Shareholders of First Republic Bank (FRC) looking to boost their income beyond the stock's 0.4% annualized dividend yield can sell the February 2022 covered call at the $220 strike and collect the premium based on the $5.80 bid, which annualizes to an additional 6.4% rate of return against the current stock price (at Stock Options Channel we call this the YieldBoost), for a total of 6.8% annualized rate in the scenario where the stock is not called away. Any upside above $220 would be lost if the stock rises there and is called away, but FRC shares would have to climb 8.9% from current levels for that to happen, meaning that in the scenario where the stock is called, the shareholder has earned a 11.8% return from this trading level, in addition to any dividends collected before the stock was called.