First Republic Bank Annual Report 2021

FY2021 Annual Report · First Republic Bank

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It’s a privilege to
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serve you.
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2 0 2 1 A N N U A L R E P O R T
2 0 2 1 A N N U A L R E P O R T

Consistent and
Extraordinary Service

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

This annual report is printed on 100% recycled paper.

First Republic is committed to creating a more sustainable future.

Dear Clients and Shareholders

2021 was another terrifc year for First Republic, and our success refects a
simple premise: Exceptional client service wins. Tis has proven true in the
past year and in the 36 years since we were founded.

First Republic produced signifcant long-term value for shareholders in 2021 by once again taking
great care of our clients, colleagues and communities. Te result was record growth in loans, deposits,
wealth management assets and earnings. Our 2021 performance highlights the resilience and long-term
sustainability of First Republic’s client-centric model and the strength of its unique culture.

Since 1985, First Republic has grown organically from its initial $8.8 million de novo capitalization
to become the nation’s 14th largest commercial bank by deposits and the 11th largest by market
capitalization at year-end. Our time-tested business model has done exceptionally well through varying
economic and geopolitical conditions and has been proftable every year since the Bank’s inception.

In 2021, the global pandemic disrupted life, but the care and dedication of our colleagues did
not waver. Our team, supported by newly implemented technology, exceeded expectations and
achieved its highest level of client service ever. In turn, clients expanded their relationships with
First Republic and referred new clients at a record rate. During times of uncertainty, it’s clear that
clients seek out extraordinary service and care.

Guided by our core value, “Do the Right Ting,” we achieved two important milestones in 2021.
We established the First Republic Foundation to further expand the Bank’s philanthropic
investment in its communities. We also enhanced our environmental sustainability eforts and
commitment to renewable energy by becoming carbon neutral across our projected Scope 1,
Scope 2 and certain operational Scope 31, 2 emissions for the frst time. Tese achievements refect
our steadfast commitment to our communities and one another.

In short, 2021 was another outstanding year for First Republic. Looking ahead, we’re optimistic
about 2022 and well positioned for what appears to be a new cycle of rising interest rates. Our
accomplishments last year demonstrate the resolute support of our communities and colleagues
and our uncompromising focus on client service.

¹ Relevant operational Scope 3 categories include 3 of 14 categories of the Greenhouse Gas Protocol using the following
principles for selection: size, influence, risk, stakeholders and sector guidance. These categories include Category 1 –
Purchased Computer & Office Supplies (subset of Category 1), Category 6 – Business Travel and Category 7 – Employee
Commuting. Excludes Category 15 – Investments.

² Projected full-year 2021 CO2e emissions and electricity needs were based on available 2021 company data as well as
historical company data from 2018 to 2020. Final CO2e emissions and electricity consumption will be made available
following an independent assurance.

First Republic Bank / 2021

Dollars in billions

Financial Highlights 2016–2021

December 31

Total Bank Assets

Total Loans

Total Deposits
Total Tier 1 Capital

2016

2017

2018

2019

2020

2021

$ 73.3

$ 87.8

$ 99.2

$ 116.3

$ 142.5

$ 181.1

$ 52.0

$ 62.8

$ 75.9

$ 90.8

$ 112.6

$ 135.0

$ 58.6
6.6
$

$ 68.9
7.5
$

$ 79.1
8.3
$

$ 90.1
9.5
$

$ 114.9
$ 11.4

$ 156.3

$ 15.7

Wealth Management Assets

$ 83.6

$ 107.0

$ 126.2

$ 151.0

$ 194.5

$ 279.4

Net Income (in millions)

Preferred Banking Offices

$ 673

$ 758

$ 854

$ 930

$ 1,064

$ 1,478

Franchise Growth 2016–2021
Compound annual growth rate (CAGR) calculated over five years since December 31, 2016

Loans

Deposits

Tier 1 Capital

Wealth Mgmt Assets

+21%

CAGR

+22%

CAGR

+19%

CAGR

+27%

CAGR

$ 52.0B

$ 135.0B

$ 58.6B

$ 156.3B

$ 6.6B

$ 15.7B

$ 83.6B

$ 279.4B

Leadership Depth and Breadth
In March 2022, we announced Mike Rofer as our CEO, the frst to succeed Jim Herbert since he
founded First Republic in 1985. With Jim now serving as Executive Chairman and Mike as CEO
and President, First Republic has successfully crossed a key milestone in ensuring consistency and
stability for its unique, client-focused business model and culture going forward.

Very importantly, First Republic’s success is the result of a team-based, collaborative approach to
leadership. We have a deep and agile leadership bench with substantial experience and expertise.
Te average age of our executive team is 55, with an average tenure of 16 years at First Republic
(excluding our Founder and Executive Chairman). Our leaders across the organization have
an extensive understanding of our geographic markets, business model, client needs and, most
importantly, highly successful corporate culture.

A Consistent and Resilient Client Service Culture
Our most recent overall Net Promoter Score, which is an independent measure of service
excellence and client loyalty, achieved its highest level to date in 2021. Our Net Promoter Score
remains signifcantly higher than the U.S. banking industry average, and it exceeds those of most
luxury service brands. Client satisfaction results in very low attrition, expanded relationships and
a steady fow of referrals from long-term, happy clients. Tis immensely powerful compounding
efect has been the primary source of our safe, organic growth strategy.

A Simple Business Model and Structure
Our streamlined corporate structure drives our operational efciency. We have no holding
company and only a modest number of Preferred Banking Ofces compared to other U.S.
institutions of a similar size. Te simplicity of our model results in high-quality banking and
wealth management services delivered with great consistency and attention to detail. Te
model also provides the operating structure that ensures the overall safety and soundness of
the institution.

Exceptional Credit Quality
Maintaining credit of the highest quality has always been paramount at First Republic and is
the basis of our success. During 2021, net charge-ofs were only $2 million, or less than 1 basis
point of average loans. Nonperforming assets were only 8 basis points at year-end. Nonetheless,
we added $59 million to our allowance for credit losses in 2021. Looking forward, we expect
interest rates to rise, and we’re well positioned to manage in the current cycle, as we have for
more than three decades. As always, strong credit quality, disciplined underwriting, and safety
and stability remain key priorities.

First Republic Bank / 2021

2016–2021

First Republic Bank / 2021

Empowered, Supported and Engaged Colleagues
First Republic has built an exceptional brand due to the hard work and dedication of the team.
High client satisfaction is directly attributable to our empowered and thoughtful colleagues.
Diferentiated, high-touch service, complemented by a robust digital platform, results in
maximum choice, convenience and fexibility for clients.

Te efectiveness of this client-centric approach was made especially clear during the past two
years of the pandemic. As our clients settled into new routines, they found truly caring and
responsive partners at First Republic. Our ability to anticipate, respond to and fulfll the needs
of clients during a trying time led to our strong growth in 2020 and again in 2021.

To promote our culture of empowerment and collaboration, our colleagues receive ongoing
professional development and career growth opportunities, competitive compensation and
comprehensive benefts. In 2021, First Republic increased the Bank-wide minimum wage from
$25 per hour, which it had been since 2018, to $30 per hour.

Additionally, First Republic ofers many benefts to its colleagues and their families. Approximately
37% of our workforce participates in our company-paid Student Loan Paydown (now tax-free)
and SaveUp College Savings Assistance Program benefts. Participants receive direct company
contributions to pay down existing student debt and save for future education expenses. Over
30% of our employees have participated in our Employee Home Loan Program, 63% have
participated in our discounted employee stock purchase program and 97% participate in our
401(k) matching program.

An Inclusive Culture and a Diverse Workforce
Since the Bank’s founding, First Republic has fostered an inclusive workplace culture that embraces
and supports a diversity of perspectives and backgrounds. Our workforce is 51% people of color
and 47% women. Together, our employees speak more than 50 languages. First Republic has
been a leader in elevating women into strategic roles, and today women account for 44% of
senior management roles and 36% of the Board of Directors.

We continue to enhance diversity at First Republic through hiring, promotions, training and
leadership development programs. We view diversity as an ongoing source of strength and
competitive advantage, and it remains among our highest priorities. Moving forward, we’re fully
committed to enhancing inclusiveness and diversity to enable all colleagues to thrive.

Consistent Proftability and Shareholder Value Creation

Results in 2021, and over the past five years, have been strong. Revenues have grown 18% per annum,
and tangible book value per share has grown 14% per annum.

Stability

Shareholder Value

• Consistent, Founder-Led

Leadership Team

• Stable Client Relationships
• Sustainable, Organic Expansion

• Enterprise Value 07/1985: $8.8 Million (De Novo Founding)
• Enterprise Value 12/2021: $37.1 Billion
• Enterprise Value Growth Since 07/1985:

26% per Annum

Compound Annual Growth Rate 2016–2021
CAGR calculated over five years since December 31, 2016

Revenues

+18%

CAGR

Tangible Book Value per Share

+14%

CAGR

$ 2.2B

$ 5.0B

$ 35.35

$ 67.10

First Republic Bank / 2021

2016–2021

First Republic Bank / 2021

Strong and Growing Capital
As part of our commitment to be well capitalized at all times, we successfully accessed the capital
markets fve times in 2021. In total, we raised over $2.8 billion of net new Tier 1 capital, while
reducing the average rate paid on our preferred stock. Total capital grew 33% during 2021.

We plan for future growth by raising capital in advance. We always stay well capitalized in the
event of unexpected changes in the economic environment and geopolitical landscape. Tis
prudent approach has enabled us to continually serve the full range of our clients’ needs without
interruption and regardless of market conditions.

In 2021, our annual dividend increased for the 10th consecutive year, an accomplishment that
points to the consistency of our model and underscores our continued positive outlook. Since
2012, investors have received quarterly cash dividends.

2021 Results
2021 was our most successful year ever in terms of business results. Bank assets totaled
$181.1 billion, and wealth management assets climbed to $279.4 billion. Total earnings grew
39%, and total regulatory capital increased by 33%. Tangible book value per share increased by 17%.

Loan originations totaled $64.8 billion — our best year yet. Growth in loans outstanding was 20%.

Deposit growth was particularly good in 2021, up 36% compared to a year ago. Checking deposits
made up 72% of total deposits at year-end. Deposit growth occurred across all channels: Private
Banking, Preferred Banking Ofces, Business Banking and Private Wealth Management.

Business Banking
Business Banking also had a very strong year. Both business loans and deposits performed very
well. At year-end, business loans outstanding totaled $18.6 billion, up 25% year over year,
and represented 13% of total loans (excluding Paycheck Protection Program loans). Business
deposits grew by 42% year over year and represented 60% of total deposits at year-end. Checking
represented 80% of these business deposits. We’re also quite pleased that the number of
nonproft clients — one of our largest segments in business banking — increased over 10%
to more than 4,600 in 2021.

Private Wealth Management
Private Wealth Management had a very strong year, with total wealth management assets rising
44% to $279.4 billion. Additionally, more than $107 billion in foreign exchange transactions
were executed for clients, up 105% from 2020. We also placed $1.6 billion in face value of
insurance for clients. Total client insurance coverage is now $7.9 billion. Fee revenues from
wealth management rose 44% and represented 15% of total revenues during 2021.

Enterprise Value
July 1, 1985 (de novo founding), through December 31, 2021

Organic growth from $8.8 million of initial capital
to a market capitalization of $37.1 billion

+26%

CAGR1

December 2021

$ 37.1B

First Republic
management-led buyback,
independent again
July 2010

Purchase of First Republic
by Merrill Lynch
September 2007

First Republic
founded July 1985
$ 8.8M

First IPO
August 1986

Second IPO
December 2010
$ 3.3B

1985 1988 1991 1994 1997 2000 2003 2006 2009 2012 2015 2018 2021

1 36.5-year CAGR from July 1, 1985, through December 31, 2021.

First Republic Bank / 2021

Next-Generation Strategy
Our next-generation client strategy continues to be highly successful. Drawn by our Personal Line
of Credit, Professional Loan and afliate programs, younger client households grew 14% during
2021. We’re attracting younger urban professional households even earlier in their careers. Tis
strategic initiative is intended to engage younger clients with specifc products to spur trial and
subsequently build deep, lasting relationships. It’s been transformational at First Republic. At
year-end, millennial households represented over 40% of First Republic’s total consumer borrowing
households, compared to only 12% in 2015.

Client Household Growth
Household growth remained strong in 2021. Total households grew 10% year over year. A
signifcant portion of our new households are referred to us by our existing, satisfed clients.

A growing consumer client base provides greater opportunity to deepen relationships with our
clients and receive an even greater number of client referrals. Tese two sources of growth have
consistently accounted for more than 80% of growth of loans and deposits each year. Remarkably,
as the number of households we serve has increased, our client satisfaction levels have
also increased.

Franchise Investments, Digital Engagement and Core Conversion
Our strategic investments in the franchise are designed to support an ever-increasing level of
client service. In 2021, these investments included enhancing our regulatory and risk management
infrastructure, upgrading cybersecurity, implementing numerous process improvements and
further advancing workplace productivity.

Te investments in digital platforms are yielding the intended results for clients. In 2021,
enrollment in online and mobile consumer banking was up 15% from the year prior. More than
80% of clients were active on our digital platforms by year-end.

In addition, in early 2022, we successfully completed our core system conversion — a multiyear,
enterprise-wide project that’s the foundation of our next generation of innovation and client
service. Te initiative establishes the technology infrastructure to deliver more customization
and convenience while ensuring operational scalability for years to come.

Community Investments
In keeping with our long-standing values, we remain committed to supporting our communities
through lending, investing and philanthropic initiatives, as well as the extraordinary volunteerism
of our colleagues.

As a leading fnancial institution, we have a specifc focus on afordable housing and fnancial
education. In October 2021, the Bank made a signifcant investment in the Supportive Housing
Fund managed by SDS Capital Group. Tis frst-of-its-kind real estate impact fund will build
fnancially sustainable permanent housing for people experiencing homelessness in Los Angeles
and other California cities.

Troughout the year, our programs to empower the economic prosperity of our communities
again produced very positive results. Our Eagle Community Loan Program facilitated
homeownership for many people in historically underserved communities. Our Community
Advisory Board, which is composed of highly respected community leaders across the country,
provided strategic guidance to enhance our already strong Fair Lending and Community
Reinvestment Act programs.

In May 2021, First Republic signifcantly expanded its philanthropic activities with the
launch of a major initiative — the First Republic Foundation. Te Foundation’s grants are in
addition to the Bank’s long-standing, philanthropic contributions through its community
reinvestment initiatives and partnerships with nonproft organizations. Among its initial
grants, the Foundation funded the opening of Chelsea Factory, which supports artists and arts
and community organizations. Chelsea Factory will focus on New York City–based artists from
historically excluded communities and serve as an incubator for new collaborations. We also
made fnancial contributions to over 700 nonprofts, including 23 grants from the Foundation.

During the year, we deepened our commitment to the environment by becoming carbon neutral
across our projected Scope 1, Scope 2 and certain operational Scope 31, 2 emissions for the frst
time. First Republic also purchased 100% renewable energy to meet our electricity needs. Going
forward, we intend to remain carbon neutral across our Scope 1 and Scope 2 emissions and
purchase 100% renewable energy.

Employee volunteer hours through our Eagle Cares program, which provides colleagues with
two paid service days per year, have increased over 150% since 2017 to more than 22,500 hours
during 2021.

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First Republic Bank / 2021

Looking Ahead
We remain optimistic about 2022. Many U.S. households have accumulated substantial savings
since the onset of the pandemic, which should further stimulate consumer spending and overall
economic growth. Despite rising interest rates, we anticipate strong single-family residential
and multifamily markets and active private equity and venture capital markets. Commercial real
estate may continue to lag, depending on the pace and extent of ofce reopenings.

As always, we’re focused on our remarkable colleagues, who go to great lengths to take care of
our clients and serve as role models in our communities. Teir dedication is the reason we can
provide exceptional client service and continue to grow. We’re also tremendously grateful for our
clients, communities and shareholders. Te encouragement of our stakeholders motivates us to
reach even higher each day and stay laser-focused on results, which we again delivered in 2021.

It’s a privilege to serve you.

James H. Herbert, II
Founder and
Executive Chairman

Michael J. Roffler
CEO, President and
Board Member

Michael D. Selfridge
Chief Banking Officer

Mollie M. Richardson
Chief People Officer

Olga Tsokova
Chief Financial Officer (Acting)
and Chief Accounting Officer

David B. Lichtman
Chief Credit Officer

Robert L. Thornton
President, Private Wealth
Management

Left to right:
James H. Herbert, II; Michael J. Roffler;
Michael D. Selfridge; Mollie M. Richardson;
Olga Tsokova; David B. Lichtman;
Robert L. Thornton

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First Republic Bank / 2021

Our clients say it best.

Client Index

Lincoln Center and the
New York Philharmonic
Arts

John and Cindy Tran
Personal Banking

Alexis Jeffries
Personal Banking

Nina and Mark
Magowan
Personal Banking

Monica Tadros, M.D.,
and John Athas, M.D.
Personal Banking

Dyne Therapeutics
Life Sciences

David Zuluaga
Personal Banking

Law Office
of Christine Troy
Law Firm

Sami Dharia and
Rupesh Dharia, M.D.
Personal Banking

Greenbelt Alliance
Nonprofit

Ballet Hispánico
Arts

Michael Reza and
Katie Reiners Reza
Personal Banking

David Patterson, Ph.D.,
and Noman Absar, M.D.
Personal Banking

Peggy Gilday
Personal Banking

Martin and
Anne-Marie Gauto
Personal Banking

The Waldorf Center
for Plastic Surgery
Healthcare

Network for Teaching
Entrepreneurship
Nonprofit

Marcela and Ana
Hernandez
Personal and
Business Banking

UptimeHealth
Tech

San Francisco
Orthodontics
Healthcare

Rachel and Ty Shay
Personal Banking

Gabriel Aiello
Personal and
Business Banking

Full In Partners
Venture Capital

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C L I E N T S S I N C E 2020

“First Republic understands the cultural
world in a way that’s quite rare.”

Lincoln Center and
the New York Philharmonic
Deborah Borda, President and CEO, New York Philharmonic
Henry Timms, President and CEO, Lincoln Center

New York, New York

Lincoln Center, the world’s leading performing arts center, and

the New York Philharmonic recently launched a transformative

renovation of David Geffen Hall to create an intimate, acoustically

excellent concert hall and welcome the community with vibrant

and inviting public spaces. At a time when indoor performances

were impossible, Lincoln Center and the Philharmonic saw a

unique opportunity to accelerate this ambitious project. To seize

the moment, they needed the right financial partner — and

First Republic was a perfect fit. The Bank has helped fuel the

collaboration of two world-class cultural organizations as they

deliver an extraordinary new venue to the artists and audiences

of New York City, years ahead of schedule.

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C L I E N T S S I N C E 2009

“Our relationships at First Republic
are priceless. We’ve never seen this level
of care before.”

John Tran
Founder and Owner, Rainier Pacifc Properties

Cindy Tran
Retired Pharmacist

Seattle, Washington

John and Cindy Tran met while working as hospital pharmacists

early in their careers. After the couple grew their own successful

retail pharmacy and distribution business, John became involved

with commercial real estate, which evolved into a passion. When

the Trans first came to First Republic, they found a team that was

highly in tune with their business and personal needs. John’s

close partnership with his banking team makes financing, loan

processing and day-to-day operations effortless, giving the couple

time back to enjoy lake activities near their Washington home.

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C L I E N T S I N C E 20 19

“First Republic is genuinely invested
in helping me grow and, most importantly,
understanding my financial goals.”

Alexis Jeffries
Product Strategist and Angel Investor

Los Angeles, California

Alexis Jeffries has a career as varied as they come. Originally a

personal finance journalist, she’s now a tech product marketer,

an angel investor, an interior designer and, fittingly, an adjunct

professor of entrepreneurship. When she started banking with

First Republic, she discovered a level of personal support and

care she’d never found before. When it came time to buy her first

home, her First Republic banker made the experience positive

and empowering. As a passionate pursuer of dreams, Alexis

appreciates First Republic’s dedication to helping their clients

reach higher.

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C L I E N T S S I N C E 20 20

“There’s something about the people
who work at First Republic — you feel
reassured in their hands.”

Nina Magowan
Partner, Vendome Press

Mark Magowan
President, Vendome Press

Palm Beach, Florida

As owners and publishers of Vendome Press, Nina and Mark

Magowan create beautifully crafted books on fine arts and interior

design for a sophisticated international market. For a couple

who values authenticity and quality, joining First Republic made

perfect sense. From the start, they’ve been impressed with the

level of personalized service they receive at the Bank. And, as the

needs of Vendome and their family have evolved, their relationship

with their personal banker has too. The Magowans know they

have a dedicated partner by their side as they continue to bring

art and beauty to the world.

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

“Banking with First Republic gives
us time back to spend on our lives and
our business.”

Sami Dharia
CFO, Palm Beach Internal Medicine

Rupesh Dharia, M.D.
Founder and Owner, Palm Beach Internal Medicine

Palm Beach, Florida

Between managing their private medical practice and preparing

two teenagers for college, Sami and Rupesh Dharia lead busy,

full lives. Their relationship with First Republic started simply:

They opened one checking account to see whether the Bank’s

personalized service was worth the switch. The Dharias were

impressed by how quickly their dedicated banker responded to

their requests after just an email. Seamless wire transfers, remote

check deposits and a crucial business loan convinced them that

their banker could help them with all kinds of financial needs.

After experiencing a level of care they always wanted from a

bank — but never thought to expect — the Dharias moved their

personal and business finances to First Republic.

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C L I E N T S I N C E 2020

“We’re all about creating resilience.
First Republic is helping us become
more resilient too.”

Greenbelt Alliance
Joshua Hurwitz, Board Treasurer
Amanda Brown-Stevens, Executive Director

San Francisco, California

Environmental nonprofit Greenbelt Alliance works to build climate

resilience in the San Francisco Bay Area. Through educational

outreach and advocacy efforts, they’re helping protect the

region’s open spaces and build empowered communities that are

vibrant, diverse and accessible. When they joined First Republic,

the nonprofit discovered a partner that shared their concern for

the environment, understood their goals and, importantly, made

it easier for them to get things done. Spending less time on the

intricacies of their finances allows Greenbelt Alliance to focus

more energy on creating a better future for everyone in the

Bay Area.

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C L I E N T S I N C E 2020

“First Republic is a bank that
understands and honors artists.
They’re here for us.”

Ballet Hispánico
Eduardo Vilaro, Artistic Director and CEO

Pictured with dancers Amanda del Valle (left), Leonardo Brito (center)
and Dandara Veiga (right)

New York, New York

Ballet Hispánico, the country’s largest Latinx cultural organization,

is focused on promoting artistic excellence and exploring Latinx

cultures through dance. By expanding access to facilities, training

and mentorship, the organization has enriched communities and

transformed lives. As a client of First Republic, Ballet Hispánico

appreciates working closely with a like-minded partner that

understands and supports their big-picture goals. The level of

attention and service Ballet Hispánico’s leadership receives

has helped them manage their day-to-day operations while they

continue to push boundaries and serve the arts community in

meaningful ways.

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C L I E N T S S I N C E 2019

“At First Republic, you’re not banking
with an institution. You’re working
one-on-one with an individual you trust.”

Michael Reza
Associate Vice President, Development, University of Oregon

Katie Reiners Reza
Insurance Sales Executive

Pictured with their daughters Camille (left) and Simone (right)

Portland, Oregon

Michael Reza and Katie Reiners Reza lead careers that rely on

cultivating strong relationships. When they began talking about

refinancing their home with an acquaintance who worked for

First Republic, it seemed they’d found a bank whose values

reflected their own. And that hunch paid off — from the very first

meeting, Michael and Katie formed a bond with their personal

banker and his responsive, knowledgeable team. In fact, after

that initial refinance went so smoothly, they transferred all their

banking to First Republic, including a new home mortgage. Now,

as they eye real estate opportunities and plan for the future,

Michael and Katie know they have a partner who’s looking out

for their financial and personal well-being.

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C L I E N T S I N C E 20 11

“First Republic exemplifies the
entrepreneurial spirit that we work
to foster in our students.”

Network for Teaching
Entrepreneurship
J.D. LaRock, Ed.D., President and CEO

Pictured with student Roshaun Knight (left)
and Education Advisor Xolchit Polanco-Roman (right)

New York, New York

The Network for Teaching Entrepreneurship (NFTE) is a

global nonprofit providing business development training and

educational programs to students in middle school, high school

and college. Founded in 1987, NFTE currently offers programs in

dozens of U.S. states and 18 countries. First Republic has a long

history of supporting mission-driven nonprofits such as NFTE.

As a trusted partner, First Republic helps NFTE maximize their

financial situation so they can focus on inspiring young people

from underserved neighborhoods to recognize entrepreneurial

opportunities and plan for their own successful futures.

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C L I E N T S S I N C E 2010

“When we partnered with
First Republic, we realized what
personalized banking really meant.”

Marcela Hernandez
Co-Owner, Grove 45 (lef)

Ana Hernandez
Co-Owner, Grove 45 (right)

St. Helena, California

Mother-and-daughter business partners Ana and Marcela

Hernandez started making olive oil as a hobby after they

discovered an olive grove on their St. Helena property. When they

had an opportunity to acquire the Grove 45 brand and go into the

olive oil business, Ana and Marcela were introduced to the bank

that would help make it possible: First Republic. Whether it was

for their business or personal banking needs, their banker gave

them a level of support and encouragement they’d never come

across before. The Bank’s can-do attitude aligns with Ana and

Marcela’s energy and vision, and they’re eager to keep building

on their dreams with the help of this strong partnership.

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C L I E N T S I N C E 2019

“First Republic feels local, like a
neighborhood friend. They changed
our ideas about banking.”

UptimeHealth
Jinesh Patel, Co-Founder and CEO

Boston, Massachusetts

While working as a clinical engineering manager at a large health

provider, Jinesh Patel realized that smaller medical practices

lacked organized support for their systems and equipment. He

decided to create a “software version of himself” and co-founded

UptimeHealth. When he moved to Boston and connected with

First Republic, he discovered another exceptional team, equally

committed to the success of UptimeHealth. From the start,

Jinesh’s banker was right there for him, helping him get his

footing in Boston and introducing him to key people in the tech

community. First Republic’s ongoing partnership has allowed

UptimeHealth to focus on what’s next: continued growth.

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C L I E N T S I N C E 20 07

“We’re committed to excellent
outcomes and client satisfaction.
The same is true of First Republic.”

San Francisco Orthodontics
Rodney Lee, D.D.S., Partner (lef)
Samantha Lee, D.D.S., Partner (center)
Elizabeth Ubaldo, D.D.S., Partner (right)

San Francisco, California

San Francisco Orthodontics is in the business of putting smiles

on people’s faces. At this well-established Bay Area practice,

the orthodontists value community and the long-standing

relationships they’ve built with their patients over the past

35 years. As a long-term client of First Republic, San Francisco

Orthodontics appreciates having a banking partner that shares

their commitment to client satisfaction. They’ve come to rely on

the personalized attention they receive from a team that knows

them and understands their needs. With the Bank in their

corner, they’re looking forward to creating the next generation

of healthy smiles.

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

“As busy entrepreneurs with medical
practices across two states, we appreciate
First Republic helping us gain financial
independence.”

Monica Tadros, M.D.
Director, Center for Sinus, Sleep and Facial Plastic Surgery

John Athas, M.D.
President and CEO, Paramus MRI

New York, New York

With thriving private practices and a young family, Monica Tadros

and John Athas found themselves in search of a bank that offered

more than the standard relationship. Upon their introduction to

First Republic, they quickly realized they’d found what they were

looking for: a true financial partner. They were on the same

page as their banker from the start and able to work quickly

toward their personal and business goals. From complex business

transactions to small but important perks like next-day banknote

delivery, First Republic has come through for them. Thanks to the

Bank’s personalized support and attention, Monica and John’s

busy lives have become simpler.

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C L I E N T S I N C E 20 20

“Life sciences is a dynamic, competitive
space. First Republic understands the
industry and is always quick to respond
to our needs.”

Dyne Therapeutics
Joshua Brumm, President and CEO

Waltham, Massachusetts

Dyne Therapeutics was founded with the mission of delivering

life-transforming therapies to people with serious muscle

diseases. Making direct connections with the patients they serve

is what drives the company and their culture. Dyne’s core values

include acting with transparency, inclusion, respect, honesty

and unity. When Dyne started working with First Republic, they

found a financial partner that serves the banking needs of the

company with extraordinary care. Dyne also found First Republic’s

client-first approach and transparency to be right in line with

their values.

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C L I E N T S I N C E 2019

“Knowing I have the support of
First Republic makes me more
confident about my future.”

David Zuluaga
Technical Program Manager, Meta

Seattle, Washington

After graduating from college, David Zuluaga found himself

working for some of the best-known names in tech. He had a few

student loans and a car loan with interest rates that could be

better. David opened a checking account with First Republic, and

his personal banker recommended a Personal Line of Credit with

a lower interest rate, which allowed him to pay off his high-interest

loans. The lower rate also gave him the flexibility to start saving for

the future, including for his first home. David is looking forward to

fulfilling a lifetime of financial goals with First Republic.

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C L I E N T S I N C E 2018

“We’ve referred our family, friends,
colleagues — and clients — to
First Republic.”

Law Office of Christine Troy
Christine Troy, Founder and Lead Attorney

San Francisco, California

Christine Troy has been practicing business and family-based

immigration law for over two decades. Her firm takes pride

in the high-quality work they do on behalf of their clients and

the strong relationships they build. Staying up to date on the

intricacies of immigration law while managing the daily demands

of the practice requires a financial partner that goes above and

beyond. At First Republic, the firm discovered a bank that not

only understands their business but also mirrors their ethos

of exceptional and personalized service. With the Bank in their

corner, the practice can focus on helping people in concrete,

life-changing ways.

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C L I E N T S S I N C E 2020

“We never feel like just another client at
First Republic. We can reach our bankers
whenever we need to.”

David Patterson, Ph.D.
Librarian, College of Marin (lef)

Noman Absar, M.D.
Critical Care Physician (right)

Belvedere, California

David Patterson and Noman Absar are driven to serve others —

David as a college librarian and Noman as an intensive care unit

doctor. So they know good service when they see it — like how

their First Republic banker handles everything from everyday

banking to big-picture financial advice. When they first came to

First Republic, their banker made the switch so seamless, they

knew they’d found a financial partner for life. Now they’ve got

a full team of trusted, accessible professionals who make their

banking as smooth and uncomplicated as possible. It’s just one

of many ways First Republic makes them feel valued and cared

for as clients.

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C L I E N T S I N C E 2020

“My First Republic team is
always ready to take action.”

Peggy Gilday
Principal, GYDE Architects

Jackson, Wyoming

Peggy Gilday understands the importance of the word support.

As an architect, she knows that every building depends on a

strong foundation. As a principal of the collaborative firm GYDE

Architects, she knows it’s crucial to have a solid team. And as an

active member of her Jackson community, she also knows how

a shared commitment can make a positive impact. When she

moved her personal and business banking to First Republic, she

found a dedicated team that supports not only her personal and

professional goals but also her community. With the strength of

the Bank’s partnership, Peggy continues to define and pursue

her dreams.

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C L I E N T S S I N C E 20 20

“First Republic helped us put down
roots in our community with an
Eagle Community Loan.”

Martin Gauto
Nonproft Attorney

Anne-Marie Gauto
Social Worker

Pictured with their children Lucas and Lucia

Los Angeles, California

As a nonprofit attorney and a social worker, respectively,

Martin and Anne-Marie Gauto have dedicated their careers

to serving local communities. When a friend told them about

First Republic’s Eagle Community Home Loan Program, the

Gautos knew they’d found a bank that shares their values.

Their personal banker showed them the same care they give to

their own clients — guiding them through the loan process and

connecting with them on a personal level. Now, the Gautos have

a more affordable home loan, deeper roots in their community

and a strong relationship with a bank that’s also committed to

helping others.

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C L I E N T S I N C E 20 19

“My First Republic team has the
creative thinking to help me navigate
whatever’s next.”

The Waldorf Center for
Plastic Surgery
Kathleen Waldorf, M.D., Founder

Portland, Oregon

When Dr. Kathleen Waldorf founded her practice, she was facing

an uphill battle in a male-dominated field. Now, after almost

30 years, The Waldorf Center for Plastic Surgery continues to

thrive. The secret to her success? A self-starter attitude and love

for what she does. So when Dr. Waldorf detected a lack of drive

from her business bank, a friend’s recommendation led her to

First Republic. There, she found a dedicated team that understands

her concerns and has the creative thinking to address them.

Ultimately, First Republic gives her peace of mind knowing she

can navigate whatever comes next.

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C L I E N T S S I N C E 2017

“First Republic offers us our own
banker and a convenient mobile app.
We love having both.”

Rachel Shay
Board of Directors, Muttville

Ty Shay
Technology Executive

Pictured with their daughter, Mia, and dog, Gigi

San Francisco, California

Between raising a family and managing demanding careers and

frequent travel, Rachel and Ty Shay lead full lives. When they first

began banking with First Republic, they instantly noticed a level

of flexibility and convenience they had never experienced before.

When they were in the market to buy a home, the Bank supported

them with focused attention and competitive rates, making the

process efficient and smooth. The Shays soon expanded their

relationship and moved all their accounts to First Republic. Having

consistent support for their day-to-day financial needs, big and

small, helps the Shays plan for their future with confidence.

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C L I E N T S I N C E 20 05

“Banking at First Republic is
a five-star experience. My bankers
recognize my voice on the phone.”

Gabriel Aiello
Owner, Gabriel’s Bar and Restaurant

New York, New York

Even as a child, legendary New York City restaurateur

Gabriel Aiello was drawn to the energy of the restaurant business.

Now a beloved institution, his family-owned Gabriel’s Bar and

Restaurant serves handmade pasta in an inviting atmosphere to

New York visitors, residents and luminaries alike. When Gabriel

joined First Republic, he found an enthusiastic team that knew

his business and had his back. The Bank’s culture of service

resonates strongly with Gabriel, and his First Republic team was

instrumental in his restaurant’s much-anticipated 2021 reopening.

With First Republic by his side, Gabriel is able to keep doing what

he loves most: feeding people great food — and lots of it.

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C L I E N T S I N C E 20 19

“Seeing our vision come to life
with First Republic’s support has
been amazing.”

Full In Partners
Elodie Dupuy, Founder and Managing Director (lef)
Tina Philip, CFO (right)

New York, New York

Elodie Dupuy launched the growth equity firm Full In Partners

in 2019. Focused on software investing, the firm leverages

technology to run lean while supporting clients post-investment

to help ensure their success. Their culture of efficiency, diligence

and equality has differentiated them in the industry and to their

clients. When Full In Partners began working with First Republic,

they felt aligned with the Bank’s people-first ethos and benefited

from a proactive team with the expertise to support the company

from their inception. With First Republic’s close partnership, the

firm saw their vision come to life — and changed many lives

along the way.

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Contents

Te First Republic Diference

Overview of Products and Services

Financial Summary

Additional Information

Proudly Supporting Our Communities

Executive Leadership

Board of Directors

First Republic Values

Locations

“ Our ability to consistently provide extraordinary
client service reflects the outstanding efforts of
our colleagues and the enduring strength of our
business model. This exceptional, differentiated
service continues to drive our organic growth.”

JAMES H . HERB ER T, II

Founder and Executive Chairman

First Republic Bank / 2021
Full-Service Private Banking, Private Business Banking
and Private Wealth Management

D I N A R Y S E R V I C E T H R O U GH PERSONAL & DIGITAL C

Financial
Planning

Investment
Management

Brokerage
Services

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

Trust
Services

R
E
G
A
N
A
M
P
S H I

A T E W

R I V

Residential
Lending

Personal
Lending

Commercial
Real Estate
Lending

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

P
R

Y
O
U

C L I E N T

BLIC R E L A T I

S B

KING

Checking,
Savings,
CDs
(Deposits)

Insurance
Services

Business
Banking

Foreign
Exchange

THE FIRST REPUBLIC DIFFERENCE

What sets First Republic apart is our unwavering commitment to exceptional 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.

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 offered for:

• Accounting Firms

• Law Firms

• Private Equity Funds/Firms

• Business Management Firms

• Life Sciences Firms

• Property Management Firms

• Engineering Services

• Medical Practices

• Real Estate Investors

• Family Offices

• Hedge Funds/Firms

• Independent Schools

• Investment Management Firms

• Nonprofits

• Private Aircraft /
Marine Financing

• Private Clubs

• Small Businesses

• Technology Firms

• Venture Capital Funds/Firms

• Wineries

Private Wealth Management
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

• Brokerage Services

• Trust Administration and Custody

• Insurance Services

• Foreign Exchange

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

Investment Advisory services are provided by First Republic Investment Management, Inc. Trust 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 / 2021First Republic Bank / 2021

Overview of Products and Services

Residential
Lending

• Single-Family Mortgages

• Vacation Home Mortgages

• Co-op and Condominium Loans

• Home Equity Lines of Credit

• Bridge Loans

• Construction-to-Permanent Loans
• Eagle Community Loans1

Personal
Lending

• Securities-Backed Loans
• Unsecured Loans
• Streamlined Loans and Lines of Credit
• Overdraft Lines of Credit

• Personal Line 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
• Classic Checking
• Basic Checking
• Money Market Checking

• Passbook Savings
• Certificates of Deposit (CDs)
• Traditional, Roth and SEP IRAs
• Online and Mobile Banking

• Business Lending With Industry Expertise
• Lines of Credit and Term Loans
• Owner-User Commercial Real Estate Loans
• Streamlined Small Business Lending
• Capital Call Lines
• Capital Campaign Bridge Loans for

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)

• Deposit Account Control Agreements
• Corporate Online Banking
• Mobile Banking
• Wire Transfer Capabilities
• Direct Transmission and SWIFT Capabilities
• ACH Services
• 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

Financial
Planning

• Comprehensive Financial Planning
• Retirement Planning
• Estate Plan Review
• Philanthropic Planning

• Wealth Transfer and Legacy Planning
• Wealth Protection Strategies

• Business Exit, Succession and Liquidity Plan

ning

Investment
Management

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

• Endowment Investment Management and

Consulting

• Environmental, Social and Governance Investi
• Qualified Retirement Plan Consulting
• Online Investment Management Service

Brokerage
Services

Trust
Services

• Full-Service and Self-Directed Brokerage
• Online Brokerage
• Equities, Mutual Funds and Options
• Money Market Mutual Funds
• Fixed Income
• Margin Loans

• Structured Product Investments
• Stock Donation for Nonprofit Organizations
• 10b5-1 Plans for Corporate Executives
• Hedging Strategies for Concentrated Stock

Positions

• Sweep Accounts

• Personal Trust Services With Open Architecture
• Trustee of Various Types of Revocable,
Irrevocable and Testamentary Trusts
• Estate Settlement / Executor Services
• Wyoming and Delaware Managed Trust and

• Agent for Trustee Services
• Custody Services
• Family Engagement and Governance
• Family Dynamics
• Learning and Development for the Rising

Directed Trust Services

Generation

Insurance
Services

• Access to Top-Rated Insurance Carriers

• Private Placement Life and Annuity Products,

With Best-in-Class Products

Offering Alternative Investments

• Life Insurance Products for Estate Planning,

• Disability Products for High-Income Executives

Business Planning, Tax-Deferred Cash
Accumulation and Income Protection

and Professional Services Firms

• Annuity Solutions With Protected Tax-Deferred

• Specialty and Hybrid Long-Term Care Products

Growth and Lifetime Income

Foreign
Exchange

• Spot Foreign Exchange Contracts
• Foreign Currency Wires
• Forward Foreign Exchange Contracts

• Foreign Currency Swaps3
• Foreign Currency Options3
• Structured Hedging Solutions3

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

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

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.

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

Product is an unsecured consumer loan, consisting 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.

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.

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Financial Summary / 2021

C onsolidated Statements of Income

Dollars in millions, except per share amounts

YE AR E ND ED DECEM BER 3 1

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
Gain (loss) on investment securities
Income from investments in life insurance
Other income, net

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

2 021

2 02 0

2019

$ 3,725
624
19
17
4,385

$ 3,245
576
24
8
3,853

$ 2,986
548
21
24
3,579

95
176
271

4,114
59
4,055

554
74
19
25
88
27
33
1
85
14
920

276
315
591

3,262
157
3,105

395
51
12
19
50
24
28
4
53
19
655

500
315
815

2,764
62
2,702

359
41
13
17
41
26
20
(3)
45
18
577

2,003
362
254
101
64
52
311
3,147

1,828
350
1,478
99
$ 1,379

$ 7.78
$ 7.68
$ 0.86

1,495
299
221
66
43
44
258
2,426

1,334
270
1,064
59
$ 1,005

$ 5.85
$ 5.81
$ 0.79

1,245
273
193
68
66
39
262
2,146

1,133
203
930
49
$ 881

$ 5.25
$ 5.20
$ 0.75

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

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Consolidated Balance Sheets

Dollars in millions

ASSETS

AS OF DECEMB ER 31

Cash and cash equivalents
Debt securities available-for-sale
Debt securities held-to-maturity, net
Equity securities (fair value)

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.

2 021

2 020

$ 12,947
3,381
22,292
28

5,095
1,906
16,603
21

76,793
2,584
993
15,966
8,531
1,927
10,999
3,680
3,961
545
3,435
2,457
3,085
134,956

61,370
2,450
788
13,769
8,018
2,024
8,150
3,366
3,340
1,841
2,518
1,819
3,113
112,566

(694)
134,262

(635)
111,931

1
2,650
1,220
454
222
3,630
$ 181,087

21
2,061
1,132
403
228
3,101
$ 142,502

LIABILITIES AND SHAREHOLDERS’ EQUITY

AS O F D EC EM BE R 3 1

Liabilities:
Deposits:

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

Total deposits

Long-term FHLB advances
Senior notes
Subordinated notes
Other liabilities

Total Liabilities

Shareholders’ Equity:
Preferred stock
Common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)

Total Shareholders’ Equity

Total Liabilities and Shareholders’ Equity

2021

2020

$ 70,840
41,248
20,303
16,573
7,357
156,321

3,700
998
779
3,391
165,189

3,633
2
5,725
6,569
(31)
15,898
$ 181,087

$ 46,281
30,603
16,779
12,585
8,681
114,929

11,755
996
778
2,293
130,751

1,545
2
4,835
5,346
23
11,751
$ 142,502

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First Republic Bank / 2021

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, 2021, the Bank believes that its shares are held beneficially by approximately 350,000 shareholders.

First Republic Bank’s issues of Preferred Stock trade as depositary shares on NYSE under the symbols FRCPrH
for the Series H, FRCPrI for the Series I, FRCPrJ for the Series J, FRCPrK for the Series K, FRCPrL for the Series L,
FRCPrM for the Series M and FRCPrN for the Series N.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

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

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Statements in this document that are not historical facts are hereby identified as “forward-looking
statements” for the purpose of the safe harbor provided by Section 21E of the Exchange Act. Any statements about
our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions, or future events or performance
are not historical facts and may be forward-looking. These statements are often, but not always, made through
the use of words or phrases such as “anticipates,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,”
“will,” “estimates,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends,” and similar words or phrases.
Accordingly, these statements are only predictions and involve estimates, known and unknown risks, assumptions
and uncertainties that could cause actual results to differ materially from those expressed in them. Our actual
results could differ materially from those expressed or anticipated in such forward-looking statements as a result
of risks and uncertainties more fully described in the risk factors in our 2021 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 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); expectations regarding our executive transitions; 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 adverse effects of climate change on our business, clients and counterparties; 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 business, financial position
and results of operations; interest rate risk and credit risk; our ability to maintain and follow high underwriting
standards; economic and market conditions, including those affecting the valuation of our investment securities
portfolio 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.

For a discussion of these and other risks and uncertainties, see the risk factors in our 2021 Annual Report on
Form 10-K and any subsequent reports filed by First Republic under the Exchange Act. These filings are available in
the Investor Relations section of our website. All forward-looking statements are necessarily only estimates of future
results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore,
you are cautioned not to place undue reliance on such statements. Any forward-looking statements are qualified
in their entirety by reference to the factors discussed throughout this document and in our 2021 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.

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First Republic Bank / 2021Proudly Supporting
Our Communities

“ Our culture of caring for clients, colleagues and
communities is the foundation of our long-term
success. Continuing to foster our unique culture
and thoughtfully evolve our service-focused business
model remain our top priorities — as they have been
since our founding in 1985.”

MICHAEL J. ROFFLER

CEO, President and Board Member

First Republic Bank / 2021
Community Advisory Board

Supporting Affordable Housing and Homeownership

First Republic’s 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; Founder and Principal
of 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.

FAITH BAUTISTA / BOARD MEMBER

President and CEO of the National Asian American Coalition; CEO of the National Diversity Coalition
Ms. Bautista has led the National Asian American Coalition, which provides housing counseling, small business
lending and technical assistance to minority and low-income populations, for over 17 years. She is also the CEO of
the National Diversity Coalition, an organization of community organizers, faith-based leaders, nonprofit directors
and business owners working collectively for greater financial equality and empowerment for underserved groups.
She currently serves or has served on the advisory boards of the FCC, PG&E, Charter Communications, the California
Utilities Diversity Council, T-Mobile, the City of San Diego and Frontier Communications, to name a few.

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 Massachusetts Housing
Investment Corporation, a New England CDFI lender and investor, and the Multifamily Advisory Board of Mass Housing,
Massachusetts’ Housing Finance Agency.

SUSAN M. 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 of 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 of the Nonprofit Housing Association of
Northern California. She is also a member of the board of Silicon Valley at Home and the Habitat for Humanity
California state support organization. Ms. Jensen served on the Technical Committee of CASA, Committee to House
the Bay Area, as well as the board of governors of 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 is a strong, committed supporter of afordable housing. We
frmly believe that collaborative, region-wide partnership is key to addressing
this critical issue and strengthening local communities.”

ROS A N A H A N

Senior Vice President, Head of Community Reinvestment
Board Member, First Republic Foundation

At First Republic, we continue to leverage our standing as a leading financial institution to strongly support
underserved and underrepresented communities in our markets. In 2021, we dedicated $4.7 billion
in lending and investment capital, equivalent to 2.8% of total assets,¹ to support these communities.

A key area of focus for First Republic is affordable housing. Through our lending and investment
activities, we create and preserve affordable housing in our communities to ensure that all feel
welcomed. Since 2011, we have originated $6.2 billion of community development loans to finance the
acquisition and maintenance of affordable rental units in our communities. Additionally, we are a leader
in low-income housing tax credit investments used to subsidize the acquisition, construction and
rehabilitation of affordable rental housing.

Our Eagle Community Home Loan Program is designed to help those in underserved communities
become homeowners. We have a dedicated team of regional Community Outreach Relationship
Managers focused specifically on outreach to these communities. Since the program’s inception in

2015, we have made more than 10,400 Eagle Community Home Loans totaling $4.6 billion, and 55%
of these loans were made to minority individuals.

¹ 2021 average total assets.

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Supporting Affordable Housing and Homeownership (cont’ d)

Through ongoing dialogue with our Community Advisory Board and local community groups, the Bank

continually identifies innovative, responsive and collaborative financing opportunities to create impact.

For example, in California, First Republic is among the early capital funders to finance creative and

cross-sector initiatives such as the Bay’s Future Fund and the San Francisco Housing Accelerator Fund.

The Bank is also a long-standing member of the California Community Reinvestment Corporation.

Across our markets, we increased our capital commitment to community development financial

institutions (CDFIs) such as the Housing Development Fund in Connecticut, the Florida Community

Loan Fund in Florida, the Local Initiatives Support Corporation in New York and the Rural Community

Assistance Corporation in Wyoming.

First Republic has also taken action to fight the housing insecurity crisis that has been worsened by the

COVID-19 pandemic. In 2021, we became an early investor in an innovative, first-of-its-kind affordable

housing fund in California, which pulls together private equity capital to finance permanent supportive

housing for those experiencing homelessness.

Through our efforts to support our communities, we are proud to have achieved a satisfactory

Community Reinvestment Act rating for 30 consecutive years.

$11

BILLION

$2.3

BILLION

10,400+

LOANS

Originated
for community
development loans¹

Committed to
low-income housing tax
credit investments²

Made through the
Eagle Community
Home Loan Program,
totaling $4.6 billion³

$2.3

BILLION

17.4

PERCENT

PROGRAMS

Deployed to further
homeownership for African
American/Black and
Hispanic/Latino individuals⁴

Single-family home
loans funded to low-
to moderate-income
borrowers⁵

Participated in to finance
homeownership for low-
to moderate-income
first-time homebuyers⁶

2021

FINALIS T

Affordable Housing
Finance magazine’s
Readers’ Choice Awards,
for Bank-financed property

¹ Loans originated from 2011 through 2021, the most recent reportable

time period.

² Amount committed from 2010 through 2021.

³ Loans originated from the program’s inception in 2015 through 2021.

⁴ Includes purchased loans.

⁵ For loans funded by unit in 2021, the most recent data available as
determined by the Home Mortgage Disclosure Act (“HMDA”) data.

⁶ As of December 31, 2021.

80 First Republic Bank / 2021

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ARTS AND CULTURE: CHELSEA FACTORY

We supported the launch of Chelsea Factory to help artists and arts and education organizations in

New York City navigate the ongoing pandemic. Chelsea Factory reflects the arts’ ability to illuminate and
reflect our communities, reimagine conversations and promote public engagement.

“The First Republic Foundation allows us to support our cultural and community partners

swiftly and nimbly. With the Foundation behind us, we start every conversation with:

‘What do you need, and how can we help?’”

L AUREN K IEL

Executive Director, Chelsea Factory

First Republic Foundation

“Doing the right thing and providing exceptional service are core values we
practice at First Republic. Our Foundation embodies these values and further
supports those in need by investing in entrepreneurial nonproft organizations,
initiatives and ideas that help our communities thrive.”

S US A N DE TR AY

Senior Vice President, Head of Credit Administration

Board Member, First Republic Foundation

In 2021, First Republic launched the First Republic Foundation to build on our legacy of philanthropy
and further invest in entrepreneurial nonprofit organizations, initiatives and ideas that help our
communities thrive. In our inaugural year, we focused on propelling positive change in three areas:

education, affordable housing, and arts and culture, with grants to 23 nonprofit partners. These

innovative partners and their extraordinary leaders are “force multipliers” in the ways they provide
opportunity for the underserved and underrepresented.

EDUCATION: PREP FOR PREP

In New York, we partnered with Prep for Prep to develop future leaders by offering young people of
color access to first-rate educational, leadership development and professional advancement

opportunities. Our support will enable the launch of a pilot Entrepreneurship Camp for rising eighth
and ninth graders, preparing youth with the skills and opportunities needed to start new ventures.

“The First Republic Foundation understands that entrepreneurship unlocks

opportunity for individuals to create their own success.”

RU TH J URGENSEN

CEO, Prep for Prep

AFFORDABLE HOUSING: SAN FRANCISCO HOUSING ACCELERATOR FUND

In San Francisco, we joined forces with the Housing Accelerator Fund to invest in the preservation
and expansion of quality affordable housing. Our grant amplifies the Fund’s technical assistance and
capacity-building initiatives, growing the local network of community-based housing organizations
and developers to serve more residents and protect more homes.

“The First Republic Foundation sets the standard for what it means to be

a community- and service-oriented institution.”

REB ECCA FOS TER

CEO, San Francisco Housing Accelerator Fund

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Diversity, Colleague Communities and Employee Volunteering

Fostering Diversity, Equity and Inclusion
Since 1985, our diversity has been a key to providing extraordinary service. In 2021, we worked with
Management Leadership for Tomorrow, a nonprofit that is empowering a new generation of diverse

leaders, to develop a comprehensive diversity, equity and inclusion strategy. This strategy is focused on
bringing in more diverse talent, ensuring that we foster a fair and equitable environment where all feel

welcomed, and expanding access to financial equity and inclusion.

Colleague Communities
Colleague Communities offer a place to foster networks and build strong relationships and ties between
members and allies. Open to all colleagues regardless of how they identify, these networks embrace our
values and further our community outreach, education and professional development efforts. In 2021,
we added two new Colleague Communities, bringing us to a total of 10.

Employee Volunteering and Giving
Since 2015, we have offered our colleagues two paid days to volunteer with charitable organizations
that make an impact on our local communities. In 2021, over 2,400 colleagues completed more
than 22,500 service hours to address the needs of over 750 nonprofit organizations. More than 250
colleagues served as a board or committee member of a nonprofit organization. Additionally, the Bank
directly supported over 700 nonprofits with charitable contributions and grant awards.

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Client Focused, Environmentally Conscious

First Republic is taking action to create a more sustainable future. In 2021, we successfully measured

the Bank’s carbon footprint for the first time and became carbon neutral by fully offsetting our projected
Scope 1, Scope 2 and certain operational Scope 3¹,² emissions. Our efforts included purchasing 100%
renewable energy to cover our electricity needs. Going forward, we intend to remain carbon neutral
across our Scope 1 and Scope 2 emissions and purchase 100% renewable energy.

Additionally, First Republic formalized our long-standing position of not lending to fossil fuel companies
and enhanced our position by prohibiting lending to other environmentally sensitive sectors.

This environmental sustainability initiative exemplifies First Republic’s team-based culture, bringing

together colleagues from across the organization to achieve a common goal. For example, Eagles for
Earth, our environmentally focused Colleague Community, is dedicated to educating and inspiring our
colleagues about the environment and finding ways we can make a positive impact in our communities
today and in the future.

As a client-driven organization, we are focused on supporting our environmentally conscious clients.
We offer the First Republic Green Discount on loans for LEED-certified commercial and construction
programs and provide Environmental, Social and Governance portfolio management choices.
Additionally, the Bank serves more than 100 environmentally focused nonprofit organizations.

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

Ten Strands

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

Founded in 2012, Ten Strands works to create a world where everyone can advocate for the
health and well-being of their communities and the planet. They believe public education is
the best way to foster curiosity about the environment, knowledge of shared solutions and a

stewardship ethic. Through education partnerships and hands-on learning, Ten Strands aims to

make environmental and climate literacy a reality for California’s K-12 students. Their inclusive,
collaborative work has helped countless organizations and individuals make an impact in
challenging times.

Didi Hirsch Mental Health Services

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

Since 1942, Didi Hirsch Mental Health Services has provided free mental health, substance use
disorder and suicide prevention services to the people of Southern California. Focused on serving
communities where stigma or poverty limits access, Didi Hirsch helps more than 150,000 children
and adults throughout Los Angeles and Orange counties each year. The organization is a strong
advocate for increased funding for and access to mental health services statewide, and the Didi
Hirsch Suicide Prevention Center, which was founded in 1958, is a model for suicide prevention
centers across the globe.

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Boch Center

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

Boch Center brings a diverse mix of performing arts, cultural experiences and educational
activities to the Greater Boston community. Deeply committed to making the arts accessible
and inclusive, they offer over 200 performances each year — from international legends to local
ensembles. Their City Spotlights Teen Leadership Program offers career training to Boston
teens and hosts a financial literacy workshop each summer. Through their efforts, Boch Center
has created a world of opportunities while preserving Boston’s historic theaters for generations
to come.

Serving Nonprofits 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

Cybersecurity Training

Internet Security Health Checks for up to 10 computers used to manage
First Republic accounts and sessions to educate nonprofit employees on common
risks and identity threats

Nonproft organizations make up more than 20% of loans
in our Business Banking loan portfolio.
As of December 31, 2021, excluding PPP loans

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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.

David B. Lichtman, 58,
Senior Executive
Vice President and
Chief Credit Ofcer

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

Mollie M. Richardson, 43,
Executive Vice President and
Chief People Ofcer

Ms. Richardson joined
First Republic in 2003 and
was appointed Chief People
Officer in 2016. She oversees
human resources and various
Bank-wide initiatives.
Ms. Richardson previously
served as Chief Administrative
Officer and Head of Board
and Investor Relations at
First Republic. She is a
member of the board of
directors of the Network for
Teaching Entrepreneurship,
Bay Area, and the YMCA of
San Francisco. B.A., 2001,
Sonoma State University;
Harvard Business School
Advanced Management
Program, 2013.

James H. Herbert, II, 77,
Founder and
Executive Chairman

Michael J. Roffler, 51,
CEO, President and
Board Member

Mr. Roffler joined
First Republic in 2009 as
Deputy Chief Financial Officer.
He became Executive Vice
President and Chief Financial
Officer in 2015 and CEO,
President and Board Member
in 2022. Prior to joining the
Bank, Mr. Roffler worked for
KPMG LLP for 16 years as a
Certified Public Accountant,
5 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.

Mr. Herbert founded
First Republic Bank in 1985,
serving as its CEO and
then Co-CEO before being
appointed Executive Chairman
in 2022. 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
was also a member of the U.S.
Department of the Treasury’s
Community Development
Advisory Board. Mr. Herbert
holds board/trustee positions
with the San Francisco
Ballet Association (formerly
Chair); Lincoln Center for the
Performing Arts (Executive
Committee), New York; and The
BASIC Fund. He is also Founder
and Board Chair of Chelsea
Factory, a New York arts and
cultural center. Mr. Herbert
served as a trustee of Babson
College from 2015 to 2021. B.S.,
1966, Babson College; M.B.A.,
1969, New York University;
over 20-year participant, Chief
Executives Organization’s
Harvard Presidents’ Seminar.

Michael D. Selfridge, 54,
Senior Executive
Vice President and
Chief Banking Ofcer

Robert L. Thornton, 64,
Executive Vice President and
President, Private Wealth
Management

Olga Tsokova, 48,
Executive Vice President,
Chief Financial Ofcer (Acting)
and Chief Accounting Ofcer

Mr. Thornton joined
First Republic in 2004 and
currently serves as President
of First Republic Investment
Management and President of
First Republic Private Wealth
Management. He became
Executive Vice President of
First Republic Bank in 2015 and
oversees banking activities for
the 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.

Ms. Tsokova joined
First Republic in 2015 as
Chief Accounting Officer,
and she was appointed Chief
Financial Officer (Acting) in
2022. Previously, Ms. Tsokova
worked at City National Bank
for over 10 years, most recently
as its Chief Accounting Officer,
and in the financial services
audit practice of Ernst & Young
prior to that. She serves as a
member of the advisory board
for the Academy of Finance
at Foshay Learning Center,
Los Angeles. B.S., 1995,
Finance University under the
Government of the Russian
Federation; Harvard Business
School General Management
Program, 2016.

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.
Currently, he oversees Business
Banking, Eagle Lending
(consumer) and Relationship
Management / Private Banking
activities in the California;
New York; Boston; Portland,
Oregon; Bellevue, Washington;
and Jackson, Wyoming, regions.
Prior to joining the Bank,
Mr. Selfridge worked for Silicon
Valley Bank for 18 years, most
recently serving as the 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.

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Board of Directors

James H. Herbert, II, 77, Founder and Executive Chairman
Mr. Herbert founded First Republic Bank in 1985, serving as its CEO and then Co-CEO before being appointed Executive
Chairman in 2022. 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 was also a member of the U.S. Department of the Treasury’s Community Development
Advisory Board. Mr. Herbert holds board/trustee positions with the San Francisco Ballet Association (formerly Chair);
Lincoln Center for the Performing Arts (Executive Committee), New York; and The BASIC Fund. He is also Founder and
Board Chair of Chelsea Factory, a New York arts and cultural center. Mr. Herbert served as a trustee of Babson College
from 2015 to 2021. 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, 74, 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 Community. 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.

Frank J. Fahrenkopf, Jr., 82, 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 10 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.

Boris Groysberg, 50, 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., 64, 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 as a member of the Public Policy Institute of
California Statewide Leadership Council. She also serves on the public company board of directors of 23andMe. 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.

Pamela J. Joyner, 64, Board Member
Ms. Joyner was 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 MoMA, 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.

Shilla Kim-Parker, 39, Board Member
Ms. Kim-Parker is CEO and Co-Founder of Thrilling, a venture-backed digital marketplace formed in 2018 that
connects more than 1,000 vintage boutiques across the United States with shoppers around the world. She began
her career as an investment banking analyst at J.P. Morgan and then led strategy and business development at
Lincoln Center for the Performing Arts, where she helped launch new lines of business, including fashion, restaurants,
publishing, visual arts and consulting. Ms. Kim-Parker then served as Chief of Staff for Disney’s Television Group. She
also served on the board of directors of the Harvard Alumni Association and the Harvard Club of Southern California.
B.A., 2004, Harvard College; M.B.A., 2009, Harvard Business School.

Reynold Levy, 77, Board Member and 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, 62, 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 Capital Advisors, 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 Venezia
F.C. 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.

George G. C. Parker, 83, 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 formerly served on the board of directors of Colony Capital, Inc.; Continental
Airlines; Tejon Ranch Company; and Threshold Pharmaceuticals, Inc. He also served as Chair of the board of
directors of iShares Mutual Funds. B.A., 1960, Haverford College; M.B.A., Ph.D., 1967, Stanford University.

Michael J. Roffler, 51, CEO, President and Board Member
Mr. Roffler joined First Republic in 2009 as Deputy Chief Financial Officer. He became Executive Vice President and
Chief Financial Officer in 2015 and CEO, President and Board Member in 2022. Prior to joining the Bank, Mr. Roffler
worked for KPMG LLP for 16 years as a Certified Public Accountant, 5 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.

Emeritus

Roger O. Walther, 86, 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 Emeritus 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 R

epublic Bank / 2021

First Republic Bank / 2021

Our Values

Do the Right Thing

We strive to do things right at First Republic. We also
recognize that we’re a business of humans; mistakes will
happen. Therefore, our mandate is to do the right thing:
act with integrity, own our actions, correct mistakes, learn
from experience.

Provide Extraordinary Service

We always aim to exceed expectations and serve our clients
in unexpected ways. We’ll take on only what we can do right.
Our business may be about wealth management and
banking, but our success is all about service — exceptional
client service.

Respect the Team

Everyone at First Republic makes a difference and deserves
to feel that his or her contribution is valued. We place the
highest importance on collaboration because we know that
the power of many is greater than the power of one.

Take Responsibility

At First Republic, it’s not enough to do our own jobs well.
Making sure our clients are satisfied is everyone’s job. So if
something needs fixing, we step up to the plate, “own” the
problem and make things right.

Think Positively

We operate in an environment of trust and encourage
openness and flexibility. We hire positive people who are
forward-thinking. Our goal is to “manage toward yes.”

Move Forward, Move Fast

There are two types of organizations: those that spend time
deliberating and those that spend time doing. We’re doers.

We value action and decisiveness and recognize that the best
opportunities come to those who act quickly.

Grow

We’ve evolved greatly since our inception, expanding
ourselves and our business purpose. At First Republic, we
embrace change and every person has the opportunity to
grow and contribute. We want our people to soar.

Have Fun

We know that if colleagues enjoy their work, they’ll do a
better job — and our clients will feel the difference. It’s really
that simple.

First R

epublic Bank / 2021

First Republic Bank / 2021

Locations

NORTHERN
CALIFORNIA

San Francisco

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

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

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

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

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

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

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

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

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 2022

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 Southwest 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

Palm Desert

WASHINGTON

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

Newport Beach

3991 MacArthur Boulevard,
Suite 100
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

10885 Northeast Fourth Street,
Suite 100
Bellevue, Washington 98004
(425) 519-8900
Projected opening 2022

WYOMING

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

NEW YORK

Manhattan

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

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

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

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

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

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

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

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

225 Broadway (at Barclay Street)
New York, New York 10007
(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 2022

329 10th Avenue (at 29th Street)
New York, New York 10001
Projected opening 2022

410 10th Avenue (at 33rd Street)
New York, New York 10001
(212) 822-7722

410 10th Avenue (at 34th Street)
New York, New York 10001
(212) 822-7788

Westchester County

34 Popham Road
Scarsdale, New York 10583
(914) 874-2388

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

FLORIDA

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

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

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

525 Okeechobee Boulevard
West Palm Beach, Florida 33401
Projected opening 2022

First R

epublic Bank / 2021

First Republic Bank / 2021

Private Wealth Management

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 Southwest 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 YORK

FLORIDA

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

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

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

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

HAWAII

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

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

410 10th Avenue
(at 34th Street)
New York, New York 10001
(212) 822-7788

CONNECTICUT

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

MASSACHUSETTS

160 Federal Street
Boston, Massachusetts 02110
(866) 810-8919

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

NEW JERSEY

DELAWARE

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

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

Corporate Information

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

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

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.

Design: Howry Design Associates / San Francisco
Project Directors: Rachel Ward, Lauren Kelly and Christine Burger

100

First Republic Bank / 2021111 Pine Street
San Francisco, CA 94111
(415) 392-1400
(800) 392-1400
frstrepublic.com

First Republic supports efforts to maintain a healthy, sustainable environment through the responsible use of renewable resources.Printed on Forest Stewardship Council® certified 100% recycled paper made from 100% post-consumer waste. The FSC®’s mission is to promote environmentally sound, socially beneficial and economically prosperous management of the world’s forests.