First Republic Bank Annual Report 2020

FY2020 Annual Report · First Republic Bank

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35 Years of
Extraordinary Service

2020 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

In 1985, we founded First Republic Bank on the assumption that a truly distinct dedication
to exceptional client service would result in a very successful banking business. Tis has
proven to be true — even through the tremendous challenges of 2020.

We have been guided entirely by the principle that if we take great care of our colleagues, our clients
and our communities, we will have a sustainable business that delivers consistent value to all of our
stakeholders. First Republic’s uniquely strong growth and increase in shareholder value of over 25%
per annum for more than 35 years are the outcome of this focused, long-term approach.

From First Republic’s 1985 Shareholder Letter:

“First Republic’s philosophy, which originates fom its Directors’ and Management’s successful
prior experience as the founding and operating group of a similar company, is to provide the
highest quality banking service available …. Additionally, the Company is committed to the
maintenance of a very strong capital position at all times. We believe that narrowly targeted
operations and strong capitalization will prove in the long run to be the proper format for a
most successful banking enterprise. Te real strength of First Republic Bancorp, in addition
to its capital resources, lies in the caliber and experience of its people.”

James H. Herbert, II
Founder, Chairman and CEO

First Republic has grown organically from its initial 1985 $8.8 million de novo capitalization to
become the nation’s 17th largest commercial bank by deposits and the 11th largest by market
capitalization. Our straightforward business model has performed very well for three and a half
decades through widely varying economic and geopolitical conditions, resulting in consistent
proftability every year since inception.

In 2020, we all faced a global pandemic, a transition in political leadership, social unrest, and continued
market and economic volatility. At the same time, amazingly enough, it was First Republic’s best
year ever in terms of fnancial results. Tese exceptionally strong results were a direct outcome of the
enormous efort from our colleagues and their unwavering focus on taking care of one another and

First Republic Bank / 2020

our clients, under highly stressful conditions. In turn, our clients continued to rate the Bank’s service
very highly. Tey referred their friends as new clients in even greater numbers throughout 2020.

Te Growth Power of a Client Service Culture
We continually focus on providing extraordinary client service, which we measure using the
Net Promoter Score. Our most recent overall Net Promoter Score increased compared to last
year’s. It remains more than double that of the U.S. banking industry average and is above most
luxury service brands. Extraordinary service leads to low client turnover, expanded relationships,
and strong referrals from these long-term and very satisfed clients. Tis immensely powerful
compounding efect has always been the primary source of our safe, organic growth.

Simple Business Model and Structure
Our simple corporate structure is refective of our equally straightforward operational model.
We have no holding company, have a limited number of preferred banking ofces, and remain
focused on our core banking and wealth management oferings. In short, our structure is safe
and aligned with our clients’ needs.

Leadership Depth and Breadth
First Republic has been founder-led since 1985. Our extremely stable leadership team has deep
expertise in our geographic markets, our business model, our clients’ needs and, most importantly,
our culture. Tis team has an average age of 51 and an average First Republic tenure of 17 years
(excluding our Founder, Chairman and CEO).

Exceptional Credit Quality
Credit quality of the highest caliber has always been a core focus of First Republic. Te economic
volatility and sharp GDP decline in early 2020 were a tremendous test and afrmation of the strength
of our credit portfolio. During the year, we had only $2.4 million in net charge-ofs, or less than
one-quarter of one basis point of average loans. Nonperforming assets were only 13 basis points at
year-end. Nonetheless, we added $157 million to our allowance for credit losses. As we look to much
more positive economic conditions in 2021, particularly in the second half of the year, continued
strong credit quality remains a fundamental aspect of First Republic’s safety and stability.

Dollars in billions

Financial Highlights 2015–2020

DECEMBER 31,

2 015

2 016

2017

2018

2019

2020

Total Bank Assets

Total Loans

Total Deposits

Total Tier 1 Capital

$ 59.0

$ 73.3

$ 87.8

$ 99.2

$ 116.3

$142.5

$ 44.1

$ 52.0

$ 62.8

$ 75.9

$ 90.8

$112.6

$ 47.9

$ 58.6

$ 68.9

$ 79.1

$ 90.1

$114.9

$ 5.5

$ 6.6

$ 7.5

$ 8.3

$ 9.5

$ 11.4

Wealth Management Assets

$ 72.3

$ 83.6

$ 107.0

$ 126.2

$ 151.0

$194.5

Net Income (in millions)

Preferred Banking Offices

$ 522

$ 673

$ 758

$ 854

$ 930

$ 1,064

Franchise Growth 2015–2020

LOANS

DEPOSITS

TIER 1 CAPITAL

+21%

CAGR

+19%

CAGR

+16%

CAGR

WEALTH MGMT
ASSETS

+22%

CAGR

$ 44.1 B

$ 112.6 B

$ 47.9 B

$ 114.9 B

$ 5.5 B

$ 11.4 B

$ 72.3 B

$ 194.5 B

2015–2020

First Republic Bank / 2020First Republic Bank / 202035 years of extraordinary service

Consistent Profitability and Shareholder Value Creation

Financial results in 2020, and over the last fve years, have been strong. Revenues have
grown 16% per annum and tangible book value per share has grown 14% per annum.

Stability

Shareholder Value

• Consistent, Founder-Led Leadership Team

• Enterprise Value 08/1986: $23 Million

• Stable Client Relationships

• Sustainable, Organic Expansion

(Initial IPO)

• Enterprise Value 12/2020: $25.6 Billion

• Enterprise Value Growth Since 1986:

23% Per Annum

Compound Annual Growth Rate 2015–2020

REVENUES

TANGIBLE BO OK VALUE PER SHARE

+16%

CAGR

+14%

CAGR

$ 1.84 B

$ 3.92 B

$ 30.16

$ 57.30

Empowered, Supported and Engaged Colleagues
First Republic has evolved into an exceptionally strong brand propelled by the passion, loyalty and
referrals of its satisfed clients. Our high client satisfaction level and overall success are directly
attributable to our hardworking, empowered and committed colleagues. Our entire culture is
dedicated to the daily execution of increasingly digitally enabled, high-touch client service. Te
power of this approach was particularly clear this past year. During the pandemic, our clients, both
long-standing and new, were searching for touchpoints of steady, reliable and truly caring partners
in their lives. Our colleagues did an extraordinary job of providing these touchpoints. Our ability
to anticipate, respond to and satisfy clients’ needs was the true source and strength of our continued
strong growth and increased client satisfaction levels in 2020.

First Republic is committed to taking excellent care of our people. In addition to a culture of
empowerment and collaboration, colleagues are provided continual professional development and
career growth opportunities, competitive compensation and comprehensive benefts. We established
a Bank-wide minimum wage in 2016 at $20 per hour, which was increased to $25 per hour in 2018
and then $30 per hour, as recently announced, in early 2021.

Among the many benefts ofered to our colleagues, approximately 39% of our workforce participates
in our company-paid Student Loan PayDown (now tax-free) and College SaveUp benefts, receiving
direct company contributions to either pay down existing student debt or save for future education
expenses. Almost 30% of our workforce has participated in our Employee Home Loan program,
61% participates in our discounted employee stock purchase program and 97% participates in our
401(k) matching program.

Inclusive Culture and Diverse Workforce
First Republic has always been and remains committed to fostering an inclusive workplace culture
that embraces and encourages diverse perspectives and backgrounds. Our workforce is 49% people
of color and 47% women, and we speak over 50 languages. First Republic’s diversity is long-standing
and extends across all levels of the organization, with 49% of our senior management team comprising
women leaders and women making up 40% of our Board of Directors.

2015–2020
CAGR computed over 5 years
since December 31, 2015

First Republic Bank / 2020First Republic Bank / 202035 years of extraordinary service

At the same time, we have redoubled our eforts to further improve diversity, particularly through hiring,
promotions, training and leadership development programs, and with a focus on underrepresented
talent. Fostering an inclusive environment where diversity continues to drive our creativity, innovation
and exceptional service — and where our colleagues can thrive — remains one of our highest priorities.

Strong and Growing Capital
As part of our commitment to remain well capitalized, we successfully accessed the capital markets
four times during 2020. We raised over $900 million of net new Tier 1 capital, while reducing the
cost of our preferred capital and accreting tangible book value per share. Total capital grew 18.9%
during 2020.

We also, in the frst quarter of 2021, went to the capital markets twice and raised approximately $733
million of Tier 1 qualifed 4.25% perpetual preferred stock, as well as $331 million of common stock.
Tis brings the total net new Tier 1 capital raised in the past 15 months to approximately $1.8 billion.

We have always believed in anticipating and supporting our growth with capital raised in advance.
We always stay well capitalized in anticipation of the inevitable and unexpected changes in the
economic environment. Given recent conditions and volatility, this approach has proven very prudent
and valuable.

We do not engage in common stock buybacks.

Starting in 2012, quarterly cash dividends have been paid consistently. We have increased our dividend
rate each year for nine years in a row.

2020 Results
Tis year was our most successful year ever. Bank assets totaled $142.5 billion, and wealth management
assets reached $194.5 billion. Total earnings, up 14.4%, grew nicely, and total regulatory capital
increased by 18.9%. Tangible book value per share increased by 14.1% and has grown by 14% per
annum during the 10 years since December 31, 2010.

Loan originations totaled $50.7 billion, excluding $2.0 billion of SBA Paycheck Protection Program
(PPP) originations — our best year ever. Growth in loans outstanding (excluding PPP and loans held
for sale) was 21.9%.

Enterprise Value
07/01/1985 (de novo founding) through 12/31/2020

Organic growth from $8.8 million of initial capital to
a market capitalization of over $25 billion

+25%

CAGR1

December 2020
$ 25.6 B

First Republic
management–led buyback,
independent again
July 2010

Purchase of First Republic
by Merrill Lynch
September 2007

First Republic
founded July 1985
$ 8.8 M

First IPO
August 1986

Second IPO
December 2010
$ 3.3 B

1985

1990

1995

2000

2005

2010

2015

2020

1 35.5-year CAGR from July 1, 1985, through December 31, 2020.

First Republic Bank / 2020First Republic Bank / 202035 years of extraordinary service

Deposits were up 27.5% compared to a year ago. Checking remains strong at 67% of total deposits at
year-end. Successful deposit growth was generated across all of our channels: private banking, preferred
banking ofces, business banking and wealth management.

Business Banking
Business Banking also had a good year. Both business loans and deposits performed very well. At
year-end, business loans outstanding totaled $14.9 billion, up 27.6% year over year, and represented
13% of total loans (excluding PPP loans). Business deposits grew by 28.3% year over year and represented
57% of total deposits at year-end. Checking represented over 77% of these business deposits.

Private Wealth Management
Private Wealth Management had another strong year, with total wealth management assets up 28.7%
to $194.5 billion. Additionally, we transacted over $52 billion of foreign exchange for our clients,
up 21% from 2019. We placed $1.4 billion in face value of insurance on behalf of our clients. Total
client insurance coverage in place is now $6.5 billion. Fee revenues from wealth management were
up 11.9% and represented 13.4% of total revenues during 2020.

Next-Generation Strategy
Our successful next-generation client strategy, led by our Personal Line of Credit, Professional Loan
and afliate programs, grew younger client households by 16% during 2020. Tis approach continues
First Republic’s long-standing strategy of “getting trial.” We are successfully attracting younger urban
professional households even earlier in their careers. Tose eforts have been transformational, with
millennial households now representing over 40% of First Republic’s total consumer borrowing
households, compared to only 12% fve years ago.

Client Household Growth
Overall growth in consumer client households continued to be strong in 2020. During the 2010–2014
period, our average growth rate for new consumer households was 5% per year, and during the
2015–2020 period, it was 14% per year. Tis increasingly expanding consumer client base drives our
overall growth through the intrinsic expansion of our relationships with these satisfed clients over
time, as well as their referrals of new clients.

Franchise Investments
We continue to make strategic and signifcant investments in the franchise. Tese include enhancing
our regulatory and risk management infrastructure, constantly upgrading our cybersecurity measures,
continuing our core system conversion, implementing numerous process improvements and further
advancing our workplace environment at every level. Very importantly, investments in our digital
platforms, automated applications and investment management capabilities remain strong in order
to better serve our clients.

Community Investments
We remain committed to supporting our communities through lending, investing and volunteering
with a focus on afordable housing, fnancial literacy and education. In February 2020, we were
proud to announce a $100 million multiyear commitment to the San Francisco Housing Accelerator
Fund, a collaborative efort dedicated to the preservation, protection and production of afordable
housing for San Francisco Bay Area residents. In March 2020, we were honored to be the recipient of
the Foreign Policy Association’s 2020 Corporate Social Responsibility Award. We specialize in
nonproft banking, and 25% of our business banking lending activities are in the community
nonproft sector, our second-largest segment.

During a year that was challenging for many, we increased our support to those in need. We
established the First Republic COVID-19 Fund, which included our frst matching gif program
for colleague donations as well as a donation program through our Community Advisory Board.
We also provided grants to support many of our nonproft clients and honored existing sponsorship
commitments for our nonproft partners. At the start of 2021, First Republic’s Board of Directors
approved the establishment of the First Republic Foundation, which furthers our investment in
our communities by increasing philanthropic support.

Troughout the year, we saw excellent growth in our existing programs dedicated to helping local
communities prosper. Te guidance of our Community Advisory Board continues to enhance our
already strong Fair Lending and Community Reinvestment Act programs. Our Eagle Community
Loan program continues to help more individuals in historically underserved communities become
homeowners. Volunteer hours through our Eagle Cares program, which provides our colleagues with
two paid service days per year, have increased 145% since 2017 to over 21,500 hours during 2020.

First Republic Bank / 2020First Republic Bank / 202035 years of extraordinary service

Looking Ahead
Our expectation for 2021 is a signifcantly improved economy and strong recovery, especially during
the second half of the year. Te timing of a consumer spending–led recovery is variable, dependent
upon the timing and success of vaccination programs across various states. We currently anticipate
an economic reopening during the summer. While commercial real estate may slightly lag, we also
anticipate strong single-family residential markets, declining savings levels supporting consumer
expenditures, recovering multifamily markets, and active private equity and venture capital markets,
resulting in solid GDP growth for the full year.

During 2020, we spent an even greater than normal share of our time, efort and resources supporting
our colleagues and their families. Te quality of our colleagues’ enormous hard work during the year
was truly remarkable. Tis includes the successful adaptation to the conditions of the pandemic,
while at the same time maintaining our very collaborative culture and high level of client service.
Our colleagues’ eforts were tireless and selfless, across all areas of the enterprise. We are in awe of
this response, which continues, and we are extremely grateful for and proud of the results.

It’s a privilege to serve you,

James H. Herbert, II
Founder, Chairman and CEO

Hafize Gaye Erkan
President and Board Member

Michael D. Selfridge
Chief Banking Officer

Jason C. Bender
Chief Operating Officer

David B. Lichtman
Chief Credit Officer

Mollie M. Richardson
Chief People Officer

Michael J. Roffler
Chief Financial Officer

Robert L. Thornton
President, Private Wealth
Management

First row: James H. Herbert, II, Hafize Gaye Erkan

Second row: Michael D. Selfridge, Jason C. Bender, David B. Lichtman
Third row: Mollie M. Richardson, Michael J. Roffler, Robert L. Thornton

First Republic Bank / 2020First Republic Bank / 202035 years of extraordinary service

Client Index

Page

Category

Client

Personal Banking

David Ho, M.D.

Business and Personal Banking

Colas Construction

Personal Banking

Alana Karen

Nonproft

Personal Banking

Meals on Wheels
of San Francisco

Susan Keenan Wright
and Bob Wright

Nonproft

Coombs Outdoors

Arts/Nonproft

Young People’s Chorus
of New York City

Small Business

Te Urban Grape

Personal Banking

Mary Etmekjian and
Ara Tomassian, M.D.

Business Banking

NOVO Construction

Personal Banking

John Fish

Personal Banking

Tanisha Tucker

Life Sciences

Rocket Pharmaceuticals

Personal Banking

David and Debby Hopkins

Financial Services

Camino Financial

Personal and Business Banking

Paula Grifths

Arts/Nonproft

Dancers’ Workshop

Nonproft

San Francisco SPCA

Personal Banking

Tom Family

Law Firm

Hanson Bridgett LLP

In response to COVID-19, we’ve adapted practices to ensure the safety of our clients and
photographers. The following portraits were taken using a range of approaches, including
remote captures and creative digital compositing. Our photographers followed the latest
recommended guidelines and safety protocols.

First Republic Bank / 2020First Republic Bank / 2020

Our clients say it best.

David Ho, M.D.
Client Since 2015

“Banking with First Republic saves me a great
deal of time. Wherever I am in the world, they
take care of what I need.”

David Ho, M.D.
Virologist, Columbia University Irving Medical Center

new york, new york

Dr. David Ho is one of the world’s top virologists. He received the Presidential Citizens Medal in

2001 and was named Time magazine’s 1996 Person of the Year for his groundbreaking work in

treating HIV. As a lead researcher working on COVID-19 vaccines, Dr. Ho remains on the front

lines, educating and protecting the world from another viral threat. With global demands on his

time, Dr. Ho came to First Republic seeking a hands-on financial partner that could help him

stay focused on his priorities. When he made the switch to First Republic, he was pleasantly

surprised to find all his accounts — including his automated payments and preferences —

were seamlessly transferred from his previous bank. For Dr. Ho, having a banker who can say

“we’ll take care of that for you” makes all the difference.

35 years of extraordinary service

Colas Construction
Client Since 2017

“Our father trusted us with the family business.
First Republic is helping us pass it on to the
next generation.”

Andrew Colas, President and CEO (standing, right)
Hermann Colas, Jr., Founder (middle row, second from right)
Aneshka Colas-Dickson, Vice President and CFO (middle row, second from left)
Alex Colas, Project Manager (middle row, left)
Marc-Daniel Domond, Executive Project Manager (front row, left)

Pictured with the third generation of the Colas family

portland, oregon

Andrew, Aneshka and Alex Colas believe in building for tomorrow. Their father, Hermann,

started Colas Construction over 20 years ago with their futures in mind. Now the siblings run

one of the country’s top construction companies, providing opportunities for local tradespeople

and taking an active role in their community of Portland. Partnering with First Republic for their

business and personal banking needs offered the Colas family the support they needed to

ensure smooth day-to-day operations while maintaining a strategy for the long term. They turn

to First Republic for the deep insight that comes from a holistic financial partnership.

35 years of extraordinary service

Alana Karen
Client Since 2008

“Getting a mortgage through First Republic
was simple and convenient. I’d recommend
them to my colleagues any day.”

Alana Karen
Search Platforms Director, Google

palo alto, california

After two decades of working in technology, Alana Karen is officially an industry pioneer. Her

book, The Adventures of Women in Tech, translates her experiences — and those of over 80

other women — into a guide for her peers and successors. Writing a book, maintaining her

leadership responsibilities at Google and raising three kids called for a customized financial

partnership. When she moved her banking to First Republic, she experienced a level of service

that enabled her to focus on her priorities. From her mortgage refinance to daily online banking,

Alana gets peace of mind knowing First Republic is her resource for a lifetime of financial goals.

35 years of extraordinary service

Meals on Wheels of San Francisco
Client Since 2010

“With First Republic’s partnership, we’ve
expanded our kitchen to serve our community
for many decades to come.”

Ashley C. McCumber, CEO and Executive Director (top)
Joanna Johnson, Client Relationship Specialist (left)
David Hernandez, Executive Chef (right)

san francisco, california

Since 1970, Meals on Wheels of San Francisco has worked to ensure that thousands of seniors

in the city can live in their homes safely and with dignity. The nonprofit always measures growth

and success by the number of meals served and lives touched. Today, they proudly serve over

2 million meals a year to homebound seniors and adults with disabilities. Their long-standing

relationship with First Republic offered them the responsive support they needed to expand

their operations and do more for their community when the demand was greatest. At every

level of the organization, Meals on Wheels of San Francisco looks to First Republic as a trusted

financial partner that shares their commitment to doing the right thing.

35 years of extraordinary service

Susan Keenan Wright and Bob Wright
Clients Since 2014

“ First Republic is frmly rooted in the
community. Tat’s what frst attracted us.”

Susan Keenan Wright
Director, Palm Beach Civic Association
Executive Vice President, Suzanne Wright Foundation

Bob Wright
Chairman, Palm Beach Civic Association
Founder, Suzanne Wright Foundation
Co-Founder, Autism Speaks

Pictured with Happy

palm beach, florida

For Susan Keenan Wright and Bob Wright, the goal is simply to give back. Bob founded Autism

Speaks and the Suzanne Wright Foundation to honor his grandson and his late wife, respectively.

In addition to their formal charitable goals, he and Susan are committed to giving back to their

local community of Palm Beach. When the Wrights discovered that First Republic shared

their values, they were inspired to switch banks. Over time, they shifted all their banking to

First Republic — including personal and business accounts and education funds for their

grandchildren. With the help of a responsive banker attuned to their goals, the Wrights continue

to refine their legacy.

35 years of extraordinary service

Coombs Outdoors
Client Since 2019

“First Republic knows nonprofts.
Tey’re an ideal partner for our mission.”

Maggie Shipley, Program Director (left)
Jenny Wolfrom Holladay, Executive Director (right)

Pictured with program participants

jackson, wyoming

Coombs Outdoors was established to increase access to the world-famous natural beauty of

Jackson Hole for the community’s youth. Each year, hundreds of local children and teens get

the opportunity to enjoy activities like skiing, hiking and kayaking that would otherwise be out

of reach. As a nonprofit founded on a commitment to their community, Coombs Outdoors feels

right at home with First Republic. With the Bank’s support and understanding of their day-to-

day financial needs, the foundation can focus on expanding their impact in Jackson.

35 years of extraordinary service

Young People’s Chorus of New York City
Client Since 2019

“Our mission to impact the lives of thousands

First Republic provides the stability we need.”

Francisco J Núñez
úñ
Founder and Artistic Director

Chorus members pictured below

The Young People’s Chorus of New York City (YPC) is among the most acclaimed performing

arts

in the country. YPC’s mission is to help children of all cultural and economic

personal touch. From the start of their relationship with First Republic, YPC found that having a

responsive personal banker and a robust online banking platform for their daily needs delivered

the best of both worlds. Today, YPC is increasing their impact with the help of a bank that can

move at the speed of their goals.

First Republic Bank / 2020

35 years of extraordinary service

Te Urban Grape
Client Since 2019

“With First Republic’s support, we can
continue to thrive in uncertain times.”

TJ Douglas, Co-Founder and CEO (left)
Hadley Douglas, Co-Founder and CMO (right)

boston, massachusetts

TJ and Hadley Douglas founded the Urban Grape to help change the landscape of the Boston

wine world. That started with developing an award-winning progressive tasting scale to better

serve their clientele. Today, the Urban Grape stands among the most celebrated wine shops in

the country. To pay it forward, TJ and Hadley began advancing diversity in their industry through

a special grant recognizing students of color in wine studies. The Urban Grape was drawn

to First Republic’s commitment to innovation and service, and the relationship deepened as

they connected to the Bank’s community of winery clients. With First Republic at their side, the

Urban Grape continues to thrive during a challenging period for small businesses.

35 years of extraordinary service

35 years of extr aordinary service

Mary Etmekjian and Ara Tomassian, M.D.
Clients Since 2018

“First Republic’s mobile banking experience
is amazing. We can open a new account right
from the app.”

Mary Etmekjian, Accountant, Rose and Alex Pilibos Postoian Preschool
Ara Tomassian, M.D., Cedars-Sinai Valley Internal Medicine and Nephrology

Pictured with Daron (left) and Garen (right)

los angeles, california

Mary Etmekjian and Ara Thomassian went from high school sweethearts to a successful

couple raising their family in Los Angeles. With Ara’s thriving primary care practice — and two

growing boys — he and Mary sought a banking partner to help manage a wide array of financial

needs. Impressed by the seamless experience of refinancing his medical school loans through

First Republic, Ara soon moved the family’s personal finances to the Bank as well. When it

was time to buy their dream home, the couple’s relationship with First Republic gave them an

edge in a competitive market. Today, Ara and Mary continue to turn to the Bank for a smooth,

concierge-level experience — in person or through the mobile app.

First Republic Bank / 2020

NOVO Construction
Client Since 2003

“First Republic builds just like we do — one
relationship at a time. Tey take care of us
every step of the way.”

Robert Williamson, Principal (left)
Jim Fowler, President (right)

menlo park, california

Since 2000, NOVO Construction has offered innovative general construction services for clients

throughout the San Francisco Bay Area and Austin, Texas. Based on the simple principle that

they do what they say, NOVO’s founders have built a loyal clientele who deepen their relationship

with the business over the long term. When NOVO sought a new financial partner, they found

First Republic’s client-first culture to be a perfect fit. What began as a business banking relationship

naturally expanded into a more comprehensive financial partnership the founders refer to as

their “First Republic umbrella.”

35 years of extraordinary service

John Fish
Client Since 2017

“Switching to First Republic wasn’t just easy —
it was smart. Tey are a true partner.”

John Fish
Chairman and CEO, Sufolk Construction

boston, massachusetts

Building a national real estate and construction empire has taught John Fish many lessons,

most importantly that strong relationships can be the foundation of a business. As he says,

the best relationships always lead to the best projects for Suffolk Construction. When John

decided to switch to First Republic, it was the Bank’s long history of enduring client relationships

that sold him. That bond solidified as he experienced consistently high-touch service in each

new interaction with the Bank. Today, First Republic continues to be a trusted financial partner

for John and his family.

35 years of extraordinary service

Tanisha Tucker
Client Since 2018

“My banker and I have built a true relationship.
Tat’s why I highly recommend First Republic.”

Tanisha Tucker
Lieutenant of Fire

oakland, california

Community is the foundation of Tanisha Tucker’s life. As a firefighter lieutenant, Tanisha protects

a vibrant and dynamic city from the impact of fire seasons. She devotes her spare time to

mentoring the next generation, preparing them to be responsible stewards of the world they

inherit. When Tanisha shared her goal of owning a home in Oakland, her First Republic banker

worked closely with her to help secure a mortgage tailored to her needs. Now her family has an

enduring stake in the city they love — and Tanisha has a banking partner for a lifetime of goals.

35 years of extraordinary service

Rocket Pharmaceuticals
Client Since 2015

“We need a partner that can keep up with our
industry. Tat’s why we chose First Republic.”

Gaurav Shah, M.D.
Co-Founder and CEO

new york, new york

In 2015, Gaurav Shah co-founded Rocket Pharmaceuticals to cure devastating childhood

diseases. The company is now one of the key leaders in gene therapy as a result of their patient-

first approach. When they started working with First Republic, Rocket Pharmaceuticals was

pleased to discover that the Bank’s client service was of a similar nature — people-centric,

authentic and responsive. With First Republic focused on serving their financial needs, Rocket

Pharmaceuticals can focus on breakthroughs in biotech, rather than balance sheets. As Gaurav

and his team continue to reimagine what’s possible, First Republic will be by their side every

step of the way.

35 years of extraordinary service

David and Debby Hopkins
Clients Since 2003

“Connecting with First Republic helped us
realize our goals and create a long-term plan
for making them a reality.”

David Hopkins
Investor
Board Chair, Center for the Arts

Debby Hopkins
Investor
Independent Board Member
Vice Chair, St. John’s Health

jackson, wyoming

David and Debby Hopkins are deeply involved in the Jackson nonprofit community, but that’s

far from where they began. Their impressive careers have taken them to cities all over the

world, including San Francisco, Detroit, Zurich, Seattle and New York. When they discovered

the beauty of Jackson, they decided to move there permanently, with First Republic helping

them, as always. David and Debby appreciate the personal care and attention they receive

from their banking team and have long placed all their assets with First Republic. They continue

to depend on the Bank as a financial partner that’s equally committed to their business and

philanthropic endeavors.

35 years of extraordinary service

Camino Financial
Client Since 2017

“We have a personal relationship with everyone
on our First Republic team. Within our
industry, that’s rare.”

Sean Salas
Co-Founder and CEO

los angeles, california

Learning from the challenges his mother faced as a restaurateur, Sean Salas co-founded

Camino Financial with one clear mission: Leave no small business behind. As a digital lender,

the platform does just that by providing affordable loans to microbusinesses across the United

States, primarily within the Latino community. When First Republic helped Camino better

manage daily financial transactions, they knew they’d found the right financial partner for their

business. As Camino expands their mission, they depend on the Bank for the same caliber of

loyalty, support and empathy they offer their own clientele.

35 years of extraordinary service

Paula Grifths
Client Since 2012

“At First Republic, I have a dedicated banker
who I can go to for anything. Tey’ve been with
me at every stage of my company’s growth.”

Paula Grifths
CEO, Vesta Asset Management

san francisco, california

For Paula Griffiths, supporting community is both a personal and professional mission. That’s

why Vesta Asset Management, her property management company, focuses on people first. It’s

also why she serves on the board of LYRIC, a Bay Area nonprofit that supports LGBTQQ+ youth

to thrive. When Paula first came to First Republic to open savings accounts for her children,

she found that the Bank’s people-first philosophy matched her own. Having a dedicated

banker for her financial needs helped her grow Vesta into the successful business it is today.

Paula continues to expand her business with the backing of a bank that can balance goals with

core values.

35 years of extraordinary service

Dancers’ Workshop
Client Since 2019

“For our First Republic team, serving nonprofits
is more than just a job. It’s a personal commitment.”

Babs Case
Artistic Director

jackson, wyoming

For Babs Case, supporting artists is just as important as being one. As Artistic Director

of Dancers’ Workshop, a nonprofit dance center in Jackson, she teaches, choreographs

performances and hosts world-class dance companies. When First Republic approached the

nonprofit about sponsorship, she was impressed by how closely the Bank’s values resembled

their own — the depth and sincerity of the banking team sealed the deal. Dancers’ Workshop

trusts First Republic, not just as a stable financial partner but also as a like-minded patron of the

arts in Jackson.

35 years of extraordinary service

Troughout the past 35 years, it’s been a privilege to grow with

our clients. Te longevity of our client relationships speaks to our

core belief that success is built by delivering a truly diferentiated

level of service to one client at a time, year afer year.

Ten

&Now

It’s been our privilege to serve
the San Francisco SPCA since 2001.

Ten

Now

Ed Sayres, Former President

Featured in the 2002 First Republic
Annual Report

Jennifer Scarlett, D.V.M., President

Pictured with Truman

San Francisco SPCA / Ten & Now

san francisco, california

“To grow like we have, you need a long-term
fnancial partner. For us, that’s been
First Republic.”

2001

Founded in 1868, the San Francisco SPCA was built on a commitment to improving

the lives of homeless cats and dogs. In 2001, they came to First Republic ready to

expand their mission of offering best-in-class veterinary care and dedicated support

to helping animals find their forever home.

2020

Today, the San Francisco SPCA’s programs and services reach 250,000 animal lovers

annually, and the organization continues to count on the Bank’s strategic support

to confidently navigate the unique challenges that face growing nonprofits. From

sponsorships to lines of credit, First Republic provides enduring flexible support to the

San Francisco SPCA’s mission of finding loving homes for every cat and dog.

First Republic Bank / 2020First Republic Bank / 202035 years of extraordinary service

It’s been our privilege to serve
the Tom family since 1995.

Ten

Now

Garret and Anita Tom

Featured in the 1996 First Republic
Annual Report

Tom Family / Ten & Now

san francisco, california

“Our relationship with First Republic
runs deep. Tey’ve supported us as we’ve
grown our family and business.”

1995

Back in 1995, newlyweds Garret and Anita Tom were working hard and dreaming

big. Their shared philosophy — love what you do and work smart — inspired them to

pursue real estate. When they approached First Republic about an investment property,

their banker worked with them to secure the loan that would launch their business. The

Bank’s commitment to extraordinary service left an impression on the couple. They

moved all their banking to First Republic, and a decades-long partnership was born.

2020

Today, Garret and Anita have passed their strong work ethic on to their sons, Ethan

and Everet, who have grown up with First Republic. After 25 years of working with

the Bank, the family is turning their focus to planning their legacy. They feel confident

knowing they have a dedicated team that will always act in their best interests — today,

tomorrow and for generations to come.

Ethan Tom, Quality Engineer, Planet Labs; Garret Tom, Real Estate Broker
and Retired SFPD Deputy Chief; Anita Tom, Instructor and Owner, Kumon
Center of San Francisco – Ocean Avenue; Everet Tom, Instructor and Owner,
Kumon Center of San Francisco – Outer Richmond (pictured left to right)

First Republic Bank / 2020First Republic Bank / 202035 years of extraordinary service

It’s been our privilege to serve
Hanson Bridgett LLP since 2005.

Ten

Now

Andrew Giacomini, Former
Managing Partner and CEO
Joan Cassman
Teresa Pahl

Featured in the 2006 First Republic
Annual Report

Kristina Lawson, Managing Partner (left)
Joan Cassman, Partner (center)
Teresa Pahl, Partner (right)

Hanson Bridgett LLP / Ten & Now

san francisco, california

“First Republic values what we value —
community and personal relationships.
Tat’s what has made our 15-year
partnership thrive.”

2005

Founded in San Francisco in 1958, Hanson Bridgett is a multidisciplinary law firm

with a strong commitment to diversity and charitable giving. They’re also uniquely

committed to pro bono work, providing disadvantaged populations with premium

legal representation. In 2005, the two-office firm began working with First Republic

with the purpose of expanding their business.

2020

Over the past two decades, the Bank’s relationship with Hanson Bridgett has expanded.

Today, the firm has five offices located throughout California. And First Republic has

become a partner for the firm and their employees, helping them meet business and

personal goals. The key to the relationship has been a shared focus on what matters

most: growth, core values and a commitment to service.

First Republic Bank / 2020First Republic Bank / 202035 years of extraordinary service

Contents

Te First Republic Diference

Overview of Products and Services

FRC Founders Index FundSM

Financial Summary

Additional Information

Supporting Our Communities

Executive Leadership

Board of Directors

First Republic Values

Locations

“Our commitment to exceptional
client service is unwavering and remains
at the heart of all we do.”

James H. Herbert, II

Founder, Chairman and CEO

35 years of extraordinary serviceFull-Service Private Banking, Private Business Banking
and Private Wealth Management

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

D I N A R Y

Financial
Planning

Investment
Management

Brokerage
Services

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

Trust
Services

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

R
E
G
A
N
A
M

BLIC R E L A T I

KING

S H I

R I V A T E

Checking,
Savings,
CDs
(Deposits)

Insurance
Services

Business
Banking

Foreign
Exchange

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.

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
• 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 ofered for:

• Accounting Firms

• Law Firms

• Business Management Firms

• Life Sciences Firms

• Private Equity Funds/Firms
• Property Management Firms

• Engineering Services
• Family Offices
• Hedge Funds/Firms

• Independent Schools

• Investment Management Firms

Private Wealth Management

• Medical Practices
• Nonprofits
• Private Aircraft /

Marine Financing

• Private Clubs

• Real Estate Investors

• Small Businesses

• Technology Firms

• Venture Capital Funds/Firms

• Wineries

First Republic Private Wealth Management professionals deliver objective, customized wealth management
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

The First Republic Difference

What sets First Republic apart is our unwavering commitment to exceptional service. Each client works with a

single point of contact, who takes the time to get to know their short- and long-term financial goals. As these

needs evolve, our financial experts connect clients with First Republic colleagues throughout the organization

for specialized support — from lending products to wealth management and more.

The result? Long-lasting, rewarding relationships that lead to satisfied clients, who then refer their friends and

colleagues to First Republic.

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 and Fiduciary services are offered
through First Republic Trust Company, a division of First Republic Bank; and First Republic Trust Company of Delaware LLC and
First Republic Trust Company of Wyoming LLC, both wholly owned subsidiaries of First Republic Bank. 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.

First Republic Bank / 2020First Republic Bank / 2020

Overview of Products and Services

Residential
Lending

• Single-Family Mortgages

• Vacation Home Mortgages

• Co-Op and Condominium Loans

• Home Equity Lines of Credit

Personal
Lending

• Securities-Backed Loans

• Unsecured Loans

• Streamlined Loans and Lines of Credit

• Overdraft Lines of Credit

• Bridge Loans

• Construction-to-Permanent Loans
• Eagle Community Loans1

• Personal Lines of Credit2

• Professional Loan Programs to Help Partners
and Employees Invest in Their Firm or Fund

• Aircraft and Marine Financing

Commercial
Real Estate
Lending

Checking,
Savings, CDs
(Deposits)

Business
Banking

• Multifamily Property Loans

• Mixed-Use Building Loans

• Commercial Real Estate Loans

• Construction and Renovation Loans

• ATM Rebate Checking

• Passbook Savings

• Classic Checking

• Basic Checking

• Money Market Checking

• Certificates of Deposit (CDs)

• Traditional, Roth and SEP IRAs

• Online and Mobile Banking

• Business Lending With Industry Expertise

• Deposit Account Control Agreements

• Lines of Credit and Term Loans

• Corporate Online Banking

• Owner-User Commercial Real Estate Loans

• Mobile Banking

• Streamlined Small Business Lending

• Wire Transfer Capabilities

• Capital Call Lines

• Direct Transmission and SWIFT Capabilities

• Capital Campaign Bridge Loans for

• ACH Services

Nonprofits

• Professional Loan Programs to Help Partners
and Employees Invest in Their Firm or Fund

• Standby Letters of Credit

• Business Analyzed Checking

• Business Analyzed Checking With

Protective Services

• Simplified Business Checking

• Business Interest Checking

• Business Money Market Accounts

• Multiclient Management Accounts

• Attorney Trust Accounts (IOLTA, IOTA, IOLA)

• Remote Deposit Capture

• Direct Image Cash Letter

• Biller and Payment Solutions

• Positive Pay Services

• Paid Check Imaging

• Check Outsourcing Solutions

• Lockbox Services Nationwide

• Armored Car and Cash Vault Services

• Business Escrow Services

• Courier Services

• Commercial Card Services

• Complimentary Internet Security Health Checks

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

All loans are subject to First Republic Bank’s underwriting standards and are not available in all markets. For a list of locations,
visit firstrepublic.com/locations. Terms and conditions may apply. This is not a commitment to lend or extend credit.

¹ Not all properties are eligible for the Eagle Community Loan Program. Contact your banker for details.

² Product consists of a two-year, interest-only, revolving draw period followed by a fully amortizing repayment period of the remainder

of the term. Terms and conditions apply, and may differ from your current loan(s). This product can only be used for personal,
family or household purposes and includes limitations on use of funds. This is not a commitment to lend or extend credit. Contact
your legal, tax and financial advisors for advice on deciding whether this is the right product for you. Product is not available in all
markets. For a complete list of locations, visit firstrepublic.com/locations.

• Comprehensive Financial Planning

• Wealth Transfer

and Legacy Planning

Financial
Planning

• Retirement Planning

• Estate Plan Review

• Philanthropic Planning

• Equity Management
Investment
Management • Fixed Income and Cash Management
• Alternative Investments3
• FRC Founders Index FundSM (FNDRX)

• Option and Overlay Investment Management

Brokerage
Services

• Full-Service and Self-Directed Brokerage

• Online Brokerage

• Equities, Mutual Funds and Options

• Wealth Protectio

• Business Exit, Su

n Strategies
ccession and Liquidity Planning

• Endowment Inve

stment Management and

Consulting

• Environmental, S

• Qualified Retire

• Online Investme

ocial and Governance Investing
ment Plan Consulting
nt Management Service

• Structured Prod

• Stock Donation f

• 10b5-1 Plans for

uct Investments
or Nonprofit Organizations
Corporate Executives

• Money Market Mutual Funds

• Hedging Strateg

ies for Concentrated Stock

• Fixed Income

• Margin Loans

Positions

• Sweep Account

Trust
Services

• Personal Trust Services With Open

• Agent for Truste

e Services

Architecture

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

• Estate Settlement / Executor Services

• Custody Service

• Family Engagem

ent and Governance

• Family Dynamic

• Learning and De

velopment for the Rising

• Wyoming and Delaware Managed Trust and

Generation

Directed Trust Services

Insurance
Services

• Access to Top-Rated Insurance Carriers

With Best-in-Class Products

• Life Insurance Products for Estate Planning,

Business Planning, Tax-Deferred Cash
Accumulation and Income Protection

• Specialty and Hybrid Long-Term Care Products

Foreign
Exchange

• Spot Foreign Exchange Contracts

• Foreign Currency Wires
• Foreign Currency Accounts/Deposits4

• Forward Foreign Exchange Contracts

• Private Placeme
Offering Alternat

• Disability Product
and Professional

nt Life and Annuity Products,
ive Investments
s for High-Income Executives
Services Firms

• Annuity Solution
Growth and Lifet

s With Protected Tax-Deferred
ime Income

• Foreign Currenc

• Structured Hedg

y Swaps3
y Options3
ing Solutions3

³ These products are offered to clients who meet certain eligibility and suitability requirements.

⁴ Foreign currency accounts (FCAs) are offered by First Republic Bank, Member FDIC. FDIC insuran
Exchange transactions such as spot or forward contracts) for losses due to devaluation of foreig

n currency.

ce does not cover FCAs (or Foreign

Investment Advisory services are provided by First Republic Investment Management, Inc. Trust
through First Republic Trust Company, a division of First Republic Bank; and First Republic Trust
First Republic Trust Company of Wyoming LLC, both wholly owned subsidiaries of First Republic B
through First Republic Securities Company, LLC, Member FINRA/SIPC. Insurance services are p
Securities Company, DBA Grand Eagle Insurance Services, LLC, CA Insurance License # 0I1318
Management, DBA Eagle Private Insurance Services, CA Insurance License # 0K93728.

and Fiduciary services are offered
Company of Delaware LLC and
ank. Brokerage services are offered
rovided through First Republic
4, and First Republic Investment

Investment, Insur
or Insured by Any Federal Government Agency, Not a Deposit, Not Bank Guaranteed and May Lose Value.

ance and Advisory Products and Services, and Foreign Exchange Transact

ions, are Not FDIC Insured

First Republic Bank / 2020First Republic Bank / 2020

FRC Founders Index FundSM

Performance Since Inception — FRC Founders Index Fund

(FNDRX

)

Performance, net of fees, from FRC Founders Index Fund launch on July 28, 2020, through close on December 31, 2020.

As a founder-led company for 35 years with an entrepreneurial client base,
we launched the FRC Founders Index Fund SM (Bloomberg: FNDRX

) in 2020.

This all-cap, equal-weighted mutual fund is designed to track the performance of the
First Republic Founders IndexSM (Bloomberg: FRCFDR), which is focused on founder-
led or -influenced companies and we believe distinctly captures the drive, resilience and
commitment to culture and long-term vision that such companies inherently possess.

Founders bring unique passion, focus and dedication to their businesses. The
First Republic Founders IndexSM is a benchmark of publicly traded companies in which
the founder or founders are actively involved and remain a key influence on their
strategy and execution.

The Fund’s investment objectives, risks, charges and expenses must be considered
carefully before investing. The statutory or summary prospectus contains this and
other important information about the investment company; read it carefully before
investing. To obtain a prospectus and learn more about the Fund, please email
founders@firstrepublic.com.

Investing involves risk, and principal loss is possible. Companies led by their founders involve risks related to
ownership and management of the company, including entrenchment issues in which the founder uses his or her
position in the company to further his or her personal gain or ambitions, which may negatively affect shareholders. The
Fund is not actively managed, and the Fund’s adviser will not sell a security due to current or projected performance of
a security, industry or sector, unless that security is removed from the Index or the selling of that security is otherwise
required upon a reconstitution of the Index in accordance with the index methodology. The performance of the Fund
may diverge from that of the Index and may experience tracking error. The Fund’s investments may be concentrated in
an industry or group of industries to the extent the Index is so concentrated which makes it more susceptible to factors
adversely affecting issuers within that industry than would a fund investing in a more diversified portfolio of securities.
Investing in small- and mid-cap companies involves additional risks such as limited liquidity and greater volatility. The
Fund may invest in foreign securities, which involves political, economic and currency risks, differences in accounting
methods and greater volatility. These risks are greater in emerging markets. The Fund is newly organized with no oper-
ating history, and there can be no assurance that the Fund will grow to or maintain an economically viable size, in which
case the Trust’s Board of Trustees may determine to liquidate the Fund. It is not possible to invest in an index.

FRC Founders Index FundSM is distributed by Quasar Distributors, LLC.

+34.37%

+33.82%

First Republic Founders
Index (FRCFDR)

FRC Founders
Index Fund (FNDRX)

+22.99%

Russell 1000 EW

+20.45%

Russell 3000

+17.57%

S&P 500

07/28/20

08/31/20

09/30/20 10/31/20 11/30/20 12/31/20

FRC Founders Index FundSM (FNDRXSM) gross expense ratio: 0.75%

The performance shown represents past performance. Past performance is no guarantee of future results and current
performance may be higher or lower than the performance shown. Investment results and principal value will fluctuate
so that shares, when redeemed, may be worth more or less than their original cost. To obtain performance data current
to the most recent month-end, call (888) 408-0288. Short-term performance in particular is not a good indication of the
Fund’s future performance and an investment should not be made based solely on returns. Performance reflects fee
waivers in effect. In the absence of such waivers, returns would be reduced.

Russell 1000® Equal Weight Index
An equal-weighted index of 1,000 large market capitalization U.S. companies.

Russell 3000® Index
A market capitalization–weighted equity index of the 3,000 largest U.S. traded stocks.

S&P 500® Index
A market capitalization–weighted index of the 500 largest U.S. publicly traded companies.

First Republic Bank / 2020First Republic Bank / 2020

Financial Summary / 2020

Consolidated Statements of Income

in thousands, except per share amounts

YEAR E N DE D D EC EMBER 31

2 020

2 019

2 018

Interest income:

Loans
Investments
Other
Cash and cash equivalents
Total interest income

Interest expense:

Deposits
Borrowings

Total interest expense

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

$ 3,244,796
576,484
23,889
7,504
3,852,673

$ 2,986,210
547,988
21,446
23,835
3,579,479

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

276,085
314,036
590,121

500,557
314,755
815,312

290,040
240,458
530,498

3,262,552
157,091
3,105,461

2,764,167
61,690
2,702,477

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

395,304
50,517
11,655
19,484
49,552
23,713
27,908
(1,401)
16,987
3,840
53,503
3,171
654,233

359,332
41,035
12,708
16,549
41,026
26,071
19,819
11,348
535
(3,436)
45,570
6,663
577,220

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

1,494,400
298,632
220,752
66,494
43,135
44,113
258,203
2,425,729

1,245,526
273,337
192,678
68,099
65,961
38,759
262,101
2,146,461

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

1,333,965
269,814
1,064,151
58,725

1,133,236
202,907
930,329
49,070
$ 1,005,426 $ 881,259

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

$
$
$

5.85
5.81
0.79
171,933
173,053

$
$
$

5.25
5.20
0.75
167,908
169,551

$
$
$

4.89
4.81
0.71
162,948
165,612

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

First Republic Bank / 2020

Consolidated Balance Sheets

dollars in thousands, except share amounts

Assets

AS OF DECEMBER 31

Cash and cash equivalents

Investment securities:

Debt securities available-for-sale

Debt securities held-to-maturity
Less: Allowance for credit losses

Debt securities held-to-maturity, net

Equity securities (fair value)

Total investment securities, net

Loans:

Single-family
Home equity lines of credit
Single-family construction
Multifamily
Commercial real estate
Multifamily/commercial construction
Capital call lines of credit
Tax-exempt
Other business
PPP
Stock secured
Other secured
Unsecured

Total loans

Allowance for credit losses

Loans, net

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

Total Assets

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

2 020

2 019

AS OF DECEMBE R 31

2020

2 019

Liabilities and Equity

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:

$ 46,281,112 $ 33,124,265
19,69
6,859
12,790,707
10,586,355
13,935,060
90,133,246

30,603,221
16,778,884
12,584,522
8,681,061
114,928,800

—
11,755,000
996,145
778,313
2,293,230
130,751,488

80
12,20

0,000
0,000
497,719
7,885
77
3,677
2,00
106,412,527

Preferred stock, $0.01 par value per share;

1,545,000 and 1,145,000 shares issued and outstanding

1,545,000

1,14

5,000

Common stock, $0.01 par value per share;

174,123,862 and 168,620,708 shares issued and outstanding

Additional paid-in capital
Retained earnings
Accumulated other comprehensive income

Total Shareholders’ Equity

Total Liabilities and Shareholders’ Equity

1,741
4,834,172
5,346,355
23,378
11,750,646
$142,502,134

4,21
4,48

1,686
4,915
4,375
5,131
9,851,107
3,634

$116,26

5,094,754

$ 1,699,557

1,906,315

1,282,169

16,610,212
(6,902)
16,603,310

17,147,633
—
17,147,633

20,566
18,530,191

19,586
18,449,388

61,370,246
2,449,533
787,854
13,768,957
8,018,158
2,024,420
8,149,946
3,365,572
3,340,048
1,841,376
2,518,338
1,818,550
3,113,267
112,566,265

47,985,651
2,501,432
761,589
12,353,359
7,449,058
1,695,954
5,570,322
3,042,193
3,034,301
—
1,897,511
1,433,399
3,072,062
90,796,831

(635,019)
111,931,246

(496,104)
90,300,727

20,679
2,061,362
1,131,905
403,482
227,512
3,101,003
$142,502,134

23,304
1,434,642
1,100,509
386,841
235,269
2,633,397
$116,263,634

First Republic Bank / 2020First Republic Bank / 2020

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, 2020, the Bank believes that its shares are held beneficially by approximately 200,000

shareholders.

First Republic Bank’s issues of Preferred Stock trade as depositary shares on NYSE under FRCPrH for the

Series H, FRCPrI for the Series I, FRCPrJ for the Series J, FRCPrK for the Series K and FRCPrL for the Series L.

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

losses on loans and debt securities, as well as for unfunded loan commitments; changes in nonperforming

assets; expectations regarding the impact and duration of the COVID-19 pandemic (collectively referred to

as “COVID-19” herein); 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 nontraditional financial services and technology

companies; our ability to recruit and retain key managers, employees and board members; natural or other

disasters, including earthquakes, wildfires, pandemics or acts of terrorism affecting the markets in which we

operate; the negative impacts and disruptions resulting from COVID-19 on our colleagues and clients, the

communities we serve, and the domestic and global economy, which may have an adverse effect on our

the annual meeting of shareholders and other information with the Federal Deposit Insurance Corporation

business, financial position and results of operations; interest rate risk and credit risk; our ability to maintain and

(“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 that could cause actual
results to differ materially from those expressed in them. Our actual results could differ materially from those

follow high underwriting standards; economic and market conditions, including those affecting the valuation

of our investment securities portfolio and credit losses on our loans and debt securities; 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 some reference rates, such

as the London Interbank Offered Rate and the 11th District Monthly Weighted Average Cost of Funds Index,

as well as other alternative reference rates; the regulatory environment in which we operate, our regulatory

compliance and future regulatory requirements; 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; 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.

expressed or anticipated in such forward-looking statements as a result of risks and uncertainties more fully

For a discussion of these and other risks and uncertainties, see the risk factors in our 2020 Annual Report

described in the risk factors in our 2020 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 credit

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 2020 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.

First Republic Bank / 2020First Republic Bank / 2020

“Our business model is premised on safety and
stability, as well as client trust and satisfaction,
built one relationship at a time by extraordinary
colleagues. As a ‘people-frst’ organization, it is
our privilege to serve our clients, colleagues
and communities.”

Hafize Gaye Erkan

President and Board Member

Proudly supporting
our communities.

35 Years of Community Engagement and Responsibility
At First Republic, doing the right thing has always been at the heart of everything we do — from giving
back to our communities, with a particular emphasis on underserved neighborhoods, to building a
diverse and inclusive organization.

1985 – From its founding in 1985 to today, First Republic continues to be a strong participant in fair and
responsible lending and community reinvestment in historically underserved communities.

1990 – First Republic is accepted as the first voluntary member of the Federal Home Loan Bank (FHLB) in
San Francisco, originating over $120 million in low-income housing loans.

1993 – First Republic is the first and largest user of FHLB Community Rebuilding Funds to reconstruct the
portions of South Central Los Angeles that were hit hardest by the Los Angeles riots.

1996 – First Republic contributes to the expansion of the Network for Teaching Entrepreneurship (NFTE)
into the public school system; later, in 2002, the Bank will be recognized with an award by NFTE for its
entrepreneurial leadership and philanthropy.

1998 – Jim Herbert serves as a founding board member on the BASIC Fund, an organization that provides
independent or parochial school scholarships to low-income Bay Area families — reaching over 25,000
underrepresented students. The nonprofit was housed in First Republic’s headquarters at 111 Pine Street
for over a decade.

2011 – First Republic begins equity investments in minority-owned depository institutions (MDIs) as one of
only five financial institutions that answered the call to action to keep Carver Bank in Harlem, New York,
afloat after the financial crisis. From 2011 to 2019, First Republic committed a total of $439 million to MDIs,
community development financial institutions (CDFIs) and community development corporations (CDCs).

2014 – First Republic is recognized for its commitment to board diversity by 2020 Women on Boards and
again in 2017 by Women’s Forum of New York.

2015 – First Republic establishes the Eagle Community Home Lending Program, designed to help individuals
in historically underserved communities, including predominantly African American/Black and Hispanic/Latinx
communities, and low- to moderate-income individuals, become homeowners. As of December 2020, the Bank
has funded $3.6 billion since the program’s inception, and over half of the applicants were minority individuals.

2016 – First Republic establishes a Community Advisory Board to help guide the Bank’s community outreach
and reinvestment initiatives.

2018 – San Francisco Business Times recognizes First Republic for its long-standing gender diversity.

2020 – Jim Herbert and First Republic are honored with the Foreign Policy Association’s Corporate Social
Responsibility Award. Jim Herbert is also named to the Community Development Advisory Board of the
U.S. Department of the Treasury’s CDFI Fund.

First Republic Bank / 2020supporting our communitiesCommunity Advisory Board
First Republic’s Community Advisory Board, comprising fve recognized and highly respected
community leaders, is a key part of our community engagement and outreach. Te Community
Advisory Board ofers advice and strategic guidance on initiatives related to afordable housing,
fnancial empowerment, and small business and economic development.

John Hope Bryant, Board Chair
Founder, Chairman and CEO of Operation HOPE
Chairman and CEO of Bryant Group Ventures and The Promise
Homes Company

Mr. Bryant is an entrepreneur, author, philanthropist and
thought leader on financial inclusion, economic empowerment
and financial dignity. He has served as an advisor to three U.S.
presidents and is responsible for financial literacy becoming
the policy of the U.S. federal government. He has received
hundreds of 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 Power 100: Most Influential Atlantans in
2020” by the Atlanta Business Chronicle. He is the author of
bestsellers Up From Nothing, The Memo, How the Poor Can
Save Capitalism and Love Leadership.

Our Long-Standing Relationship With
Operation HOPE
Creating pathways out of poverty by providing tools
and resources to improve financial literacy

Founded by John Hope Bryant in 1992, Operation HOPE
has provided financial coaching to more than
2 million adults, primarily in communities of color,
helping them reduce debt, increase their savings
and secure home mortgages.

Mr. Bryant’s relationship with First Republic Bank
started at Operation HOPE’s founding and is based
on a shared commitment to uplifting communities in
need. Today, the Bank’s enduring financial support
has helped Operation HOPE to expand the reach of
their pandemic relief and assistance programs.
In turn, Mr. Bryant brings his decades of experience
in community development to First Republic’s
Community Advisory Board.

Faith Bautista, Board Member
President and CEO of the National Asian American Coalition
CEO of the National Diversity Coalition

Ms. Bautista advocates as a major voice for underserved
markets in the halls of Congress; in the California legislature; in
front of key federal legislators, such as the Federal Reserve,
FDIC, OCC, FHFA, FTC, FCC and SEC; and among Fortune
500 corporations. She is a presidential appointee currently
serving as one of the members of the Community Development
Advisory Board of the U.S. Department of the Treasury’s
CDFI Fund and also hosts the television show Owning a
Piece of America.

Ann Houston, Board Member
Founder and CEO of Opportunity Communities

Ms. Houston is the Founder and CEO of Boston-based
Opportunity Communities, an organization with a mission
to improve the capacity and efficiency of local community
developers. Prior to stepping into this role, she led The
Neighborhood Developers (TND) as Executive Director.
During her tenure, TND completed over $85 million of real
estate development, including building the Box District,
a recipient of the 2014 Urban Institute Jack Kemp Award
for Excellence in Affordable and Workforce Housing. Ms.
Houston serves on the board of MHIC, a New England CDFI
lender and investor, and the Multifamily Advisory Board of
Mass Housing, Massachusetts’ Housing Finance Agency.

Susan Ifill, Board Member
COO of NeighborWorks America

Ms. Ifill is the Executive Vice President and COO of
NeighborWorks America. Prior to this appointment, she was
CEO of Neighborhood Housing Services of New York City.
She has served on numerous nonprofit boards and currently
serves as the Chair of the board of trustees for Cambridge
College in Boston and on the Ocwen Financial Community
Advisory Board. 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.

Janice Jensen, Board Member
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 Chair of the board of directors for the
Nonprofit Housing Association of Northern California. She is
also a board member of Silicon Valley@Home and the Habitat
for Humanity California State Support Organization. Ms. Jensen
served on the Technical Committee for CASA, Committee to
House the Bay Area, as well as 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.”

First Republic Bank / 2020First Republic Bank / 2020supporting our communities

Affordable Housing

“First Republic is a committed funder and strong supporter
of affordable housing. We firmly believe that collaborative,
regionwide partnership is key to addressing this critical
issue and strengthening local communities.”

Rosana Han
Senior Vice President
Head of Community Reinvestment

We are focused on producing and preserving affordable housing in our communities through our
lending and investment activities. Through ongoing dialogue with our Community Advisory Board and
local community groups, the Bank continually evaluates community needs and explores partnership
opportunities to engage our low- to moderate-income and underserved communities. Furthermore, we
have dedicated a team of regional Community Outreach Relationship Managers to focus specifically
on outreach to historically underrepresented markets. We are proud to have received a satisfactory
Community Reinvestment Act rating for 29 consecutive years.

$100 million

Amount committed in 2020 to protect and produce
affordable housing through the San Francisco
Housing Accelerator Fund

$9.2 billion

$ 2.0 billion

Origination amount for community
development loans¹

Amount committed to low-income housing
tax credit investments²

14.1 percent

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

70+ programs

Number of programs participated in to
finance homeownership for low- to moderate-
income first-time homebuyers⁴

¹ Loans originated from 2011 through 2020, the most recent reportable time period.

² Amount committed from 2010 through 2020.
³ For loans funded in 2020, the most recent data available as determined by Home Mortgage Disclosure Act (“HMDA”) data.

⁴ As of December 31, 2020.

First Republic Bank / 2020

First Republic Bank / 2020supporting our communities

Furthering Diversity, Equity and Inclusion
Since 1985, our diversity has been a key to providing extraordinary service. In 2020, we expanded our
commitment to diversity, equity and inclusion by partnering with Management Leadership for Tomorrow,
a national nonproft that equips and emboldens high-achieving Black, Latinx and Native American
individuals to secure high-trajectory jobs, while partnering with employers to provide access to a new
generation of diverse leaders.

Colleague Communities
Colleague Communities ofer a place for colleagues to foster networks and build strong relationships
and ties between members and allies. Tese networks embrace our values and further our community
outreach, education and professional development eforts. In 2020, we expanded our number of
Colleague Communities from three to eight.

Employee Volunteering and Giving
Since 2015, we have ofered employees two paid days to volunteer with charitable organizations that
make an impact on our local communities. In 2020, First Republic increased the number of our volunteers
by more than 20%, with over 2,200 employees volunteering more than 21,500 hours as part of this
program. In 2020, we also launched employee matching gif programs for COVID-19 support; diversity,
equity and inclusion; and disaster relief eforts. More than 1,300 employees participated, making
meaningful donations to 30 nonprofts.

Caring for Our Environment
We serve more than 100 environmentally focused nonproft organizations and ofer banking and wealth
management solutions for environmentally conscious clients. We have also taken action to manage
our own impact on the environment. In 2020, we engaged Corporate Citizenship, a global strategy
consulting practice specializing in sustainable and responsible business, to further identify and focus
our environmental impact initiatives.

First Republic Bank / 2020First Republic Bank / 2020supporting our communities

We continue to develop meaningful partnerships
with a diverse group of nonprofts supporting the
communities in which we live and work.

Te Posse Foundation

Multiple locations

University Settlement Society

New York, New York

Based on the idea that a small group of talented individuals can inspire each other to excellence, The Posse

The original settlement house in the United States, University Settlement provides social services to low-income

Foundation has provided inspiration to over 10,000 high school students since 1989. Operating in major U.S.

and immigrant families in order to fight poverty and systemic inequality. Their pioneering programs in early

cities, Posse identifies gifted students who may be overlooked by the traditional college selection process

childcare, eviction prevention and financial literacy, and a wide array of other services, help strengthen the

and places them in supportive, multicultural teams. Students work together to develop their leadership skills

lives of more than 40,000 New Yorkers each year. Today, more than 500 social service professionals on staff

and build a sense of community. Since the nonprofit’s founding, Posse Scholars have received over $1.6 billion

work alongside dedicated volunteers to uphold the founders’ commitment to meeting the evolving needs of

in four-year, full-tuition scholarships from Posse’s partner colleges and universities.

their community.

First Republic Bank / 2020First Republic Bank / 2020supporting our communities

Serving Nonprofts: Beyond Banking

We are continually looking for ways to best serve nonprofts across
our communities. We extend the following educational and networking
opportunities to our nonproft neighbors:

Nonprofit Insights

Quarterly newsletter featuring articles tailored to nonprofit professionals

Financial Education

Financial literacy training for employees offered as digital modules covering

financial basics, financing education costs, homebuying and saving for the future

Fundraisers Alliance

Educational group for nonprofit professionals to deepen fundraising skills, share

best practices, and learn from peers and best-in-class service providers

Leadership Convening

Nonprofit events and workshops on topics that matter most to nonprofit leaders,
board members and donors

Financial Executives Alliance

First Republic–administered complimentary networking

group that brings together

senior nonprofit financial professionals to discuss challenges and best practices

COVID-19 Support

Webinars and sector insights on a range of topics related to the pandemic, including

employment law, cybersecurity, virtual fundraising and strategic financial planning

25%

Percentage of loans to nonprofit organizations
in our Business Banking loan portfolio

(as of December 31, 2020, excluding PPP loans)

Te Marine Mammal Center

Sausalito, California

As the largest marine mammal hospital in the world, The Marine Mammal Center is a global leader in marine

mammal health, science and conservation. Each year, the Center responds to over 10,000 reports of marine

mammals in distress in California and Hawai‘i, publishes a significant body of research, educates 100,000

visitors, and trains over 100 veterinary professionals and students from around the world. The Center’s award-

winning education programs promote action to protect our ocean and inspire future generations to work

toward a healthy ocean ecosystem — for the benefit of marine mammals and humans.

First Republic Bank / 2020

First Republic Bank / 2020supporting our communities

Executive Leadership

First Republic’s leadership team represents considerable depth and experience in the fnancial industry.

Teir guidance also refects 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, 76, Hafize Gaye Erkan, 41,
Founder, Chairman
and CEO

President and
Board Member

Jason C. Bender, 51,
Executive Vice President
and Chief Operating Ofce

Robert L. Thornton, 63,
Executive Vice President and
President, Private Wealth
Management

Michael D. Selfridge, 53, Michael J. Roffler, 50,
Senior Executive Vice
President and Chief Banking Chief Financial Ofcer
Ofcer

Executive Vice President and

David B. Lichtman, 57, Mollie M. Richardson, 42,
Senior Executive Vice
President and Chief Credit
Ofcer

Executive Vice President and
Chief People Ofcer

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

Mr. Herbert founded
First Republic Bank in 1985.
Previously, he was the founding
Chief Executive Officer,
President and a director of
San Francisco Bancorp from
1980 to 1985. He served as
the Federal Reserve’s Twelfth
District member of the Federal
Advisory Council from 2018 to
2020 and currently serves as a
member of the U.S. Department management of large U.S. banks
of the Treasury’s Community
Development Advisory Board.
Mr. Herbert 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;
over 20-year participant, Chief
Executives Organization’s
Harvard Presidents’ Seminar.

and insurance companies.
Ms. Erkan also served on the
board of directors of Tiffany
& Co. 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. 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

Mr. Bender has been with
First Republic since 1999 and
managed the Bank’s finance
department for over a decade
before being appointed Chief
Administrative Officer in 2013.
He was appointed Chief
Operating Officer in 2016 and is
responsible for the Bank’s overall First Republic Bank in 2015 and
operations 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.

oversees banking activities for
the Palm Beach region. 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. Roffler joined First Republic Mr. Lichtman has been with
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.

Ms. Richardson joined
First Republic in 2003 and
First Republic since 1986 and
was appointed Chief People
has held positions in various
Officer in 2016. She oversees
phases of lending operations
human resources and various
at the Bank. Mr. Lichtman was
appointed Chief Credit Officer
Bank-wide initiatives. Ms.
Richardson previously served
in 1995. In the role of Chief
as Chief Administrative Officer
Credit Officer, he is responsible
and Head of Board and Investor
for promoting the Bank’s credit
Relations at First Republic. She
culture, focused on safe and
is a member of the Board of
disciplined lending standards
and practices. B.A., 1985, Vassar Directors for the Network for
Teaching Entrepreneurship,
College; M.B.A., 1990, University
Bay Area, and the YMCA of San
of California, Berkeley.
Francisco. B.A., 2001, Sonoma
State University; Harvard
Business School Advanced
Management Program, 2013.

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

First Republic Bank / 2020First Republic Bank / 2020
Board of Directors

James H. Herbert, II, 76, Founder, Chairman and CEO
Mr. Herbert founded First Republic Bank in 1985. Previously, he was the founding Chief Executive Officer, President and a
director of San Francisco Bancorp from 1980 to 1985. He served as the Federal Reserve’s Twelfth District member of the
Federal Advisory Council from 2018 to 2020 and currently serves as a member of the U.S. Department of the Treasury’s
Community Development Advisory Board. Mr. Herbert 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; over 20-year participant, Chief Executives Organization’s
Harvard Presidents’ Seminar.

Katherine August-deWilde, 73, Vice Chair and Board Member
Ms. August-deWilde was an executive at First Republic Bank from 1985 to 2015. She served as President from 2007
and as COO from 1996 to 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 OpenGov, Inc., and the nonprofit board of Tipping Point Communities. She was a member
of the Stanford University Graduate School of Business Advisory Council. A.B., 1969, Goucher College; M.B.A., 1975,
Stanford University.

Hafize Gaye Erkan, 41, 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. Ms. Erkan also served on the board of directors of Tiffany & Co. 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.

Pamela J. Joyner, 62, Board Member
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 serves on the board of
directors of Apollo Global Management, Inc. Ms. Joyner is also a trustee emeritus of Dartmouth College and a trustee
of the Tate Americas Foundation, SFMOMA, the Art Institute of Chicago and the 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.

Reynold Levy, 75, Board Member / Lead Outside Director
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 to 2013. Previously, he was President of the International Rescue Committee and a senior executive at AT&T.
He is also the author of five books and has taught at the Harvard Business School and Columbia University. 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 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.

Duncan L. Niederauer, 61, Board Member
Mr. Niederauer served as CEO of NYSE (2007–2014) and partner of Goldman Sachs. Currently he is a co-founder and
managing member of Transcend Wealth Collective, an independent investment advisory firm. He is a director of Realogy
Holdings Corp. and sits on several additional boards, including the Bob Woodruff Foundation 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., 81, 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 Caesars Entertainment, 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.

George G. C. Parker, 82, Board Member
Mr. Parker is the Dean Witter Distinguished Professor of Finance, Emeritus, formerly Senior Associate Dean for Academic
Affairs, Director of the M.B.A. 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.

Boris Groysberg, 49, 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; Glass Half-Broken: Shattering the Barriers That
Still Hold Women Back at Work; 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.

Sandra R. Hernández, M.D., 63, Board Member
Dr. Hernández is President and CEO of the California Health Care Foundation (CHCF), 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, and serves on the board of the Public Policy Institute of California
Statewide Leadership Council. 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.

Emeritus

Roger O. Walther, 85, 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 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 Bank / 2020First Republic Bank / 2020

Our Values

Do the right thing.

Provide
extraordinary service.

Tink positively.

Move forward,
move fast.

Respect the team.

Take responsibility.

Grow.

Have fun.

First Republic Bank / 2020

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

1656 North California Boulevard
Walnut Creek, California 94596
(Projected opening Summer 2021)

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
(424) 408-6088

Santa Barbara

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

12626 High Bluff Drive,
Suites 100 and 400
San Diego, California 92130
(858) 259-2795

Oregon

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

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

2405 West Burnside Street
Portland, Oregon 97210
(503) 889-8188

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

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

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

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

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
(212) 372-3088

163 Canal Street
(at Elizabeth Street)
New York, New York 10013
(212) 882-3888

60 East 42nd Street
(at Vanderbilt Avenue)
New York, New York 10165
(Projected opening Summer 2021)

34 Popham Road
Scarsdale, New York 10583
(Projected opening Spring 2021)

Connecticut

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

Massachusetts

160 Federal Street
Boston, Massachusetts 02110
(617) 737-1828

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

Coming Soon to Hudson Yards /
Manhattan West

Florida

329 10th Avenue (at 29th Street)
New York, New York 10001
(Projected opening Summer 2021)

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

410 10th Avenue (at 34th Street)
New York, New York 10001
(Projected opening Spring 2021)

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

470 34th Street (at 10th Avenue)
New York, New York 10001
(Projected opening Spring 2021)

4506 PGA Boulevard
Palm Beach Gardens, Florida 33418
(561) 812-6888

First Republic Bank / 2020First Republic Bank / 2020

Private Wealth Management

Corporate Information

Northern
California

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

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

2500 Sand Hill Road, Suite 200
Menlo Park, California 94025
(650) 352-9300

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

1753 Trancas Street
Napa, California 94558
(707) 251-4124; (707) 251-4110

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,
Suites 100 and 400
San Diego, California 92130
(858) 259-2795

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

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

225 108th Avenue, Suite 500
Bellevue, Washington 98004
(425) 519-8900
By appointment only

Wyoming

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

565 West Broadway
Jackson, Wyoming 83001
(307) 264-7100
By appointment only

NEW JERSEY

115 West Century Road, Suite 300
Paramus, New Jersey 07652
(866) 320-7793
By appointment only

New York

Florida

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) 873-2600

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
(561) 812-6888

CONNECTICUT

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

5100 Town Center Circle,
Suite 650
Boca Raton, Florida 33486
(561) 549-2456
By appointment only

Massachusetts

Hawaii

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

160 Federal Street
Boston, Massachusetts 02110
(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
By appointment only

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, First Republic Trust Company of
Delaware LLC and First Republic Trust Company of Wyoming LLC.

stock trading

Listed on the New York Stock Exchange:
Common Stock Symbol: FRC
Preferred Stock Series H, I, J, K, L Symbols:
FRCPrH, FRCPrI, FRCPrJ, FRCPrK, FRCPrL

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 Kaye Scholer LLP

Independent Registered
Public Accounting Firm

KPMG LLP

Design: Howry Design Associates / San Francisco

Principal Photography: Jamey Stillings

Project Directors: Rachel Ward and Christine Burger

First Republic Bank / 2020

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

First Republic supports efforts to maintain a healthy,
sustainable environment through the responsible use
of renewable resources.

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.