|
|
$
|
11,421
|
|
|
5.16
|
%
|
|
4.06
|
%
|
Cash and cash equivalents
|
52,345
|
|
|
181
|
|
|
0.46
|
%
|
|
0.46
|
%
|
|
39,292
|
|
|
266
|
|
|
0.91
|
%
|
|
0.91
|
%
|
||||
Total interest-earning assets
|
$
|
461,409
|
|
|
$
|
13,828
|
|
|
3.99
|
%
|
|
3.39
|
%
|
|
$
|
334,441
|
|
|
$
|
11,687
|
|
|
4.66
|
%
|
|
3.70
|
%
|
($ in thousands)
|
Year
Originated |
|
Balance
|
|
% of Total
Loans |
|
Average
Credit Score |
|
Average
LTV |
|||||
Single family mortgage loans
|
2011
|
|
$
|
12,182
|
|
|
3
|
%
|
|
759
|
|
|
54
|
%
|
|
2010
|
|
55,780
|
|
|
14
|
|
|
761
|
|
|
59
|
|
|
|
2009
|
|
200,578
|
|
|
50
|
|
|
765
|
|
|
57
|
|
|
|
2005
|
|
11,801
|
|
|
3
|
|
|
764
|
|
|
66
|
|
|
|
2004
|
|
26,235
|
|
|
7
|
|
|
773
|
|
|
57
|
|
|
|
2003
|
|
27,889
|
|
|
7
|
|
|
764
|
|
|
57
|
|
|
|
2002
|
|
19,125
|
|
|
5
|
|
|
773
|
|
|
58
|
|
|
|
2001
|
|
5,327
|
|
|
1
|
|
|
755
|
|
|
52
|
|
|
|
2000 and prior
|
|
23,736
|
|
|
6
|
|
|
778
|
|
|
58
|
|
|
Total
|
|
|
382,653
|
|
|
96
|
|
|
766
|
|
|
57
|
|
|
Multifamily mortgage loans
|
2004
|
|
1,364
|
|
|
—
|
|
|
|
|
65
|
|
||
|
2003
|
|
8,862
|
|
|
2
|
|
|
|
|
56
|
|
||
|
2002
|
|
3,641
|
|
|
1
|
|
|
|
|
69
|
|
||
|
2000 and prior
|
|
1,722
|
|
|
1
|
|
|
|
|
61
|
|
||
Total
|
|
|
15,589
|
|
|
4
|
|
|
|
|
60
|
|
||
Total mortgage loans
|
|
|
$
|
398,242
|
|
|
100
|
%
|
|
|
|
58
|
%
|
|
San
Francisco
Bay Area
|
|
New York
Metro
Area
|
|
Los
Angeles
Area
|
|
San
Diego
Area
|
|
Boston
Area
|
|
Other
California
Areas
|
|
|
|
Total
|
|||||||||||||||||||
($ in thousands)
|
Other
|
|
Amount
|
|
%
|
|||||||||||||||||||||||||||||
Single family
|
$
|
215,613
|
|
|
$
|
62,338
|
|
|
$
|
45,729
|
|
|
$
|
13,045
|
|
|
$
|
12,922
|
|
|
$
|
3,962
|
|
|
$
|
29,044
|
|
|
$
|
382,653
|
|
|
96
|
%
|
Multifamily
|
11,663
|
|
|
808
|
|
|
806
|
|
|
590
|
|
|
—
|
|
|
1,722
|
|
|
—
|
|
|
15,589
|
|
|
4
|
%
|
||||||||
Total
|
$
|
227,276
|
|
|
$
|
63,146
|
|
|
$
|
46,535
|
|
|
$
|
13,635
|
|
|
$
|
12,922
|
|
|
$
|
5,684
|
|
|
$
|
29,044
|
|
|
$
|
398,242
|
|
|
100
|
%
|
Percent by location
|
57
|
%
|
|
16
|
%
|
|
12
|
%
|
|
3
|
%
|
|
3
|
%
|
|
2
|
%
|
|
7
|
%
|
|
100
|
%
|
|
|
•
|
In May 2011, the FASB issued amendments to Accounting Standards Codification ("ASC") 820-10, “Fair Value Measurement,” which clarify existing fair value measurement requirements. The amendments also change certain fair value measurement principles and require expanded disclosures for certain items measured at fair value or items disclosed at fair value in the notes to the financial statements. These amendments and additional disclosures are effective for interim and annual periods beginning after December 15, 2011. The Company is evaluating the impact of adoption of this new guidance on its financial condition, results of operations, cash flows and disclosures in the financial statements.
|
•
|
In June 2011, the FASB issued amendments to ASC 220-10, “Comprehensive Income,” which require the presentation of items of net income, items of other comprehensive income and total comprehensive income in one continuous statement or in two separate but consecutive statements. Under these amendments, other comprehensive income may no longer be presented in the statement of changes in stockholders’ equity. The amendments are effective for interim and annual periods beginning after December 15, 2011 and will be applied retrospectively. The adoption of this new guidance will not have an impact on the Company’s financial condition, results of operations, cash flows and disclosures in the financial statements.
|
•
|
In September 2011, the FASB issued amendments to ASC 350-20, “Intangibles - Goodwill and Other - Testing Goodwill for Impairment,” which gives entities the option to first perform a qualitative assessment to determine whether it is more likely than not that a reporting unit's fair value is less than its carrying amount before applying the two-step goodwill impairment test. If an entity determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the entity does not need to perform the two-step goodwill impairment test. The amendments are effective for annual and interim goodwill impairment tests performed in fiscal years beginning after December 15, 2011, with early adoption permitted. The adoption of this new guidance will not have an impact on the Company's financial condition, results of operations, cash flows and disclosures in the financial statements.
|
($ in thousands)
|
Balance
|
|
Net Coupon
(1) (2)
|
|
Months to Next Reset
(1)
|
|
% of Total Loans
|
|||||
ARM loans:
(3)
|
|
|
|
|
|
|
|
|||||
COFI
|
$
|
148,240
|
|
|
3.01
|
%
|
|
1
|
|
|
38
|
%
|
CMT
(4)
|
13,912
|
|
|
2.53
|
|
|
6
|
|
|
3
|
|
|
Prime
|
866
|
|
|
1.75
|
|
|
1
|
|
|
—
|
|
|
LIBOR
|
25,045
|
|
|
2.13
|
|
|
1
|
|
|
6
|
|
|
Total ARMs
|
188,063
|
|
|
2.86
|
|
|
1
|
|
|
47
|
|
|
Intermediate-fixed:
|
|
|
|
|
|
|
|
|||||
12 months to 36 months
|
70,725
|
|
|
4.26
|
|
|
34
|
|
|
18
|
|
|
37 months to 60 months
|
127,889
|
|
|
4.12
|
|
|
40
|
|
|
32
|
|
|
Greater than 60 months
|
1,278
|
|
|
4.45
|
|
|
61
|
|
|
—
|
|
|
Total intermediate-fixed
|
199,892
|
|
|
4.17
|
|
|
38
|
|
|
50
|
|
|
Total adjustable rate loans
|
387,955
|
|
|
3.54
|
|
|
20
|
|
|
97
|
|
|
Fixed rate loans
|
10,287
|
|
|
5.70
|
|
|
|
|
3
|
|
||
Total loans
|
$
|
398,242
|
|
|
3.60
|
%
|
|
|
|
100
|
%
|
(1)
|
Weighted average
|
(2)
|
Net of servicing fees retained by First Republic
|
(3)
|
Includes loans with reset periods of 12 months or less
|
(4)
|
One-Year Treasury
|
($ in thousands)
|
6 Months
or Less
|
|
> 6 to 12
Months
|
|
> 1 to 3
Years
|
|
> 3 to 5
Years
|
|
> 5 Years
|
|
Not Rate
Sensitive
|
|
Total
|
||||||||||||||
Cash and cash equivalents
|
$
|
66,422
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
66,422
|
|
Loans, net
|
206,953
|
|
|
24,049
|
|
|
97,708
|
|
|
67,419
|
|
|
1,545
|
|
|
—
|
|
|
397,674
|
|
|||||||
Other assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,240
|
|
|
1,240
|
|
|||||||
Total assets
|
273,375
|
|
|
24,049
|
|
|
97,708
|
|
|
67,419
|
|
|
1,545
|
|
|
1,240
|
|
|
$
|
465,336
|
|
||||||
Other liabilities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,590
|
|
|
$
|
1,590
|
|
||||||
Stockholders’ equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
463,746
|
|
|
463,746
|
|
|||||||
Total liabilities and equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
465,336
|
|
|
$
|
465,336
|
|
||||||
Repricing gap — positive (negative)
|
$
|
273,375
|
|
|
$
|
24,049
|
|
|
$
|
97,708
|
|
|
$
|
67,419
|
|
|
$
|
1,545
|
|
|
$
|
(464,096
|
)
|
|
|
||
Cumulative repricing gap:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Dollar amount
|
$
|
273,375
|
|
|
$
|
297,424
|
|
|
$
|
395,132
|
|
|
$
|
462,551
|
|
|
$
|
464,096
|
|
|
|
|
|
||||
Percent of total assets
|
58.7
|
%
|
|
63.9
|
%
|
|
84.9
|
%
|
|
99.4
|
%
|
|
99.7
|
%
|
|
|
|
|
12
|
Statement of Computation of Ratios of Earnings to Fixed Charges.
|
31.1
|
Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.2
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101^
|
The following materials from the First Republic Preferred Capital Corporation Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, filed on November 10, 2011 formatted in Extensible Business Reporting Language (XBRL):
|
(i)
|
Balance Sheets,
|
(ii)
|
Statements of Income,
|
(iii)
|
Statements of Changes in Stockholders’ Equity,
|
(iv)
|
Statements of Cash Flows and
|
(v)
|
related notes.
|
^
|
XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
|
Date:
|
November 10, 2011
|
By:
|
/s/ WILLIS H. NEWTON, JR.
|
|
|
|
Willis H. Newton, Jr.
|
|
|
|
Vice President,
|
|
|
|
Chief Financial Officer,
|
|
|
|
Director
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
Date:
|
November 10, 2011
|
By:
|
/s/ MICHAEL J. ROFFLER
|
|
|
|
Michael J. Roffler
|
|
|
|
Vice President,
|
|
|
|
Treasurer
|
|
|
|
(Principal Accounting Officer)
|
Number
|
Exhibit Title
|
12
|
Statement of Computation of Ratios of Earnings to Fixed Charges.
|
31.1
|
Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.2
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101^
|
The following materials from the First Republic Preferred Capital Corporation Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, filed on November 10, 2011 formatted in Extensible Business Reporting Language (XBRL):
|
(i)
|
Balance Sheets,
|
(ii)
|
Statements of Income,
|
(iii)
|
Statements of Changes in Stockholders’ Equity,
|
(iv)
|
Statements of Cash Flows and
|
(v)
|
related notes.
|
^
|
XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
|
1 Year First Republic Preferred Capital Corp. - Preferred Stock, Convertible (MM) Chart |
1 Month First Republic Preferred Capital Corp. - Preferred Stock, Convertible (MM) Chart |
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