First Republic Bank (FRC) reiterates continued safety and stability and strong capital and liquidity positions

(Updated - March 10, 2023 11:37 AM EST)

First Republic Bank (NYSE: FRC) disclosed:

This filing reiterates First Republic’s continued safety and stability and strong capital and liquidity positions.

*** First Republic’s deposit base is strong and very-well diversified. Consumer deposits have an average account size of less than $200,000 and business deposits have an average account size of less than $500,000. Within business deposits, no one sector represents more than 9% of total deposits, with the largest being diversified real estate. Technology-related deposits represent only 4% of total deposits. (1)

First Republic’s liquidity position remains very strong. Sources beyond a well-diversified deposit base include over $60 billion of available, unused borrowing capacity at the Federal Home Loan Bank and the Federal Reserve Bank. (2)

First Republic’s very high-quality investment portfolio is stable and represents a modest percentage of total bank assets. The investment portfolio is less than 15% of total bank assets. Of this, less than 2% of total bank assets is categorized as available for sale. (3)

First Republic has consistently maintained a strong capital position with capital levels significantly higher than the regulatory requirements for being considered well-capitalized. First Republic has a long-standing track record of exceptional credit quality. Nonperforming assets are only 6 basis points of total assets. Since 2000, First Republic’s average annual net charge-offs have been just 1/10th those of the top U.S. Banks. (4)

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