First Republic Bank Annual Report 2016

FY2016 Annual Report · First Republic Bank

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2016 ANNUAL REP ORT

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

Welcome.

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

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

Jason C. Bender
Chief Operating Offi cer

Michael D. Selfridge
Chief Banking Offi cer

Mollie M. Richardson
Chief Administrative Offi cer and
Chief People Offi cer

Michael J. Roffl er
Chief Financial Offi cer

Dear Clients and Shareholders

2016 was another highly successful year for First Republic.

Loans, deposits and wealth management all grew nicely. Earnings were strong. Credit quality

remains excellent, total capital grew nicely and liquidity expanded to our strongest level ever.

Th e source of our success continues to be the diligent, daily execution of our long-standing

business model:

Quality People

Success starts with exceptional people. We attract and retain high-performing individuals

who have an unwavering commitment to extraordinary service. We’re committed to

taking care of our people through our workplace culture, attractive benefi ts and professional

development programs.

Extraordinary Client Service

We not only focus on service, we measure it continuously through our Net Promoter Score —

which remains signifi cantly higher than the U.S. banking industry average and well above the

scores of most luxury brands. And we remain focused on doing the right thing for our clients.

Service as a Driver of Growth

Taking outstanding care of existing clients is the driver of our growth, with over 50% of

growth in loans and deposits each year coming from existing clients, and over 20% coming

from their direct referrals.

Exceptional Credit Quality

Credit is a core competency and remains very strong, with only $1.9 million in loan losses —

less than one basis point during 2016 — and non-performing assets at only seven basis points

of total assets at year-end.

Strong Capital

We remain well-capitalized and were pleased to have successfully accessed the capital

markets four times during the year. We raised over $1 billion of new capital to support our

David B. Lichtman
Chief Credit Offi cer

Robert L. Thornton
President Private Wealth Management

continued development.

F I R S T R E P U B L I C B A N K / 2 0 1 6

Please see page 84 for biographies.

F I R S T R E P U B L I C B A N K / 2 0 1 6

financial highlights / 2011–2016

DECEMBER 31,

2 011

2 012

2 013

2 014

2 015

2 016

Dollars
in Billions

Total Bank Assets

Total Loans

Total Deposits

$ 27.8

$ 22.8

$ 22.5

$ 34.4

$ 28.3

$ 27.1

$ 42.1

$ 34.2

$ 32.1

$ 48.4

$ 37.9

$ 37.1

$ 59.0

$ 44.1

$ 47.9

$ 73.3

$ 52.0

$ 58.6

Total Tier 1 Capital

$ 2.4

$ 3.1

$ 3.9

$ 4.6

$ 5.5

$ 6.6

Wealth Management Assets

$ 20.2

$ 31.3

$ 41.6

$ 53.4

$ 72.3

$ 83.6

Preferred Banking Offi ces

franchise growth / 2011–2016

LOANS

DEP O SITS

TI ER 1
CAPITAL

WEALTH MGMT
ASSETS

+18%

+21%

+22%

+33%

$ 22.8

$ 52.0

$ 22.5

$ 58.6

$ 2.4

$ 6.6

$ 20.2

$ 83.6

Compound
Annual
Growth Rate
(2011-2016)

Dollars in
Billions

Client-Focused Culture

We have a client-focused culture supported by individual empowerment, responsibility

and accountability. We trust our employees to care for our clients and are focused on

fostering a diverse, friendly, fun and professional workplace. Happy people, happy clients.

Leadership Depth and Breadth

We are pleased with the depth, breadth and experience of our leadership team, which is

well-positioned to lead First Republic going forward.

Simple Business Model

First Republic’s simple, straightforward business model has performed exceedingly well

through the varying conditions of the past three decades. We have delivered 31 straight

years of consistent profi tability.

In 2016, we again experienced strong results:

• Revenues were up 20%

• Earnings per share were up 24%

• Tangible book value per share was up 17%

• Total capital increased 24% (post redemption of Series A Preferred Stock in January 2017)

• Net charge-off s for the year totaled only $1.9 million, or less than one basis point of

average total loans, and non-performing assets were only seven basis points of total assets

In 2016, deposits were up 22% and we were successful in generating deposit growth across

all of our channels — private banking, business banking and wealth management. Checking

is now 64% of total deposits.

Loan volume totaled $25.7 billion — our best year ever. Loan sales totaled $3.1 billion.

Growth in loans outstanding, which was more than funded by deposits, was 18% and

consistent with our plan.

F I R S T R E P U B L I C B A N K / 2 0 1 6

Years

2011– 2016

Private Wealth Management had another strong year. Wealth management assets were

up 16% to $83.6 billion. Fee revenues from wealth management were up 26%, and now

represent 13% of total revenues.

Business Banking also had a good year. Both business loans and deposits grew nicely.

At year-end, business loans outstanding represented 13% of total loans, while business

deposits represented 53% of total deposits and consisted almost entirely of checking.

We continue to make very signifi cant investments in the franchise. Th ese investments

include the continued build-out of our regulatory and risk management infrastructure,

upgraded technology, improvements to our offi ces and facilities and the introduction of

a new digital banking experience.

We introduced a number of new programs to further engage a wider age demographic of

clients. Th e next generation of clients, in turn, challenges us to be ever better and brings

fresh vitality to First Republic.

Eagle Lending — our lending area focused on advancing personal and professional

goals — has successfully grown in recent years, especially 2016. Our Professional Loan

Program and student loan refi nancing program (Eagle Gold All-in-One) have been very

successful in attracting and serving thousands of new, younger households.

To further our commitment to help manage student loan debt, we acquired Gradifi in

December of 2016. Gradifi is the leading provider of employer-sponsored student loan

repayment benefi t plans nationwide. Th rough Gradifi ’s secure and easy-to-use platform,

companies can make direct regular contributions toward the repayment of their employees’

education debt. Th is is a benefi t that we implemented in 2016 — before we decided to

acquire Gradifi — and is available to all First Republic employees who have such debt.

Th e positive response was overwhelming and it has proven to be a competitive hiring tool.

actual loss experience – all loans / 2012–2016

Net charge-off s have averaged only 1 bp per year over 5 years

• Top 50 U.S. banks’ net charge-off s averaged 23 bps1 per year over 5 years
• Average losses at the top 50 U.S. banks were 18x those of First Republic

Actual Net Charge-Offs as % of Average Loans

First Republic Bank

50 Largest U.S. Banks

0.60%

0.55%

0.50%

0.45%

0.40%

0.35%

0.30%

0.25%

0.20%

0.15%

0.10%

0.05%

0.00%

FRC 2

TOP 50 U.S. BANKS 1

2012

0.01

0.54

2013

0.05

0.32

2014

0.01

0.20

2015

0.01

0.17

2016

0.00

0.24

1) Comprised of the median for the top 50 U.S. banks by asset size as of December 31 of each corresponding year.

2) Net charge-offs include charge-offs against unaccreted loan discounts, if any.

F I R S T R E P U B L I C B A N K / 2 0 1 6

Th roughout 2016, we also introduced many new programs to help our local communities

prosper. Our newly formed Community Advisory Board is enhancing our already strong

fair lending and Community Reinvestment Act (CRA) programs. And our new and very

successful Eagle Community Loan Program helps more individuals in our communities

become homeowners.

We continue to monitor global economic conditions carefully, as well as signifi cant changes

that might result from shift ing political climates. We remain cautiously optimistic about

the general economic environment, particularly in our markets, and take comfort in the

company’s overall conservative posture.

Without our wonderful communities of clients, shareholders and dedicated colleagues,

First Republic would not be what it is today. We sincerely thank each of 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)

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

Michael D. Selfridge
Chief Banking Offi cer

Jason C. Bender
Chief Operating Offi cer

Michael J. Roffl er
Chief Financial Offi cer

David B. Lichtman
Chief Credit Offi cer

Robert L. Thornton
President
Private Wealth Management

Mollie M. Richardson
Chief Administrative Offi cer
and Chief People Offi cer

consistent profitability and shareholder value creation

In addition to a strong 2016, results over the last fi ve years have been strong. Revenues have grown 13% per
annum and tangible book value per share has grown 14% per annum.

stability

• Consistent Leadership
• Stable Client Relationships
• Organic Expansion

shareholder value creation

• Enterprise Value 08/86: $23 Million (IPO)
• Enterprise Value 12/16: $14.2 Billion
• Enterprise Value Growth Since 1986: 24% Per Annum

revenues and tangible book value per share / 2011–2016

REVENUES (dollars in billions)
Compound Annual Growth Rate

TANGIBLE BOOK VALUE PER SHARE
Compound Annual Growth Rate

$ 1.18 B

+13%

$ 2.21 B

$ 18.25

+14%

$ 35.35

2011– 2016

CAGR computed over 5 years since December 31, 2011

frc total return since second ipo / 12.08.10 –12.31.16

COMPOUND ANNUAL GROWTH RATE
Chart period of 6 years

$100

$ 90

$ 80

$ 70

$ 60

$ 50

$ 40

$ 30

$ 20

$ 10

+24%

12/31/16
$92.14 / share

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

12/08/10

12/31/11

12/31/12

12/31/13

12/31/14

12/31/15

12/31/16

F I R S T R E P U B L I C B A N K / 2 0 1 6

Client Index

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

C L I E N T

Arts/Entertainment

Max Weinberg

Nonprofi t/Arts

Isabella Stewart Gardner Museum

Tech/Entrepreneur

Peloton

Medical

Jay Austen, M.D.

Personal Banking

Francisco Varela

Personal Banking/Law

Yasmin Naghash

Personal and
Business Banking

David and Adele Fischbach

Professional Services

Andersen Tax

Nonprofi t

PowHERful Foundation

Personal Banking

Ken Elias and David Veselsky

Personal and
Business Banking

Tahbazof Family

Nonprofi t

San Francisco SPCA

Independent School

Th e Buckley 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

Personal Banking/Arts

Betye and Alison Saar

Arts

Dorrance Dance

Personal Banking

Richard and Susan Kramer

Personal Banking

Garret Tom and Family

Brewery

Fort Point Beer Company

Personal and
Business Banking

Personal Banking
and Brokerage*

Westside Affi liated Holdings

Catherine Duggan and Barry Siegel

Entrepreneurs

David and Kellie Long

Personal Banking/Law

Candace Neal

Independent School

Riverdale Country School

Personal Banking
and Trust

Personal and
Business Banking

Duane and Barbara McDougall

John and Kari Boiler

P A G E

10.

F I R S T R E P U B L I C B A N K / 2 0 1 6

11.

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

Our clients say it best.

C L I E N T S I N C E / 2013

Max Weinberg

Rock & Roll Hall of Fame Drummer and Real Estate Investor

“When it comes to my family’s
specifi c fi nancial needs, my bankers at
First Republic are the best: thoughtful,
thorough and proactive. Th ey don’t
miss a beat.”

N E W YO R K , N E W YO R K A N D PA L M B E A C H , F L O R I D A

Max Weinberg has been the drummer for Th e E Street Band since 1974.

A performer since the age of fi ve, Max’s goal was simple: To get people up

out of their seats and dancing. Because as he says, “When you’re dancing —

you can only feel good.” Additionally, from 1993-2010, Max served as the

bandleader for NBC’s Late Night and

The Tonight Show programs. No

matter what he’s involved in, Max knows his First Republic team is looking

out for his best interests and helping him manage his family’s fi nances.

14.

F I R S T R E P U B L I C B A N K / 2 0 1 6

15.

C L I E N T S I N C E / 2016

Isabella Stewart Gardner Museum

Peggy Fogelman / Norma Jean Calderwood Director

“In First Republic, we found a bank
that is as passionate about our
mission as we are.”

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

Modeled aft er a Venetian palace, the Isabella Stewart Gardner Museum has

been home to masters such as Rembrandt, Raphael, Titian, Michelangelo,

Whistler and Sargent for well over 100 years. Th e Museum’s new wing provides

a platform for contemporary artists, musicians, dancers and scholars to showcase

their creativity. In order to ensure the Museum remains a cultural home to the

Boston community, its leadership team relies on First Republic and its nonprofi t

expertise, service and stability. Building on this foundation, the Museum can

continue to preserve, protect and celebrate Isabella Stewart Gardner’s creation

and safeguard her legacy for future generations.

16.

F I R S T R E P U B L I C B A N K / 2 0 1 6

17.

C L I E N T S I N C E / 2014

Peloton

John Foley / Co-Founder and CEO (seated left)
Graham Stanton / Co-Founder (seated right)
Tom Cortese / Co-Founder (standing left)
Yony Feng / Co-Founder (standing right)

“First Republic really helped us navigate
the fi nancial waters of a new business.
We wouldn’t be where we are today
without this bank.”

N E W YO R K , N E W YO R K

At fi rst glance, you might not think Peloton is in the happiness-delivery

business. Take another look, however, and you’ll understand why the fi tness

cycling company’s founders feel they do just that. Because the way they

see it, a workout on their bike can leave you feeling better — and help you

lead a healthier, happier life. To spread this happiness on a global scale,

Peloton knew they’d need a diff erent kind of banking partner. And so, at the

recommendation of John Foley, Peloton’s Co-Founder and CEO and a client

of the Bank since 2011, the technology and innovation company partnered

with First Republic — and never looked back. Today, Peloton sees First

Republic as a trusted member of their close-knit family.

18.

F I R S T R E P U B L I C B A N K / 2 0 1 6

19.

C L I E N T S I N C E / 2012

Jay Austen, m.d.

Division Chief, Plastic and Reconstructive Surgery;
Division Chief, Burn Surgery / Massachusetts General Hospital

“First Republic gives me peace of mind.
Th ey put me fi rst and make it easy for
me to do what I have to do.”

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

As Chief of Plastic and Reconstructive Surgery and Burn Surgery at Massachu-

setts General Hospital, Dr. Jay Austen knows that exquisite attention to detail

yields the greatest results. A pioneer of several leading-edge surgical techniques,

Jay spends his time performing operations, developing new technologies and

conducting groundbreaking research. When not at the hospital, family com-

mitments and volunteering his services to children with craniofacial deformities

claim the remainder of his time. Balancing work, family and the causes he cares

about takes skill and precision. In First Republic, Jay has a partner that treats

him as well as he treats his patients.

20.

F I R S T R E P U B L I C B A N K / 2 0 1 6

21.

C L I E N T S I N C E / 2001

Francisco Varela

Director / Facebook

Pictured with daughter, Elena Varela

“First Republic has helped me buy our
home and several investment properties
over the last 15 years. Th eir responsiveness
and service are unbeatable.”

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

As a director for Facebook, Francisco Varela has witnessed fi rst-hand what

it means to connect. Whether it’s working to bring Wi-Fi to a community

that’s never had Internet access before or using drone and satellite technology

to ensure those in the remotest of villages can get online, Francisco believes

in the power of connectivity to change the world. A First Republic client for

over 15 years, Francisco enjoys sharing that same level of connectivity with his

personal banker. Th rough the years, the two have worked closely together to help

Francisco with everything from purchasing homes to taking care of everyday

fi nances. Today, Francisco knows that, whatever the need, First Republic will be

there to keep that connection going strong.

22.

F I R S T R E P U B L I C B A N K / 2 0 1 6

23.

C L I E N T S I N C E / 2016

Yasmin Naghash

Attorney

“I refi nanced my student loans with
First Republic and the fi nancial impact
cannot be overstated. I am now more
confi dent about the options shaping
my future.”

N E W YO R K , N E W YO R K

Yasmin Naghash is a self-professed, life-long planner. From a young age,

she knew she would devote herself to a career that honored her respect for

the legal system, while setting aside time for her penchant for traveling.

But when paying down law school debt proved to be a challenge, Yasmin

followed a friend’s advice and reached out to First Republic to refi nance

her loans. Today, Yasmin works as an attorney in global transactions, has

more fi nancial freedom to fi ll her passport with stamps, and enjoys a close

relationship with her First Republic personal banker. Having found a way to

reduce signifi cantly her loan length and payments, the two are now at work

planning out the next phase of Yasmin’s fi nancial future.

24.

F I R S T R E P U B L I C B A N K / 2 0 1 6

25.

C L I E N T S S I N C E / 2014

David and Adele Fischbach

David Fischbach, M.D. / CEO, Beachfront Only Vacation Rentals
Adele Fischbach / CFO, Beachfront Only Vacation Rentals

“Fast, easy and effi cient. Th at’s been
our experience with First Republic
from the very beginning.”

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

Growing up in Nebraska, Dr. David Fischbach was about as far from the

beach as you can get. Today, he and his wife Adele, a retired intensive care unit

nurse, develop, build and rent exquisite vacation homes in San Diego — all

located just steps from the ocean. For this couple, success begins and ends with

creating exceptional get-away experiences and anticipating client needs down

to the smallest details. Th e Fischbachs were pleased to fi nd that First Republic

shared this same approach to service. In a business that is oft en unpredictable,

this unwavering commitment to client care is now a foundation the Fischbachs

rely on as they continue to build their dream homes.

26.

F I R S T R E P U B L I C B A N K / 2 0 1 6

27.

C L I E N T S I N C E / 2008

Andersen Tax

Mark Vorsatz / Managing Director and CEO

“When First Republic fi nanced our
loan program for partner buy-ins, they
delivered exactly what we needed.”

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

Andersen Tax is one of the largest independent tax fi rms in the United States.

When Mark Vorsatz and his fellow founding partners set out to start the

business in 2002, they knew they wanted to build a fi rm unlike any other. At

the core of the business is a group of highly trained professionals who deliver

client solutions with a high-touch, personalized level of service. Clients of the

Bank since 2008, the fi rm and its partners feel at home at First Republic thanks

in part to the Bank’s relationship-fi rst approach to business. As it furthers its

growth, Andersen Tax will continue to rely on First Republic — and a team

who puts clients fi rst.

28.

F I R S T R E P U B L I C B A N K / 2 0 1 6

29.

C L I E N T S I N C E / 2011

PowHERful Foundation

Soledad O’Brien / Co-Founder and Chairman, PowHERful Foundation;
Journalist /Producer

Pictured with Scholars (standing left to right):
Vanesa Cruz; Ariana Quiñones; Tassion Minor; Rochelle Ballantyne

“No matter where I am in the world,
I know that my First Republic personal
banker is just a phone call away.”

N E W YO R K , N E W YO R K

Soledad O’Brien began PowHERful Foundation with the intention of

providing women of color fi nancial assistance, mentoring and support to get

to — and through — college. Her goal? To graduate confi dent, resourceful

individuals who care about the world. To do this, Soledad knew she had

to surround herself with others who shared her values. In First Republic,

Soledad found a partner that cares for its clients as deeply as she cares about

the women supported by her foundation. Since 2011, the organization has

looked to the Bank to provide the resources and strategic guidance it needs

to continue to transform lives — one scholar at a time.

30.

F I R S T R E P U B L I C B A N K / 2 0 1 6

31.

C L I E N T S S I N C E / 2014

Ken Elias and David Veselsky

Ken Elias / Interior Designer (left)
David Veselsky / Retired Antiques Dealer (right)

“First Republic works as a
team – one that we can always
count on.”

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

Ken Elias and David Veselsky share an eye for the fi ner things in life. As an

interior designer, Ken has built deep relationships with discerning clients who

appreciate his eclectic style. And for more than 40 years, David ran a successful

antiques business that catered to collectors and dealers who held craft smanship

and personalized service in high regard. Th ese days, the two divide their time

between supporting arts-focused nonprofi ts and expanding their horizons

through travel. First Republic clients since 2014, David and Ken appreciate

the Bank’s dedication to mastering the art of exceptional customer service.

32.

F I R S T R E P U B L I C B A N K / 2 0 1 6

33.

C L I E N T S S I N C E / 2005

Tahbazof Family

Siavash Tahbazof, Owner, SST Investments (seated)
Yosef Tahbazof ( far left); Sufi Tahbazof Hariri (left);
Samaneh Tahbazof (right); Baha Hariri ( far right)

Pictured with Leyli Hariri (standing left) and Mila Hariri (seated right)

“When I call First Republic, there’s a human
being on the other side of the phone. Th at’s
extremely important to us.”

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

Back in 1981, when Siavash (Sia) Tahbazof and his wife Samaneh fled Iran

in pursuit of the American Dream, he knew life would never be the same.

Today, Sia is the owner of a successful Bay Area construction and development

fi rm. Th roughout his career, Sia has held his company to the highest of stan-

dards — treating others with respect and integrity is the fi rst order of business.

So when a friend recommended First Republic, Sia knew he found a fi nancial

partner that appreciated these same values. A client since 2005, the Tahbazof

family knows that in First Republic they have a teammate who will help them

continue to thrive and expand their family business.

34.

F I R S T R E P U B L I C B A N K / 2 0 1 6

35.

C L I E N T S I N C E / 2001

San Francisco SPCA

Jennifer Scarlett, D.V.M. / President

Pictured with Brooke

“First Republic seamlessly integrates all
of our nonprofi t banking needs – and
they make it look eff ortless.”

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

For nearly 150 years, the SF SPCA has been caring for animals and nurturing

the city’s deep human /animal bond. So when Dr. Jennifer Scarlett took over

as president, she knew that her responsibilities would go beyond helping

animals in need to ensuring that this unique bond would remain strong. Th e

way she sees it, animals bring out the best in their human companions. In

First Republic, Jennifer knows she has a banking and brokerage partner that’s

as responsive to her organization’s needs as the SF SPCA is to the needs of

the animals it cares for. Th is shared commitment to the nonprofi t’s long-term

well-being has forged a client / bank bond of its own.

36.

F I R S T R E P U B L I C B A N K / 2 0 1 6

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

F I R S T R E P U B L I C B A N K / 2 0 1 6

37.

C L I E N T S I N C E / 2000

The Buckley School

James Busby / Head of School
Lisa Turchan / CFO

“Th e level of service we receive from
First Republic is exceptional. It’s as
though we are the Bank’s only client.”

S H E R M A N O A K S , C A L I F O R N I A

Founded in 1933 as an independent K–12 institution by Dr. Isabelle Buckley,

Th e Buckley School has a long-standing tradition of building a strong and stable

community. To do this, teachers and administrators dedicate themselves to

developing a profound understanding of each and every one of their students.

Recognizing in First Republic that same sense of mission and intention, the

school partnered with the Bank in 2000 to help realize its short- and long-term

projects, including construction of the school’s new performing arts center.

Today, that relationship includes a partnership with Buckley’s investment

committee to further ensure its mission and endowment goals.

38.

F I R S T R E P U B L I C B A N K / 2 0 1 6

39.

C L I E N T S S I N C E / 2003

Betye and Alison Saar

Betye Saar / Artist (left)
Alison Saar / Artist (right)

“We love the fact that First Republic treats
us like members of a close-knit family.”

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

Betye and Alison Saar both have a long history of creating award-winning

mixed-media art that is at once engaging and provocative. With hundreds of

exhibitions, public collections, commissions, grants and awards to their credit,

mother and daughter produce individual works of art that challenge the status

quo and seek to unify humanity. In First Republic, the Saars feel a similar level

of connection. From the start, both were drawn to the Bank’s commitment

to personalized service and a banking experience that makes every client feel

like family. Today, over 13 years later, this relationship remains strong and

continues to enable these prolifi c artists to create, challenge and inspire.

40.

F I R S T R E P U B L I C B A N K / 2 0 1 6

41.

C L I E N T S I N C E / 2015

Dorrance Dance

Michelle Dorrance / Founder and Artistic Director

“With First Republic, banking is

an incredibly personal experience.
Th ey take a creative approach to
help me meet challenges.”

N E W YO R K , N E W YO R K

From the age of four, Michelle Dorrance knew what she would do for the rest

of her life. Marrying the grace of her mother, a retired ballerina, and the ath-

leticism of her father, who once coached soccer for the U.S. Women’s National

Team, Michelle poured her heart into becoming the best tap dancer she could

be. But when her dream eventually led to starting a dance company, the way

forward wasn’t as clear. So when First Republic reached out to off er assistance,

Michelle knew she had found a fi nancial partner that would help her fi nd

solutions to every business challenge. Today, Michelle is on her way to worldwide

renown. And First Republic is right there with her, every step of the way.

42.

F I R S T R E P U B L I C B A N K / 2 0 1 6

43.

C L I E N T S S I N C E / 1989

Richard and Susan Kramer

Richard Kramer / San Francisco Superior Court Judge (Retired); JAMS
Susan Kramer, DrPH / VP Product Development, Annexon Biosciences

“First Republic’s approach to banking is
personal, effi cient and responsive. Th at’s
something we’ve come to rely on through-
out our decades-long relationship.”

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

Richard and Susan Kramer strive to lead productive lives. To Richard this

has meant, among other things, nearly two decades serving as a San Francisco

Superior Court Judge. Susan has invested over thirty years in the biotech

industry developing therapies for cancer, neurodegeneration and other diseases.

Th e couple, who met on a San Francisco cable car, follows a simple guideline:

Be good, do good and have fun. Clients of First Republic since the early days

of their marriage, the Kramers know that in the Bank, they have a fi nancial

partner that is accommodating and fl exible enough to assist them as they strive

to leave their mark on the world.

44.

F I R S T R E P U B L I C B A N K / 2 0 1 6

45.

C L I E N T S S I N C E / 1995

Garret Tom and Family

Garret Tom / Retired Deputy Chief, San Francisco Police Department
Anita Tom / Owner, Kumon Center of San Francisco – Ocean Avenue

Pictured with sons Everet Tom (left) and Ethan Tom (right)

“When it comes to our family’s fi nances,
First Republic has always been there
for us – whatever we need, whenever
we need it.”

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

Garret Tom knows what it means to protect and serve. A recently retired

San Francisco Police Department Deputy Chief, Garret has been working to

ensure the well-being of neighbors, families and friends his entire adult life.

Th at he had such a successful career on the force is both a source of pride

and a badge of honor for this native of the City by the Bay. In much the same

way, First Republic has been a trusted partner to Garret, his wife and two

sons — protecting and serving their diverse fi nancial interests for over two

decades. Today, Garret knows that First Republic will continue to look out

for him and those he cares about — no matter where life takes them next.

46.

F I R S T R E P U B L I C B A N K / 2 0 1 6

47.

C L I E N T S I N C E / 2015

Fort Point Beer Company

Tyler Catalana / Founder (left)
Justin Catalana / Founder (right)

“First Republic understands the needs
of a company that’s in constant growth
mode. We wouldn’t be where we are
today without them.”

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

In January of 2014, San Francisco-based Fort Point Beer Company poured its

fi rst beer — and never looked back. From the beginning, the award-winning

craft brewery has been making beer inspired by the city it calls home and

infused with a spirit of innovation. Early on, co-founders and brothers Justin

and Tyler Catalana sensed that it wouldn’t be long before others began to sit

up and take notice. So when the rapid growth they had once only dreamed of

became a reality, the Catalanas turned to First Republic. Today, the brothers

know that they have a fi nancial partner that shares their entrepreneurial

outlook and has the expertise they need to take their craft beer from local

favorite to household name.

48.

F I R S T R E P U B L I C B A N K / 2 0 1 6

49.

C L I E N T S I N C E / 2008

Westside Affiliated Holdings

Michael Klein / President (seated center)

“First Republic understands our family,
our business and the goals we have for
both. We couldn’t ask for more.”

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

Over the past two decades, Westside Affi liated Holdings has constructed more

than 100 custom homes in the West Los Angeles area. Building at such a pace

and to the highest of standards has challenged the company’s owners, the

Klein family, to fi nd ever new ways to go above and beyond for their buyers

while never losing sight of the details. Clients of First Republic since 2008, the

Kleins know that they have a banking partner that shares their family’s values

and work ethic and is always there to provide a helping hand. For bank and

builder alike, that’s a blueprint for success.

50.

F I R S T R E P U B L I C B A N K / 2 0 1 6

51.

C L I E N T S S I N C E / 2001

Catherine Duggan and Barry Siegel

Catherine Duggan / Retired Attorney and Author
Barry Siegel / President, Bay Area Tumor Institute

“In First Republic, no matter what our
needs – personal, business or brokerage –
we know we have a partner who shares our
interests and our values.”

O A K L A N D , C A L I F O R N I A

Barry Siegel has dedicated his life’s work to providing optimal — and

free — cancer treatment options to his community. Today, under his leader-

ship, the Bay Area Tumor Institute does just that, bringing advanced therapies

to patients who are limited by distance or fi nancial concerns, or who simply

prefer to receive treatment where they can be among their families and support

systems. Together with his wife Catherine Duggan, a retired attorney who has

represented nonprofi ts and corporations alike, Barry has been a First Republic

client for over 15 years. Both appreciate the Bank’s approach to providing

business, brokerage and personal banking products that, just like the Institute,

are designed with the needs of the clients in mind.

52.

F I R S T R E P U B L I C B A N K / 2 0 1 6

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

F I R S T R E P U B L I C B A N K / 2 0 1 6

53.

C L I E N T S S I N C E / 2016

David and Kellie Long

David Long / Co-Founder and CEO, Orangetheory Fitness
Kellie Long / Entrepreneur

Pictured with daughter, Sadie Long

“Our First Republic banker came to
our home when we had a tight deadline.
Talk about exceptional service.”

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

As Co-Founder and CEO of Orangetheory Fitness, Dave Long is living his

dream of spreading health and wellness on a global scale. To do this success-

fully, he and his entrepreneurial wife Kellie know that achieving a work / life

balance had to be their top priority. Meeting the demands of business and

two young daughters might be the toughest job this power couple has taken

on yet — but they’re up to the challenge. To help lighten the load, the Longs’

dedicated team at First Republic fi nds every opportunity to respond to their

banking needs in a fast, friendly manner. Being there for this busy family is all

part of the commitment the Bank made when they fi rst became clients — and

one it will continue to keep for years to come.

54.

F I R S T R E P U B L I C B A N K / 2 0 1 6

55.

C L I E N T S I N C E / 2016

Candace Neal

Attorney / San Francisco

“First Republic has an amazing
Eagle Community Loan Program.
Th ey put my needs fi rst – and that
was a game-changer for me.”

O A K L A N D , C A L I F O R N I A

Candace Neal knows opportunity when she sees it. So when the chance to

purchase her fi rst home presented itself, she didn’t hesitate. Little did she know

that she would discover unknown water issues which required extensive — and

expensive — repairs. But then a colleague referred her to First Republic, and

Candace took another step forward. Working with her personal banker, she

refi nanced her loan and was able to lower her mortgage payments. Candace

appreciates knowing the Bank is constantly on the lookout for opportunities

that are tailor-made to her unique needs. As a result, Candace now happily

refers friends to the Bank.

56.

F I R S T R E P U B L I C B A N K / 2 0 1 6

57.

C L I E N T S I N C E / 2011

Riverdale Country School

Dominic A.A. Randolph / Head of School (left)
Dan Schultz / Director of Finance and Operations (right)

“First Republic’s expertise in tax-exempt
lending is unlike anything we’ve ever
experienced. Th ey truly understand what
it takes for us to make our vision for the
school a day-to-day reality.”

B R O N X , N E W YO R K

Located just minutes from Manhattan is Riverdale Country School, an inde-

pendent institution dedicated to developing minds, building character and

creating community. Founded in 1907, the school recently embarked on an

extensive, three-phase construction project. From the start, Riverdale Country

School knew such an undertaking would be a challenge. But in drawing upon

First Republic’s extensive experience guiding independent schools through

tax-exempt fi nancing, it was able to complete the funding process with ease.

Riverdale Country School looks forward to working further with the Bank

to enhance its campuses and provide another century of innovative education

that prepares students to be citizens of the world.

58.

F I R S T R E P U B L I C B A N K / 2 0 1 6

59.

C L I E N T S S I N C E / 2007

Duane and Barbara McDougall

Duane McDougall / Former CEO, Willamette Industries
Barbara McDougall

“Why First Republic Trust Company?
Easy: incredible service, all of the time.”

P O R T L A N D , O R E G O N A N D R A N C H O M I R A G E , C A L I F O R N I A

To say that Duane and Barbara McDougall are a couple on-the-go is an under-

statement. In between keeping up with their three children, four grandchildren,

numerous public and community board responsibilities, and close-knit friends

in Portland and Rancho Mirage, there’s little time for anything else. So when it

came to establishing trusts for their children and grandchildren (and managing

those trusts over the long haul), Duane and Barbara turned to First Republic

knowing that the Bank would help them make all the right moves. Today, the

McDougalls continue to place their trust in First Republic as they serve their

communities and enjoy time with friends and family.

60.

F I R S T R E P U B L I C B A N K / 2 0 1 6

61.

C L I E N T S S I N C E / 2005

John and Kari Boiler

John Boiler / Founder and CEO, 72andSunny
Kari Boiler / Founder, Kari Boiler LLC

“We’ve always enjoyed the shorthand
that comes with having a long-standing
relationship with First Republic – they
know us and our business, inside and out.”

M A N H AT TA N B E A C H , C A L I F O R N I A

When John Boiler decided to open his own advertising agency, he knew that

it would need two things in order to be successful: At the heart of the agency,

a spirit of collaboration. And in its soul, a dedication to the art of storytelling.

Today, 72andSunny is an award-winning agency that serves some of the

world’s most infl uential brands. For over a decade, First Republic has been

the agency’s fi nancial backbone, there to ensure its heart and soul can thrive.

Small wonder, then, that John and his wife Kari have relied on the Bank to

look aft er their personal fi nances as well. In First Republic, the Boilers have

found a collaborative partner to help them write a success story that will be

told for many years to come.

62.

F I R S T R E P U B L I C B A N K / 2 0 1 6

63.

“ Client care and service
is our only business.”

Jim Herbert
Chairman and Chief Executive Offi cer (Founding)

Contents

Th e First Republic Diff erence

Complete Products and Services

Consolidated Statement of Income

Consolidated Balance Sheet

Additional Information

Investing in Our Communities

Executive Leadership and
Board of Directors

First Republic Values

Locations

P A G E

64.

F I R S T R E P U B L I C B A N K / 2 0 1 6

65.

Full-Service Private Banking, Private Business Banking

and Private Wealth Management

D I N A R Y

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

Residential
Lending

Personal
Lending

Commercial
Real Estate
Lending

F
U
L
L
(cid:595)
S
E
R
V
I
C
E

P
R

AA
A

Y
O
U

C L I E N T

BLIC R E L A T I

KING

R
E
G
A
N
A
M

A TAA

H IP

R I V

Checking,
Savings,
CDs
(Deposits)

Business
Banking

Trust
Services

Financial
Planning

T
N
E
M
E
G
A
N
A
M
H
LTLL
A
E

Investment
Management

Foreign
Exchange

Brokerage
Services

The First Republic Difference

What sets First Republic apart is our unwavering commitment to exceptional client service. Each of our clients
benefi ts from having a single point of contact who coordinates all relationships within the organization — and
who personally refers clients to colleagues as needed. At First Republic, our goal is to build long-term, rewarding
relationships with our clients.

Private Banking

Our full suite of private banking services are designed to address our clients’ complete fi nancial picture and help
them achieve their personal goals. To accomplish this, every private banking client works with a personal banker
who knows them by name and serves as a single point of contact for all of their deposit and lending needs. At
First Republic, our primary source of new clients is through referrals from satisfi ed existing clients.

A distinctive brand of Private Banking includes:

• A client-fi rst approach based on advice and solutions — not products

• 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.

• A commitment to ensuring our clients’ fi nancial safety and privacy remains at the forefront of everything we do

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

• Medical Practices

• Real Estate Investors

• Business Management Firms

• Motion Picture and TV Production

• Small Businesses

• Engineering Services

• Family Offi ces

• Nonprofi ts

• Private Clubs

• Technology Firms

• Venture Capital Funds/Firms

• Independent Schools

• Private Equity Funds/Firms

• Wineries

• Investment Management Firms

• Private Yachts and Aircraft

• Law Firms

• Property Management Firms

Private Wealth Management

First Republic Private Wealth Management off ers customized investment management, trust and brokerage services
for individuals, trusts, endowments and organizations.

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.

66.

F I R S T R E P U B L I C B A N K / 2 0 1 6

67.

Complete Products and Services

Residential
Lending

Commercial
Real Estate
Lending

Personal
Lending

Private
Business
Banking

• Single Family Mortgages
• Vacation Home Mortgages
• Co-Op and Condominium Loans
• Home Equity Lines of Credit

• Bridge Loans
• All-in-One, Construction-to-Permanent Loans
• Eagle Community Loan Program*

• Apartment Building Loans
• Mixed-Use Building Loans

• Commercial Real Estate Loans
• Construction and Renovation Loans

• Stock/Bond Secured Loans
• Unsecured Loans
• Streamlined Loans and Lines of Credit

(Eagle Gold)

• Overdraft Lines of Credit

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

• Loan Programs for Employee Capital Call

and Partnership Buy-Ins

• Aircraft and Marine Financing

• Lines of Credit
• Term Loans
• Lending to Nonprofi ts
• Owner-User Commercial Real Estate Loans
• Streamlined Small Business Lending

(Eagle One)

• Capital Call Lines
• Loan Programs for Employee Capital Call

and Partnership Buy-Ins
• Standby Letters of Credit
• Foreign Exchange
• Private Yacht and Aircraft Financing
• Winery and Vineyard Lending
• Motion Picture and TV Financing
• Simplifi ed Business Checking

• Mobile Banking
• Corporate Online Banking and Bill Pay
• Business Interest Checking
• Business Analyzed Checking
• Business Money Market Accounts
• Attorney Trust Accounts (IOLTA, IOTA, IOLA)
• Business Debit Card
• Armored Car/Cash Services
• Multi-Client Management Accounts
• Custody and Business Escrow Services
• On-Site ATM Installation and Maintenance
• Remote Deposit Services
• Lockbox Services Nationwide
• Funds Transfer and ACH Services
• Positive Pay and Payee Positive Pay Services

Deposit
Services

• ATM Rebate Checking***
• Classic Checking
• Basic 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

* A relationship manager can provide details and determine if a property is eligible for the Eagle Community Loan Program.

** This product is not a student loan and may remove 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 Online

Brokerage Services

• Equities and Mutual Funds
• Money Market Mutual Funds
• Treasury Bills/Bonds
• Agency Discount Notes
• Municipal Notes/Bonds
• Corporate Bonds
• Brokerage CDs

• Commercial Paper
• Margin Loans
• Equity Compensation Plans
• 10b5-1 Plans for Corporate Executives
• Hedging Strategies for Concentrated

Stock Positions

• FDIC-Insured Sweep Accounts
• Option Exercise Programs

• Personal Trust Services With

Open Architecture

• Trustee of Revocable, Irrevocable

and Testamentary Trusts

• Estate Settlement/Executor Services

• 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.

68.

F I R S T R E P U B L I C B A N K / 2 0 1 6

69.

Our Latest Offering

At the end of 2016 we acquired Gradifi , the leading
provider of employer-sponsored student loan re-
payment benefi t plans. Aft er off ering this benefi t to
our employees through Gradifi , and witnessing their
extraordinarily positive reactions, we wanted to do
more — so we purchased the company.

We were simply that impressed.

Top performing companies need to attract and retain best-in-class talent,

and also need innovative approaches to address the comprehensive fi nancial

health of their employees. Gradifi ’s platform is secure and easy-to-use. Its

client-focused approach, both for the employer and employee, is commensurate

with First Republic’s extraordinary service. In the United States, 44 million
borrowers with $1.3 trillion in student loan debt stand to benefi t.* Gradifi is

the leading provider of this service — and the opportunity is tremendous.

Learn more:
gradifi .com

* Source:

Federal Reserve Bank of New York

70.

F I R S T R E P U B L I C B A N K / 2 0 1 6

“Th is innovative benefi t has been enor-
mously well-received by our employees
and we are very appreciative of our
partnership with Gradifi .”

Frank Steinert

Chief Human Resources Offi cer,

Penguin Random House

“ Aft er extensive due diligence, we endorse
Gradifi as the provider of student loan
repayment benefi t plans.”

American Bankers Association

February 1, 2017

“ Gradifi has a solution for the $1.3 trillion
student loan debt crisis.”

Forbes

October 29, 2015

F I R S T R E P U B L I C B A N K / 2 0 1 6

71.

Financial Summary / 2016

Consolidated Statement of Income
in thousands, except per share amounts

YEAR EN DED DECEMBER 31

20 16

2 015

2 014

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
Information systems
Occupancy
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

$ 1,573,403
378,719
19,266
9,485

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

1,980,873

1,664,092

73,765
89,946

163,711

1,817,162
47,192

1,769,970

224,626
31,868
12,365
22,406
20,699
4,828
13,465
14,097
48,119
1,055
1,284

394,812

763,625
153,207
119,139
52,740
44,200
32,783
25,002
146,490

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

1,337,186

1,095,609

827,596
154,168
673,428
68,589
$ 604,839

$
$
$

4.07
3.93
0.63
148,752
154,095

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
95,387
98,466
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

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

F I R S T R E P U B L I C B A N K / 2 0 1 6 73.

Consolidated Balance Sheet
dollars in thousands

assets

AS OF DECEMBER 31

2 016

2 015

AS OF DECEMBER 3 1

2 016

2 015

liabilities and equity

Cash and cash equivalents

Securities purchased under agreements to resell

$ 2,107,722

$ 1,131,110

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
Stock secured
Other secured
Unsecured

Total loans

Less:

Net unaccreted discount
Net deferred fees and 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.

2,007,258
13,150,157

15,157,415

26,234,768
2,622,231
6,688,203
5,484,620
496,631
929,076
6,886,816
821,708
723,250
1,130,614

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
521,005
541,637
423,795

52,017,917

44,145,805

(75,975)
66,375
(306,398)

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

51,701,919

43,822,511

407,226
1,273,172
1,121,416
923,224
207,592
203,177
112,399
62,410

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

$ 73,277,772

$ 58,981,285

Liabilities:
Deposits:

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

Total deposits

Short-term borrowings
Long-term FHLB advances
Senior notes
Subordinated notes
Debt related to variable interest entities
Other liabilities

Total Liabilities

Shareholders’ Equity:

Preferred stock, $0.01 par value per share;

1,139,525 and 989,525 shares issued and outstanding

Common stock, $0.01 par value per share;

154,292,487 and 146,109,790 shares issued and outstanding

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

Total Shareholders’ Equity

Total Liabilities and Shareholders’ Equity

$ 22,740,303
14,575,890
7,969,787
8,203,340
5,113,061

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

58,602,381

47,893,465

100,000
5,900,000
397,955
387,380
25,973
955,431

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

66,369,120

53,275,602

1,139,525

989,525

1,543
3,301,705
2,459,540
6,339

6,908,652

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

5,705,683

$ 73,277,772

$ 58,981,285

74.

F I R S T R E P U B L I C B A N K / 2 0 1 6

75.

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, 2016, the Bank believes that its shares are held benefi cially by approximately 110,000 shareholders.

First Republic Bank’s issues of Preferred Stock trade as depositary shares on NYSE under the symbols 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. Th e Bank’s Series A Preferred Stock (FRCPrA) was redeemed on January 30, 2017.

Additional Information and Where to Find it

In accordance with the Securities Exchange Act of 1934 (the “Exchange Act”), First Republic fi les 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 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 purpose of the safe harbor provided by Section 21E of 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. Our actual
results could diff er materially from those anticipated in such forward-looking statements as a result of risks and
uncertainties more fully described in the risk factors in our 2016 Annual Report on Form 10-K.

Forward-looking statements involving such risks and uncertainties include, but are not limited to, statements
regarding: projections of loans, assets, deposits, liabilities, revenues, expenses, tax liabilities, net income, capital
expenditures, liquidity, dividends, capital structure, investments or other fi nancial items; expectations regarding the
banking and wealth management industries; descriptions of plans or objectives of management for future operations,
products or services; 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; our opportunities for growth and our plans for expansion (including opening new offi ces);
expectations about the performance of any new offi ces; 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 effi ciency
ratio; and descriptions of assumptions underlying or relating to any of the foregoing. 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, from both traditional and non-
traditional fi nancial services and technology companies; our ability to recruit and retain key managers, employees
and board members; the possibility of earthquakes and other natural disasters aff ecting the markets in which we
operate; interest rate risk and credit risk; our ability to maintain and follow high underwriting standards; economic
and market conditions aff ecting the valuation of our investment securities portfolio, which could result in other-
than-temporary impairment if the general economy deteriorates, credit ratings decline, the fi nancial condition of
issuers deteriorates, interest rates increase or the liquidity for securities is limited; real estate prices generally and
in our markets; our geographic and product concentrations; demand for our products and services; the regulatory
environment in which we operate, our regulatory compliance and future regulatory requirements; 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; our ability to avoid litigation and its associated costs and liabilities; the impact of new accounting
standards; future FDIC special assessments or changes to regular assessments; fraud, cybersecurity and privacy risks;
and custom technology preferences of our customers and our ability to successfully execute on initiatives relating to
enhancements of our technology infrastructure, including client-facing systems and applications.

For a discussion of these and other risks and uncertainties, see the risk factors in our 2016 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. 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. Any forward-looking statements are qualifi ed in
their entirety by reference to the factors discussed throughout this document and in our 2016 Annual Report on
Form 10-K. 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.

76.

F I R S T R E P U B L I C B A N K / 2 0 1 6

77.

Investing in Our Communities

Affordable Housing
Children
Education
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 and
money to nonprofi t organizations across the country.

Join us in celebrating three such outstanding organizations with which
we have the privilege of working. We salute their dedication and delight
in watching these organizations make a meaningful impact on their
communities.

La Cocina

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

La Cocina nurtures food entrepreneurs. Launched in 2005 by Th e Women’s Foundation
of California, La Cocina provides local, subsidized commercial kitchen space, hands-
on technical assistance and retail opportunities to low-income individuals — primarily
female immigrants — to enter the food business as entrepreneurs. Th e program teaches
the skills necessary to start a business: marketing, product, operations and fi nance.
Since inception, 30 businesses have emerged from what many consider to be the most
important food organization in San Francisco. Each business infuses the community
with jobs and fl avorful culinary experiences. Th e businesses of La Cocina sell their
products locally, regionally, nationally and internationally.

F I R S T R E P U B L I C B A N K / 2 0 1 6 79.

Cristo Rey New York

N E W YO R K , N E W YO R K

SEO Scholars

S A N F R A N C I S C O , C A L I F O R N I A A N D N E W Y O R K , N E W Y O R K

Cristo Rey New York promotes career mentorship and fi nancial education through
its Corporate Work Study Program (CWSP). In the CWSP, which runs concurrently
with the school year, students from low-income families work one day a week in
entry-level positions to gain fi rsthand work experience and learn the value of hard
work, responsibility and ambition. Over the course of the program, students directly
contribute toward their education, earning up to 45 percent of their tuition. Last year,
CWSP students worked with 136 companies across 24 diff erent sectors, adding value
to their communities and preparing for their next chapter.

Sponsors for Educational Opportunity (SEO) believes in the power of education to
break the cycle of poverty. Its free, eight-year academic program provides supplemen-
tal education and mentoring to underserved public high school students to get them
to — and through — college. While attending high school, SEO Scholars receive over
700 hours of additional instruction in English and math. And in college, Scholars enjoy
ongoing, one-on-one academic, personal and career support. Th e result: 90 percent
graduate from college, with 87 percent becoming fi rst-generation college graduates.

80.

F I R S T R E P U B L I C B A N K / 2 0 1 6

81.

Investing in Our Communities

Community Advisory Board

First Republic’s Community Advisory
Board, comprised of fi ve recognized and
highly respected community leaders, is
a key part of our outreach. Th e Commu-
nity Advisory Board off ers advice and
strategic guidance on initiatives related
to aff ordable housing, fi nancial empow-
erment and small business and economic
development.

Mr. Bryant is Founder, Chairman and CEO
of Operation HOPE; Chairman and CEO of
Bryant Group Ventures; and Co-Founder
of Global Dignity. He is a member of the
founding class of The Forum of Young Glob-
al Leaders, and founding member of Clinton
Global Initiative. Mr. Bryant has received
over 500 notable awards and citations for
his work, including being recognized as
one of Time magazine’s “50 Leaders for
the Future” and the 2016 “Innovator of the
Year” by American Banker magazine. He is
the author of bestsellers How the Poor Can
Save Capitalism: Rebuilding the Path to the
Middle Class and LOVE LEADERSHIP: The
New Way to Lead in a Fear-Based World.

Mr. Monzon is a founding member, and
serves as Board President, for the Monte-
bello Housing Development Corporation
(MHDC). He is Board President of the Bella
Monte Homes LLC, Board Secretary of the
Montebello Rotary Foundation, Treasurer of
the Pasadena Altadena Coalition of Trans-
formative Leaders and former President of
the Pasadena Management Association.
Mr. Monzon is the National Council of La
Raza’s (NCLR) Affi liate Council Representa-
tive for California, and serves on numerous
other boards in his community. His awards
include the Panther Advocacy Award
(2012) and NCLR Champions of Homeown-
ership (2015).

John
Hope
Bryant
Board Member

Robert
Monzon
Board Member

Ms. Bautista is President and CEO of the
National Asian American Coalition (NAAC)
and CEO of the National Diversity Coalition
(NDC). She is a champion of the under-
served, reaching out to communities that
have traditionally been left out of home-
ownership, small business and fi nancial
literacy. She is an advisory member on the
boards of CUDC, CIT, Banc of California and
Royal Business Bank. Formerly, she was a
member of the Offi ce of Thrift Supervision’s
Minority Depository Institutions Advisory
Committee and sat on the Low-Income
Oversight Board for the California Public
Utilities Commission.

Ms. Jensen is President and CEO of Habitat
for Humanity East Bay/Silicon Valley and
serves on the board of directors for Sili-
con Valley@Home, Habitat for Humanity
California State Support Organization and
California Housing Consortium (board of
governors). She is Vice Chair of Habitat
for Humanity International’s U.S. Council,
serves on several national committees,
and chairs Habitat California’s statewide
Legislative Committee. Ms. Jensen’s ex-
perience spans 25 years with expertise
in nonprofi t management primarily in the
fi elds of healthcare and aff ordable housing.

Ms. Viek is CEO of CAMEO, the California
Association for Micro Enterprise Oppor-
tunity, and a pioneer in micro-enterprise
and business incubation in California. She
is recognized as a thought leader for micro-
business and her ideas have been published
in outlets such as Huffi ngton Post, American
Banker and
The Washington Post. She is the
r
founder and former Executive Director of
the Renaissance Entrepreneurship Center
in San Francisco, a board member of the
Association for Enterprise Opportunity, and
serves on the MUFG Union Bank Commu-
nity Advisory Board. Her awards include the
Small Business Administration’s “Women in
Business Champion of the Year.”

Faith
Bautista
Board Chair

Janice
Jensen
Board Member

Claudia
Viek
Board Member

First Republic’s commitment to the community encompasses a wide variety of areas: from
community lending to our fi nancial literacy educational programs. Below is a brief summary
of just some of our eff orts to support and engage our local communities.

$3.4 billion

Originated over 1,500 low- to
moderate-income community
development loans1

$1.4 billion

Amount committed to low-
income housing tax credit
investments3

25%

Percentage of small business loans
in low- to moderate-income census
tracts4

14.6 %

38%

6400 hours

Percentage of single family home
loans funded by unit to low- to
moderate-income borrowers2

Percentage of loans to nonprofi t
organizations in our Business
Banking loan portfolio3

Hours volunteered by First Republic
employees through our formal, paid
Employee Volunteer Program5

1) Loans originated from 2011 through November 30, 2016, the most recent reportable time period
2) Most recent data available, as determined by Home Mortgage Disclosure Act data (“HMDA”)
3) As of December 31, 2016
4) For loans funded in 2015, the most recent reportable time period; percentage calculated by number of loans
5) For the year 2016

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F I R S T R E P U B L I C B A N K / 2 0 1 6

83.

Executive Leadership

We are very pleased with the depth and experience of our leadership team. Th e
guidance at the top is well-balanced with extensive institutional knowledge,
outside input and innovative approaches to challenges and opportunities.

What follows on this page and the next are biographies of our executive
team and Board of Directors.

James H. Herbert, ii, 72, Chairman and Chief Executive Offi cer (Founding)

Michael D. Selfridge, 49, Senior Executive Vice President and Chief Banking Offi cer

Mr. Herbert founded First Republic Bank as CEO 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 also a director of Lincoln Center for the Performing Arts,
New York, and The BASIC Fund. B.S., 1966, Babson College; M.B.A., 1969, New York University; Harvard Business School CEO
Presidents’ Seminar Graduate.

Mr. Selfridge joined First Republic in 2012. He was appointed Deputy Chief Operating Offi cer in January 2013, Chief Operating
Offi cer in February 2014, and Chief Banking Offi cer eff ective January 1, 2016. As Chief Banking Offi cer, he is responsible overall for
Private Banking, Business Banking and Information Technology. Prior to joining First Republic, he was Head of U.S. Regional Banking
at Silicon Valley Bank. He serves on the Board of Directors of Catholic Charities of San Francisco. B.S., 1989, California Polytechnic
State University, San Luis Obispo; M.B.A., 1995, University of San Francisco; Harvard Business School Advanced Management
Program, 2013.

Hafize Gaye Erkan, 37, Executive Vice President, Chief Deposit Offi cer and Chief Investment Offi cer

Michael J. Roffler, 46, Executive Vice President and Chief Financial Offi cer

Ms. Erkan joined First Republic in 2014 as Chief Investment Offi cer and Co-Chief Risk Offi cer and was appointed Chief Deposit
Offi cer eff ective January 1, 2016. She is responsible for managing the Bank’s investment portfolio and oversees the Bank’s
deposit gathering franchise. Additionally, Ms. Erkan oversees banking activities in the New York and Boston regions. Prior
to First Republic, she worked for Goldman Sachs where she was the Managing Director and Head of Financial Institutions
Group Strats. B.Sc., 2001, Bogazici University (Turkey); Ph.D., 2005, Princeton University; Harvard Business School Advanced
Management Program, 2015; Stanford Graduate School of Business Executive Program in Leadership, 2016.

Mr. Roffl er joined First Republic in November 2009 as Deputy Chief Financial Offi cer and was appointed Executive Vice President
and Chief Financial Offi cer on January 1, 2015. Prior to joining the Bank, Mr. Roffl er was a Certifi ed Public Accountant with KPMG
LLP for 16 years, fi ve of which were as an audit partner. B.S., 1993, Marquette University; Stanford Graduate School of Business
Executive Program, 2013.

Jason C. Bender, 47, Executive Vice President and Chief Operating Offi cer

David B. Lichtman, 53, Executive Vice President and Chief Credit Offi cer

Mr. Bender has been with First Republic since 1999, and managed the Bank’s fi nance department for over a decade before being
appointed Chief Administrative Offi cer on January 1, 2013. Eff ective January 1, 2016, he was appointed Chief Operating Offi cer and
is responsible for the overall operations of deposits and lending, strategic planning, enterprise data, online banking and related
digital activities, and secondary loan marketing. He oversees banking activities in the Orange County and San Diego regions.
B.A., 1992, Swarthmore College; M.B.A., 1999, Stanford Graduate School of Business; Harvard Business School Advanced
Management Program, 2014.

Robert L. Thornton, 59, Executive Vice President of First Republic Bank and President of First Republic
Private Wealth Management

Mr. Thornton joined First Republic in 2004 and currently serves as President of First Republic Investment Management and
President of First Republic Private Wealth Management. He became Executive Vice President of First Republic Bank in 2015 and
oversees banking activities for the Los Angeles and Palm Beach regions. Prior to joining First Republic, Mr. Thornton held senior
roles at Goldman Sachs, Credit Suisse and Deutsche Bank over a 20 year period. B.A. 1980, Duke University; J.D., 1983, Columbia
Law School; Stanford Graduate School of Business Executive Program, 2014.

Mr. Lichtman has been with First Republic since 1986, and has held positions in various phases of lending operations at the
Bank. Mr. Lichtman was appointed Chief Credit Offi cer in 1995. In the role of Chief Credit Offi cer, he is responsible for promoting
the Bank’s credit culture focused on safe and disciplined lending standards and practices. B.A., 1985, Vassar College; M.B.A.,
1990, University of California, Berkeley.

Mollie M. Richardson, 38, Executive Vice President, Chief Administrative Offi cer and Chief People Offi cer

Ms. Richardson joined First Republic in 2003 and was appointed Chief Administrative Offi cer on January 1, 2016 and Chief People
Offi cer in November 2016. Ms. Richardson oversees human resources, enterprise collaboration, facilities/administrative services,
Eagle Lending and various bank-wide initiatives. Ms. Richardson previously served as Deputy Chief Administrative Offi cer and
head of Board and Investor Relations at First Republic. She is Co-Chair of the Network for Teaching Entrepreneurship, Bay Area.
B.A., 2001, Sonoma State University; Harvard Business School Advanced Management Program, 2013.

84.

F I R S T R E P U B L I C B A N K / 2 0 1 6

85.

Board of Directors

James H. Herbert, ii, 72, Chairman, Chief Executive Offi cer (Founding) and Board Member

Pamela J. Joyner, 58, Board Member

Mr. Herbert founded First Republic Bank as CEO 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 also a director of Lincoln Center for the
Performing Arts, New York, and The BASIC Fund. B.S., 1966, Babson College; M.B.A., 1969, New York University; Harvard
Business School CEO Presidents’ Seminar Graduate.

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, a trustee
of the Art Institute of Chicago, J. Paul Getty Trust and Tate Americas Foundation. She 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, 69, Vice Chair and Board Member

Reynold Levy, 71, Board Member / Lead Outside Director

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 a senior executive at AT&T. He is currently a consultant to
nonprofi ts and individual benefactors. 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., 69, Board Member

Jody S. Lindell, 65, Board Member

Mr. Barrack is Executive Chairman of Colony NorthStar, Inc. He previously held the position of Founder and Executive Chairman
of Colony Capital, Inc., the predecessor to Colony NorthStar. He served in the Reagan administration as Deputy Undersecretary of
the Department of the Interior and was Chairman of the 58th Presidential Inaugural Committee. He is a trustee of the University of
Southern California, sits on a variety of public and private boards, 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., 77, Board Member

Duncan L. Niederauer, 57, 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. and a member of the private company board of BMM International. B.A., 1962, University of Nevada,
Reno; L.L.B., 1965, University of California, Berkeley.

Mr. Niederauer served as CEO of NYSE (2007-2014) and partner of Goldman Sachs. Currently he is a founding partner of the
Mountain Top Advisory Group, 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, 79, Board Member

George G. C. Parker, 78, Board Member

Mr. Gibbs is currently an investor who retired from his law practice in 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 NorthStar, Inc. and Threshold Pharmaceuticals, Inc. B.A., 1960, Haverford College;
M.B.A., Ph.D., 1967, Stanford University.

Boris Groysberg, 45, Board Member

Professor Groysberg teaches business administration in the Organizational Behavior unit at the Harvard Business School. He 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 Stern School of Business; D.B.A., 2002, Harvard Business School.

Sandra R. Hernández, m.d., 59, 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 certifi cate program, Harvard University’s John F. Kennedy School of Government.

Emeritus

Roger O. Walther, 81, Chairman Emeritus

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

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F I R S T R E P U B L I C B A N K / 2 0 1 6

87.

First Republic Values

Do the
Right Thing

Provide
Extraordinary Service

Think
Positively

Move Forward,
Move Fast

Respect
the Team

Take
Responsibility

Grow

Have Fun

88.

F I R S T R E P U B L I C B A N K / 2 0 1 6

89.

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

1699 Van Ness Avenue
(at Sacramento Street)
San Francisco, California 94109
(415) 447-0888

The Presidio of San Francisco
558 Presidio Boulevard
(at Letterman Drive)
San Francisco, California 94129
(415) 561-2988

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

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

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

405 Howard Street, Suite 110
(at Fremont Street)
San Francisco, California 94105
(415) 975-3877

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Palm Desert

73010 El Paseo (at Highway 74)
Palm Desert, California 92260
(760) 776-8882

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

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

New York

Connecticut

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

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

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

225 Broadway (at Barclay Street)
New York, New York 10007
(Projected opening Spring 2017)

163 Canal Street
(at Elizabeth Street)
New York, New York 10011
(Projected opening Spring 2017)

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

Florida

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

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91.

Private Wealth Management

Corporate Information

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

stock trading
Listed on the New York Stock Exchange:
Common Stock Symbol – FRC
Preferred Stock Series B-G Symbols: FRCPrB, FRCPrC, FRCPrD,
FRCPrE, FRCPrF, FRCPrG
Preferred Stock Series A (FRCPrA) redeemed January 30, 2017

transfer agent
Common and Preferred Stock – Computershare Inc.

external counsel
Sullivan & Cromwell LLP
Arnold & Porter LLP

auditors
KPMG LLP

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.

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F I R S T R E P U B L I C B A N K / 2 0 1 6

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.

® certified paper manufactured with renewable

Design: Howry Design Associates / San Francisco

Principal Photography: Jamey Stillings
Project Director: Seta Hanoian

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