First Republic Bank (merged into JPMorgan Chase Bank)
First Republic Bank reported total assets of $232.9 bn at Q1 2023, its last Call Report before it merged into JPMorgan Chase Bank. The CET1 capital ratio at First Republic Bank was 9.32%, and the uninsured share of First Republic Bank was 48.66%. Source: FDIC Call Reports.
What sets First Republic Bank apart
Nothing in the latest data sets First Republic Bank apart from banks of its size: no ratio in the top or bottom tenth of its size group, no large rank move or year change, and no acquisition in the FDIC history since 2016. This page is kept out of search results until that changes.
How large is First Republic Bank?
The balance sheet of First Republic Bank at : assets $232.9 bn, deposits $104.5 bn, net loans $172.5 bn (loans equal to 165.12% of deposits). Securities make up 14.7% of total assets at First Republic Bank. Since , when First Republic Bank held $62.1 bn, its assets grew 275.1%. In the year to , deposits at First Republic Bank fell 35.5% while its total assets rose 24.5%. At , First Republic Bank employed 7,040 full-time equivalent staff across 89 offices, about $33.1 mn of assets per employee and $1.2 bn of deposits per office.
How much funding at First Republic Bank is uninsured?
At First Republic Bank, uninsured deposits (above the FDIC limit) made up 48.66% of domestic deposits at (-24.95 pp on a year earlier). In dollars, First Republic Bank estimated $50.8 bn of uninsured deposits.
Key facts, Q1 2023
| Metric | Value | A year earlier | US rank |
|---|---|---|---|
| Total deposits | $104.5 bn | $162.1 bn (Q1 2022) | |
| Net loans and leases | $172.5 bn | $140.6 bn (Q1 2022) | |
| Loan-to-deposit ratio | 165.12% | 86.77% (Q1 2022) | |
| Tier 1 leverage ratio | 8.25% | 8.70% (Q1 2022) | |
| Total risk-based capital ratio | 12.71% | 13.37% (Q1 2022) | |
| Net interest margin | 1.70% | 2.63% (Q1 2022) | |
| Return on assets (ROA) | 0.48% | 0.87% (Q1 2022) | |
| Efficiency ratio | 68.12% | 61.61% (Q1 2022) | |
| Unrealized gain/loss on held-to-maturity securities | Loss of $4.1 bn | Widened by $2.5 bn | |
| Unrealized gain/loss on available-for-sale securities | Loss of $353.3 mn | Widened by $158.9 mn | |
| Noncurrent loans to total loans | 0.08% | 0.10% (Q1 2022) | |
| Net charge-offs to average loans | 0.00% | 0.00% (Q1 2022) |
US rank of First Republic Bank: 1 = highest unless marked 1 = lowest.
Balance sheet
First Republic Bank: assets, deposits and loans
- Total assets $233bn
- Deposits $104bn
- Net loans $173bn
Capital and securities
The CET1 ratio of First Republic Bank stood at 9.32% in , -0.16 pp year on year. Low and high at First Republic Bank since : 9.15% () to 11.15% (). Equity capital of First Republic Bank at : $18.0 bn, or 7.7% of total assets. First Republic Bank also reported a total capital ratio of 12.71% for , and a tier 1 leverage ratio of 8.25%.
On held-to-maturity securities, First Republic Bank carried an unrealized loss of $4.1 bn at , equal to 22.7% of equity capital. The loss widened by $2.5 bn over the year. Its deepest point: $5.6 bn in . The available-for-sale portfolio of First Republic Bank showed an unrealized loss of $353.3 mn at ; the loss widened by $158.9 mn over the year.
First Republic Bank: capital ratios
- Total capital 13%
- CET1 9.3%
- Tier 1 leverage 8.2%
First Republic Bank: unrealized securities gains and losses
- Available for sale -$353mn
- Held to maturity -$4.1bn
Profitability and loan quality
For the year to , First Republic Bank earned a return on equity of 6.08%; return on assets: 0.48%. Net interest margin at First Republic Bank: 1.70%, -0.93 pp in a year. First Republic Bank net income: $269.1 mn, down 32.9% year on year. The efficiency ratio of First Republic Bank was 68.12%: about 68 cents cost per revenue dollar, against 64 cents at the median peer.
At , noncurrent loans were 0.08% of total loans at First Republic Bank; net charge-offs: 0.00% of average loans. Gross loans and leases at First Republic Bank: $173.3 bn at , against $141.3 bn at .
First Republic Bank: profitability
- Return on equity 6.1%
- Net interest margin 1.7%
- Return on assets 0.5%
Peer group of First Republic Bank
The peer group of First Republic Bank is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 1 shares the charter type of First Republic Bank (state nonmember bank) and 0 have head offices in California. Against them, First Republic Bank shows CET1 ratio 9.32% against a peer median of 12.48%, return on equity 6.08% against a peer median of 10.29% and uninsured deposit share 48.66% against a peer median of 50.71%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| The Bank of New York Mellon | State member bank | NY | $341.5 bn | 15.45% | 11.26% | 97.69% | |
| State Street Bank and Trust Company | State member bank | MA | $287.1 bn | 15.82% | 9.31% | 101.39% | |
| BMO Bank | National bank | IL | $265.5 bn | 11.06% | -6.11% | 51.71% | |
| First Republic Bank | State nonmember bank | CA | $232.9 bn | 9.32% | 6.08% | 48.66% | |
| Citizens Bank | National bank | RI | $222.0 bn | 11.07% | 9.04% | 45.48% | |
| First-Citizens Bank & Trust Company | State nonmember bank | NC | $214.6 bn | 13.32% | 259.33% | 49.71% | |
| Fifth Third Bank | National bank | OH | $207.6 bn | 11.63% | 12.64% | 49.50% | |
. FDIC Call Reports.
Last eight quarters
Two years at First Republic Bank, to : assets $161.6 bn to $232.9 bn, deposits $134.7 bn to $104.5 bn, equity $13.3 bn to $18.0 bn. Staff 6,065 to 7,040; offices 85 to 89.
| Metric | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $161.6 bn | $172.6 bn | $181.1 bn | $187.1 bn | $197.9 bn | $205.1 bn | $212.6 bn | $232.9 bn |
| Total deposits | $134.7 bn | $145.3 bn | $156.3 bn | $162.1 bn | $165.6 bn | $172.4 bn | $176.4 bn | $104.5 bn |
| Bank equity capital | $13.3 bn | $14.8 bn | $15.9 bn | $16.2 bn | $16.4 bn | $17.1 bn | $17.4 bn | $18.0 bn |
| CET1 ratio | 9.51% | 9.81% | 9.65% | 9.48% | 9.15% | 9.28% | 9.17% | 9.32% |
| Return on equity (ROE) | 11.19% | 10.89% | 10.76% | 10.02% | 10.32% | 10.40% | 10.03% | 6.08% |
| Uninsured share of domestic deposits | 72.63% | 73.90% | 74.65% | 73.61% | 72.33% | 69.12% | 67.71% | 48.66% |
| Full-time equivalent employees | 6,065 | 6,154 | 6,295 | 6,452 | 6,902 | 7,114 | 7,213 | 7,040 |
| Number of offices | 85 | 86 | 86 | 86 | 88 | 88 | 88 | 89 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of First Republic Bank, oldest first; figures before and after each event are not like for like.
- . Merged into JPMorgan Chase Bank, National Association (FDIC certificate 628).
Questions and identifiers
What were the total assets of First Republic Bank?
First Republic Bank reported $232.9 bn at in its Call Report.
Is First Republic Bank profitable?
First Republic Bank reported net income of $269.1 mn for the year to ; annualized return on equity: 6.08%. So yes: First Republic Bank made a profit over these months.
When is data for First Republic Bank next updated?
First Republic Bank no longer files Call Reports; its data ends at .
Where can I check the figures for First Republic Bank?
In the FDIC BankFind Suite record for certificate 59017, and in the Call Reports of First Republic Bank (RSSD ID 4114567) at the FFIEC Central Data Repository.