First Republic stock has nearly doubled in four hours: here’s why First Republic Bank, a San Francisco-based bank, has seen its stock price nearly double in just four hours of trading. The bank's shares rose from $120 to $220, an increase of 83%, in a single day. This sudden surge in stock price has left many investors wondering what caused this sudden spike. The reason behind this sudden surge in stock price is due to the bank's strong financial performance in the second quarter of 2021. The bank reported a net income of $295.9 million, or $1.60 per share, which is a significant increase from the $216.6 million, or $1.16 per share, reported in the same quarter last year. The bank's revenue also increased by 22% to $1.3 billion, compared to $1.1 billion in the same quarter last year. The bank's strong financial performance can be attributed to its focus on high-net-worth clients and its conservative lending practices. First Republic Bank has a reputation for providing personalized banking services to its clients, which has helped it attract high-net-worth individuals and families. The bank's conservative lending practices have also helped it weather the economic downturn caused by the COVID-19 pandemic. In addition to its strong financial performance, First Republic Bank has also announced plans to acquire a wealth management firm, which will further strengthen its position in the high-net-worth market. The bank has agreed to acquire B|O|S, a wealth management firm with $4.5 billion in assets under management. This acquisition will allow First Republic Bank to expand its wealth management services and provide its clients with a broader range of investment options. The surge in First Republic Bank's stock price is a testament to the bank's strong financial performance and its focus on high-net-worth clients. The bank's conservative lending practices and personalized banking services have helped it attract and retain clients, even during challenging economic times. With its acquisition of B|O|S, First Republic Bank is well-positioned to continue its growth and success in the high-net-worth market.