First Republic Bank Annual Report 2015

FY2015 Annual Report · First Republic Bank

Loading PDF…

thirty years

STRENGTH
SERVICE
STABILITY

2015
annual report

Founded in 1985, First Republic Bank and its subsidiaries
provide private banking, private business banking and
private wealth management, including investment, trust
and brokerage services. First Republic specializes in deliv-
ering exceptional relationship-based service, with a solid
commitment to responsiveness and action.

san francisco • palo alto • los angeles
santa barbara • newport beach • san diego
portland • palm beach • boston
greenwich • new york

For over thirty years,
we have grown
organically—one
relationship at a time.

1. James H. Herbert, II
Chairman and Chief
Executive Offi cer (Founding)

2. Michael D. Selfridge
Chief Banking Offi cer

3. Mollie M. Richardson
Chief Administrative Offi cer

4. Bob Thornton

President Private Wealth
Management

5. Michael J. Roffl er
Chief Financial Offi cer

6. David B. Lichtman
Chief Credit Offi cer

7. Hafi ze Gaye Erkan

Chief Deposit Offi cer and
Chief Investment Offi cer

8. Jason C. Bender
Chief Operating Offi cer

9. Katherine August-deWilde

Vice Chair

Dear Clients
and Shareholders

2015 was another highly successful year for First Republic.

Loans, deposits and wealth management all grew nicely. Earnings were strong.
Credit quality remained excellent, capital grew very well and liquidity expanded
to even stronger levels. We were pleased to be able to successfully access the capi-
tal markets three times during the year to support our continued development.

We are making very signifi cant investments in the franchise. Th ese investments
include the continued build-out of our regulatory and risk management infra-
structure, upgraded technology in many parts of the company, improvements
to our offi ces and facilities, and the introduction of a much-enhanced online
banking system, which is being rolled out in 2016.

During the year, we also made a series of executive promotions, which further
strengthen our already deep leadership team. Th ese appointments are the con-
tinuation of our careful succession planning.

Across the board, we experienced strong results in 2015:

• Core revenues were up 15%.

• Core earnings per share were up 10%.

• Total capital increased 19%.

• Net charge-off s for the year totaled only $1.7 million,

or less than one basis point of total loans.

• Tangible book value per share was up 14%.

Deposits were up 29% in 2015. We were successful in generating deposits across
all of our channels – offi ces, preferred banking, business banking and wealth
management. Checking is now 63% of total deposits.

Loan volume totaled $19.7 billion, our best year ever. Growth in loans outstanding,
which was entirely funded by deposits, was 16% and consistent with our plan.

Private Wealth Management had another strong year. Wealth management assets
were up 35% to $72 billion in 2015. Revenues were up over 20%, and now equal
13% of total revenues.

Our strong growth in wealth management assets during the year was due to
continued asset infl ows from both existing and new clients, the acquisition of
Constellation Wealth Advisors on October 1, and a number of well-established
wealth advisor teams who joined us, particularly in the second half of 2015.

Business Banking also had another good year. Both business loans and business
deposits grew nicely. At year-end, business loans outstanding represented 14% of
total loans, while business deposits represented 51% of total deposits, consisting
almost entirely of checking.

Financial Highlights / 2010 –2015

Dollars in Billions

DECEMBER 31,

2 010

2 011

2 012

2 013

2 014

2 015

Total Bank Assets

$ 22.4

$ 27.8

$ 34.4

$ 42.1

$ 48.4

$ 59.0

Total Loans

$ 19.2

$ 22.8

$ 28.3

$ 34.2

$ 37.9

$ 44.1

Total Deposits

$ 19.2

$ 22.5

$ 27.1

$ 32.1

$ 37.1

$ 47.9

Total Tier 1 Leverage Capital

$ 2.0

$ 2.4

$ 3.1

$ 3.9

$ 4.6

$ 5.5

Wealth Management Assets

$ 16.6

$ 20.2

$ 31.3

$ 41.6

$ 53.4

$ 72.3

Preferred Banking Offi ces

Compound Annual Growth Rate / 2010 –2015

LOANS

DEP O SITS

TI ER 1
LEVERAGE CAPITAL

WEALTH MGMT
ASSETS

Percentage
Increase

Dollars in
Billions

+18%

+20%

+22%

+34%

$ 19.2

$ 44.1

$ 19.2

$ 47.9

$ 2.0

$ 5.5

$ 16.6

$ 72.3

Years

2010 – 2015

Actual Loss Experience – All Loans / 2010 –2015

ACTUAL NET CHARGE- OFFS
AS % OF AVERAGE LOANS

1.25%

1.00%

0.75%

0.50%

0.25%

0.00%

• Net charge-off s have averaged only 2 bps

per year over 5.5 years

• Top 50 U.S. banks’ net charge-off s averaged

42 bps1 per year over 5.5 years

• Average losses at the top 50 U.S. banks

were 24x those of First Republic

50 LARGEST U.S. BANKS

FIRST REPUBLIC BANK

2010 2

2011

2012

2013

2014

2015

1) Comprised of the median for the top 50 U.S. banks by asset

size as of December 31 of each corresponding year.

FRC 3

0.01

0.03

0.01

0.05

0.01

2) For the six months ended December 31, 2010.

3) Net charge-offs include charge-offs against unaccreted loan

TOP 50 U.S. BANKS 1

0.71

1.13

0.54

0.32

0.20

0.17

discounts, if any.

We continue to monitor global economic conditions carefully, particularly as they
pertain to the historically unique and unpredictable winding down of quantitative
easing, and the bumpy nature of this year’s U.S. presidential election. As a result, we
are more conservative, even than normal, in our actions. We remain cautious, but
optimistic, about the general economic environment, particularly in our markets,
and are confi dent in the company’s overall conservative posture.

In the face of such conditions, First Republic continues to execute a simple business
model that off ers stability and predictability. We remain focused on the pillars of
our model – strong capital, considerable liquidity, the best possible credit quality
and exceptional client service.

Overall, the franchise is performing well and we look forward to a successful 2016.

Of course, without our communities of clients and shareholders, First Republic
would not be what it is today. We sincerely thank you for your continued business
and truly appreciate your ongoing support.

It’s a privilege to serve you,

James H. Herbert, II
Chairman and Chief Executive
Offi cer (Founding)

Michael D. Selfridge
Chief Banking Offi cer

Jason C. Bender
Chief Operating Offi cer

Hafi ze Gaye Erkan
Chief Deposit Offi cer and
Chief Investment Offi cer

Mollie M. Richardson
Chief Administrative Offi cer

Bob Thornton
President Private Wealth Management

Consistently Profitable Since Inception / 1985 –2015

In addition to a strong 2015, results over the fi ve and a half years since we have been independent
again have been strong. Since July 1, 2010, core earnings per share have grown 16% per annum and
tangible book value per share has also grown 16% per annum.

Stability:
• Consistent Leadership
• Stable Client Relationships
• Organic Expansion

Shareholder Value Creation:
• Enterprise Valuation 08/86: $23 Million
• Enterprise Valuation 12/15: $10 Billion
• Enterprise Value Growth Since 1986: 23% Per Annum

Compound Annual Growth Rate / 2010 –2015

CORE EARNINGS PER SHARE
Annual Percentage Increase

+16% TANGIBLE BOOK VALUE PER SHARE

Annual Percentage Increase

+16%

$ 0.71

$ 3.02

$ 13.39

$ 30.16

2010 – 2015

CAGR for the period was calculated based on annualized
core EPS for the six months ended December 31, 2010.

CAGR computed over 5.5 years since July 1, 2010.

FRC Total Return Since Buyback: 7/1/10 –12/31/15*

COMPOUND ANNUAL GROWTH RATE
* Chart period of 5.5 Years

+32%

$ 70

$ 60

$ 50

$ 40

$ 30

$ 20

$ 10

FRC Repurchase
7/1/10
$15.00 / share

IPO #2
12/8/10
$25.50 / share

12/31/15
$66.06 / share

7/1/10 12/31/10

12/31/11

12/31/12

12/31/13

12/31/14

12/31/15

Client Index

C AT E G O R Y / I N D U S T R Y

C L I E N T

Entrepreneur

Noah Lichtenstein

Arts

Helgi and Marlene Tomasson

Personal Banking /
Private Equity

Marc and Marjorie McMorris

Real Estate

Stephen M. Ross

Personal Banking /
Medical

Christina Pham, m.d. and
Johannes Kratz, m.d.

Financial Services

West Rhode & Roberts
Certified Public Accountants

Private Equity

Portfolio Advisors, llc

Personal Banking /
Business Banking

Santo Politi and
Eleanor Gray Baldwin

Tech / Entrepreneur

Apoorva Mehta

Law Firm

Gilmartin Magence llp

Nonprofit / Tech

CODE2040

Independent School

Oregon Episcopal School

P A G E

C AT E G O R Y / I N D U S T R Y

C L I E N T

Nonprofit

Massachusetts
Historical Society

Entrepreneur

Richelieu Dennis

Personal Banking /
Medical

Shahin Ghadir, m.d.

Independent School

French American
International School

Wine Industry

James Harder and
Jim Regusci

Architecture /
Design

Nancy and Jeffery Smith

Personal Banking /
Medical

Kiandra Kang, m.d.

Personal Banking

Thomas C. Quick

Personal Banking

Josh Latson

Aviation

Jet Support Services, Inc. ( JSSI)

Personal Banking
and Brokerage*

Ed and Peggy Kavounas

P A G E

* Brokerage services are off ered through First Republic Securities Company, LLC, Member FINRA/SIPC.

Strength, service
and stability.

Our clients say it best.

Noah Lichtenstein

S A N F R A N C I S C O , C A L I F O R N I A

Noah Lichtenstein
Venture Partner, Cowboy Ventures

“ First Republic goes above and
beyond to help me get what I need
when I need it.”

For entrepreneur turned venture capitalist Noah Lichtenstein, banks

had always been stale, cold institutions where his money sat until he

needed it. When he moved to First Republic, he was delighted to be

treated as an individual. He had no complicated banking needs until

he lost his wallet, including his ATM card, on a trip abroad. After one

quick call to his personal banker, a replacement ATM card was on its

way to Spain. It was then that he realized the power of strong client

service. Noah’s business is founded on relationships and a reputa-

tion for being helpful. With First Republic, he has found a bank that

mirrors his own values.

12.12.

Helgi and Marlene Tomasson

S A N F R A N C I S C O , C A L I F O R N I A

Helgi Tomasson
Artistic Director and Principal Choreographer, San Francisco Ballet

Marlene Tomasson
Former Dancer, Wife and Mother

“ First Republic takes extraordinary
care of our accounts and those of
the San Francisco Ballet, providing
flawless service.”

Since 1985, Icelandic-born Helgi Tomasson has been the Artistic

Director of the world-renowned San Francisco Ballet. Drawing on

his experience as an internationally renowned dancer, he has

helped establish the San Francisco Ballet as one of the premier

dance companies in the world. He and his wife, former dancer

Marlene Tomasson, travel extensively and rely on the Bank to pro-

vide the support they need while they are away. And the Ballet relies

on First Republic’s business banking team to meet its operational

needs. With First Republic, their fi nances are always perfectly in step.

15.

Marc and Marjorie McMorris

T I B U R O N , C A L I F O R N I A

Marc McMorris
Co-Founder and Director, Carrick Capital Partners

Marjorie McMorris
Founder and Director, Th e Helix School Foundation

“ First Republic handles both our
banking and brokerage needs.
Having one institution that knows
and understands us is extremely
valuable.”

Marc and Marjorie McMorris lead busy lives as professionals and

parents. Marc helps technology-enabled companies grow through

strategic investments via the fund he co-founded. And Marjorie is

Founder and Director of The Helix School, which tailors its curricu-

lum for students with Autism Spectrum Disorder. When they came

to First Republic, they fi nally found a bank that could meet all of

their fi nancial needs. Their lives are now better coordinated, leaving

them more time to focus on what matters most to them.

* Please see bottom of page 63 for important information related to the provision of

brokerage services. Investment performance may vary by client.

16.16.

Stephen M. Ross

N E W Y O R K , N E W Y O R K / P A L M B E A C H , F L O R I D A

Stephen M. Ross
Chairman and Founder, Related Companies

“ First Republic is a bank that stands
out and takes great care of their
clients. Th ey are there whenever
I need them.”

Stephen Ross is Chairman and Founder of Related Companies — one

of the most prominent real estate development companies in the

country — and majority owner of the Miami Dolphins. His company

employs over 3,000 professionals and he is committed to surround-

ing himself with the brightest people possible. His choice of First

Republic for personal and business banking is consistent with his

extraordinary commitment to excellence. That consistent quest for

excellence is just one reason he was recently named the most

powerful person in New York real estate.

19.

Christina Pham, m.d. and
Johannes Kratz, m.d.

S A N F R A N C I S C O , C A L I F O R N I A

Christina Pham, m.d.
UCSF Medical Center

Johannes Kratz, m.d.
UCSF Medical Center

“ When we found we could
refi nance our student loans with
our First Republic personal
banker, we jumped at the chance.”

Christina Pham and Johannes Kratz, parents to three young children

and doctors at UCSF Medical Center, were thrilled to discover a

new standard of banking when they became First Republic clients

in 2012. Having always considered banking a chore, Christina and

Johannes fi nd First Republic’s customized approach a refreshing

change. No matter what they need, they know that their dedicated

team is just an email, text or phone call away. Focusing on their

young family and juggling demanding work schedules, the couple

relies on a strong support network of family, friends — and now

First Republic — to keep them moving forward.

21.

West Rhode & Roberts
Certified Public Accountants

S A N D I E G O , C A L I F O R N I A

Christopher M. Roberts, cpa
Partner

Cheryl M. Rhode, cpa
Partner

“ First Republic provides exceptional
service. Th ey are the right fi t for us
and are able to meet the complex
needs of clients.”

Accounting fi rm West Rhode & Roberts was looking for a bank that

understood the unique challenges of working with diff erent busi-

ness categories. When they learned of First Republic’s reputation

for extraordinary service, they knew they would be in particularly

good hands. West Rhode & Roberts is delighted with the Bank and

the service they receive from their business banker. When asked

by their clients to recommend a fi nancial institution, the fi rm confi -

dently refers First Republic.

22.22.

Portfolio Advisors, llc

D A R I E N , C O N N E C T I C U T

(starting fr om far left )

Jesse Eisenberg
General Counsel and
Managing Director

Charles Harper
Managing Director

Jenifer Parker
Chief Financial Offi cer

Brian Murphy
Managing Member and
Managing Director

William Indelicato
Managing Director

Elizabeth Campbell
Senior Vice President

Kenneth Wisdom
Managing Director

“ First Republic’s professional loan
program helped us free up capital
for strategic initiatives.”

Portfolio Advisors is an independent, employee-owned fi rm that

provides tailored private equity, private real estate and private credit

investment solutions. With offi ces in the United States, Europe and

Asia, the fi rm has established a global footprint. And more than 900

limited partners have invested in various Portfolio Advisors sponsored

funds. Known for providing customized investment solutions, the

fi rm respects First Republic’s creative and entrepreneurial approach

to banking. The relationship extends beyond business banking to

include the fi rm’s professionals. The majority of professionals who

participate in Portfolio Advisors’ general partnership vehicles have

taken advantage of the Bank’s professional loan program.

25.

Santo Politi and
Eleanor Gray Baldwin

M A N C H E S T E R - B Y- T H E - S E A , M A S S A C H U S E T T S

Santo Politi
Co-Founder and General Partner, Spark Capital

Eleanor Gray Baldwin
Owner, New England Garden Ornaments

“ Our banking needs run the
spectrum. First Republic’s service
and delivery have been perfect
on all fronts.”

Importing antique stone artifacts from Europe, running a successful

venture capital fi rm, renovating a 100 year-old home, and raising two

daughters — Santo Politi and Gray Baldwin’s business and personal

lives are busy, varied and interesting. Since 2008, the couple has

worked with First Republic to fulfi ll their incredibly diverse banking

needs. From foreign exchange to personal banking, construction

loans to business services, the relationship has developed, but the

level of responsiveness and commitment they receive has never

changed. With First Republic, they have a strong fi nancial founda-

tion on which to build their lives.

27.

Apoorva Mehta

S A N F R A N C I S C O , C A L I F O R N I A

Apoorva Mehta
Founder and CEO, Instacart

“ As a personal banking client, I
experienced great service. When
the time came to open a business
account, First Republic was the
natural choice.”

Apoorva Mehta had always dreamed of starting his own company.

His entrepreneurial drive and experience paid off when, in 2012, he

established Instacart. The online grocery delivery service now op-

erates in 18 metropolitan areas and partners with over 100 retailers.

Apoorva already had a personal account with First Republic and,

when the time came to open business accounts, he didn’t need to

shop around. He wanted a business bank that off ered extraordinary

service and First Republic delivers just that.

29.

Gilmartin Magence llp

B O S T O N , M A S S A C H U S E T T S

Craig P. Gilmartin (left )
Senior Partner

Yitz Magence (right)
Senior Partner

“ We have nothing but glowing things
to say about the Bank–their focus
on client service is extraordinary.”

Established in 1996 as a residential real estate law fi rm, Gilmartin

Magence has since evolved into a boutique law fi rm specializing in

commercial and residential real estate and business law. Partners

Craig Gilmartin and Yitz Magence were thrilled each time their cli-

ents worked with First Republic on a deal as they knew the process

would run smoothly. Their experience working with First Republic

professionally convinced them to move their own banking relation-

ship over. To their delight, the transition was seamless. Shared

values — including a commitment to client service, responsiveness

and action — have helped the Bank build a strong relationship with

Gilmartin Magence.

31.

CODE2040

S A N F R A N C I S C O , C A L I F O R N I A

Laura Weidman Powers
Co-Founder and CEO

Tristan Walker
Co-Founder and Board Chair

“ We know most banks wouldn’t put
any energy into a nonprofi t startup.
First Republic is diff erent–they
make all clients feel valued.”

CODE2040 is a unique nonprofi t founded in San Francisco in 2012.

They use the city’s strong links to the tech industry to open the

doors to educational, professional and entrepreneurial success

for underrepresented minorities. To date, they’ve worked with 70

Bay Area tech companies and have placed over 150 Fellows. When

looking for a bank for their business, Laura Weidman Powers knew

exactly what they needed. She had recently become a personal

banking client of First Republic and particularly valued the high

level of service and support. As CODE2040 has grown, they’ve

benefi ted from First Republic’s extensive experience and valuable

insight into the world of nonprofi ts. It’s just one of the things that

helps keep them reaching for the top.

33.

Oregon Episcopal School

P O R T L A N D , O R E G O N

Mo Copeland
Head of School

“ First Republic’s understanding of
independent schools is impressive.
Th eir knowledge and guidance
is helping us secure the future
of our school.”

Oregon Episcopal School has spent the last 150 years helping to

develop and educate young, inquiring minds. With 60 international

boarders among its students, the school embraces diversity and

a range of cultures and perspectives. Having a bank that under-

stands the benefi t of shared perspectives has been a big plus.

First Republic’s experience working with independent schools and

their unique fi nancial needs has been of equal benefi t. With First

Republic, Oregon Episcopal School can manage its business with

a true banking partner.

34.34.

Massachusetts Historical Society

B O S T O N , M A S S A C H U S E T T S

Dennis A. Fiori (left )
President

Charles C. Ames (right)
Chair, Board of Trustees

“ With the help of First Republic,
we’re keeping our nation’s
history alive.”

The Massachusetts Historical Society is the oldest such organi-

zation in the U.S., dating back to the 18th century. The Society is a

center of research and learning, dedicated to deepening the under-

standing of the American experience. When parts of the landmark

building needed to be repaired, First Republic was on hand with a

tax-exempt loan to ensure the essential work could be carried out.

With its precious documents and artifacts safely housed, the Society

can focus on bringing history to life, just as it has since 1791— as

knowledge of the past is fundamental to the future.

37.

Richelieu Dennis

A M I T Y V I L L E , N E W Y O R K

Richelieu Dennis
Founder and CEO, Sundial Brands

“ First Republic has tailored their
approach around my work style.
I can do my banking with an actual
person–and that is invaluable.”

Richelieu Dennis is the driving force and vision behind Sundial

Brands, the family business inspired by his grandmother, a village

merchant and healer in her native Sierra Leone. The company has

won awards for its use of high-quality, natural ingredients in its

skin and hair care products, and plaudits for creating opportuni-

ties for long-term economic empowerment and sustainability via

its purpose-driven Community Commerce business model. Since

1991, passion, legacy and love have marked Sundial’s progress as

one of the fastest-growing private companies in the United States.

A good friend recommended First Republic in 2013. Now Richelieu

relies on his banker to help him achieve his fi nancial goals and to

work towards Sundial’s purpose of empowering people to live more

beautiful lives.

38.38.

Shahin Ghadir, m.d.

B E V E R LY H I L L S , C A L I F O R N I A

Shahin Ghadir, m.d., f.a.c.o.g.
Founding Partner, Southern California Reproductive Center

“ I feel very fortunate with
First Republic–they make
banking an enjoyable process.”

Dr. Shahin Ghadir loves what he does. As a fertility specialist, he

has played an integral part in helping thousands of people achieve

their dreams of starting a family. When he needed to move quickly

to secure the ideal home for his own young family, First Republic

immediately helped him on his journey. His real estate agent con-

nected him with a personal banker, who has since become a close

friend and reliable fi nancial touchstone. He knows that the Bank is

with him and will continue to support and help him — just as he sup-

ports his patients.

41.

French American
International School

S A N F R A N C I S C O , C A L I F O R N I A

Melinda Bihn, Ed.D.
Head of School

Aaron J. Levine
CFO and Director of Operations

“ With First Republic, you can talk
to a human being and get a straight
answer. Th ey’re utterly focused
on client service.”

For over 50 years, French American International School of San

Francisco has delivered a rigorous bilingual education program to

its students. Growing from a two-room elementary school in 1962

to the multi-campus, pre-kindergarten through 12th grade school it

is today took vision, focus, determination, and a bank that was inter-

ested in more than dollars and cents. With First Republic’s support,

the school can concentrate on helping over 1,070 students be their

very best selves — now and in the future.

43.

James Harder and Jim Regusci

N A P A , C A L I F O R N I A

James Harder (left )
Owner, James Cole Winery, T-Vine Winery, Tank Garage Winery

Jim Regusci (right)
Owner, Regusci Winery, T-Vine Winery, Tank Garage Winery

“ We had never liked the banking
part of business until we met
First Republic. Everyone here
knows us and knows what’s
important to us.”

James Harder and Jim Regusci are fi rm believers in the power of

teamwork. When they fi rst met in 2000, they realized they shared a

vision for developing and growing their wine businesses. Since then,

they’ve worked on a number of successful joint ventures. Jim had

already worked with First Republic and, when he introduced James

to the Bank, a vintage relationship was formed. With First Republic,

Jim and James have found a bank that truly understands and sup-

ports the wine industry.

44.44.

Nancy and Jeffery Smith

P A L M B E A C H , F L O R I D A

Nancy Smith
Mother, Interior Designer and Community Volunteer

Jeffery Smith
President, Smith Architectural Group

“ Our relationship with First Republic
is truly personal. Th ey understand
who we are and what we need.”

Longtime Palm Beach residents Nancy and Jeff ery Smith have a

true appreciation of community. The couple gives back by donating

their time and design expertise to help preserve the icons of Palm

Beach. Nancy and Jeff also appreciate the personal relationship that

they have with their banking team at First Republic — a relationship

rooted in trust and security. They know that, whenever they have a

question or request, they can simply pick up the phone and get a

quick response. Whether they need foreign currency for a trip abroad

or support for Jeff ’s business accounts, they know First Republic can

accommodate their needs.

Photographed at the Flagler Kenan Pavilion. Designed by Smith Architectural Group
on a pro-bono basis for the Flagler Museum.

46.46.

Kiandra Kang, m.d.

L O S A N G E L E S , C A L I F O R N I A

Kiandra Kang, m.d.
Kindercare Pediatrics
Pictured with Quinn

“ I love the personalized service at
First Republic. Th ey put my needs
fi rst and make things easy for me.”

Dr. Kiandra Kang completed her pediatric residency at UCLA and

practices in Los Angeles. She enjoys working closely with parents to

help their children develop into healthy, happy adults. Dr. Kang heard

about First Republic through a fi nancial advisor at her residency

program and was interested in learning more about refi nancing her

student loans. She met with a banker and immediately felt comfort-

able with the client-centric approach and high level of personalized

service she received.

49.

Thomas C. Quick

P A L M B E A C H , F L O R I D A / N E W Y O R K , N E W Y O R K

Thomas C. Quick
Retired Vice Chairman, Fleet, Quick & Reilly, Inc.

“ First Republic’s client service
surpasses other banks. Th ey are
welcoming and client-oriented.”

Thomas C. Quick spent his career leading a national stock brokerage

fi rm, and understands what personalized service is all about. Tom

splits his time between Palm Beach and New York, and serves on

many nonprofi t boards in each city. He is dedicated to philan-

thropy, with a focus on education and medical research. When

Tom became a First Republic client in 2014, the Bank’s focus on

extraordinary client service really impressed him. And that has led

to a much expanded relationship.

50.50.

Josh Latson

B O S T O N , M A S S A C H U S E T T S

Josh Latson
Special Assistant to the COO, Boston Medical Center

“ Refi nancing my student loans with
First Republic has allowed me to be
more flexible when thinking about
future job opportunities.”

With a background in fi nance, an immediate return to Wall Street

or a foray into consulting may have been a natural career step for

Josh Latson. But returning to school for his MBA gave him the time

to consider what he’s passionate about — and his decision to take a

fellowship in the healthcare industry at a nonprofi t meant a revision

of his salary expectations. By refi nancing his student loans with

First Republic, Josh has been able to reduce his monthly payments

and focus on saving more for future endeavors, including buying a

home. He appreciates the level of professionalism, timeliness and

responsiveness his banker showed him throughout the process

and looks forward to a continued relationship with First Republic.

53.

Jet Support Services, Inc. ( JSSI)

C H I C A G O , I L L I N O I S

Neil W. Book
President and CEO (left )

Robert H. Book
Chairman (right)

“ Aft er our fi rst conversation with our
banker, we knew First Republic was
a diff erent kind of bank.”

Jet Support Services, Inc. (JSSI) is the world’s largest supplier of

maintenance programs to the business aviation industry, with

over 1,800 aircraft enrolled in their programs. Across 77 countries,

JSSI’s programs allow customers to stabilize their budgets while

increasing the residual value of their aircraft. Customer service

is at the heart of what they do. So, when Neil and Bob Book met

with First Republic, they were immediately impressed with the

team’s commitment to service. Since then, the relationship with

First Republic has expanded beyond checking to include foreign

exchange, cash management and investments, as well as a rela-

tionship with First Republic’s Aviation Finance team.

* Please see bottom of page 63 for important information related to the provision of

brokerage services. Investment performance may vary by client.

55.

The Kavounas Family

S A N F R A N C I S C O , C A L I F O R N I A

Ed Kavounas

Peggy Kavounas

“ Our First Republic banker and broker
know us well. We’ve been working
with the same team for years now
and value the personalized service.”

Banking is a family aff air for Ed and Peggy Kavounas. Ed, a founder of

Rockwood Capital, and Peggy, a retired nonprofi t director and fi lm-

maker, serve actively on boards and travel often to see friends and

family — including their three sons and eight grandchildren. Advo-

cates of the personal attention they’ve received from the Bank, the

couple suggested that each of their sons open accounts as well,

expanding their family presence at First Republic. Their banker and

broker handle their most critical fi nancial needs personally. And the

Bank helps guard against fraud by providing cyber security checks

at home. They appreciate working with people who know them and

who make things easier for them.

* Please see bottom of page 63 for important information related to the provision of

brokerage services. Investment performance may vary by client.

57.

Contents

60
Private Banking and Wealth Management

62
Complete Products and Services

65
Consolidated Statement of Income

66
Consolidated Balance Sheet

68
Additional Information

70
Proudly Investing in Our Communities

74
First Republic Values

76
Board of Directors

78
Locations

“Our goal is service quality at
the highest possible level.”

Jim Herbert

Chairman and CEO (Founding)

58.

Full-Service Private Banking,
Private Business Banking and
Private Wealth Management

A R Y

D I N

S E R V I C E T H R O U GH PERSONAL & DIGITATT

Residential
Lending

Personal
Lending

Commercial
Real Estate
Lending

F
U
L
L
-
S
E
R
V
C
E

P
R

V
V

AA
A

Y
O
U

CLIENT

BLIC R E L A T I

KING

R
E
G
A
N
A
M

H IP
TAA
R I V AV

Checking,
Savings,
CDs
(Deposits)

Business
Banking

Trust
Services

Financial
Planning

T
N
E
M
E
G
A
N
A
M
H
T
LL
L
A
E

Investment
Management

Foreign
Exchange

Brokerage
Services

Private Banking

First Republic bankers work directly with each of our clients and focus on both sides of the client’s balance sheet
to provide direct access to all bank services and personally refer clients to our wealth management affi liates when
appropriate. At First Republic, we build long-term, rewarding relationships with our clients.

A distinctive brand of Private Banking:

• Our approach to clients is based on advice and solutions — not products.

• We off er full-service banking on both coasts, including convenient Banking Online, fl exible Bill Pay and no access fees at virtually

all ATMs around the world. With our ATM Rebate Checking account, we even rebate access fees charged by other banks

whenever our clients use their ATMs.

• We keep fi nancial safety and privacy at the forefront.

• We believe in frequent, personal contact. Our bankers get to know our clients and are easy to reach.

• Our primary source of new clients is through referrals from satisfi ed existing clients.

Private Business Banking

Our professional business bankers provide the same personalized and highly-responsive service to the business
community as we do to personal banking clients. Th at’s why we call it Private Business Banking.

Specialized services off ered for:

• Accounting Firms

• Law Firms

• Architecture and Design Firms

• Medical Practices

• Real Estate Investors

• Small Businesses

• Business Management Firms

• Motion Picture and TV Production

• Technology Firms

• Engineering Services

• Family Offi ces

• Nonprofi ts

• Private Clubs

• Venture Capital Funds/Firms

• Wineries

• Independent Nonprofi t Schools

• Private Equity Funds/Firms

• Investment Firms

• Property Management Firms

Private Wealth Management

First Republic Private Wealth Management affi liates off er customized investment management, trust and brokerage
services for individuals, trusts, endowments and organizations. In addition to traditional portfolio management, the
affi liates also employ carefully screened outside managers for equity, fi xed income and alternative investments.

Wealth Management services include:

• Portfolio Management
• Trust Administration and Custody

• Financial and Estate Planning
• Insurance Services

• Manager Selection
• Comprehensive Brokerage Services

Banking products and services are provided by First Republic Bank, Member FDIC and Equal Housing Lender

Investment Advisory services are provided by First Republic Investment Management, Inc. Trust services are provided by First Republic Trust
Company and First Republic Trust Company of Delaware LLC. Brokerage services are off ered through First Republic Securities Company, LLC,
Member FINRA/SIPC.

Insurance services are provided through First Republic Securities Company, LLC, Member FINRA/SIPC, DBA Grand Eagle Insurance Services,
LLC, CA Insurance License # 0I13184.

Investment, Insurance and Advisory Products and Services are Not FDIC Insured, Not Guaranteed and May Lose Value.

61.

Complete Products and Services

Residential
Lending

• Single Family Mortgages

• Vacation Home Mortgages

• Home Equity Lines of Credit

• Bridge Loans

• Co-op and Condominium Loans

• All-in-One, Construction-to-Permanent Loans

Commercial
Real Estate
Lending

Personal
Lending

Private
Business
Banking

• Apartment Building Loans

• Mixed-use Building Loans

• Commercial Real Estate Loans

• Construction and Renovation Loans

• Stock/Bond Secured Loans

• Unsecured Loans

• Student Loan Refi nancing
(Eagle Gold All-in-One)*

• Streamlined Loans and Lines of Credit

• Loan Program for Employee Capital Call

(Eagle Gold)

and Partnership Buy-ins

• Overdraft Lines of Credit

• Aircraft and Marine Financing

• Lines of Credit

• Term Loans

• Mobile Banking

• Corporate Online Banking and Bill Pay

• Lending to Nonprofi ts

• Business Interest Checking

• Owner-User Commercial Real Estate Loans

• Business Analyzed Checking

• Streamlined Small Business Lending

• Business Money Market Accounts

(Eagle One)

• Capital Call Lines

• Attorney Trust Accounts (IOLTA, IOTA, IOLA)

• Business Debit Card

• Loan Program for Employee Capital Call

• Armored Car/Cash Services

and Partnership Buy-ins

• Standby Letters of Credit

• Foreign Exchange

• Aircraft and Yacht Financing

• Winery and Vineyard Lending

• Multi-Client Management Accounts

• Custody and Business Escrow Services

• Free Business On-site ATMs

• Remote Deposit Services

• Lockbox Services Nationwide

• Motion Picture and TV Financing

• Funds Transfer and ACH Services

• Simplifi ed Business Checking

• Positive Pay and Payee Positive Pay Services

Deposit
Services

• ATM Rebate Checking**

• Classic Checking

• Money Market Checking

• Money Market Savings

• Passbook Savings

• Certifi cates of Deposit

• Traditional, Roth and SEP IRAs

• Banking Online

• Online Bill Pay

• Mobile Banking and Mobile Check Deposit

• Foreign Exchange

* This product is not an education loan and may remove federal privileges and benefi ts associated with existing

student loans.

** Domestic and foreign country ATM access fees are rebated at the end of the monthly cycle. Foreign currency

conversion and other usage fees vary by country and network and are not included in the rebated ATM access fees.

Investment
Management
Services

Brokerage
Services

Trust
Services

Insurance
Services

• Equity Management

• Fixed Income Management

• Alternative Investments: Private Equity,

Private Real Estate, Credit, Special
Situations and Hedge Funds*

• Cash Management

• Endowment Investment Management

and Consulting

• Financial Planning

• Environmental, Social and

Governance Investing

• 401(k) Plan Management

• Full-Service and Self-Directed

Brokerage Services

• Equities and Mutual Funds

• Money Market Mutual Funds

• Treasury Bills/Bonds

• Agency Discount Notes

• Municipal Notes/Bonds

• Corporate Bonds

• Brokerage CDs

• Personal Trust Services with

Open Architecture

• Trustee of Revocable, Irrevocable

and Testamentary Trusts

• Estate Settlement/Executor Services

• Commercial Paper

• Margin Loans

• Equity Compensation Plans

• 10b5-1 Plans for Corporate Executives

• Hedging Strategies for Concentrated

Stock Positions

• Online Brokerage

• FDIC-Insured Sweep Accounts

• Option Exercise Programs

• Custody Services

• Business Escrow Services

• Independent and Objective Reporting

• Delaware Trust Offi ce

• Open Architecture Access to Top Carriers

• Private Placement Life and Annuity Products,

and Best-in-Class Products

off ering Alternative Investments

• Permanent Life Insurance Products for

• Disability Products for High-Income Executives

Estate, Business Planning and Tax-Deferred
Cash Accumulation

and Professional Services Firms

• Specialty and Hybrid Long-Term Care Products

Insurance services are provided through First Republic Securities Company, LLC, Member FINRA/SIPC, DBA Grand Eagle Insurance Services,
LLC, CA Insurance License # 0I13184.

* These products are off ered to clients who meet certain eligibility and suitability requirements.

Investment, Insurance and Advisory Products and Services are Not FDIC Insured, Not Guaranteed and May Lose Value.

62.

63.

Financial Summary / 2015

Consolidated Statement of Income

in thousands, except per share amounts

YEAR EN DED DECEMBER 31

2 015

2 014

2 013

Interest income:

Loans
Investments
Other
Cash and cash equivalents

Total interest income

Interest expense:

Deposits
Borrowings

Total interest expense

Net interest income
Provision for loan losses
Net interest income after provision for loan losses

Noninterest income:

Investment management fees
Brokerage and investment fees
Trust fees
Foreign exchange fee income
Deposit fees
Gain on sale of loans
Loan servicing fees, net
Loan and related fees
Income from investments in life insurance
Gain on investment securities, net
Other income

Total noninterest income

Noninterest expense:

Salaries and employee benefits
Occupancy
Information systems
Professional fees
FDIC assessments
Advertising and marketing
Amortization of intangibles
Other expenses

Total noninterest expense

Income before provision for income taxes
Provision for income taxes
Net income
Dividends on preferred stock
Net income available to common shareholders

Basic earnings per common share
Diluted earnings per common share
Dividends per common share
Weighted average shares — basic
Weighted average shares — diluted

$ 1,361,654
268,682
27,464
6,292

1,664,092

61,072
86,357

147,429

1,516,663
55,439

1,461,224

178,738
19,659
10,745
22,517
19,311
9,725
13,040
12,393
35,474
821
2,630

325,053

596,593
106,856
119,114
73,022
35,250
25,562
21,760
117,452

1,095,609

690,668
168,523
522,145
58,928
$ 463,217

$
$
$

3.27
3.18
0.59
141,689
145,510

$ 1,271,562
189,630
18,106
3,711

1,483,009

60,454
91,795

152,249

1,330,760
56,486

1,274,274

147,840
14,404
10,483
19,552
18,468
35,515
9,701
8,658
29,558
21,837
2,339

318,355

490,341
98,466
95,387
53,429
31,294
25,703
22,744
105,382

922,746

669,883
182,877
487,006
55,556
$ 431,450

$
$
$

3.16
3.07
0.54
136,420
140,497

$ 1,193,931
150,193
8,893
3,001

1,356,018

60,817
71,026

131,843

1,224,175
36,969

1,187,206

112,121
11,892
9,588
13,912
18,258
36,290
7,230
7,515
24,365
531
2,648

244,350

402,222
91,120
79,955
22,488
27,976
25,459
26,147
92,630

767,997

663,559
201,489
462,070
40,671
$ 421,399

$
$
$

3.21
3.10
0.36
131,326
135,949

See notes to consolidated fi nancial statements in our Annual Report on Form 10-K.

65.

Consolidated Balance Sheet

dollars in thousands

Assets

AS OF DECEMBER 31

2 015

2 014

AS OF DECEMBER 3 1

2 015

2 014

Liabilities and Equity

Cash and cash equivalents

Securities purchased under agreements to resell

$ 1,131,110

817,150

100

Investment securities:

Investment securities available-for-sale
Investment securities held-to-maturity

Total investment securities

Loans:

Single family (1-4 units)
Home equity lines of credit
Multifamily (5+ units)
Commercial real estate
Single family construction
Multifamily/commercial construction
Business
Other secured
Stock secured
Unsecured loans and lines of credit

Total loans

Less:

Net unaccreted discount
Net deferred costs
Allowance for loan losses

Loans, net

Loans held for sale
Investments in life insurance
Tax credit investments
Prepaid expenses and other assets
Premises, equipment and leasehold improvements, net
Goodwill
Other intangible assets
Mortgage servicing rights

Total Assets

See notes to consolidated fi nancial statements in our Annual Report on Form 10-K.

2,910,801
7,540,678

10,451,479

23,092,346
2,370,188
5,371,484
4,462,834
436,774
693,364
6,232,378
541,637
521,005
423,795

44,145,805

(108,499)
46,263
(261,058)

1,393,357
5,244,707

6,638,064

20,494,402
2,211,621
4,689,692
3,824,835
428,358
453,732
4,873,580
436,918
285,240
231,552

37,929,930

(152,764)
31,203
(207,342)

43,822,511

37,601,027

48,681
1,168,596
1,006,836
817,410
172,008
171,616
137,400
53,538

271,448
1,014,734
828,640
747,763
165,703
106,549
110,001
49,023

$ 58,981,285

$ 48,350,202

Liabilities:
Deposits:

Noninterest-bearing checking
Interest-bearing checking
Money market checking
Money market savings and passbooks
Certificates of deposit

Total deposits

Securities sold under agreements to repurchase
Long-term FHLB advances
Senior notes
Debt related to variable interest entities
Other liabilities

Total Liabilities

Shareholders’ Equity:

Preferred stock, $0.01 par value per share;

989,525 and 889,525 shares issued and outstanding

Common stock, $0.01 par value per share;

146,109,790 and 138,268,849 shares issued and outstanding

Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)

Total Shareholders’ Equity

Total Liabilities and Shareholders’ Equity

$ 18,252,007
12,027,363
5,756,821
7,270,396
4,586,878

$ 12,542,881
8,809,590
5,216,253
6,795,18 9
3,767,016

47,893,465

37,130,929

100,000
4,000,000
397,159
29,643
855,335

—
5,275,000
396,384
36,039
733,383

53,275,602

43,571,735

989,525

889,525

1,461
2,770,265
1,949,652
(5,220)

5,705,683

1,383
2,313,592
1,570,871
3,096

4,778,467

$ 58,981,285

$ 48,350,202

66.

67.

First Republic Common and Preferred Stock

First Republic Bank’s Common Stock is traded on the New York Stock Exchange (“NYSE”) under the symbol FRC.
At December 31, 2015, the Bank believes that its shares are held benefi cially by approximately 95,000 shareholders.

First Republic Bank’s issues of Preferred Stock trade as depositary shares on NYSE under the symbols FRCPrA for
the Series A, FRCPrB for the Series B, FRCPrC for the Series C, FRCPrD for the Series D, FRCPrE for the Series
E, FRCPrF for the Series F and FRCPrG for the Series G.

Additional Information and Where to Find it

In accordance with the Securities Exchange Act of 1934 (the “Exchange Act”), First Republic files annual
reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements for
the annual meeting of shareholders and other information with the FDIC, copies of which are available on the
FDIC website at https://efr.fdic.gov/fcxweb/efr/index.html, in the Investor Relations section of our website at
http://www.fi rstrepublic.com or upon written or telephone request to us at the following address: First Republic
Bank Investor Relations, 111 Pine Street, San Francisco, CA 94111, (415) 392-1400.

Forward-Looking Statements

Th is document contains forward-looking statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Statements in this document that are not historical facts are hereby identifi ed as “forward-looking
statements” for the purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”). Any statements about our expectations, beliefs, plans, predictions, forecasts,
objectives, assumptions or future events or performance are not historical facts and may be forward-looking. Th ese
statements are oft en, but not always, made through the use of words or phrases such as “anticipates,” “believes,”
“can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimates,” “plans,” “projects,” “continuing,” “ongoing,”
“expects,” “intends” and similar words or phrases. Accordingly, these statements are only predictions and involve
estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to diff er
materially from those expressed in them. Factors that could cause actual results to diff er from those discussed in the
forward-looking statements include, but are not limited to: signifi cant competition to attract and retain banking and
wealth management customers; projections of loans, assets, deposits, liabilities, revenues, expenses, tax liabilities, net
income, capital expenditures, liquidity, dividends, capital structure or other fi nancial items; expectations regarding
the banking and wealth management industries; the possibility of earthquakes and other natural disasters aff ecting
the markets in which we operate; interest rate risk and credit risk; descriptions of plans or objectives of management
for future operations, products or services; our ability to maintain and follow high underwriting standards; forecasts

of future economic conditions generally and in our market areas in particular, which may aff ect the ability of
borrowers to repay their loans and the value of real property or other property held as collateral for such loans; the
geographic concentration of our operations; our opportunities for growth and our plans for expansion (including
opening new offi ces); expectations about the performance of any new offi ces; demand for our products and services;
projections about loan premiums or discounts and about the amount of intangible assets, as well as amortization of
recorded amounts; future provisions for loan losses, changes in nonperforming assets, impairment of investments
and our allowance for loan losses; projections about future levels of loan originations or loan repayments;
projections regarding costs, including the impact on our core effi ciency ratio; the regulatory environment in which
we operate, our regulatory compliance and future regulatory requirements, including potential restrictions as a de
novo institution; the phase-in of the fi nal capital rules regarding the Basel Committee’s “Basel III” December 2010
framework, changes to the defi nitions and components of regulatory capital and a new approach for risk-weighted
assets; legislative and regulatory actions aff ecting us and the fi nancial services industry, such as the Dodd-Frank Wall
Street Reform and Consumer Protection Act, including increased compliance costs, limitations on activities and
requirements to hold additional capital; the impact of new accounting standards; future Federal Deposit Insurance
Corporation special assessments or changes to regular assessments; our ability to successfully execute on initiatives
relating to enhancements of our technology infrastructure, including client-facing systems and applications; and
descriptions of assumptions underlying or relating to any of the foregoing.

For a discussion of these and other risks and uncertainties, see the risk factors in our 2015 Annual Report on Form
10-K and any subsequent reports fi led by First Republic under the Exchange Act. Th ese fi lings are available in the
Investor Relations section of our website. In addition, some of the fi nancial information provided in this Annual
Report includes non-GAAP fi nancial measures. Th e fi lings available on the Investor Relations section of our website
present reconciliations to the appropriate GAAP measures and explains why we believe such measures are useful
to investors. All forward-looking statements are necessarily only estimates of future results, and there can be no
assurance that actual results will not diff er materially from expectations, and, therefore, you are cautioned not to
place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on
which it is made, and we undertake no obligation to update any forward-looking statement to refl ect events or
circumstances aft er the date on which the statement is made or to refl ect the occurrence of unanticipated events.

68.

69.

Proudly Investing in Our Communities

• Affordable Housing
• Financial Literacy
• Children
• Education
• Community Service
• Health and Welfare
• The Arts

At First Republic, giving back to our communities is a part of who we
are. Since 1985, we have consistently contributed time, support, guidance
and money to nonprofi t organizations across the country–helping them
provide essential services to those who need them most. We salute their
dedication and delight in watching these organizations make a
meaningful impact in their communities.

Join us in celebrating three, among many, such outstanding organizations
with which we have the privilege of working.

Operation HOPE

N AT I O N W I D E A N D G L O B A L

Since 1994, we have supported Operation HOPE, the leading global provider of fi nancial literacy and economic education

programs for low- and moderate-income youth and families in underserved communities. Founded in 1992 by John Hope

Bryant (upper right above) with the mission to eradicate poverty and establish “silver rights”— the right to fi nancial

literacy, access to capital, and equity of opportunity for the underserved —Operation HOPE has aided over 2.5 million indi-

viduals and directed more than $1.8 billion in private capital. As a HOPE Partner, First Republic supports Project 5117— a

multi-year, four-pronged approach to combating economic inequality and creating economically stabilized communities.

Through this initiative, HOPE is helping young people learn how to take control of their fi nancial futures and empowering

adults through programs that raise credit scores, encourage entrepreneurialism and facilitate homeownership. Around

the world, Operation HOPE is converting check-cashing customers into banking customers, renters into homeowners,

small business dreamers into small business owners, and minimum wage workers into living wage workers.

71.

Quantum House

W E S T PA L M B E A C H , F L O R I D A

Urban Solutions

S A N F R A N C I S C O , C A L I F O R N I A

Opened in 2001, Quantum House serves families whose children are receiving treatment for serious medical conditions

Urban Solutions helps build and revitalize healthy, sustainable communities by supporting small business owners in

in Palm Beach County. Quantum House continues to be “where hope has a home” for more than 1,000 family members

low- to moderate-income neighborhoods in San Francisco. The organization’s small business consulting program

each year — from every state and nearly two dozen countries. The House is funded solely by generous contributions

off ers clients one-on-one counseling on business plan development, fi nancial projections, and small business loan

from the community.

The House, which is located on the Palm Beach Children’s Hospital campus, relieves stress and fi nancial hardship by

providing lodging to families during their child’s treatment. Dedicated staff ers and volunteers off er emotional support

and home-cooked meals throughout each stay. Quantum House is an oasis for families after a tough day at the hospi-

tal. When the families cross the threshold into the House, they become family and Quantum House becomes home.

applications. Clients have access to free workshops and legal offi ce hours. A special program, Enterprising Women!,

helps women of color create a legacy of economic independence.

Since its start in 1992, Urban Solutions has provided services to more than 4,900 clients, and over 650 jobs have been

created as a result of these small business ventures. Clients include restaurants, produce markets, beauty salons,

bookstores, artists and more. Notably, after receiving services, 80% of Urban Solutions clients start a business.

72.

73.

First Republic Values

Do the Right Thing

Provide Extraordinary Service

Think Positively

Move Forward, Move Fast

We strive to do things right at First Republic. We also

We always aim to exceed expectations and serve our

We operate in an environment of trust and encourage

There are two types of organizations — organizations

recognize that we’re a business of humans; mistakes

clients in unexpected ways. We’ll take on only what

openness and fl exibility. We hire positive people who

that spend time checking and organizations that

will happen. Therefore, our mandate is to do the right

we can do right. Our business may be about wealth

act positively. Our goal is to always “manage toward yes.”

spend time doing. We’re doers. We value action

thing: act with integrity, own our actions, correct

management and banking, but our success is all about

mistakes, learn from experience.

service — exceptional client service.

and decisiveness and recognize that the best

opportunities come to those who act quickly.

Respect the Team

Take Responsibility

Grow

Have Fun

Everyone at First Republic makes a diff erence and

At First Republic, it’s not enough to do our own jobs

We’ve evolved greatly since our inception, expanding

We know that if everyone enjoys their work, they’ll do a

everyone at First Republic deserves to feel that his

well. Making sure our clients are satisfi ed is everyone’s

ourselves and our business purpose. At First Republic,

better job — and our clients will feel the diff erence. It’s

or her contribution is valued. We place high value on

job. So if something needs fi xing, we step up to the

we embrace change and every person has the

really that simple.

collaboration because we know that the power of

plate, own the problem and make things right.

opportunity to grow and contribute. We want our

many is greater than the power of one.

people to grow.

74.

75.

Board of Directors

James H. Herbert, ii, 71, Chairman, Chief Executive Officer (Founding) and Board Member

Pamela J. Joyner, 57, Board Member

Mr. Herbert founded First Republic Bank in 1985. Previously, he was the Founding President, Chief Executive Offi cer and a director
of San Francisco Bancorp from 1980-1985. Mr. Herbert is a trustee of Babson College, San Francisco Ballet Association (Chair and
Co-Chair, 2002-2008) and Joyce Theater of New York. He is a director of Lincoln Center for the Performing Arts and The BASIC Fund.
B.S., 1966, Babson College; M.B.A., 1969, New York University.

Ms. Joyner is a Founding Partner of Avid Partners LLC, a strategic marketing consulting fi rm. Previously, she held senior positions
at Bowman Capital Management LLC and Capital Guardian Trust Company. She is a Trustee Emeritus of Dartmouth College and a
member of the President’s Committee on the Arts and Humanities. She is a trustee of the Art Institute of Chicago, Tate Americas
Foundation, and the California HealthCare Foundation, and was Co-Chair of the San Francisco Ballet Association. B.A., 1979,
Dartmouth College; M.B.A., 1984, Harvard University; M.A., Honorary Degree, 2001, Dartmouth College.

Katherine August-deWilde, 68, Vice Chair and Board Member

Reynold Levy, 70, Board Member

Ms. August-deWilde was an executive at First Republic Bank from 1985-2015. She served as President from 2007 and as COO from
1996-2014. Previously she was Senior Vice President and Chief Financial Offi cer at PMI Group. She serves on the public company
boards of TriNet Group, Inc. and Sunrun, Inc. She also serves on the private company boards of Equilar, Inc. and Eventbrite. She is
a member of the Advisory Council of the Stanford Center on Longevity and a member of the Stanford University Graduate School of
Business Advisory Council. A.B., 1969, Goucher College; M.B.A., 1975, Stanford University.

Mr. Levy is President of the Robin Hood Foundation. He was President of Lincoln Center for the Performing Arts from 2002-2013.
Previously, he was President of the International Rescue Committee and an executive at AT&T. He is currently an Adjunct Professor
at Columbia University’s School of International Public Aff airs and a special advisor to General Atlantic. He is a fellow of the American
Academy of Arts and Sciences and Chairman of the Board of the Charles H. Revson Foundation. B.A., 1966, Hobart College; M.A.,
1969, University of Virginia; Ph.D., 1973, University of Virginia; J.D., 1973, Columbia University Law School.

Thomas J. Barrack, jr., 68, Board Member

Jody S. Lindell, 64, Board Member

Mr. Barrack is Founder and Executive Chairman of Colony Capital, Inc. Prior to the formation of Colony, he was a principal with the
Robert M. Bass Group and served in the Reagan administration as Deputy Undersecretary of the Department of the Interior. He is a
trustee of the University of Southern California, sits on a variety of public and private boards around the world, received an honorary
doctorate from Pepperdine University in 2005 and was awarded France’s Chevalier de la Légion d’honneur by President Nicolas
Sarkozy. B.A., 1969, University of Southern California; J.D., 1972, University of San Diego.

Ms. Lindell is President and CEO of S.G. Management Inc., an asset management company. She is a director of the Cooper
Companies and a member of its Audit and Compensation Committees. She is also a director of PDL BioPharma and a member of its
Audit and Corporate Governance Committees. Until 2000, Ms. Lindell was a partner with KPMG LLP. B.A., 1973, and M.B.A., 1975,
Stanford University. Certifi ed Public Accountant (inactive).

Frank J. Fahrenkopf, jr., 76, Board Member

Duncan L. Niederauer, 56, Board Member

Mr. Fahrenkopf was President and CEO of the American Gaming Association for 18 years. He is of counsel in the Washington, D.C.
law fi rm of Hogan Lovells. He is Co-Chairman of the Commission on Presidential Debates. From 1983 to 1989, he was Chairman of
the Republican National Committee. He is a director of ten funds within the Gabelli Funds, LLC fund complex. He is also a director of
Eldorado Resorts, Inc. B.A., 1962, University of Nevada, Reno; L.L.B., 1965, University of California, Berkeley.

Mr. Niederauer served as CEO of NYSE (2007-14) and partner of Goldman Sachs. Currently he is a partner of Manikay Global
Management, a fi nancial services infrastructure fund, and managing member of 555 Capital, an angel investment fund. He is a director
of Realogy Holdings Corp. and Geox SpA, and sits on several additional boards, including the Congressional Medal of Honor Foundation,
The American Ireland Fund and Colgate University. He and his wife Alison led the Newmark School’s “Destination of Promise” campaign
to build a school for children with autism and related disabilities. B.A., 1981, Colgate University; M.B.A., 1985, Emory University.

L. Martin Gibbs, 78, Board Member / Lead Outside Director

George G. C. Parker, 77, Board Member

Mr. Gibbs is currently an investor who retired from his law practice on January 1, 2010. He previously represented First Republic
from its inception through the end of 2009 and was a partner in the law fi rm of White & Case LLP, where he had a broad-based
corporate legal practice with substantial experience in mergers and acquisitions, securitizations, real estate, private equity and
banking transactions. A.B., 1959, Brown University; J.D., 1962, Columbia University School of Law.

Mr. Parker is the Dean Witter Distinguished Professor of Finance, Emeritus, formerly Senior Associate Dean for Academic Aff airs,
Director of the MBA Program and Director of Executive Education at the Graduate School of Business, Stanford University. He serves
on the board of directors of Colony Financial Company and Threshold Pharmaceuticals, Inc. B.A., 1960, Haverford College; M.B.A.,
Ph.D., 1967, Stanford University.

Boris Groysberg, 44, Board Member

Boris Groysberg is a professor of business administration in the Organizational Behavior unit at the Harvard Business School. Professor
Groysberg is the author of Chasing Stars: The Myth of Talent and the Portability of Performance, and co-author of Talk, Inc.: How Trusted
Leaders Use Conversation to Power their Organizations and Wall Street Research: Past, Present, and Future. He has published more
than 100 articles, notes and case studies on how fi rms develop and utilize their talent, and has won numerous awards for his research
on managing human capital. B.S., 1994, New York University, L. Stern School of Business; D.B.A., 2002, Harvard Business School.

Sandra R. Hernández, m.d., 58, Board Member

Dr. Hernández is President and CEO of the California HealthCare Foundation, an independent foundation dedicated to improving the
health of the people of California. Prior to joining CHCF, she was CEO of The San Francisco Foundation, which she led for 16 years.
Dr. Hernández previously served as director of public health for the City and County of San Francisco and co-chaired San Francisco’s
Universal Healthcare Council. B.A., 1979, Yale University; M.D., 1984, Tufts School of Medicine; Senior Executives in State and Local
Government program, Harvard University’s John F. Kennedy School of Government.

Emeritus

Roger O. Walther, 80, Chairman Emeritus

Founding Chairman and member of Director’s Loan Committee, Mr. Walther is Chairman of Tusker Corporation, a real estate
management fi rm, Director of The Charles Schwab Corporation and a Chancellor’s Associate and member of the Audit Committee
of the UCSF Foundation. B.S., 1958, United States Coast Guard Academy; M.B.A., 1961, Wharton School, University of Pennsylvania.

76.

77.

Locations

Northern
California

San Francisco

101 Pine Street (at Front Street)
San Francisco, California 94111
(415) 392-1400; (800) 392-1400

One Embarcadero Center
Street Level (at Front Street)
San Francisco, California 94111
(415) 398-8880

44 Montgomery Street
(at Sutter Street)
San Francisco, California 94104
(415) 392-3888

1088 Stockton Street
(at Jackson Street)
San Francisco, California 94108
(415) 834-0888

2001 Van Ness Avenue
(at Jackson Street)
San Francisco, California 94109
(415) 447-0888

The Presidio of San Francisco
210 Lincoln Boulevard
(next to Post Offi ce)
San Francisco, California 94129
(415) 561-2988
Moving mid 2016 to
558 Presidio Boulevard
(at Letterman Drive)
San Francisco, California 94129

3533 California Street
(in Laurel Village)
San Francisco, California 94118
(415) 831-6688

6001 Geary Boulevard
(at 24th Avenue)
San Francisco, California 94121
(415) 751-3888

653 Irving Street (at 8th Avenue)
San Francisco, California 94122
(415) 564-8881

1809 Irving Street
(at 19th Avenue)
San Francisco, California 94122
(415) 664-0888

279 West Portal Avenue
(at 14th Avenue)
San Francisco, California 94127
(415) 504-8799

Market Square
1355 Market Street, Suite 140
(at 9th Street)
San Francisco, California 94103
(415) 487-0888

1215 El Camino Real
(at Oak Grove Avenue)
Menlo Park, California 94025
(650) 470-8888; (888) 907-6888

1400 Civic Drive
(at North Broadway)
Walnut Creek, California 94596
(925) 256-6857

2550 Sand Hill Road, Suite 100
(at Monte Rosa Drive)
Menlo Park, California 94025
(650) 233-8880

680 Hartz Avenue
(at Railroad Avenue)
Danville, California 94526
(925) 820-1777

2275 El Camino Real
(at Cambridge Avenue)
Palo Alto, California 94306
(650) 329-8883; (866) 818-8883

3130 Crow Canyon Place
(at Crow Canyon Road)
San Ramon, California 94583
(925) 866-1414

400 South San Antonio Road
(at Lyell Street)
Los Altos, California 94022
(650) 559-8810; (877) 838-8989

249 Main Street
(at Old Bernal Avenue)
Pleasanton, California 94566
(925) 846-8811

405 Howard Street
(at Fremont Street)
San Francisco, California 94105
(Projected opening Spring 2016)

201 West El Camino Real
(at South Frances Street)
Sunnyvale, California 94087
(408) 733-8881

One Front Street
(at Market Street)
San Francisco, California 94111
(Projected opening Fall 2016)

10297 South De Anza Boulevard
(at Rodrigues Avenue)
Cupertino, California 95014
(408) 973-8881

San Francisco Peninsula

139 South El Camino Real
(at Murchison Drive)
Millbrae, California 94030
(650) 692-6880

1155 California Drive
(at Broadway)
Burlingame, California 94010
(650) 579-2888

1625 The Alameda
(at Villa Avenue)
San Jose, California 95126
(408) 999-0242

275 Los Gatos Saratoga Road
(at Massol Avenue)
Los Gatos, California 95030
(408) 395-2235

San Francisco East Bay

1111 South El Camino Real
(at 12th Avenue)
San Mateo, California 94402
(650) 571-8388; (888) 571-8388

2110 Mountain Boulevard
(at Merced Avenue in Montclair)
Oakland, California 94611
(510) 530-8881

776 El Camino Real
(at Broadway)
Redwood City, California 94063
(650) 216-8883

224 Brookwood Road
(at Camino Pablo)
Orinda, California 94563
(925) 254-8993

211 South J Street (at 2nd Street)
Livermore, California 94550
(925) 373-3811

Marin County

1218 Strawberry Village
(at Redwood Highway
Frontage Road)
Mill Valley, California 94941
(415) 389-0880

1099 Fourth Street (at A Street)
San Rafael, California 94901
(415) 485-3888; (800) 700-0388

Napa County

1753 Trancas Street
(at Old California Way)
Napa, California 94558
(707) 254-8600

999 Adams Street, Suite 401
(at Library Lane)
St. Helena, California 94574
(707) 968-0988

Sonoma County

Palm Desert

Oregon

Connecticut

640 Third Street (at D Street)
Santa Rosa, California 95404
(707) 544-8881; (888) 492-0888

73-010 El Paseo (at Highway 74)
Palm Desert, California 92260
(760) 776-8882

Southern
California

Los Angeles

1888 Century Park East
(north of Olympic in Century City)
Los Angeles, California 90067
(310) 712-1888; (877) 743-7777

9593 Wilshire Boulevard
(at Dayton Way)
Beverly Hills, California 90212
(310) 288-0777; (800) 311-0777

11770 San Vicente Boulevard
(at Gorham Ave. in Brentwood)
Los Angeles, California 90049
(310) 820-1820

431 Wilshire Boulevard
(at 5th Street)
Santa Monica, California 90401
(310) 393-8889

12070 Ventura Boulevard
(at Laurel Canyon Boulevard)
Studio City, California 91604
(818) 752-4777

888 South Figueroa Street
(at West 9th Street)
Los Angeles, California 90017
(213) 239-8883

Santa Barbara

Newport Beach

3991 MacArthur Boulevard
(at Bowsprit Drive)
Newport Beach, California 92660
(949) 756-8828; (888) 339-3088

2800 East Coast Highway
(at Goldenrod Avenue)
Corona del Mar, California 92625
(949) 721-0988; (888) 694-8337

San Diego County

1280 4th Avenue (at A Street)
San Diego, California 92101
(619) 238-9088

8347 La Mesa Boulevard
(at 3rd Street)
La Mesa, California 91942
(619) 462-6700

1200 Prospect Street
(at Ivanhoe Avenue)
La Jolla, California 92037
(858) 454-8883; (888) 648-8878

1110 Camino Del Mar
(north of 11th Street)
Del Mar, California 92014
(858) 755-5600; (800) 221-9333

116 East Grand Avenue
(at North Broadway)
Escondido, California 92025
(760) 740-7000

1200 State Street
(at E Anapamu Street)
Santa Barbara, California 93101
(805) 560-6883

12626 High Bluff Drive, Suite 400
(at Del Mar Heights Road)
San Diego, California 92130
(858) 259-2795

947 SW Broadway
(at SW Salmon Street)
Portland, Oregon 97205
(503) 525-8800

New York

Rockefeller Center
1230 Avenue of the Americas
(at 48th Street)
New York, New York 10020
(212) 459-9000; (877) 486-6700

Time Warner Center
10 Columbus Circle
(at West 59th Street)
New York, New York 10019
(212) 331-0088; (866) 309-8080

2160 Broadway (at 76th Street)
New York, New York 10024
(212) 580-8588

148 East 79th Street
(at Lexington Avenue)
New York, New York 10075
(212) 288-6888

575 Madison Avenue
(at 56th Street)
New York, New York 10022
(212) 371-8088

93 Mason Street (at Lewis Street)
Greenwich, Connecticut 06830
(203) 422-0818; (866) 810-8918

Massachusetts

160 Federal Street
(at High Street)
Boston, Massachusetts 02110
(617) 330-1288; (866) 810-8919

One Post Offi ce Square
(at Milk Street)
Boston, Massachusetts 02109
(617) 423-2888

772 Boylston Street
(at Mandarin Oriental Hotel)
Boston, Massachusetts 02199
(617) 859-8888

284 Washington Street
(at Eaton Court)
Wellesley, Massachusetts 02481
(781) 239-9881

New Hampshire

Lending Offi ce
130 Main Street, Suite 206A
Salem, New Hampshire 03079
(603) 893-8875; (866) 780-8808

320 Park Avenue (at 51st Street)
New York, New York 10022
(212) 486-8882

Florida

443 Park Avenue South
(at East 30th Street)
New York, New York 10016
(212) 532-8882

442 6th Avenue (at 10th Street)
New York, New York 10011
(212) 253-8888

241 Royal Palm Way
(west of South County Road)
Palm Beach, Florida 33480
(561) 835-8829

78.

79.

Private Wealth Management

Northern
California

111 Pine Street (at Front Street)
San Francisco, California 94111
(415) 288-1400; (800) 257-4414

2500 Sand Hill Road, Suite 200
(at Monte Rosa Drive)
Menlo Park, California 94025
(650) 433-5508

3000 Sand Hill Road, Suite 2-160
Menlo Park, California 94025
(650) 352-9300

2275 El Camino Real
(at Cambridge Avenue)
Palo Alto, California 94306
(650) 329-8883; (866) 818-8883

Southern
California

1888 Century Park East
(north of Olympic in Century City)
Los Angeles, California 90067
(310) 712-1888; (877) 743-7777

1200 State Street
(at E Anapamu Street)
Santa Barbara, California 93101
(800) 677-0953

3991 MacArthur Boulevard
Suite 300 (at Bowsprit Drive)
Newport Beach, California 92660
(949) 756-8828; (888) 339-3088

12626 High Bluff Drive, Suite 400
(at Del Mar Heights Road)
San Diego, California 92130
(858) 259-2795

Oregon

947 SW Broadway
(at SW Salmon Street)
Portland, Oregon 97205
(503) 525-8800; (888) 848-3680

Washington

900 Washington Street
Suite 8001
Vancouver, Washington 98660
(360) 695-6047

New York

Rockefeller Center
1230 Avenue of the Americas
(at 48th Street)
New York, New York 10020
(212) 759-7755; (800) 775-0604

1001 Franklin Avenue, Suite 210
(at 10th Street)
Garden City, New York 11530
(516) 873-7888

Massachusetts

160 Federal Street (at High Street)
Boston, Massachusetts 02110
(617) 330-1288; (866) 810-8919

284 Washington Street
(at Eaton Court)
Wellesley, Massachusetts 02481
(781) 239-9881

Delaware

1201 North Market Street
10th Floor (at West 12th Street)
Wilmington, Delaware 19801
(302) 888-2988

Florida

241 Royal Palm Way
(west of South County Road)
Palm Beach, Florida 33480
(561) 835-8829

Hawaii

745 Fort Street Mall, Suite 1202
Honolulu, Hawaii 96813
(808) 524-4477; (866) 524-4477

First Republic Private Wealth Management includes First Republic Trust Company; First Republic Trust
Company of Delaware LLC; First Republic Investment Management, Inc., an SEC Registered Investment
Advisor; and First Republic Securities Company, LLC, Member FINRA/SIPC.

80.

Celebrating 30 Years

Read about First Republic’s heritage in The Power of a Client-Focused
Heritage and Culture.

The First Republic Bank heritage story is available through the App
Store for iPhone® and iPad®.

Heritage
Story

Corporate Information

stock trading
Listed on the New York Stock Exchange:
Common Stock Symbol – FRC
Preferred Stock Series A-G Symbols: FRCPrA, FRCPrB, FRCPrC, FRCPrD,
FRCPrE, FRCPrF, FRCPrG

transfer agent
Common and Preferred Stock – Computershare Shareowner Services, LLC

external counsel
Sullivan & Cromwell LLP
Arnold & Porter LLP

auditors
KPMG LLP

Text pages printed on Utopia One X Silk. It is an FSC® certified paper manufactured with renewable
energy and includes 20% post-consumer recovered fiber. 100% of the electricity used to manufacture it
is matched with renewable energy credits (RECS) from Green-e® certified energy sources—primarily wind.

Design: Howry Design Associates / San Francisco

Principal Photography: Jamey Stillings
Helgi and Marlene Tomasson: Erik Tomasson
Urban Solutions: Bryon Malik

Project Directors: Seta Hanoian and Paula Lucas

111 Pine Street
San Francisco, CA 94111
(415) 392-1400
(800) 392-1400
www.fi rstrepublic.com
www.facebook.com/fi rstrepublicbank
www.twitter.com/fi rstrepublic