First Republic Bank Annual Report 2018

FY2018 Annual Report · First Republic Bank

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2018 Annual Report

It’s a privilege to serve you.

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
delivering 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 • jackson • palm beach • boston • greenwich • new york

Dear Clients and Shareholders

2018 was the most successful year ever for First Republic. Loans, deposits and wealth management
all experienced robust growth. Total earnings grew very nicely, up 12.7%. Tangible book value per
share increased 11.9% and credit quality remains excellent.

We were very pleased that First Republic was added to the S&P 500 Index at year-end.

S I M P L E BUS I N E S S M ODE L

The source of our success continues to be our unique culture, which is focused on the daily
execution of a long-term oriented, high-touch, client-centric service model. First Republic
has evolved into an exceptionally strong service brand whose organic, sustainable growth is
propelled by the passion and loyalty of our satisfied clients.

T H E P OW E R OF C L I E N T S E RV I C E

We focus on extraordinary client service, which we measure continually through our Net
Promoter Score. Client service, which leads to unusually low client attrition as well as strong
referrals, is the source of our safe, organic growth. Our most recent Net Promoter Scores continue
to be more than double the U.S. banking industry and even above most luxury service brands.

C ON S I S T E N T P ROF I TA B I L I T Y

First Republic has been consistently profitable each year since our 1985 inception. Our straight-
forward business model has performed exceedingly well, over almost three and a half decades,
through widely varying economic and geopolitical conditions.

E M P OW E R E D A N D E NG AG E D C OL L E AG U E S

Success starts with exceptional people operating within a client-centric culture that empowers
colleagues to meet clients’ needs. We attract and retain high-performing, engaged individuals
who have an unwavering commitment to extraordinary client service. First Republic is committed
to taking very good care of our people, through continual professional development programs
alongside competitive compensation and comprehensive benefits. 36% of our workforce par-

ticipates in our Gradifi Student Loan PayDown and College SaveUp programs, 51% in our
discounted employee stock purchase program, and 98% in our 401(k) matching program.

I NC LUS I V E CU LT UR E A N D DI V E R S E WOR K F OR C E

First Republic is also committed to continuing to foster an inclusive workplace culture, which
embraces and encourages diverse perspectives and backgrounds. Our diverse workforce is 48%
minority and 47% female, and speaks over 50 languages. This diversity is longstanding and
extends across all levels of the organization, with a senior management team composed of 48%
female leaders, including our President.

E X T R AOR DI N A R Y S E RV I C E DR I V E S OU R G ROW T H

Taking outstanding care of our existing clients is the key source of our safe, sustainable growth.
More than 50% of our annual growth each year involves doing more business with existing clients,
and another 25% comes from direct referrals by these same, highly satisfied clients — both are
proven, safe and stable growth channels. We experience only very modest client attrition each year.
This compounding network effect of low attrition and strong referrals is immensely powerful and
quite unique in today’s banking environment.

L E ADE R SH I P DE P T H A N D B R E A D T H

We are founder-led with an extensive and experienced leadership team. Our stable, experienced
and diverse senior team has a deep expertise and knowledge of our industry, markets, business
model and, most importantly, culture. The considerable diversity of First Republic’s leadership
and workforce has been a key to our success for several decades.

S T R ONG A N D G R OW I NG C A P I TA L

We remain well-capitalized and successfully accessed the capital markets twice during 2018. We
raised over $490 million of new equity capital while redeeming both our 5.625% Series C and
7.00% Series E preferred stock, totaling $350 million. Over the last five years, our total Tier 1

FINANCIAL

HIGHLIGHTS

2013–2018

Dollars in billions
(Net Income in
millions)

DECEMBER 31,

2 013

2 014

2 015

2 016

2017

2 018

Total Bank Assets

$ 42.1

$ 48.4

$ 59.0

$ 73.3

$ 87.8

$ 99.2

Total Loans

Total Deposits

$ 34.0

$ 37.8

$ 44.1

$ 52.0

$ 62.8

$ 75.9

$ 32.1

$ 37.1

$ 47.9

$ 58.6

$ 68.9

$ 79.1

Total Tier 1 Capital

3.9

4.6

5.5

6.6

7.5

8.3

Wealth Management Assets

$ 41.6

$ 53.4

$ 72.3

$ 83.6

$ 107.0

$ 126.2

Net Income (in millions)

$ 462.1

$ 487.0

$ 522.1

$ 673.4

$ 757.7

$ 853.8

Preferred Banking Offices

FRANCHISE

GROWTH

2013–2018

Dollars in billions

LOANS

D EP O SITS

+17 %

CAG R

+20 %

CAG R

TI ER 1
CAPITAL

+16%

CAG R

WEALTH M GMT
ASSETS

+25%

CAG R

$ 34.0

$ 75.9

$ 32.1

$ 79.1

$ 3.9

$ 8.3

$ 41.6

$ 126.2

2013– 2018

capital has grown at an annual rate of 16.3%. We believe in employing our capital to support
continued growth and have not engaged in stock buybacks.

E XC E P T I ON A L C R E DI T QUA L I T Y

Credit is a core First Republic focus and remains strong, with only $3.0 million in loan losses
during 2018, or less than one basis point of average loans, and non-performing assets of only
five basis points of total assets at year-end.

2 018 P E R F OR M A N C E

In 2018, we experienced our strongest results yet:
• Revenues were up 16.6% to $3.0 billion
• Net income was up 12.7% to $853.8 million
• Earnings per share were up 11.6% to $4.81
• Tangible book value per share was up 11.9% to $45.26

Loan originations totaled $32.1 billion — our best year ever. Growth in loans outstanding was
20.7%, funded primarily by strong deposit growth and supported by capital growth.

Deposits were up 14.7%. Successful growth was generated across all of our channels — private
banking, banking offices, business banking and wealth management. Checking remains a strong
60% of total deposits at year-end.

BUS I N E S S BA N K I NG

Business Banking had a very good year. Both business loans and deposits grew nicely. At year-end,
business loans outstanding totaled $11.0 billion, up 32.6% year over year, and represented 15% of
total loans. Business deposits grew by 18.4% and represented 56% of total deposits at year-end.

PR I VAT E W E A LT H M A NAG E M E N T

Private Wealth Management had another strong year, with total assets under management or
administration up 18.0% to $126.2 billion in spite of difficult market conditions. Additionally,

CONSISTENT

PROFITABILITY AND

SHAREHOLDER

VALUE CREATION

COMPOUND

ANNUAL

GROWTH RATE

2013–2018

Results in 2018, and over the last five years, have been strong. Revenues have grown
16% per annum and tangible book value per share has grown 15% per annum.

stability
• Consistent, Founder-Led Leadership Team
• Stable Client Relationships
• Sustainable, Organic Expansion

shareholder value
• Enterprise Value 08/86: $23 Million (Initial IPO)
• Enterprise Value 12/18: $14.3 Billion
• Enterprise Value Growth Since 1986: 22%

Per Annum

R EVEN UES

+16 %

CAG R

TANGI BL E BO OK VALUE PER SHAR E

+15%

CAG R

$ 1.47 B

$ 3.04 B

$ 22.83

$ 45.26

2013– 2018

CAGR computed over 5 years
since December 31, 2013

we transacted over $33 billion of foreign exchange and placed $1.4 billion in face value of
insurance on behalf of our clients in 2018, up 68% and 107% respectively over 2017.

Total fee revenues from wealth management were up 21.7% and now represent 14.2% of total
revenues, compared to only 10.0% just five years ago.

N E X T- G E N E R AT I ON S T R AT E G Y

Our Student Loan Refinancing, First Home Program and Professional Loan Program households
grew 55% during the year, with total loan originations of $1.7 billion. Such next-generation clients,
who are generally younger, now represent fully 37% of First Republic’s total consumer borrowing
households, compared to only 14% three years ago — an increase of more than 2.5 times. This
strong trend has transformational implications for First Republic.

C L I E N T HOU S E HOL D G ROW T H

A key measure we watch carefully, total client household growth, is being favorably impacted
by our next-generation programs and was exceptionally strong in 2018. During the 2010–2014
period, our new borrowing household growth rate was 15% per year. For the three-year period
2015–2018, it was 23% per year, a more than 50% increase. This change provides First Republic
a rapidly expanding and diversified client base.

G R A DI F I

In 2018, Gradifi successfully introduced its College SaveUp program, as well as its new Gradifi
Refi program, which enables employers across the country to offer attractive student loan refi-
nancing programs to their employees. Gradifi grew during the year to serve over 600 corporate
clients by year-end.

F R A N C H I S E I N V E S T M E N T S

We continue to make significant investments in our franchise, including: continuously enhancing
our regulatory and risk management infrastructure; upgrading our consumer-facing technology;

FRC STOCK PRICE

SINCE SECOND IPO

12/08/10–12/31/18

Chart period of 8 years

SHAR EHOL DER VALUE

+16 %

CAG R

$ 110

$100

$ 90

$ 80

$ 70

$ 60

$ 50

$ 40

$ 30

$ 20

$ 10

$ 0

IPO #2
12/08/10
$25.50 / share

12 / 31/18
$86.90 / share

12/08/10 12/31/11

12/31/12

12/31/13

12/31/14

12/31/15

12/31/16

12/31/17

12/31/18

improving our offices and facilities; and enhancing our workplace and operational environment.
In 2018, we also added five new locations to our Preferred Banking Office network, including our
expansion to Jackson, Wyoming.

C OM M U N I T Y I N V E S T M E N T S

Throughout 2018, we saw excellent growth in our programs dedicated to helping our local
communities prosper. Our Community Advisory Board is enhancing our already strong fair
lending and Community Reinvestment Act (CRA) programs. And our Eagle Community Loan
Program continues to help more individuals in our communities become homeowners.

L . M A RT I N G I B B S

Before closing this year’s letter, we would like to acknowledge and thank Marty Gibbs, who
is retiring after 34 years of extraordinary service as a key Board Member. We want to express
our profound gratitude to Marty for his insightful and dedicated service to First Republic as a
Director since our founding. In fact, Marty, as our outside legal counsel at the time, was the sole
original incorporator of First Republic — in February 1985. He has contributed immeasurably to
the strategy, integrity, growth and success of First Republic for over three decades and remains
a great friend of the Bank.

S U M M AR Y

2018 was a volatile year with respect to both the interest rate and investment markets. Despite the
challenging environment, First Republic produced our best results ever. Our growth comes directly
from happy clients who continually do more with us and actively refer their friends. The power of
this simple, client-centric service model coupled with our conservative risk management approach
allows us to provide stable results in a wide range of economic conditions. A stable, sustainable
growth model — intensely executed every day.

Without our wonderful communities of clients, shareholders and dedicated colleagues,
First Republic would not succeed. We truly thank each of you for your continued business,
ongoing support and hard work.

It’s a privilege to serve you,

James H. Herbert, II
Chairman and Chief
Executive Officer (Founder)

Hafize Gaye Erkan
President

Jason C. Bender
Chief Operating Officer

Michael J. Roffler
Chief Financial Officer

Michael D. Selfridge
Chief Banking Officer

David B. Lichtman
Chief Credit Officer

Mollie M. Richardson
Chief Administrative
and People Officer

Robert L. Thornton
President, Private Wealth
Management

From left to right:

Mollie Richardson, Bob Thornton, Mike Roffler, Jim Herbert,
Gaye Erkan, Mike Selfridge, Jason Bender, David Lichtman

Client Index

Page

Category

Client

Private Club

WS New York

Arts / Nonprofit

American Ballet Theatre

Personal Banking

Tiffany Hogan, M.D., and
Shanon Peter, M.D.

Entrepreneur

Greg Flynn

Entrepreneurs / Gradifi

Kara and Theo Goldin

Independent School

Professional Children’s School

Chefs and Restaurateurs

Nicole Krasinski and Stuart Brioza

Nonprofit

Delancey Street Foundation

Personal Banking and Brokerage*

John J. Raymond, Jr., and
Beverlee Miller Raymond

Personal Banking

Morgan Bush

Medical

West Portal Oral &
Facial Surgery Center

Independent School / Gradifi

Bentley School

Entrepreneurs

Debbie Sterling and Beau Lewis

Venture Capital

Lu Zhang

Business Banking

Factory OS

Personal and Business Banking

Bruce and Elisabeth Percelay

Personal Banking

John and May Herr

Personal Banking

Nick Winton

Nonprofit

National Coalition of Girls’ Schools

Real Estate Development
and Property Management

Urban Development + Partners

Personal Banking

Paola Gianturco

Personal Banking

Ghia Griarte and Rod Brewster

Attorney

Loren M. Lopin

Personal Banking

Dalila Ramos Alvarado

Nonprofit

Personal Banking

Personal Banking and Trust

Chinatown Health
Clinic Foundation

Mike Johnston and
Nicole Mirchandani

Sir Peter Wood, CBE,
and Jacqueline Fox

Winery

Hamel Family Wines

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

Our clients say it best.

“ We found the perfect pairing with
First Republic — a bank that understands
WS New York and our commitment to
extraordinary experiences.”

WS New York Founders

Stephen M. Ross, Client Since 2007 (left)

Marvin R. Shanken, Client Since 2009 (center)

Kenneth A. Himmel, Client Since 2006 (right)

WS New York

NEW YORK, NEW YORK

WS New York, Hudson Yards’ only private membership club in the heart of the city’s
newest neighborhood, creates unparalleled access to the finest wine and spirits, world-
class dining and one-of-a-kind cultural events. The passion project of Stephen Ross,
Kenneth Himmel and Marvin Shanken, WS New York will celebrate its grand opening
in Fall 2019. As a longtime financial partner to the three founders, First Republic was
the natural choice for their Club’s banking needs. First Republic, known for delivering
extraordinary client service, has decades of experience working with private clubs.

“ First Republic understands our legacy
and our bold aspirations. We define the
goal, and they help us get there.”

Kara Medoff Barnett, Executive Director

American Ballet Theatre

Client Since 2016

NEW YORK, NEW YORK

Founded in 1940, American Ballet Theatre (ABT) is a cultural institution. ABT’s mission,
to create, preserve and extend the legacy of classical dance, cannot be achieved without
truly devoted artists, staff, trustees and partners. As a child, Kara Medoff Barnett decorated
her bedroom walls with ballet posters. She now serves as Executive Director of ABT,
a dream fulfilled. Every decision she and her leadership team make comes from a place
of care and passion. The decision to work with the Bank was no exception. Like ABT
itself, First Republic is a deeply human enterprise focused on creative collaboration.
First Republic is proud to serve as a partner to America’s National Ballet Company®.

“ Refinancing our student loans with
First Republic helped us move into
our forever home faster.”

Tiffany Hogan, M.D., Oncologist (left)

Shanon Peter, M.D., Internist (right)

Pictured with Tommy and Lily

LOS ANGELES, CALIFORNIA

Tiffany Hogan, M.D., and
Shanon Peter, M.D.

Clients Since 2016

Moving into a new home where their family could plant roots was an important mile-
stone for Tiffany Hogan and Shanon Peter. The challenge was finding a home that their
kids could grow into and, ideally, had space for a piano in a competitive market. Since
refinancing their student loans with First Republic, they’d saved enough for a down pay-
ment that offered them the flexibility they needed. From there, First Republic guided
them through a seamless mortgage process that landed them in their forever home.

“ I believe that success comes from trusting
and empowering the people around you.
First Republic shares that philosophy.”

Greg Flynn, Chairman, CEO and Founder, Flynn Holdings

Greg Flynn

Client Since 2010

SAN FRANCISCO, CALIFORNIA

For Greg Flynn, it all starts with a solid team. Since 1994, the same core team at Flynn Holdings
has built success in both the commercial real estate and restaurant franchise sectors by focusing
on stability and innovation. First Republic shares that focus, offering Greg a long-term financial
partnership that evolves with his needs. With a nearly decade-deep understanding of his financial
profile, First Republic can deliver the quick business decisions that help Greg’s entrepreneurial
spirit thrive.

Kara and Theo Goldin

Clients Since 1999

SAN FRANCISCO, CALIFORNIA

“Mission-driven entrepreneurship” is how Kara Goldin, Founder and CEO of hint, Inc., defines her
business approach. When the idea to start an unsweetened flavored water company struck her, it
wasn’t a question of if, but how. For that, she turned to First Republic. Since she and her husband,
Theo, bought their first home with the Bank in 1999, the relationship has evolved into a dynamic
partnership that includes financial guidance on personal and business matters (and early-stage prod-
uct testing with their neighborhood banking team). As the couple continues to grow the hint, Inc.,
brand and share healthy choices with consumers, First Republic is ready to meet their evolving needs.

hint, Inc., is proud to offer an education debt refinance benefits program through Gradifi.

“Working with First Republic is just easy.
Our friends are shocked that we can email,
or actually call, someone at our bank.”

Kara Goldin, Founder and CEO, hint, Inc.

Theo Goldin, COO, hint, Inc.

Professional Children’s School

Client Since 2012

NEW YORK, NEW YORK

Since 1914, Professional Children’s School (PCS) has served as a springboard for young
people in the arts and athletics. Students are able to prioritize their dreams, and launch
their careers, while receiving a rigorous academic education. PCS understands that its
mission takes a shared commitment — among students, educators and administrators.
When PCS began its relationship with First Republic, it found a new partner in that
mission. PCS continues to thrive, supported by the strength of its relationship with
First Republic, which has a decades-long commitment to independent schools.

“Extraordinary goals require extraordinary
partnership. That’s what we provide for
our students, and what First Republic
brings to our school.”

Dr. James Dawson, Head of School

“ Our relationships with local farmers
strengthen our business. Our relationship
with First Republic is no different.”

Nicole Krasinski, Pastry Chef and Owner, State Bird Provisions and The Progress

Stuart Brioza, Chef and Owner, State Bird Provisions and The Progress

SAN FRANCISCO, CALIFORNIA

Nicole Krasinski and Stuart Brioza

Clients Since 2014

When they opened their Michelin-starred restaurant, State Bird Provisions, Nicole
Krasinski and Stuart Brioza realized there was no map for their journey. They crafted
a unique dining experience by trusting their instincts and honing every element. From
their carefully trained staff to the locally sourced ingredients that make up the dishes at
State Bird Provisions and The Progress, no detail is overlooked. With First Republic,
Nicole and Stuart found a financial partner equally attentive to the details of their busi-
ness and personal needs.

SAN FRANCISCO, CALIFORNIA

Delancey Street Foundation

Client Since 2018

As the country’s leading residential self-help organization, Delancey Street Foundation
believes that people can change. Founded in 1971, the Foundation is committed to help-
ing individuals ready to overcome substance abuse issues, gang involvement and other
obstacles in order to forge a new path for themselves. Their mission is a team effort,
and it’s one that depends on a collective commitment to their internal community. The
Foundation’s work goes hand in hand with First Republic’s dedication to values-driven
nonprofits. With First Republic by its side, the Foundation continues to expand its
vision and reach.

“First Republic is so much
more than a bank — they feel
like a part of our community.”

Dr. Mimi Silbert, President and CEO

Pictured with Maple

“ The service at First Republic suits
our style — attentive and professional
yet down to earth. We trust them with
both our banking and brokerage.”

John J. Raymond, Jr., Partner, Nelson Mullins Broad and Cassel

Beverlee Miller Raymond, Founder, Extraordinary Charities

Brokerage services are offered through First Republic Securities Company, LLC, Member FINRA/SIPC.

WEST PALM BEACH, FLORIDA

John J. Raymond, Jr., and
Beverlee Miller Raymond

Clients Since 2014

Beverlee and John Raymond are building a legacy of doing the right thing. Inspired by
the values of generosity and caring embodied by Beverlee’s father, the couple decided
to start a nonprofit. Extraordinary Charities highlights unsung and underfinanced
charitable giving opportunities, raising awareness for smaller nonprofit organizations
in Palm Beach County. With First Republic, they have found a financial partner who
echoes their values and understands the details of their lives — and business plan — to
ensure their legacy is secure.

Morgan Bush

Client Since 2017

LOS ANGELES, CALIFORNIA

From her training as a track and field champion to her law school studies at USC, Morgan Bush
has always been working toward the next big goal. Now established in her legal career, Morgan
has her sights set on buying a home after she tackles her student loan debt. Following the advice
of colleagues, she went to First Republic to refinance her student loans with a lower interest rate
and a shorter term. Now she’s on track to get out of debt years sooner, and she’s saving more of her
money for that next big goal.

“By refinancing my student loans
with First Republic, I’ll be debt free
in less than four years.”

Morgan Bush, Attorney

“ First Republic handles the banking
side of our business, allowing us to focus
on taking the best care of our patients.”

Dean L. Duncan, D.D.S. (left)

Eric M. Scharf, D.D.S. (right)

West Portal Oral & Facial Surgery Center

Client Since 2012

SAN FRANCISCO, CALIFORNIA

Dr. Dean Duncan and Dr. Eric Scharf of West Portal Oral & Facial Surgery Center employ a com-
bination of expertise, efficiency and charisma to put patients at ease and build a happy client base.
The two maxillofacial surgeons turned to First Republic to finance the renovation of their original
office building in 2013. Since then, they’ve expanded the practice to three locations across San
Francisco and have hired three more surgeons. Dr. Duncan and Dr. Scharf credit First Republic’s
support of their vision as crucial to their success. Like the Bank, their practice is built on referrals
earned by providing high-caliber service.

Bentley School

Client Since 2005

OAKLAND, CALIFORNIA

Bentley School has a nearly century-long legacy of excellence in education — a distinction earned
through the dedication and passion of teachers and staff. The School must ensure that these
educators, its most important resource, receive the same high level of support that students do. To
that end, working with Gradifi, a First Republic company, to help alleviate the burden of student
loan debt for teachers and staff members was a powerful step. Bentley School cares for each
individual student and teacher in the same way that the Bank values its clients. This compatibility
is the foundation of the longstanding relationship between Bentley School and First Republic.

Bentley School is proud to offer an education debt refinance and repayment benefits program through Gradifi.

“Gradifi’s innovative employee
benefits help us deepen our investment
in our teachers and set us apart in a
competitive hiring environment.”

Pictured with Bentley School Educators benefiting from Gradifi

Arlene Hogan, Head of School

“ When we started banking with
First Republic, we found a level of
service we didn’t know we were missing.”

Debbie Sterling, Founder and CEO, GoldieBlox

Beau Lewis, Co-Founder, GoldieBlox

Pictured with Miles

SAN FRANCISCO, CALIFORNIA

Debbie Sterling and Beau Lewis

Clients Since 2016

Debbie Sterling and Beau Lewis didn’t plan on starting a business. But the idea to create
toys that get girls interested in STEM disciplines (Science, Technology, Engineering
and Math) took hold — and it wouldn’t let go. Today, GoldieBlox is a growing activity
platform producing top-selling toys and viral videos engineered to empower a new
generation of leaders. With First Republic, Debbie and Beau have found a trusted
partner who understands not only the details of their financial life, but also the values
that drive their family and entrepreneurial goals.

“ First Republic truly understands
the VC community. It goes beyond
a transaction-based relationship.”

Lu Zhang, Founder and Managing Partner, Fusion Fund

Lu Zhang

Client Since 2015

PALO ALTO, CALIFORNIA

Lu Zhang’s accelerated path from researcher to founder to investor — by age 30 — was always
part of her plan. As founding partner of Fusion Fund, her goal is to support diverse founders who
share her vision of transforming the health tech landscape. Lu has worked with First Republic
since 2015. In addition to having a team who understands both her personal and business banking
needs, she benefits from First Republic’s deep relationships within the VC community. Thanks,
in part, to this extensive connectivity that has generated referrals to investors, talent and other key
resources, First Republic continues to fuel Lu on her accelerated path.

Factory OS

Client Since 2017

VALLE JO, CALIFORNIA

When Rick Holliday came to First Republic with his plans for Factory OS, his passion for the
new business was infectious. His idea: affordable, high-quality urban housing solutions created
by an all-star team at a former naval shipyard. Rick insisted, “This is the business, this is the time
and this is the team.” Factory OS has found an extension of that team in First Republic. The Bank
serves as a dedicated partner with the experience and enthusiasm that enable Factory OS to act on
new opportunities quickly.

“Factory OS is the biggest project of
my career, and I couldn’t have picked
a better bank to do it with.”

Rick Holliday, Founder and CEO (center)

Larry Pace, COO (right)

Peter Palmisano, Financial Partner (left)

NANTUCKET AND BOSTON, MASSACHUSET TS

Bruce and Elisabeth Percelay

Clients Since 2007

From his real estate investments to his family life, Bruce Percelay believes in the power of
staying focused on his values. As the world changes around him, he constantly seeks new
opportunities to make a positive impact. That shared focus on values is why First Republic
has become an essential partner for the Percelay family. It’s a relationship that Bruce says
“transcends business.” First Republic is proud to help Bruce and Elisabeth move quickly on
business opportunities, advance their philanthropic work and secure an enduring legacy
for their family.

“Our relationship with First Republic
transcends business. It’s built on trust,
friendship and support.”

Bruce Percelay, Chairman and Founder, The Mount Vernon Company

Elisabeth Percelay, International Tax Attorney

John and May Herr

Clients Since 2003

WILSON, WYOMING

Before their recent move to Wyoming, John and May Herr raised their four children in
California’s Silicon Valley. While out with the kids one Saturday morning back in 2003,
John discovered the First Republic office in Palo Alto. The family was so impressed by
the warm welcome they received that the visit turned into a weekend ritual — and the
kids now associate banking with warm cookies and friendly conversations. As the Herrs’
needs evolved, their relationship with the Bank expanded naturally. And when the Bank
opened its new office in Jackson, the family was there on opening day, delighted to
welcome a familiar neighbor to their new hometown.

“First Republic has really grown
with our family. They make us feel at
home — no matter where we are.”

May Herr, Mother and Community Volunteer

John Herr, CEO, Avetta

“ First Republic tailors its offerings
to fit my needs. They make banking
stress-free and fast.”

Nick Winton, Founder and Partner, Anmahian Winton Architects

Nick Winton

Client Since 2012

BOSTON, MASSACHUSETTS

As a founding partner of Anmahian Winton Architects, Nick views collaboration as a
centerpiece of good design. His firm doesn’t just make beautiful buildings, they fortify
communities through innovative and sustainable architecture. Through easy and ongoing
communication, First Republic keeps in step with Nick’s philosophy and vision. Nick’s
relationship with First Republic melds the practical with the personal, providing a pillar of
support for his family and their future.

“ First Republic is more than just a bank —
they’re a partner in our mission.”

Megan Murphy, Executive Director

Pictured with students at Village School, NCGS member, Charlottesville, Virginia

National Coalition of Girls’ Schools

Client Since 2013

WORLDWIDE

Since 1991, the National Coalition of Girls’ Schools (NCGS) has remained focused on one
mission: empowering today’s K-12 girls to be tomorrow’s leaders. This mission is achieved
through a combination of advocacy, research, networking and professional development
for educators of girls. NCGS’s commitment to preparing the next generation of women
for success finds a perfect pairing with First Republic’s commitment to mission-driven
nonprofits. NCGS considers First Republic a strategic partner and draws on the Bank’s
deep well of experience with independent schools in their ongoing development efforts
on behalf of girls’ schools worldwide.

“ First Republic gets things done
exceptionally fast. That’s important
for our line of work.”

Avi Ben-Zaken, Principal (left)

Eric Cress, Principal (right)

Urban Development + Partners

Client Since 2014

PORTLAND, OREGON

Urban Development + Partners (UD+P) builds with purpose in their Portland community.
Focused on sustainability and adaptive reuse, the firm develops properties throughout the
city, many of which they also manage and operate. UD+P considers themselves to be in
the service business, constructing relationships and buildings for the long term. In working
with First Republic, UD+P has found a financial partner driven by those same values.
Like UD+P, First Republic believes in the power of personalized, team-based support
for its clients.

“ When your work takes you around
the world, you need bankers you trust
back home. I’m privileged to have an
all-star team at First Republic.”

Paola Gianturco, Photographer and Author

Paola Gianturco

Client Since 2007

MILL VALLEY, CALIFORNIA

Paola Gianturco has dedicated her career to giving voice to the experiences and accom-
plishments of women. From her years as an executive with the first woman-owned ad
agency in the United States to her current work as a globe-trotting documentary pho-
tographer and author, Paola follows her passion where it takes her. With First Republic,
she has a financial partner who can keep up, whether she needs to prepay an interpreter
in a remote location or request euros fast. No matter where she finds herself in the world,
Paola can depend on First Republic to deliver the same high level of service.

Ghia Griarte and Rod Brewster

Clients Since 2011

BURLINGAME, CALIFORNIA

Ghia Griarte and Rod Brewster aren’t afraid of a new challenge. The two entrepreneurs
have built individual careers that span engineering, business and technology. What start-
ed with a competitive mortgage rate at First Republic has since grown into a banking
relationship that encompasses both their personal and professional finances. Whether
delivering foreign currency for an upcoming family vacation or helping them open new
business accounts, First Republic’s ability to anticipate their needs continues to exceed
expectations. Ghia and Rod rely on First Republic to help keep their financial lives run-
ning smoothly so they can focus on the next venture.

“The service at First Republic is
unmatched. They go out of their
way to meet our needs.”

Ghia Griarte, Managing Partner, Ponte Partners

Rod Brewster, Founder and CEO, Pingtumi

“ I refer my own clients to First Republic
because I know they’ll get the support
they need.”

Loren M. Lopin, Attorney, Trusts & Estates P.C., and Cycling Enthusiast

SAN FRANCISCO, CALIFORNIA

Loren M. Lopin

Client Since 2008

As a leading trust and estate attorney, Loren M. Lopin helps his clients protect themselves
and their loved ones through personalized estate planning. Loren interacts with many
banks on behalf of his clients and understands what a seamless, effective process looks
like. He has also seen the opposite. So when Loren ranks First Republic highly for its
level of service, support and personal accountability, it’s no small honor. For both his
legal practice and his personal banking, Loren has found a trusted, long-term partner
in First Republic.

“ The First Republic team has supported
me from day one — helping me buy my
first home and save along the way.”

Dalila Ramos Alvarado, Early Childhood Educator

Dalila Ramos Alvarado

Client Since 2014

LOS ANGELES, CALIFORNIA

When Dalila Ramos Alvarado got the keys to her condo, she took in the city sounds and lights
and thought, “I’m home.” She’d diligently saved for the down payment, focusing on her priorities:
raising her young son in a stable, comfortable home while continuing her career as an educator
in the city she loves, Los Angeles. First Republic guided her through the homebuying process,
identifying a grant that would make her ideal home an affordable reality. That support continued
after she moved in. Dalila’s personal banker called about an opportunity to refinance her mortgage
at an even lower rate, enabling her to spend more time with her son and save for his future.

Chinatown Health Clinic Foundation

Client Since 2014

NEW YORK, NEW YORK

The Chinatown Health Clinic Foundation (CHCF) supports the Charles B. Wang Community
Health Center, a nonprofit that’s been improving access to quality health services for underserved
populations since 1971. Thanks to CHCF and the tireless dedication of a few individuals, what began
as a volunteer effort in a church basement has grown to be the neighborhood’s largest provider
of healthcare. In 2014, CHCF found a natural fit with First Republic, a bank that has decades of
experience supporting mission-driven nonprofits. Most recently, First Republic refinanced CHCF’s
commercial loan, helping to free up enough capital to fund the opening of another health center
site and further extend quality care to the community.

“First Republic believes in the
work we’re doing. That makes all
the difference in the world.”

Raymond Fong, M.D., President of the Board (center)

Marie Lam, Board Member and Health Center Co-Founder (left)

Susan Cole, Board Member (right)

“ First Republic offered us invaluable guidance
during the homebuying process. And their
support has continued since we moved in.”

Mike Johnston, Entrepreneur

Nicole Mirchandani, Attorney

SAN FRANCISCO, CALIFORNIA

Mike Johnston and Nicole Mirchandani

Clients Since 2017

After years of renting (and saving) in San Francisco, Mike Johnston and Nicole Mirchandani
were ready to find a place they could call their own. Envisioning backyard barbecues and
family dinners, the newlyweds were seeking ample space, a chef ’s kitchen and, of course, a
relatively easy Bay Area commute. Their search was full of ups and downs. But when they
found First Republic, they gained a responsive, experienced team who understood their
finances and the competitive market. The couple landed in a home that checks all the right
boxes, with a new financial ally to support them into the future.

Sir Peter Wood, CBE, and Jacqueline Fox

Clients Since 2014

PALM BEACH, FLORIDA

The founder of seven successful insurance firms across the globe, Sir Peter Wood now enjoys the
peaceful setting of his adopted home in Palm Beach, Florida. With a breadth of experience working
with banks around the world, Sir Peter was immediately impressed by the personal greeting he
received during his first visit to First Republic. The Bank’s entrepreneurial culture was another
point of connection for this business leader. Although he has his choice of financial partners, Sir
Peter turns to First Republic for the high-touch service and quick decision-making that he values.

“I wouldn’t hesitate to recommend
First Republic for banking and trust
services. The human relationship and
friendly approach set them apart.”

Sir Peter Wood, CBE, Insurance Entrepreneur,
Property Developer and Philanthropist

Hamel Family Wines

Client Since 2006

SONOMA, CALIFORNIA

For the Hamels, the goal was simple: create a family business built for the long term.
Through a blend of passion, respect for the land and a commitment to quality wine-
making, each family member is involved and contributes meaningfully. Guests who
visit Hamel Family Wines experience a celebration of the senses, from the estate house
design and sweeping vineyard views to the warm hospitality and artisan wines. It’s not
unlike First Republic’s thoughtful approach to banking, which attracts clients who value
a high level of service and attention to detail. This shared ethos is the foundation of a
long-standing client relationship.

“First Republic is part of almost
every aspect of our life and business.
We wouldn’t want it any other way.”

(listed from right to left)

John Hamel, Managing Director

George Hamel, III, Managing Director

George Hamel, Jr., Vintner

Pamela Hamel, Vintner

“ Our growth is primarily driven by
our very satisfied clients — a simple,
safe and sustainable business model.”

Jim Herbert
Chairman and Chief Executive Officer (Founder)

Contents

The First Republic Difference

Overview of Products and Services

Financial Summary

Additional Information

Investing in Our Communities

Executive Leadership

Board of Directors

First Republic Values

Locations

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 C

Residential
Lending

Personal
Lending

Commercial
Real Estate
Lending

F
U
L
L-
S
E
R
V
I
C
E

P
R

Y
O
U

C L I E N T

BLIC R E L A T I

S B

KING

Financial
Planning

Investment
Management

Brokerage
Services

T
N
E
M
E
G
A
N
A
M
H
LT
A
E

Trust
Services

R
E
G
A
N
A
M

H IP
R I V A T E W

Checking,
Savings,
CDs
(Deposits)

Insurance
Services

Business
Banking

Foreign
Exchange

The First Republic Difference

What sets First Republic apart is our unwavering commitment to exceptional client service. Each client
benefits 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 is designed to address our clients’ complete financial 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 satisfied
existing clients.

Our distinctive brand of Private Banking includes:

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

• Full-service banking on both coasts, including online and mobile banking and bill pay. With our ATM Rebate Checking

account, we don’t charge ATM access fees at virtually all ATMs around the world and even rebate access fees
charged by other banks.

• A commitment to our clients’ financial safety and privacy, which 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. That’s why we call it Private Business Banking.

Specialized services offered for:

• Accounting Firms

• Law Firms

• Business Management Firms

• Medical Practices

• Engineering Services

• Nonprofits

• Real Estate Investors

• Small Businesses

• Technology Firms

• Family Offices

• Hedge Funds/Firms

• Independent Schools

• Private Aircraft/Marine Financing

• Venture Capital Funds/Firms

• Private Clubs

• Wineries

• Private Equity Funds/Firms

• Investment Management Firms

• Property Management Firms

Private Wealth Management

First Republic Private Wealth Management professionals deliver objective, customized wealth manage-
ment solutions and goals-based strategies to individuals, corporations and nonprofit organizations.

Wealth Management services include:

• Investment Management

• Financial Planning

• Trust Administration and Custody

• Insurance Services

• Brokerage Services

• Foreign Exchange

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 offered through
First Republic Securities Company, LLC, Member FINRA/SIPC. Insurance services are provided through First Republic
Securities Company, DBA Grand Eagle Insurance Services, LLC, CA Insurance License # 0I13184, and First Republic
Investment Management, DBA Eagle Private Insurance Services, CA Insurance License # 0K93728.

Investment, Insurance and Advisory Products and Services are Not FDIC Insured or Insured by Any Federal Government
Agency, Not a Deposit, Not Bank Guaranteed and May Lose Value.

Overview of Products and Services

Residential
Lending

• Single-Family Mortgages

• Vacation Home Mortgages

• Bridge Loans

• Construction-to-Permanent Loans

• Co-Op and Condominium Loans

• Eagle Community Loans¹

• Home Equity Lines of Credit

Personal
Lending

Commercial
Real Estate
Lending

Checking,
Savings, CDs
(Deposits)

Business
Banking

• Stock/Bond Secured Loans

• Student Loan Refinancing²

• Unsecured Loans

• Streamlined Loans and Lines of Credit

• Overdraft Lines of Credit

• Loan Programs to Help Partners and

Employees Invest in Their Firm or Fund

• Aircraft and Marine Financing

• Multi-Family Property Loans

• Commercial Real Estate Loans

• Mixed-Use Building Loans

• Construction and Renovation Loans

• ATM Rebate Checking³

• Passbook Savings

• Classic Checking

• Basic Checking

• Money Market Checking

• Money Market Savings

• Certificates of Deposit (CDs)

• Traditional, Roth and SEP IRAs

• Banking Online and Bill Pay

• Mobile Banking and Mobile Check Deposit

• Business Lending With Industry Expertise

• Corporate Online Banking and Bill Pay

• Lines of Credit and Term Loans

• Mobile Banking

• Owner-User Commercial Real Estate Loans

• Wires Direct Transmission

• Streamlined Small Business Lending

• ACH Services

• Capital Call Lines

• ACH Direct Transmission

• Loan Programs to Help Partners and

• Remote Deposit Services

Employees Invest in Their Firm or Fund

• Standby Letters of Credit

• Business Analyzed Checking

• Simplified Business Checking

• Business Interest Checking

• Business Money Market Accounts

• Multi-Client Management Accounts

• Direct Image Cash Letter

• Biller and Payment Solutions

• Positive Pay Services

• Paid Check Imaging

• Lockbox Services Nationwide

• Armored Car and Cash Vault Services

• Courier Services

• Attorney Trust Accounts (IOLTA, IOTA, IOLA)

• Merchant Card Services

• Business Escrow Services

• Deposit Account Control Agreements

• On-Site ATM Installation and Maintenance

• Complimentary Internet Security Health

• Business Debit Cards

Checks

• Provider of education debt refinance, repayment and savings benefits programs⁴

¹ A relationship manager can provide details and determine if a property is eligible for the Eagle Community Loan Program.
² This product is not a student loan. The terms of this product may differ from terms of your current loan. For example, this
product does not contain special features such as forbearance periods and income-based repayment plans available for
student loans.

³ Minimum $500 to open an ATM Rebate Checking account. A monthly service fee (currently $25) will apply if a $3,500 required

minimum average balance is not maintained. Other terms and conditions apply. Ask your banker for details.

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

⁴ Gradifi, Inc., is a wholly owned subsidiary of First Republic Bank.

Financial
Planning

Investment
Management

• Comprehensive Financial Review and Plan

• Tax Planning Strategies

• Cash Flow and Retirement Planning

• Wealth Transfer and Legacy Planning

• Insurance Review

• Philanthropic Planning

• Equity Management

• Cash Management

• Fixed Income Management

• Environmental, Social and Governance

• Alternative Investments¹

Investing

• Endowment Investment Management

• 401(k) Plan Management

and Consulting

• Online Investment Management Service²

Brokerage
Services

• Full-Service and Online Brokerage Services

• Structured Product Investments

• Equities, Mutual Funds and Options

• Stock Donation Brokerage Services

• Money Market Mutual Funds

• 10b5-1 Plans for Corporate Executives

• Fixed Income

• Margin Loans

• Hedging Strategies for Concentrated Stock

Positions

• FDIC-Insured Sweep Accounts

Trust
Services

• Personal Trust Services With Open

• Custody Services

Architecture

• Trustee of Various Types of Revocable,
Irrevocable and Testamentary Trusts

• Estate Settlement/Executor Services

• Agent for Trustee Services

• Independent and Objective Reporting

• Delaware Managed Trust and Directed Trust

Services

Insurance
Services

• Access to Top-Rated Carriers and

• Private Placement Life and Annuity Products,

Best-in-Class Products

Offering Alternative Investments

• Life Insurance Products for Estate Planning,

• Disability Products for High-Income

Business Planning, Tax-Deferred Cash
Accumulation and Income Protection

Executives and Professional Services Firms

• Specialty and Hybrid Long-Term Care Products

Foreign
Exchange

• Spot Foreign Exchange Contracts

• Currency Swaps

• Foreign Currency Wires

• Foreign Currency Options

• Foreign Currency Accounts/Deposits³

• Structured Hedging Solutions

• Forward Foreign Exchange Contracts

¹ These products are offered to clients who meet certain eligibility and suitability requirements.
² Offered in partnership with FutureAdvisor.
³ Foreign currency deposit accounts are offered by First Republic Bank. FDIC insurance does not cover for losses due to

devaluation of foreign currency.

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 offered through First
Republic Securities Company, LLC, Member FINRA/SIPC. Insurance services are provided through First Republic Securities
Company, DBA Grand Eagle Insurance Services, LLC, CA Insurance License # 0I13184, and First Republic Investment
Management, DBA Eagle Private Insurance Services, CA Insurance License # 0K93728.

Investment, Insurance and Advisory Products and Services, and Foreign Exchange Transactions, are Not FDIC Insured
or Insured by Any Federal Government Agency, Not a Deposit, Not Bank Guaranteed and May Lose Value.

Financial Summary / 2018

Consolidated Statement of Income

in thousands, except per share amounts

YEAR E N DE D D EC EMBER 31

2 018

2 017

2 016

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
Insurance fees
Trust fees
Foreign exchange fee income
Deposit fees
Loan and related fees
Loan servicing fees, net
Gain on sale of loans
Gain (loss) on investment securities, net
Income from investments in life insurance
Other income

Total noninterest income

Noninterest expense:

Salaries and employee benefits
Information systems
Occupancy
Professional fees
Advertising and marketing
FDIC assessments
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

$ 2,442,469
540,753
25,187
23,197
3,031,606

290,040
240,458
530,498

2,501,108
76,092
2,425,016

341,539
31,867
10,090
14,633
35,606
24,974
15,713
13,302
5,616
5,202
40,670
4,233
543,445

1,109,228
241,752
152,258
60,058
60,463
58,122
234,838
1,916,719

1,051,742
197,914
853,828
57,725
$ 796,103

$
$
$

4.89
4.81
0.71
162,948
165,612

$ 1,903,070
521,837
14,861
11,850
2,451,618

134,786
165,369
300,155

2,151,463
60,181
2,091,282

282,868
26,666
5,555
13,658
27,691
22,633
13,012
13,800
9,233
(833)
37,874
8,304
460,461

930,908
208,625
136,746
56,950
48,398
55,792
202,122
1,639,541

912,202
154,542
757,660
58,040
$ 699,620

$
$
$

4.44
4.31
0.67
157,624
162,340

$ 1,573,403
378,719
19,266
9,485
1,980,873

73,765
89,946
163,711

1,817,162
47,192
1,769,970

224,626
27,661
4,207
12,365
22,406
20,699
14,097
13,465
4,828
1,055
48,119
1,284
394,812

763,625
153,207
119,139
52,740
32,783
44,200
171,492
1,337,186

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

$
$
$

4.07
3.93
0.63
148,752
154,095

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

Consolidated Balance Sheet

dollars in thousands

Assets

AS OF DECEMBER 31

Cash and cash equivalents

Investment securities:

Investment securities available-for-sale
Investment securities held-to-maturity
Equity securities (fair value)

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

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 and other intangible assets
Mortgage servicing rights

Total Assets

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

2 018

2 017

$ 2,811,159

$ 2,297,021

1,779,116
14,436,973
18,719
16,234,808

37,955,252
2,542,713
10,357,839
6,677,440
645,924
1,576,582
10,998,503
1,432,911
1,105,751
2,572,367
75,865,282

(439,048)
75,426,234

98,985
1,376,579
1,057,541
1,538,971
332,483
273,974
54,470
$ 99,205,204

2,418,088
16,157,945
—
18,576,033

31,508,468
2,735,612
8,640,233
6,083,152
591,066
1,116,855
8,295,224
1,083,553
1,015,039
1,771,013
62,840,215

(365,932)
62,474,283

87,695
1,330,652
1,107,546
1,254,720
296,197
290,221
66,139
$ 87,780,507

Liabilities and Equity

AS OF DECEMBE R 31

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
Other liabilities

Total Liabilities

Shareholders’ Equity:

2 018

2 017

$ 30,033,658
17,089,520
10,317,436
10,245,107
11,377,515
79,063,236

100,000
8,700,000
896,432
777,475
990,284
90,527,427

$ 26,355,331
17,324,683
9,251,504
8,752,396
7,234,794
68,918,708

100,000
8,300,000
894,723
777,084
971,691
79,962,206

Preferred stock, $0.01 par value per share;

940,000 and 990,000 shares issued and outstanding

940,000

990,000

Common stock, $0.01 par value per share;

164,901,950 and 161,695,803 shares issued and outstanding

Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss

Total Shareholders’ Equity

Total Liabilities and Shareholders’ Equity

1,649
4,024,306
3,731,205
(19,383)
8,677,777
$ 99,205,204

1,617
3,778,913
3,051,611
(3,840)
7,818,301
$ 87,780,507

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, 2018, the Bank believes that its shares are held beneficially by approximately
160,000 shareholders.

First Republic Bank’s issues of Preferred Stock trade as depositary shares on NYSE under the symbols
FRCPrD for the Series D, FRCPrF for the Series F, FRCPrG for the Series G, FRCPrH for the Series H
and FRCPrI for the Series I.

Additional Information and Where to Find it

In accordance with the Securities Exchange Act of 1934 (the “Exchange Act”), First Republic files annual
reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements for
the annual meeting of shareholders and other information with the Federal Deposit Insurance Corporation
(“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 firstrepublic.com or upon written or telephone request to
us at: First Republic Bank Investor Relations, 111 Pine Street, San Francisco, CA 94111, (415) 392-1400.

Forward-Looking Statements

This 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 identified 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. These statements
are often, 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. Our actual results could
differ materially from those expressed or anticipated in such forward-looking statements as a result of
risks and uncertainties more fully described in the risk factors in our 2018 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 financial 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 affect 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 offices); expectations about the performance of any new

offices; projections about the amount and the value 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 efficiency ratio; and descriptions of assumptions
underlying or relating to any of the foregoing. Factors that could cause actual results to differ from those
discussed in the forward-looking statements include, but are not limited to: significant competition to
attract and retain banking and wealth management customers, from both traditional and non-traditional
financial services and technology companies; our ability to recruit and retain key managers, employees
and board members; the possibility of earthquakes, fires and other natural disasters affecting 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, including those affecting the valuation of our investment
securities portfolio, which could result in other-than-temporary impairment if the general economy
deteriorates, credit ratings decline, the financial 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; developments and uncertainty related to
the future use and availability of reference rates, such as the London Interbank Offered Rate and the 11th
District Monthly Weighted Average Cost of Funds Index; the regulatory environment in which we operate,
our regulatory compliance and future regulatory requirements; the impact of tax reform legislation; any
future changes to regulatory capital requirements; legislative and regulatory actions affecting us and the
financial services industry, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act (the
“Dodd-Frank Act”), including increased compliance costs, limitations on activities and requirements to
hold additional capital, as well as changes to the Dodd-Frank Act pursuant to the Economic Growth,
Regulatory Relief and Consumer Protection Act; 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 tech-
nology infrastructure, including client-facing systems and applications.

For a discussion of these and other risks and uncertainties, see the risk factors in our 2018 Annual Report on
Form 10-K and any subsequent reports filed by First Republic under the Exchange Act. These filings 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 differ materially
from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Any
forward-looking statements are qualified in their entirety by reference to the factors discussed throughout
this document and in our 2018 Annual Report on Form 10-K and our other public filings under the
Exchange Act. 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 reflect events or circumstances
after the date on which the statement is made or to reflect the occurrence of unanticipated events.

Investing in Our Communities

affordable housing
children
education
health and welfare
the arts

Our commitment to our communities goes far beyond banking. Since 1985, we
have consistently donated both time and resources to provide essential services
to those who need them most. In addition, we have an active and significant
commitment to building strong, dynamic communities through innovative
banking and engagement programs. We continue to develop strong partnerships
with a diverse group of nonprofits supporting the communities in which we
live and work. Join us in celebrating three such outstanding organizations.

Tenderloin Neighborhood
Development Corporation

San Francisco, California

Since 1982, Tenderloin Neighborhood Development Corporation

(TNDC) has helped over 4,700 people thrive by building affordable

housing and developing supportive communities in San Francisco.

TNDC provides housing and services so that people with low

incomes can focus on what’s important, like coping with chronic

illness, raising a family or finding a voice in the community. Through

supplementary programs like the Tenderloin After-School Program

and Leadership Academy, TNDC continues to make a positive

impact in San Francisco.

Dress for Success San Francisco

San Francisco, California

Dress for Success San Francisco empowers women to achieve eco-

nomic independence by providing professional attire, development

tools and a support network of peers and advisors. The organization

offers a series of services based on life stages, all designed to help

unemployed and underemployed women at any phase of their pro-

fessional journey. Programs for workforce development, financial

literacy, wellness, leadership and civic responsibility help women

thrive in work and in life. Across more than 150 affiliates worldwide,

Dress for Success has helped more than one million women work

toward self-sufficiency.

Independent School Alliance

Los Angeles, California

For almost 35 years, the Independent School Alliance has worked

to make private schools in the greater Los Angeles area more inclu-

sive. The organization engages underrepresented communities to

provide guidance on independent school opportunities; identifies

and assists applicants; and offers ongoing support to the students

and their families. Through a robust partnership with over 50 ele-

mentary and secondary schools, the Independent School Alliance

has helped thousands of students excel. These students have thri-

ved both in the classroom and in extracurricular activities and have

gone on to attend some of the best universities in the country.

Investing in Our Communities

Community Advisory Board

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

First Republic’s Community Advisory Board, comprising five recognized and highly respected community
leaders, is a key part of our outreach. The Community Advisory Board offers advice and strategic guidance on
initiatives related to affordable housing, financial empowerment and small business and economic development.

4.7

Billion $

1.7

Billion $

13.4

Percent

Originated over 1,900 low-to
moderate-income community
development loans¹

Amount committed to low-
income housing tax credit
investments²

Percentage of single-family
home loans funded by unit to low-
to moderate-income borrowers³

programs

Percent

14,600+

Hours

Number of programs we participate
in to finance homeownership for
low- to moderate-income first-
time homebuyers²

Percentage of loans to independent
schools and nonprofit organizations in
our Business Banking loan portfolio⁴

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

¹ Loans originated from 2011 through 2017, the most recent reportable time period
² As of December 31, 2018
³ For loans funded in 2017, most recent data available as determined by Home Mortgage Disclosure Act (“HMDA”) data
⁴ Based on recorded investment as of December 31, 2018
⁵ For the year 2018

Janice Jensen, Board Chair

President and CEO of Habitat for Humanity East Bay/Silicon Valley

Ms. Jensen has more than 30 years of experience in nonprofit management, primarily in the fields of healthcare and affordable
housing. She serves as Vice Chair of the board of directors for Silicon Valley@Home. She is also a board member of the Habitat for
Humanity California State Support Organization and the Nonprofit Housing Association of Northern California and serves on the
board of governors for the California Housing Consortium. She was Vice Chair of Habitat for Humanity International’s U.S. Council
and chaired the U.S. Policy Committee. In 2017, the Silicon Valley Business Journal honored her as a “Woman of Influence.”

Faith Bautista, Board Member

President and CEO of the National Asian American Coalition and CEO of the National Diversity Coalition

Ms. Bautista is a champion of the underserved, reaching out to communities that have traditionally been left out of homeownership,
small business and financial literacy. She is an advisory member on the boards of numerous Fortune 500 corporations and leads
a CDFI focusing on home origination and small business. Ms. Bautista is also a member of the national advisory board for Charter
Communications. Formerly, she was a member of the Office of Thrift Supervision’s Minority Depository Institutions Advisory
Committee and sat on the Low Income Oversight Board for the California Public Utilities Commission.

John Hope Bryant, Board Member

Founder, Chairman and CEO of Operation HOPE; Chairman and CEO of Bryant Group Ventures and The Promise Homes
Company; and Co-Founder of Global Dignity

Mr. Bryant is a founding member of the Young Global Leaders and the Clinton Global Initiative. Mr. Bryant has received over 500
awards and citations for his work, including being named one of the “50 Leaders for the Future” by Time magazine, the 2016
“Innovator of the Year” by American Banker magazine and one of the “Most Admired CEOs of 2018” by the Atlanta Business
Chronicle. He also earned an honorable mention in Inc. magazine’s list of “The World’s 10 Top CEOs.” He is the author of
bestsellers The Memo, How the Poor Can Save Capitalism and Love Leadership.

Susan Ifill, Board Member

CEO of Neighborhood Housing Services of New York City

Ms. Ifill joined NHSNY in 2010 as COO and CFO and was named CEO in 2015. She has served on numerous nonprofit boards
and currently serves as the Chair of the Board of Trustees for Cambridge College in Boston. She also volunteers as a judge for
the National Junior League’s Annual Leadership & Vision Award and has led the session on board governance for the New York
Junior League nonprofit board training program. Before entering the nonprofit world, Ms. Ifill was the Senior Vice President and
Chief Retail Officer for Carver Federal Savings Bank in New York. Prior to that, she was Senior Vice President and Premier Banking
Market Manager at Bank of America.

Claudia Viek, Board Member

Founder of the Invest in Women Entrepreneurs Initiative; Former CEO of CAMEO, the California Association for Micro
Enterprise Opportunity

Ms. Viek has been a pioneer in micro business and business incubation in California and is recognized as a thought leader in economic
development, with a focus on women’s entrepreneurship and building local economies. She has been published in Huffington Post,
American Banker and The Washington Post. She is the founder and former Executive Director of the Renaissance Entrepreneurship
Center in San Francisco and a former board member of the Association for Enterprise Opportunity and serves on the MUFG Union Bank
Community Advisory Board. She was named the Small Business Administration’s “Women in Business Champion of the Year” in 2015.

Executive Leadership

First Republic’s leadership team represents considerable depth and
experience in the financial industry. Their guidance also reflects
extensive institutional knowledge and diverse perspectives.
What follows on this page and the next are biographies of our
executive team and Board of Directors.

James H. Herbert, II, 74

Chairman, Chief Executive Officer
(Founder) and Board Member

Mr. Herbert founded First Republic Bank
as CEO in 1985. Previously, he was the
Founder, President, Chief Executive
Officer and a director of San Francisco
Bancorp from 1980–1985. He currently
serves as the Federal Reserve’s Twelfth
District member of the Federal Advisory
Council and holds board/trustee positions
with Babson College; the San Francisco
Ballet Association (formerly Chair);
Lincoln Center for the Performing Arts,
New York; and The BASIC Fund. B.S.,
1966, Babson College; M.B.A., 1969,
New York University; 20-year attendee,
Chief Executives Organization’s Harvard
Presidents’ Seminar.

Jason C. Bender, 49

Executive Vice President
and Chief Operating Officer

Mr. Bender has been with First Republic
since 1999 and managed the Bank’s
finance department for over a decade
before being appointed Chief Adminis-
trative Officer in 2013. He was appointed
Chief Operating Officer in 2016 and is
responsible for the Bank’s overall opera-
tions and technology, as well as strategic
planning and secondary loan marketing.
He also 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.

Hafize Gaye Erkan, 39

President and Board Member

Ms. Erkan joined First Republic in 2014
and became the President in 2017
and Board Member in 2019. Prior to
First Republic, she held the position of
Managing Director and Head of Financial
Institutions Group Strategies at Goldman
Sachs, where she worked for nearly a
decade, advising boards and executive
management of large U.S. banks and
insurance companies. B.Sc., 2001, Bogazici
University (Turkey); Ph.D., 2006, Princeton
University; Harvard Business School
Advanced Management Program, 2015;
Stanford Graduate School of Business
Executive Program in Leadership, 2016.

Robert L. Thornton, 61

Executive Vice President
and President, 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 Execu-
tive 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.

Michael D. Selfridge, 51

Senior Executive Vice President
and Chief Banking Officer

Mr. Selfridge joined First Republic in
2012. He has served as Deputy Chief
Operating Officer, Chief Risk Officer and
Chief Operating Officer, and was appoin-
ted Chief Banking Officer in 2016. He
oversees Business Banking, Eagle Lending
and information security, and banking
in Northern California, Portland and
Jackson, Wyoming. Prior to First Republic,
he was with Silicon Valley Bank for 18
years, most recently serving as Head of
U.S. Regional Banking. 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.

David B. Lichtman, 55

Senior Executive Vice President
and Chief Credit Officer

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 Officer in 1995. In the role
of Chief Credit Officer, 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.

Michael J. Roffler, 48

Executive Vice President
and Chief Financial Officer

Mr. Roffler joined First Republic in
2009 as Deputy Chief Financial Officer
and was appointed Executive Vice
President and Chief Financial Officer
in 2015. Prior to joining the Bank, Mr.
Roffler worked for KPMG LLP for 16
years as a Certified Public Accountant,
five of which were as an audit partner.
He serves on the Board of Directors
of the American Heart Association,
Greater Bay Area. B.S., 1993, Marquette
University; Stanford Graduate School of
Business Executive Program, 2013.

Mollie M. Richardson, 40

Executive Vice President,
Chief Administrative Officer
and Chief People Officer

Ms. Richardson joined First Republic in
2003 and was appointed Chief Adminis-
trative Officer and Chief People Officer in
2016. Ms. Richardson oversees human
resources, facilities and administrative
services, and various bank-wide initiatives.
Ms. Richardson previously served as
Deputy Chief Administrative Officer 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.

Board of Directors

James H. Herbert, II, 74, Chairman, Chief Executive Officer (Founder) and Board Member

Sandra R. Hernández, M.D., 61, Board Member

Mr. Herbert founded First Republic Bank as CEO in 1985. Previously, he was the Founder, President, Chief Executive Officer and a
director of San Francisco Bancorp from 1980–1985. He currently serves as the Federal Reserve’s Twelfth District member of the
Federal Advisory Council and holds board/trustee positions with Babson College; the San Francisco Ballet Association (formerly
Chair); Lincoln Center for the Performing Arts, New York; and The BASIC Fund. B.S., 1966, Babson College; M.B.A., 1969, New
York University; 20-year attendee, Chief Executives Organization’s Harvard Presidents’ Seminar.

Dr. Hernández is President and CEO of the California Health Care Foundation, an independent foundation dedicated to improving
the health of the people of California. She is a gubernatorial appointee to the Board of Covered California, the California health
insurance marketplace. 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 certificate program, Harvard University’s John F. Kennedy School of Government.

Katherine August-deWilde, 71, Vice Chair and Board Member

Pamela J. Joyner, 60, Board Member

Ms. August-deWilde was an executive at First Republic Bank from 1985–2015. She served as President from 2007 and as COO
from 1996–2014. Previously, she was Senior Vice President and Chief Financial Officer at PMI Group. She serves on the public
company boards of TriNet Group, Inc., Eventbrite, Inc., and Sunrun, Inc. She also serves on the private company board of Equilar,
Inc. 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.

Ms. Joyner is a founding partner of Avid Partners LLC, a strategic marketing consulting firm. Previously, she held senior positions
at Bowman Capital Management LLC and Capital Guardian Trust Company. She is a trustee emeritus of Dartmouth College,
Chair of the Tate Americas Foundation, and a trustee of the Art Institute of Chicago and J. Paul Getty Trust. She was previously
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.

Thomas J. Barrack, Jr., 71, Board Member

Reynold Levy, 73, Board Member / Lead Outside Director

Mr. Barrack is Executive Chairman and CEO of Colony Capital, Inc. He served in the Reagan administration as Deputy Undersec-
retary of the Department of the Interior. He is a trustee of the University of Southern California, sits on a variety of 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.

Mr. Levy serves as a consultant to commercial organizations, nonprofit institutions and individual benefactors. He most recently
served as President of the Robin Hood Foundation, and 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 a fellow of the
American Academy of Arts and Sciences, a member of the Council on Foreign Relations, and a trustee of the Charles H. Revson
Foundation and the American Ballet Theatre. B.A., 1966, Hobart College; M.A., 1969, University of Virginia; Ph.D., 1973, University
of Virginia; J.D., 1973, Columbia University Law School.

Hafize Gaye Erkan, 39, President and Board Member

Duncan L. Niederauer, 59, Board Member

Ms. Erkan joined First Republic in 2014 and became the President in 2017 and Board Member in 2019. Prior to First Republic,
she held the position of Managing Director and Head of Financial Institutions Group Strategies at Goldman Sachs, where she
worked for nearly a decade, advising boards and executive management of large U.S. banks and insurance companies. B.Sc.,
2001, Bogazici University (Turkey); Ph.D., 2006, Princeton University; Harvard Business School Advanced Management Program,
2015; Stanford Graduate School of Business Executive Program in Leadership, 2016.

Mr. Niederauer served as CEO of NYSE (2007–2014) and partner of Goldman Sachs. Currently he is a founding partner of Com-
munitas Capital Partners, a venture capital fund, and a co-founding partner of the Transcend Wealth Collective, an independent
investment advisory firm. He is a director of Realogy Holdings Corp. and Geox SpA, and sits on several additional boards, including
The American Ireland Fund and Team Rubicon. 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.

Frank J. Fahrenkopf, Jr., 79, Board Member

George G. C. Parker, 80, 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 firm 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 11 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. Parker is the Dean Witter Distinguished Professor of Finance, Emeritus, formerly Senior Associate Dean for Academic Affairs,
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 Capital, Inc., and formerly served on the board of directors of Continental Airlines,
Tejon Ranch Company and Threshold Pharmaceuticals, Inc. B.A., 1960, Haverford College; M.B.A., Ph.D., 1967, Stanford University.

L. Martin Gibbs, 81, Board Member

Cheryl Spielman, 64, 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 firm 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.

Ms. Spielman was a partner at Ernst & Young U.S. LLP from 1997–2015, where she led the Human Capital Financial Services
practice. From 1989–1996, she was an executive with the firm. Previously, she was a tax professional at Arthur Young & Company.
She is a trustee of the Cornell University Hillel Board and the Jewish Women’s Foundation of South Palm Beach County, a board
member of the Koby Mandel Foundation and Co-Vice President on the Board of Governors of the Polo Club of Boca Raton,
Florida. B.S., 1977, Cornell University; M.B.A., 1980, University of Chicago. Certified Public Accountant.

Boris Groysberg, 47, Board Member

Professor Groysberg teaches business administration in the Organizational Behavior unit at 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 firms 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.

Roger O. Walther, 83, Chairman Emeritus

Founding Chairman and member of Director’s Loan Committee, Mr. Walther is Chairman of Tusker Corporation, a real estate
management firm. 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.

First Republic Values

Do the Right Thing

Provide Extraordinary Service

Think Positively

Move Forward, Move Fast

Respect the Team

Take Responsibility

Grow

Have Fun

Locations

Northern
California

San Francisco

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

101 Pine Street
San Francisco, California 94111
(415) 262-8767

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

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

Pine Street Extension
101 Pine Street (at Front Street)
San Francisco, California 94111
(415) 262-8767

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

1354 Castro Street
San Francisco, California 94114
(628) 208-8100

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

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

The Presidio of San Francisco
558 Presidio Boulevard, Suite A
San Francisco, California 94129
(415) 561-2988

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

6001 Geary Boulevard
San Francisco, California 94121
(415) 751-3888

653 Irving Street
San Francisco, California 94122
(415) 564-8881

1809 Irving Street
San Francisco, California 94122
(415) 664-0888

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

San Francisco Peninsula

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

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

1111 South El Camino Real
San Mateo, California 94402
(650) 571-8388

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

1215 El Camino Real
Menlo Park, California 94025
(650) 470-8888

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

2275 El Camino Real
Palo Alto, California 94306
(650) 329-8883

400 South San Antonio Road
Los Altos, California 94022
(650) 559-8810

201 West El Camino Real
Sunnyvale, California 94087
(408) 733-8881

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

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

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

401 San Antonio Road, Suite 68
Mountain View, California 94040
(650) 383-2888

San Francisco East Bay

2110 Mountain Boulevard
Oakland, California 94611
(510) 530-8881

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

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

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

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

249 Main Street
Pleasanton, California 94566
(925) 846-8811

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

Marin County

750 Redwood Highway Frontage
Road, Suite 1218
Mill Valley, California 94941
(415) 389-0880

1099 Fourth Street
San Rafael, California 94901
(415) 485-3888

Napa County

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

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

Sonoma County

640 Third Street
Santa Rosa, California 95404
(707) 544-8881

Southern
California

Los Angeles

1888 Century Park East
Los Angeles, California 90067
(310) 712-1888

9593 Wilshire Boulevard
Beverly Hills, California 90212
(310) 288-0777

11770 San Vicente Boulevard
Los Angeles, California 90049
(310) 820-1820

431 Wilshire Boulevard
Santa Monica, California 90401
(310) 393-8889

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

888 South Figueroa Street,
Suite 100
Los Angeles, California 90017
(213) 239-8883

16300 Ventura Boulevard
Encino, California 91436
(818) 263-8798

601 North Sepulveda Boulevard
Manhattan Beach, California
90266
(Projected opening Summer 2019)

Santa Barbara

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

Palm Desert

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

Newport Beach

3991 MacArthur Boulevard,
Suite 300
Newport Beach, California 92660
(949) 756-8828

2800 East Coast Highway
Corona del Mar, California 92625
(949) 721-0988

San Diego County

1280 Fourth Avenue
San Diego, California 92101
(619) 238-9088

8347 La Mesa Boulevard
La Mesa, California 91942
(619) 462-6700

1200 Prospect Street, Suite 125
La Jolla, California 92037
(858) 454-8883

1110 Camino Del Mar
Del Mar, California 92014
(858) 755-5600

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

12626 High Bluff Drive, Suite 400
San Diego, California 92130
(858) 259-2795

Oregon

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

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

2405 West Burnside Street
Portland, Oregon 97210
(Projected opening Winter 2019)

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

One Post Office Square
Boston, Massachusetts 02109
(617) 423-2888

772 Boylston Street
Boston, Massachusetts 02199
(617) 859-8888

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

47 Brattle Street
Cambridge, Massachusetts 02138
(617) 218-8488

New Hampshire

Lending Office
130 Main Street, Suite 206A
Salem, New Hampshire 03079
(603) 893-8875

Wyoming

545 West Broadway
Jackson, Wyoming 83001
(307) 264-7888

New York

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

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

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

225 Broadway (at Barclay Street)
New York, New York 10007
(212) 372-3088

Florida

241 Royal Palm Way
Palm Beach, Florida 33480
(561) 835-8829

300 South U.S. Highway 1
Jupiter, Florida 33477
(561) 529-8388

4506 PGA Boulevard
Palm Beach Gardens
Florida 33418
(Projected opening Spring 2019)

163 Canal Street
(at Elizabeth Street)
New York, New York 10013
(Projected opening Spring 2019)

329 10th Avenue (at 29th Street)
New York, New York 11101
(Projected opening Winter 2019)

Connecticut

93 Mason Street
Greenwich, Connecticut 06830
(203) 422-0818

Massachusetts

160 Federal Street
Boston, Massachusetts 02110
(617) 330-1288

Private Wealth Management

Corporate Information

Northern
California

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

2500 Sand Hill Road, Suite 200
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
Palo Alto, California 94306
(650) 329-8883; (866) 818-8883

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

Southern
California

1888 Century Park East
Los Angeles, California 90067
(310) 712-1888; (877) 743-7777

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

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

12626 High Bluff Drive,
Suite 400
San Diego, California 92130
(858) 259-2795

Oregon

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

Washington

900 Washington Street, Suite 800
Vancouver, Washington 98660
(360) 695-6047

Wyoming

545 West Broadway
Jackson, Wyoming 83001
(307) 264-7888

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 100
(at 10th Street)
Garden City, New York 11530
(516) 873-7888

Massachusetts

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

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

Delaware

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

Florida

241 Royal Palm Way
Palm Beach, Florida 33480
(561) 835-8829

300 South U.S. Highway 1
Jupiter, Florida 33477
(561) 529-8388

5100 Town Center Circle,
Suite 650
Boca Raton, Florida 33486
(Projected opening Spring 2019)

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 D, F, G, H, I Symbols:
FRCPrD, FRCPrF, FRCPrG, FRCPrH, FRCPrI

First Republic is a constituent of the S&P 500
Index and KBW Nasdaq Bank Index.

transfer agent

Computershare Inc. and
Computershare Trust Company, N.A.

external counsel

Sullivan & Cromwell LLP
Arnold & Porter LLP

auditors

KPMG LLP

First Republic Private Wealth Management encompasses First Republic Investment Management, Inc., an SEC-registered
Investment Advisor, First Republic Securities Company, LLC, Member FINRA/SIPC, First Republic Trust Company and
First Republic Trust Company of Delaware LLC.

Printed on Forest Stewardship Council® certified paper. The FSC®’s
mission is to promote environmentally sound, socially beneficial
and economically prosperous management of the world’s forests.

Design: Howry Design Associates / San Francisco

Principal Photography: Jamey Stillings

Project Directors: Seta Hanoian and Rachel Ward

111 Pine Street
San Francisco, CA 94111
(415) 392-1400
(800) 392-1400
firstrepublic.com