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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.
|
|
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|
|
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||
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Item 2.
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||
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Item 3.
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Item 4.
|
||
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Item 1.
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||
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Item 1A.
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||
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Item 2.
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||
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Item 3.
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Item 4.
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Item 5.
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||
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Item 6.
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||
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|
|
(in thousands, except share amounts)
|
March 31,
2012 |
|
December 31,
2011 |
||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
30,553
|
|
|
$
|
62,050
|
|
Single family mortgage loans
|
329,582
|
|
|
352,313
|
|
||
Multifamily mortgage loans
|
15,363
|
|
|
15,447
|
|
||
Total mortgage loans (Note 3)
|
344,945
|
|
|
367,760
|
|
||
Less: Allowance for loan losses
|
(205
|
)
|
|
(250
|
)
|
||
Mortgage loans, net
|
344,740
|
|
|
367,510
|
|
||
Accrued interest receivable
|
1,026
|
|
|
1,118
|
|
||
Prepaid expenses
|
26
|
|
|
—
|
|
||
Total Assets
|
$
|
376,345
|
|
|
$
|
430,678
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Advisory fees payable to First Republic (Note 4)
|
$
|
25
|
|
|
$
|
25
|
|
Other payables
|
35
|
|
|
35
|
|
||
Total Liabilities
|
60
|
|
|
60
|
|
||
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 at December 31, 2011
|
—
|
|
|
55,000
|
|
||
7.25% perpetual, exchangeable, noncumulative Series D Preferred Stock; $25 liquidation value per share; 2,400,000 shares authorized, issued and outstanding at March 31, 2012 and December 31, 2011
|
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 March 31, 2012 and December 31, 2011
|
305
|
|
|
305
|
|
||
Additional paid-in capital
|
312,230
|
|
|
313,385
|
|
||
Retained earnings
|
3,750
|
|
|
1,928
|
|
||
Total Stockholders’ Equity
|
376,285
|
|
|
430,618
|
|
||
Total Liabilities and Stockholders’ Equity
|
$
|
376,345
|
|
|
$
|
430,678
|
|
|
Three Months Ended
March 31, |
||||||
($ in thousands)
|
2012
|
|
2011
|
||||
Interest income:
|
|
|
|
||||
Interest on loans
|
$
|
3,891
|
|
|
$
|
4,416
|
|
Interest on interest-earning deposit
|
21
|
|
|
95
|
|
||
Total interest income
|
3,912
|
|
|
4,511
|
|
||
(Reversal of provision) provision for loan losses
|
(45
|
)
|
|
138
|
|
||
Interest income after provision/reversal of provision for loan losses
|
3,957
|
|
|
4,373
|
|
||
Operating expense:
|
|
|
|
||||
Advisory fees payable to First Republic (Note 4)
|
25
|
|
|
25
|
|
||
General and administrative
|
92
|
|
|
125
|
|
||
Total operating expense
|
117
|
|
|
150
|
|
||
Net income
|
3,840
|
|
|
4,223
|
|
||
Dividends on preferred stock and other (Note 5)
|
3,173
|
|
|
2,531
|
|
||
Net income available to common stockholder
|
$
|
667
|
|
|
$
|
1,692
|
|
(in thousands, except share amounts)
|
Preferred
Stock
|
|
Common
Stock
|
|
Additional
Paid-in Capital
|
|
Retained
Earnings
|
|
Total
Equity
|
||||||||||
Balance at December 31, 2010
|
$
|
115,000
|
|
|
$
|
305
|
|
|
$
|
342,421
|
|
|
$
|
688
|
|
|
$
|
458,414
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
4,223
|
|
|
4,223
|
|
|||||
Dividends on preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,531
|
)
|
|
(2,531
|
)
|
|||||
Balance at March 31, 2011
|
$
|
115,000
|
|
|
$
|
305
|
|
|
$
|
342,421
|
|
|
$
|
2,380
|
|
|
$
|
460,106
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at December 31, 2011
|
$
|
115,000
|
|
|
$
|
305
|
|
|
$
|
313,385
|
|
|
$
|
1,928
|
|
|
$
|
430,618
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
3,840
|
|
|
3,840
|
|
|||||
Redemption of 55,000 shares of Series A
Preferred Stock
|
(55,000
|
)
|
|
—
|
|
|
(1,155
|
)
|
|
—
|
|
|
(56,155
|
)
|
|||||
Dividends on preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,018
|
)
|
|
(2,018
|
)
|
|||||
Balance at March 31, 2012
|
$
|
60,000
|
|
|
$
|
305
|
|
|
$
|
312,230
|
|
|
$
|
3,750
|
|
|
$
|
376,285
|
|
|
Three Months Ended
March 31, |
||||||
($ in thousands)
|
2012
|
|
2011
|
||||
Operating activities:
|
|
|
|
||||
Net income
|
$
|
3,840
|
|
|
$
|
4,223
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
(Reversal of provision) provision for loan losses
|
(45
|
)
|
|
138
|
|
||
Accretion of net loan discount
|
(251
|
)
|
|
(258
|
)
|
||
Accretion of purchase accounting discount
|
(497
|
)
|
|
(265
|
)
|
||
Decrease (increase) in accrued interest receivable
|
92
|
|
|
(53
|
)
|
||
Increase in prepaid expenses
|
(26
|
)
|
|
(26
|
)
|
||
Increase in other payables
|
—
|
|
|
62
|
|
||
Net cash provided by operating activities
|
3,113
|
|
|
3,821
|
|
||
|
|
|
|
||||
Investing activities:
|
|
|
|
||||
Loans acquired from First Republic
|
—
|
|
|
(68,134
|
)
|
||
Proceeds from principal payments on loans
|
23,563
|
|
|
18,576
|
|
||
Net cash provided by (used for) investing activities
|
23,563
|
|
|
(49,558
|
)
|
||
|
|
|
|
||||
Financing activities:
|
|
|
|
||||
Redemption of Series A Preferred Stock
|
(56,155
|
)
|
|
—
|
|
||
Dividends paid on preferred stock
|
(2,018
|
)
|
|
(1,087
|
)
|
||
Net cash used for financing activities
|
(58,173
|
)
|
|
(1,087
|
)
|
||
Decrease in cash and cash equivalents
|
(31,497
|
)
|
|
(46,824
|
)
|
||
Cash and cash equivalents at beginning of period
|
62,050
|
|
|
66,344
|
|
||
Cash and cash equivalents at end of period
|
$
|
30,553
|
|
|
$
|
19,520
|
|
|
|
|
|
||||
Supplemental schedule of noncash financing activities:
|
|
|
|
||||
Preferred stock dividends payable
|
$
|
—
|
|
|
$
|
1,444
|
|
•
|
In May 2011, the Financial Accounting Standards Board (“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 became effective on January 1, 2012 and have been applied prospectively. The adoption of this new guidance did not have an impact on the Company’s financial condition, results of operations or cash flows. The additional disclosures required under these amendments are included in Note 7, “Fair Value of Financial Instruments.”
|
($ in thousands)
|
March 31,
2012 |
|
December 31,
2011 |
||||
Single family mortgage loans
|
|
|
|
||||
Unpaid principal balance
|
$
|
335,808
|
|
|
$
|
359,209
|
|
Net unaccreted purchase accounting discount
|
(3,028
|
)
|
|
(3,447
|
)
|
||
Net unaccreted discount on mortgage loans acquired from First Republic
|
(3,198
|
)
|
|
(3,449
|
)
|
||
Total
|
329,582
|
|
|
352,313
|
|
||
Multifamily mortgage loans
|
|
|
|
||||
Unpaid principal balance
|
15,667
|
|
|
15,829
|
|
||
Net unaccreted purchase accounting discount
|
(304
|
)
|
|
(382
|
)
|
||
Total
|
15,363
|
|
|
15,447
|
|
||
Total carrying value of mortgage loans
|
344,945
|
|
|
367,760
|
|
||
Less:
|
|
|
|
||||
Allowance for loan losses
|
(205
|
)
|
|
(250
|
)
|
||
Mortgage loans, net
|
$
|
344,740
|
|
|
$
|
367,510
|
|
Loan Aging:
|
|||||||||||||||||||||||||||||||
($ in thousands)
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
90 Days or More Past
Due
|
|
Total Past
Due
|
|
Current
|
|
Total
Loans
|
|
90 Days or More Past
Due and
Accruing
|
|
Nonaccrual
|
||||||||||||||||
At March 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Single family mortgage loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Non-impaired
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
329,062
|
|
|
$
|
329,062
|
|
|
$
|
—
|
|
|
$
|
42
|
|
Impaired
|
—
|
|
|
—
|
|
|
520
|
|
|
520
|
|
|
—
|
|
|
520
|
|
|
—
|
|
|
520
|
|
||||||||
|
—
|
|
|
—
|
|
|
520
|
|
|
520
|
|
|
329,062
|
|
|
329,582
|
|
|
—
|
|
|
562
|
|
||||||||
Multifamily mortgage loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Non-impaired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,363
|
|
|
15,363
|
|
|
—
|
|
|
—
|
|
||||||||
Impaired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,363
|
|
|
15,363
|
|
|
—
|
|
|
—
|
|
||||||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
520
|
|
|
$
|
520
|
|
|
$
|
344,425
|
|
|
$
|
344,945
|
|
|
$
|
—
|
|
|
$
|
562
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands)
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
90 Days or More Past
Due
|
|
Total Past
Due
|
|
Current
|
|
Total
Loans
|
|
90 Days or More Past
Due and
Accruing
|
|
Nonaccrual
|
||||||||||||||||
At December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Single family mortgage loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Non-impaired
|
$
|
43
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
43
|
|
|
$
|
351,177
|
|
|
$
|
351,220
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Impaired
|
—
|
|
|
520
|
|
|
—
|
|
|
520
|
|
|
573
|
|
|
1,093
|
|
|
—
|
|
|
1,093
|
|
||||||||
|
43
|
|
|
520
|
|
|
—
|
|
|
563
|
|
|
351,750
|
|
|
352,313
|
|
|
—
|
|
|
1,093
|
|
||||||||
Multifamily mortgage loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Non-impaired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,447
|
|
|
15,447
|
|
|
—
|
|
|
—
|
|
||||||||
Impaired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,447
|
|
|
15,447
|
|
|
—
|
|
|
—
|
|
||||||||
Total
|
$
|
43
|
|
|
$
|
520
|
|
|
$
|
—
|
|
|
$
|
563
|
|
|
$
|
367,197
|
|
|
$
|
367,760
|
|
|
$
|
—
|
|
|
$
|
1,093
|
|
Credit Quality Indicators:
|
|
|
|
|
|
|
|
|
|
||||||||||
($ in thousands)
|
Pass
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||
At March 31, 2012
|
|
|
|
|
|
|
|
|
|
||||||||||
Single family mortgage loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-impaired
|
$
|
325,593
|
|
|
$
|
2,442
|
|
|
$
|
1,027
|
|
|
$
|
—
|
|
|
$
|
329,062
|
|
Impaired
|
—
|
|
|
—
|
|
|
520
|
|
|
—
|
|
|
520
|
|
|||||
|
325,593
|
|
|
2,442
|
|
|
1,547
|
|
|
—
|
|
|
329,582
|
|
|||||
Multifamily mortgage loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-impaired
|
15,363
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,363
|
|
|||||
Impaired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
15,363
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,363
|
|
|||||
Total
|
$
|
340,956
|
|
|
$
|
2,442
|
|
|
$
|
1,547
|
|
|
$
|
—
|
|
|
$
|
344,945
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
($ in thousands)
|
Pass
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||
At December 31, 2011
|
|
|
|
|
|
|
|
|
|
||||||||||
Single family mortgage loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-impaired
|
$
|
347,793
|
|
|
$
|
2,400
|
|
|
$
|
1,027
|
|
|
$
|
—
|
|
|
$
|
351,220
|
|
Impaired
|
—
|
|
|
—
|
|
|
1,093
|
|
|
—
|
|
|
1,093
|
|
|||||
|
347,793
|
|
|
2,400
|
|
|
2,120
|
|
|
—
|
|
|
352,313
|
|
|||||
Multifamily mortgage loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-impaired
|
15,447
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,447
|
|
|||||
Impaired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
15,447
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,447
|
|
|||||
Total
|
$
|
363,240
|
|
|
$
|
2,400
|
|
|
$
|
2,120
|
|
|
$
|
—
|
|
|
$
|
367,760
|
|
Allowance Rollforward:
|
|
|
|
|
|
||||||
($ in thousands)
|
Single Family
Mortgage Loans
|
|
Multifamily
Mortgage Loans
|
|
Total
|
||||||
At or for the Three Months Ended March 31, 2012
|
|
|
|
|
|
||||||
Allowance for loan losses:
|
|
|
|
|
|
||||||
Beginning balance
|
$
|
250
|
|
|
$
|
—
|
|
|
$
|
250
|
|
Reversal of provision
|
(45
|
)
|
|
—
|
|
|
(45
|
)
|
|||
Charge-offs
|
—
|
|
|
—
|
|
|
—
|
|
|||
Recoveries
|
—
|
|
|
—
|
|
|
—
|
|
|||
Ending balance
|
$
|
205
|
|
|
$
|
—
|
|
|
$
|
205
|
|
|
|
|
|
|
|
||||||
Ending balance: non-impaired loans evaluated individually for impairment
|
$
|
115
|
|
|
$
|
—
|
|
|
$
|
115
|
|
Ending balance: non-impaired loans evaluated collectively for impairment
|
$
|
90
|
|
|
$
|
—
|
|
|
$
|
90
|
|
Ending balance: impaired loans evaluated individually for impairment
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
||||||
Loans:
|
|
|
|
|
|
||||||
Ending balance
|
$
|
329,582
|
|
|
$
|
15,363
|
|
|
$
|
344,945
|
|
Ending balance: non-impaired loans evaluated individually for impairment
|
$
|
261,277
|
|
|
$
|
15,363
|
|
|
$
|
276,640
|
|
Ending balance: non-impaired loans evaluated collectively for impairment
|
$
|
67,785
|
|
|
$
|
—
|
|
|
$
|
67,785
|
|
Ending balance: impaired loans evaluated individually for impairment
|
$
|
520
|
|
|
$
|
—
|
|
|
$
|
520
|
|
($ in thousands)
|
Single Family
Mortgage Loans
|
|
Multifamily
Mortgage Loans
|
|
Total
|
||||||
At or for the Three Months Ended March 31, 2011
|
|
|
|
|
|
||||||
Allowance for loan losses:
|
|
|
|
|
|
||||||
Beginning balance
|
$
|
31
|
|
|
$
|
—
|
|
|
$
|
31
|
|
Provision
|
68
|
|
|
70
|
|
|
138
|
|
|||
Charge-offs
|
—
|
|
|
—
|
|
|
—
|
|
|||
Recoveries
|
—
|
|
|
—
|
|
|
—
|
|
|||
Ending balance
|
$
|
99
|
|
|
$
|
70
|
|
|
$
|
169
|
|
|
|
|
|
|
|
||||||
Ending balance: non-impaired loans evaluated individually for impairment
|
$
|
—
|
|
|
$
|
70
|
|
|
$
|
70
|
|
Ending balance: non-impaired loans evaluated collectively for impairment
|
$
|
68
|
|
|
$
|
—
|
|
|
$
|
68
|
|
Ending balance: impaired loans evaluated individually for impairment
|
$
|
31
|
|
|
$
|
—
|
|
|
$
|
31
|
|
|
|
|
|
|
|
||||||
Loans:
|
|
|
|
|
|
||||||
Ending balance
|
$
|
423,615
|
|
|
$
|
17,267
|
|
|
$
|
440,882
|
|
Ending balance: non-impaired loans evaluated individually for impairment
|
$
|
355,420
|
|
|
$
|
17,267
|
|
|
$
|
372,687
|
|
Ending balance: non-impaired loans evaluated collectively for impairment
|
$
|
68,134
|
|
|
$
|
—
|
|
|
$
|
68,134
|
|
Ending balance: impaired loans evaluated individually for impairment
|
$
|
61
|
|
|
$
|
—
|
|
|
$
|
61
|
|
($ in thousands)
|
At March 31,
2012 |
|
At December 31,
2011 |
||||
Total loans at end of period
|
$
|
344,945
|
|
|
$
|
367,760
|
|
Ratios:
|
|
|
|
||||
Allowance for loan losses to total loans
|
0.06
|
%
|
|
0.07
|
%
|
||
Allowance for loan losses to nonaccrual loans
|
36.5
|
%
|
|
22.9
|
%
|
||
Nonaccrual loans to total loans
|
0.16
|
%
|
|
0.30
|
%
|
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 March 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Single family mortgage loans
|
$
|
520
|
|
|
$
|
520
|
|
|
$
|
520
|
|
|
$
|
520
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Multifamily mortgage loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total
|
$
|
520
|
|
|
$
|
520
|
|
|
$
|
520
|
|
|
$
|
520
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
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, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Single family mortgage loans
|
$
|
1,093
|
|
|
$
|
1,121
|
|
|
$
|
573
|
|
|
$
|
601
|
|
|
$
|
520
|
|
|
$
|
520
|
|
|
$
|
52
|
|
Multifamily mortgage loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total
|
$
|
1,093
|
|
|
$
|
1,121
|
|
|
$
|
573
|
|
|
$
|
601
|
|
|
$
|
520
|
|
|
$
|
520
|
|
|
$
|
52
|
|
|
Three Months Ended March 31,
|
||||||||||||||
|
2012
|
|
2011
|
||||||||||||
($ in thousands)
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
Single family mortgage loans
|
$
|
948
|
|
|
$
|
—
|
|
|
$
|
61
|
|
|
$
|
—
|
|
Multifamily mortgage loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
$
|
948
|
|
|
$
|
—
|
|
|
$
|
61
|
|
|
$
|
—
|
|
|
Three Months Ended March 31,
|
||||||
($ in thousands)
|
2012
|
|
2011
|
||||
Actual interest income recognized
|
$
|
—
|
|
|
$
|
—
|
|
Interest income under original terms
|
$
|
7
|
|
|
$
|
1
|
|
($ in thousands)
|
At March 31,
2012 |
|
At December 31,
2011 |
||||
Cash and cash equivalents deposited with First Republic
|
$
|
30,553
|
|
|
$
|
62,050
|
|
Advisory fees payable to First Republic
|
$
|
25
|
|
|
$
|
25
|
|
|
Three Months Ended March 31,
|
||||||
($ in thousands)
|
2012
|
|
2011
|
||||
Mortgage loans acquired from First Republic
|
|
|
|
||||
Gross principal
|
$
|
—
|
|
|
$
|
67,935
|
|
Net unearned premium
|
—
|
|
|
199
|
|
||
Total mortgage loans acquired
|
$
|
—
|
|
|
$
|
68,134
|
|
|
|
|
|
||||
Interest income on deposit account with First Republic
|
$
|
21
|
|
|
$
|
95
|
|
Loan servicing fee expense
|
$
|
229
|
|
|
$
|
241
|
|
Advisory fee expense
|
$
|
25
|
|
|
$
|
25
|
|
(in thousands, except share amounts)
|
March 31,
2012 |
|
December 31,
2011 |
||||
Series A — 55,000 shares authorized, issued and outstanding at December 31, 2011
|
$
|
—
|
|
|
$
|
55,000
|
|
Series D — 2,400,000 shares authorized, issued and outstanding
|
60,000
|
|
|
60,000
|
|
||
Total preferred stock
|
$
|
60,000
|
|
|
$
|
115,000
|
|
|
Three Months Ended March 31,
|
||||||
($ in thousands)
|
2012
|
|
2011
|
||||
Dividends:
|
|
|
|
||||
Series A Preferred Stock
|
$
|
930
|
|
|
$
|
1,444
|
|
Series D Preferred Stock
|
1,088
|
|
|
1,087
|
|
||
Total dividends on preferred stock
|
2,018
|
|
|
2,531
|
|
||
Redemption premium on Series A Preferred Stock
|
1,155
|
|
|
—
|
|
||
Total
|
$
|
3,173
|
|
|
$
|
2,531
|
|
•
|
Level 1 – Valuation is based on quoted prices for identical instruments traded in active markets.
|
•
|
Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market.
|
•
|
Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.
|
|
|
March 31, 2012
|
||||||||||||||
|
|
Carrying Value
|
|
Fair Value
|
||||||||||||
($ in thousands)
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Cash and cash equivalents
|
|
$
|
30,553
|
|
|
$
|
30,553
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Mortgage loans, net:
|
|
|
|
|
|
|
|
|
||||||||
Single family mortgage loans
|
|
329,377
|
|
|
—
|
|
|
333,193
|
|
|
—
|
|
||||
Multifamily mortgage loans
|
|
15,363
|
|
|
—
|
|
|
—
|
|
|
15,583
|
|
|
|
December 31, 2011
|
||||||
($ in thousands)
|
|
Carrying
Value
|
|
Fair
Value
|
||||
Cash and cash equivalents
|
|
$
|
62,050
|
|
|
$
|
62,050
|
|
Mortgage loans, net
|
|
$
|
367,510
|
|
|
$
|
370,653
|
|
•
|
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 (“First Republic’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; and
|
•
|
Descriptions of assumptions underlying or relating to any of the foregoing.
|
|
Three Months Ended March 31,
|
||||||||||||||||||||||||||
|
2012
|
|
2011
|
||||||||||||||||||||||||
($ in thousands)
|
Average
Balance
|
|
Interest
Income
|
|
Yield
|
|
Contractual
Yield
|
|
Average
Balance
|
|
Interest
Income
|
|
Yield
|
|
Contractual
Yield
|
||||||||||||
Loans
|
$
|
356,538
|
|
|
$
|
3,891
|
|
|
4.36
|
%
|
|
3.45
|
%
|
|
$
|
381,838
|
|
|
$
|
4,416
|
|
|
4.63
|
%
|
|
3.97
|
%
|
Cash and cash equivalents
|
53,409
|
|
|
21
|
|
|
0.16
|
%
|
|
0.16
|
%
|
|
77,151
|
|
|
95
|
|
|
0.50
|
%
|
|
0.50
|
%
|
||||
Total interest-earning assets
|
$
|
409,947
|
|
|
$
|
3,912
|
|
|
3.81
|
%
|
|
3.03
|
%
|
|
$
|
458,989
|
|
|
$
|
4,511
|
|
|
3.93
|
%
|
|
3.40
|
%
|
($ in thousands)
|
Year
Originated |
|
Balance
|
|
% of Total
Loans |
|
Average
Credit Score |
|
Average
LTV |
|||||
Single family mortgage loans
|
2011
|
|
$
|
12,167
|
|
|
4
|
%
|
|
759
|
|
|
54
|
%
|
|
2010
|
|
55,618
|
|
|
16
|
|
|
761
|
|
|
59
|
|
|
|
2009
|
|
160,145
|
|
|
47
|
|
|
769
|
|
|
56
|
|
|
|
2005
|
|
11,457
|
|
|
3
|
|
|
778
|
|
|
66
|
|
|
|
2004
|
|
24,697
|
|
|
7
|
|
|
765
|
|
|
57
|
|
|
|
2003
|
|
24,690
|
|
|
7
|
|
|
766
|
|
|
57
|
|
|
|
2002
|
|
15,341
|
|
|
5
|
|
|
760
|
|
|
57
|
|
|
|
2001
|
|
4,424
|
|
|
1
|
|
|
727
|
|
|
51
|
|
|
|
2000 and prior
|
|
21,043
|
|
|
6
|
|
|
754
|
|
|
58
|
|
|
Total
|
|
|
329,582
|
|
|
96
|
|
|
765
|
|
|
57
|
|
|
Multifamily mortgage loans
|
2004
|
|
1,403
|
|
|
—
|
|
|
|
|
66
|
|
||
|
2003
|
|
8,708
|
|
|
3
|
|
|
|
|
56
|
|
||
|
2002
|
|
3,588
|
|
|
1
|
|
|
|
|
69
|
|
||
|
2000 and prior
|
|
1,664
|
|
|
0
|
|
|
|
|
61
|
|
||
Total
|
|
|
15,363
|
|
|
4
|
|
|
|
|
60
|
|
||
Total mortgage loans
|
|
|
$
|
344,945
|
|
|
100
|
%
|
|
|
|
57
|
%
|
|
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
|
$
|
185,599
|
|
|
$
|
52,001
|
|
|
$
|
40,811
|
|
|
$
|
11,659
|
|
|
$
|
9,442
|
|
|
$
|
3,642
|
|
|
$
|
26,428
|
|
|
$
|
329,582
|
|
|
96
|
%
|
Multifamily
|
13,137
|
|
|
793
|
|
|
850
|
|
|
583
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,363
|
|
|
4
|
%
|
||||||||
Total
|
$
|
198,736
|
|
|
$
|
52,794
|
|
|
$
|
41,661
|
|
|
$
|
12,242
|
|
|
$
|
9,442
|
|
|
$
|
3,642
|
|
|
$
|
26,428
|
|
|
$
|
344,945
|
|
|
100
|
%
|
Percent by location
|
58
|
%
|
|
15
|
%
|
|
12
|
%
|
|
3
|
%
|
|
3
|
%
|
|
1
|
%
|
|
8
|
%
|
|
100
|
%
|
|
|
($ in thousands)
|
Balance
|
|
Net
Coupon
(1),(2)
|
|
Months to Next Reset
(1)
|
|
% of Total Loans
|
|||||
ARM loans:
(3)
|
|
|
|
|
|
|
|
|||||
COFI
|
$
|
142,539
|
|
|
2.89
|
%
|
|
1
|
|
|
41
|
%
|
CMT
(4)
|
10,946
|
|
|
2.49
|
|
|
7
|
|
|
3
|
|
|
LIBOR
(5)
|
23,367
|
|
|
2.14
|
|
|
1
|
|
|
7
|
|
|
Total ARMs
|
176,852
|
|
|
2.77
|
|
|
1
|
|
|
51
|
|
|
Intermediate-fixed:
|
|
|
|
|
|
|
|
|||||
12 months to 36 months
|
147,370
|
|
|
4.20
|
|
|
31
|
|
|
43
|
|
|
37 months to 60 months
|
12,261
|
|
|
3.38
|
|
|
51
|
|
|
4
|
|
|
Total intermediate-fixed
|
159,631
|
|
|
4.14
|
|
|
32
|
|
|
47
|
|
|
Total adjustable rate loans
|
336,483
|
|
|
3.43
|
|
|
16
|
|
|
98
|
|
|
Fixed-rate loans
|
8,462
|
|
|
5.76
|
|
|
|
|
2
|
|
||
Total loans
|
$
|
344,945
|
|
|
3.48
|
%
|
|
|
|
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 Constant Maturity Treasury.
|
(5)
|
London Interbank Offered Rate.
|
($ 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
|
$
|
30,553
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
30,553
|
|
Loans, net
|
195,798
|
|
|
24,300
|
|
|
117,567
|
|
|
6,688
|
|
|
387
|
|
|
—
|
|
|
344,740
|
|
|||||||
Other assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,052
|
|
|
1,052
|
|
|||||||
Total assets
|
226,351
|
|
|
24,300
|
|
|
117,567
|
|
|
6,688
|
|
|
387
|
|
|
1,052
|
|
|
$
|
376,345
|
|
||||||
Other liabilities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
$
|
60
|
|
||||||
Stockholders’ equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
376,285
|
|
|
376,285
|
|
|||||||
Total liabilities and equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
376,345
|
|
|
$
|
376,345
|
|
||||||
Repricing gap — positive
(negative)
|
$
|
226,351
|
|
|
$
|
24,300
|
|
|
$
|
117,567
|
|
|
$
|
6,688
|
|
|
$
|
387
|
|
|
$
|
(375,293
|
)
|
|
|
||
Cumulative repricing gap:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Dollar amount
|
$
|
226,351
|
|
|
$
|
250,651
|
|
|
$
|
368,218
|
|
|
$
|
374,906
|
|
|
$
|
375,293
|
|
|
|
|
|
||||
Percent of total assets
|
60.1
|
%
|
|
66.6
|
%
|
|
97.8
|
%
|
|
99.6
|
%
|
|
99.7
|
%
|
|
|
|
|
3.1
|
Restated Articles of Incorporation of First Republic Preferred Capital Corporation.
|
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
March 31, 2012
, filed on
May 10, 2012
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:
|
May 10, 2012
|
By:
|
/s/ WILLIS H. NEWTON, JR.
|
|
|
|
Willis H. Newton, Jr.
|
|
|
|
Vice President,
|
|
|
|
Chief Financial Officer,
|
|
|
|
Director
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
Date:
|
May 10, 2012
|
By:
|
/s/ MICHAEL J. ROFFLER
|
|
|
|
Michael J. Roffler
|
|
|
|
Vice President,
|
|
|
|
Treasurer
|
|
|
|
(Principal Accounting Officer)
|
Number
|
Exhibit Title
|
3.1
|
Restated Articles of Incorporation of First Republic Preferred Capital Corporation.
|
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
March 31, 2012
, filed on
May 10, 2012
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.
|
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