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First Republic Reports First Quarter 2021 Results

Revenues Increased 24% Year-Over-Year

Tangible Book Value Per Share Increased 14.5% Year-Over-Year

10% Quarterly Dividend Increase Marks 10th Consecutive Year of Dividend Increases

First Republic Bank (NYSE: FRC) today announced financial results for the quarter ended March 31, 2021.

“First Republic is off to a very strong start in 2021, driven by strong growth in loans, deposits and wealth management assets,” said Jim Herbert, Founder, Chairman and CEO. “Our client-centric business model continues to perform very well.”

Quarterly Highlights

Financial Results

– Year-over-year:

– Revenues were $1.1 billion, up 23.8%.

– Net interest income was $938.8 million, up 24.8%.

– Net income was $334.8 million, up 53.1%.

– Diluted earnings per share of $1.79, up 49.2%.

– Tangible book value per share was $59.98, up 14.5%.

– Loan originations totaled $15.7 billion, our strongest first quarter ever.

– Net interest margin was 2.67%, compared to 2.73% for the prior quarter.

– Efficiency ratio was 63.5% for both the first quarter of 2021 and 2020.

– Increased quarterly dividend by 10% to $0.22 per share.

Continued Capital and Credit Strength

– Tier 1 leverage ratio was 8.32%.

– Nonperforming assets were at a low 11 basis points of total assets.

– Net charge-offs were only $487,000, or less than 1 basis point of average loans.

Continued Franchise Development

– Year-over-year:

– Loans totaled $118.1 billion, up 23.9%, excluding loans held for sale.

– Deposits were $127.9 billion, up 36.5%.

– Wealth management assets were $218.9 billion, up 58.8%.

– Wealth management revenues were $159.6 million, up 18.7%.

“We’re pleased with the very strong growth of revenue and earnings per share during the first quarter,” said Mike Roffler, Chief Financial Officer. “We also increased the quarterly dividend for the 10th consecutive year and accessed the capital markets twice during the quarter, which contributed to the 25% increase in total equity year-over-year.”

Quarterly Cash Dividend of $0.22 per Share

The Bank announced an increase of $0.02 in its quarterly cash dividend to $0.22 per share of common stock, our 10th consecutive year of quarterly dividend increases. The first quarter dividend is payable on May 13, 2021 to shareholders of record as of April 29, 2021.

Strong Asset Quality

Credit quality remains strong. Nonperforming assets were only 11 basis points of total assets at March 31, 2021. The Bank had modest net loan charge-offs of only $487,000 for the quarter.

During the first quarter, the Bank recorded a reversal of provision for credit losses of $14.6 million, which was primarily driven by a substantially improved economic outlook since year-end 2020 and the significant resumption of regular, consistent loan payments on COVID-19 loan modifications following the end of the modification period.

Continued Capital Strength and Book Value Growth

The Bank’s Tier 1 leverage ratio was 8.32% at March 31, 2021, compared to 8.14% at December 31, 2020.

During the first quarter, the Bank issued $747.5 million of 4.250% Noncumulative Perpetual Preferred Stock, which qualifies as Tier 1 capital, and redeemed all of the outstanding shares of its 5.50% Noncumulative Perpetual Preferred Stock, which totaled $150.0 million.

In addition, the Bank sold 2,012,500 new shares of common stock in an underwritten public offering, which added approximately $331.3 million to common equity.

Total common stock sold and preferred stock issued, net of preferred stock redeemed, added approximately $914.2 million of Tier 1 capital in the quarter and contributed to the 25% increase in total equity year-over-year.

The Bank has not and does not engage in common stock buybacks.

Book value per common share at March 31, 2021 was $61.26, up 14.0% from a year ago. Tangible book value per common share at March 31, 2021 was $59.98, up 14.5% from a year ago.

Continued Franchise Development

Loan Originations

Loan originations were $15.7 billion for the quarter, up 52.4% from the same quarter a year ago, primarily due to increases in single family and business lending, as well as loan originations under the Small Business Administration’s Paycheck Protection Program (“PPP”).

Single family loan originations were 44% of the total volume for the quarter and had a weighted average loan-to-value ratio of 57%. In addition, multifamily and commercial real estate loans originated were 7% of total originations, and had a weighted average loan-to-value ratio of 49%.

Loans totaled $118.1 billion at March 31, 2021, up 23.9% compared to a year ago, excluding loans held for sale, primarily due to increases in single family loans (71% of growth), business and multifamily loans, as well as PPP loans.

COVID-19 Loan Modifications Continue to Decline

Remaining loan modifications to those borrowers experiencing financial challenges as a result of COVID-19 (not classified as troubled debt restructurings) totaled $967 million, and were less than 1% of total loans as of March 31, 2021, down from a peak of approximately 4% of total loans as of June 30, 2020.

The Bank has limited loan exposure to several of the areas most directly impacted by COVID-19, such as the retail, hotel and restaurant industries, which totaled $2.5 billion as of March 31, 2021, only 2.1% of total loans. As of March 31, 2021, the Bank had modifications of these portfolios totaling $141 million, only 0.1% of total loans.

Deposit Growth

Total deposits increased to $127.9 billion, up 36.5% compared to a year ago, and had an average rate paid of 9 basis points during the quarter.

At March 31, 2021, checking deposit balances were 67.5% of total deposits.

Investments

Total investment securities at March 31, 2021 were $21.7 billion, a 17.0% increase compared to the prior quarter and a 15.4% increase compared to a year ago.

High-quality liquid assets, including eligible cash, totaled $23.3 billion at March 31, 2021, and represented 15.3% of quarterly average total assets.

Wealth Management

Total wealth management assets were $218.9 billion at March 31, 2021, up 12.6% compared to the prior quarter and up 58.8% compared to a year ago. The increases in wealth management assets were due to both net client inflow and market appreciation.

Wealth management revenues totaled $159.6 million for the quarter, up 18.7% compared to last year’s first quarter. Such revenues represented 14.1% of the Bank’s total revenues for the quarter.

Wealth management assets at March 31, 2021 included investment management assets of $90.8 billion, brokerage assets and money market mutual funds of $112.9 billion, and trust and custody assets of $15.2 billion.

Income Statement and Key Ratios

Revenue Growth

Total revenues were $1.1 billion for the quarter, up 23.8% compared to the first quarter a year ago.

Net Interest Income Growth

Net interest income was $938.8 million for the quarter, up 24.8% compared to the first quarter a year ago. The increase in net interest income resulted primarily from growth in average interest-earning assets, partially offset by a decrease in net interest margin.

Net Interest Margin

The net interest margin declined to 2.67% in the first quarter, from 2.73% in the prior quarter. The decrease was primarily due to higher average cash balances during the quarter.

Noninterest Income

Noninterest income was $195.9 million for the quarter, up 19.4% compared to the first quarter a year ago. The increase was primarily driven by higher wealth management fees and higher income from investments in life insurance.

Noninterest Expense and Efficiency Ratio

Noninterest expense was $720.4 million for the quarter, up 23.8% compared to the first quarter a year ago. The increase was primarily due to increased salaries and benefits and information systems costs from the continued investments in the expansion of the franchise, and higher professional fees.

The efficiency ratio was 63.5% for both the first quarter of 2021 and 2020.

Income Taxes

The Bank’s effective tax rate for the first quarter of 2021 was 21.9%, compared to 22.1% for the prior quarter, and 19.5% for the first quarter a year ago. The increase from a year ago was primarily the result of lower excess tax benefits from a decrease in stock option exercises by employees, and growth in pre-tax income greater than interest income on tax-exempt municipal securities.

Conference Call Details

First Republic Bank’s first quarter 2021 earnings conference call is scheduled for April 14, 2021 at 7:00 a.m. PT / 10:00 a.m. ET. To access the event by telephone, please dial (800) 458-4121 and provide confirmation code 8396045 approximately 15 minutes prior to the start time (to allow time for registration). International callers should dial +1 (856) 344-9290 and provide the same confirmation code.

The call will also be broadcast live over the Internet and can be accessed in the Investor Relations section of First Republic’s website at ir.firstrepublic.com/events-calendar. To listen to the live webcast, please visit the site at least 15 minutes prior to the start time to register, download and install any necessary audio software.

For those unable to join the live presentation, a replay of the call will be available beginning April 14, 2021, at 11:00 a.m. PT / 2:00 p.m. ET, through April 21, 2021, at 8:59 p.m. PT / 11:59 p.m. ET. To access the replay, dial (888) 203-1112 and use confirmation code 8396045#. International callers should dial +1 (719) 457-0820 and enter the same confirmation code. A replay of the webcast also will be available for 90 days following, accessible in the Investor Relations section of First Republic Bank’s website at ir.firstrepublic.com/events-calendar.

The Bank’s press releases are available after release in the Newsroom and Investor Relations section of First Republic Bank’s website at firstrepublic.com.

About First Republic Bank

Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth management, including investment, trust and brokerage services. First Republic specializes in delivering exceptional, relationship-based service and offers a complete line of products, including residential, commercial and personal loans, deposit services, and wealth management. Services are offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach and San Diego, California; Portland, Oregon; Boston, Massachusetts; Palm Beach, Florida; Greenwich, Connecticut; New York, New York; and Jackson, Wyoming. First Republic is a constituent of the S&P 500 Index and KBW Nasdaq Bank Index. For more information, visit firstrepublic.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this press release 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 Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. 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.

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 COVID-19; projections about future levels of loan originations or loan repayments; projections regarding costs, including the impact on our efficiency ratio; and descriptions of assumptions underlying or relating to any of the foregoing.

Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: significant competition to attract and retain banking and wealth management customers, from both traditional and non-traditional financial services and technology companies; our ability to recruit and retain key managers, employees and board members; natural or other disasters, including earthquakes, wildfires, pandemics or acts of terrorism affecting the markets in which we operate; the negative impacts and disruptions resulting from COVID-19 on our colleagues and clients, the communities we serve and the domestic and global economy, which may have an adverse effect on our 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 Federal Deposit Insurance Corporation (“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 First Republic’s FDIC filings, including, but not limited to, the risk factors in First Republic’s Annual Report on Form 10-K and any subsequent reports filed by First Republic with the FDIC. 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 our 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.

CONSOLIDATED STATEMENTS OF INCOME

 

 

 

Quarter Ended

March 31,

 

Quarter Ended

December 31,

(in thousands, except per share amounts)

 

2021

 

2020

 

2020

Interest income:

 

 

 

 

 

 

Loans

 

$

873,170

 

 

 

$

796,652

 

 

$

845,150

 

Investments

 

140,711

 

 

 

148,569

 

 

138,429

 

Other

 

5,189

 

 

 

6,960

 

 

5,754

 

Cash and cash equivalents

 

2,894

 

 

 

3,940

 

 

1,819

 

Total interest income

 

1,021,964

 

 

 

956,121

 

 

991,152

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

Deposits

 

27,571

 

 

 

118,845

 

 

30,405

 

Borrowings

 

55,611

 

 

 

85,144

 

 

68,019

 

Total interest expense

 

83,182

 

 

 

203,989

 

 

98,424

 

 

 

 

 

 

 

 

Net interest income

 

938,782

 

 

 

752,132

 

 

892,728

 

Provision (reversal of provision) for credit losses

 

(14,608

)

 

 

62,370

 

 

35,066

 

Net interest income after provision (reversal of provision) for credit losses

 

953,390

 

 

 

689,762

 

 

857,662

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

Investment management fees

 

119,042

 

 

 

99,296

 

 

114,287

 

Brokerage and investment fees

 

14,564

 

 

 

15,826

 

 

11,489

 

Insurance fees

 

3,074

 

 

 

2,157

 

 

5,569

 

Trust fees

 

5,731

 

 

 

4,976

 

 

5,366

 

Foreign exchange fee income

 

17,167

 

 

 

12,184

 

 

14,688

 

Deposit fees

 

6,169

 

 

 

6,597

 

 

6,115

 

Loan and related fees

 

7,485

 

 

 

6,114

 

 

7,167

 

Loan servicing fees, net

 

1,488

 

 

 

1,652

 

 

1,248

 

Gain on sale of loans

 

309

 

 

 

1,925

 

 

2,412

 

Gain on investment securities

 

655

 

 

 

2,628

 

 

88

 

Income from investments in life insurance

 

16,549

 

 

 

8,160

 

 

16,997

 

Other income

 

3,618

 

 

 

2,529

 

 

2,211

 

Total noninterest income

 

195,851

 

 

 

164,044

 

 

187,637

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

Salaries and employee benefits

 

463,404

 

 

 

361,204

 

 

415,767

 

Information systems

 

83,516

 

 

 

70,715

 

 

79,331

 

Occupancy

 

57,549

 

 

 

53,641

 

 

56,627

 

Professional fees

 

21,254

 

 

 

13,117

 

 

18,015

 

Advertising and marketing

 

12,633

 

 

 

11,843

 

 

13,762

 

FDIC assessments

 

11,900

 

 

 

10,185

 

 

11,650

 

Other expenses

 

70,140

 

 

 

61,312

 

 

70,892

 

Total noninterest expense

 

720,396

 

 

 

582,017

 

 

666,044

 

 

 

 

 

 

 

 

Income before provision for income taxes

 

428,845

 

 

 

271,789

 

 

379,255

 

Provision for income taxes

 

94,012

 

 

 

53,103

 

 

83,695

 

Net income

 

334,833

 

 

 

218,686

 

 

295,560

 

Dividends on preferred stock

 

18,525

 

 

 

13,020

 

 

16,072

 

Net income available to common shareholders

 

$

316,308

 

 

 

$

205,666

 

 

$

279,488

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

1.81

 

 

 

$

1.20

 

 

$

1.61

 

Diluted earnings per common share

 

$

1.79

 

 

 

$

1.20

 

 

$

1.60

 

 

 

 

 

 

 

 

Weighted average shares—basic

 

174,820

 

 

 

170,835

 

 

173,111

 

Weighted average shares—diluted

 

176,951

 

 

 

172,039

 

 

174,708

 

CONSOLIDATED BALANCE SHEETS

 

 

 

As of

($ in thousands)

 

March 31,

2021

 

December 31,

2020

 

March 31,

2020

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

8,889,492

 

 

 

$

5,094,754

 

 

 

$

3,949,378

 

 

Debt securities available-for-sale

 

2,428,833

 

 

 

1,906,315

 

 

 

1,243,798

 

 

 

 

 

 

 

 

 

Debt securities held-to-maturity

 

19,240,358

 

 

 

16,610,212

 

 

 

17,534,920

 

 

Less: Allowance for credit losses

 

(8,024

)

 

 

(6,902

)

 

 

(5,087

)

 

Debt securities held-to-maturity, net

 

19,232,334

 

 

 

16,603,310

 

 

 

17,529,833

 

 

 

 

 

 

 

 

 

Equity securities (fair value)

 

21,221

 

 

 

20,566

 

 

 

19,575

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

Single family

 

65,178,442

 

 

 

61,370,246

 

 

 

49,063,193

 

 

Home equity lines of credit

 

2,392,314

 

 

 

2,449,533

 

 

 

2,703,919

 

 

Single family construction

 

841,962

 

 

 

787,854

 

 

 

779,239

 

 

Multifamily

 

14,141,208

 

 

 

13,768,957

 

 

 

12,823,392

 

 

Commercial real estate

 

8,065,262

 

 

 

8,018,158

 

 

 

7,715,266

 

 

Multifamily/commercial construction

 

2,101,119

 

 

 

2,024,420

 

 

 

1,839,445

 

 

Capital call lines of credit

 

8,653,802

 

 

 

8,149,946

 

 

 

7,512,231

 

 

Tax-exempt

 

3,454,471

 

 

 

3,365,572

 

 

 

3,087,751

 

 

Other business

 

3,679,420

 

 

 

3,340,048

 

 

 

3,094,922

 

 

PPP

 

2,142,253

 

 

 

1,841,376

 

 

 

 

 

Stock secured

 

2,519,637

 

 

 

2,518,338

 

 

 

1,919,971

 

 

Other secured

 

1,862,529

 

 

 

1,818,550

 

 

 

1,531,705

 

 

Unsecured

 

3,050,999

 

 

 

3,113,267

 

 

 

3,214,028

 

 

Total loans

 

118,083,418

 

 

 

112,566,265

 

 

 

95,285,062

 

 

Allowance for credit losses

 

(620,825

)

 

 

(635,019

)

 

 

(541,906

)

 

Loans, net

 

117,462,593

 

 

 

111,931,246

 

 

 

94,743,156

 

 

 

 

 

 

 

 

 

Loans held for sale

 

 

 

 

20,679

 

 

 

354,873

 

 

Investments in life insurance

 

2,328,844

 

 

 

2,061,362

 

 

 

1,460,909

 

 

Tax credit investments

 

1,127,465

 

 

 

1,131,905

 

 

 

1,106,693

 

 

Premises, equipment and leasehold improvements, net

 

412,331

 

 

 

403,482

 

 

 

392,953

 

 

Goodwill and other intangible assets

 

225,925

 

 

 

227,512

 

 

 

232,985

 

 

Other real estate owned

 

1,334

 

 

 

 

 

 

1,071

 

 

Other assets

 

3,667,588

 

 

 

3,101,003

 

 

 

2,879,705

 

 

Total Assets

 

$

155,797,960

 

 

 

$

142,502,134

 

 

 

$

123,914,929

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing checking

 

$

53,806,762

 

 

 

$

46,281,112

 

 

 

$

36,920,635

 

 

Interest-bearing checking

 

32,542,600

 

 

 

30,603,221

 

 

 

20,941,790

 

 

Money market checking

 

19,210,069

 

 

 

16,778,884

 

 

 

12,636,674

 

 

Money market savings and passbooks

 

14,097,001

 

 

 

12,584,522

 

 

 

9,052,690

 

 

Certificates of deposit

 

8,250,521

 

 

 

8,681,061

 

 

 

14,140,550

 

 

Total Deposits

 

127,906,953

 

 

 

114,928,800

 

 

 

93,692,339

 

 

 

 

 

 

 

 

 

Long-term FHLB advances

 

10,505,000

 

 

 

11,755,000

 

 

 

16,250,000

 

 

Senior notes

 

996,668

 

 

 

996,145

 

 

 

994,742

 

 

Subordinated notes

 

778,423

 

 

 

778,313

 

 

 

777,990

 

 

Other liabilities

 

2,669,186

 

 

 

2,293,230

 

 

 

1,840,093

 

 

Total Liabilities

 

142,856,230

 

 

 

130,751,488

 

 

 

113,555,164

 

 

 

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

 

Preferred stock

 

2,142,500

 

 

 

1,545,000

 

 

 

1,145,000

 

 

Common stock

 

1,763

 

 

 

1,741

 

 

 

1,714

 

 

Additional paid-in capital

 

5,191,932

 

 

 

4,834,172

 

 

 

4,543,650

 

 

Retained earnings

 

5,626,958

 

 

 

5,346,355

 

 

 

4,652,089

 

 

Accumulated other comprehensive income (loss)

 

(21,423

)

 

 

23,378

 

 

 

17,312

 

 

Total Shareholders’ Equity

 

12,941,730

 

 

 

11,750,646

 

 

 

10,359,765

 

 

Total Liabilities and Shareholders’ Equity

 

$

155,797,960

 

 

 

$

142,502,134

 

 

 

$

123,914,929

 

 

 

 

Quarter Ended March 31,

 

Quarter Ended December 31,

 

 

2021

 

2020

 

2020

Average Balances, Yields

and Rates

 

Average

Balance

 

Interest

Income/Expense

(1)

 

Yields/

Rates

(2)

 

Average

Balance

 

Interest

Income/Expense

(1)

 

Yields/

Rates

(2)

 

Average

Balance

 

Interest

Income/Expense

(1)

 

Yields/

Rates

(2)

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

11,448,652

 

 

$

2,894

 

 

 

0.10

%

 

$

1,853,579

 

 

$

3,940

 

 

 

0.85

%

 

$

6,965,598

 

 

$

1,819

 

 

 

0.10

%

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government-sponsored agency securities

 

93,889

 

 

339

 

 

 

1.45

%

 

307,449

 

 

2,207

 

 

 

2.87

%

 

50,000

 

 

196

 

 

 

1.57

%

Agency residential and commercial MBS

 

5,625,748

 

 

30,536

 

 

 

2.17

%

 

6,746,664

 

 

47,186

 

 

 

2.80

%

 

5,786,312

 

 

32,237

 

 

 

2.23

%

Other residential and commercial MBS

 

32,992

 

 

154

 

 

 

1.87

%

 

3,834

 

 

32

 

 

 

3.33

%

 

35,437

 

 

184

 

 

 

2.08

%

Municipal securities

 

13,349,101

 

 

134,990

 

 

 

4.04

%

 

11,358,749

 

 

122,542

 

 

 

4.32

%

 

12,638,677

 

 

130,938

 

 

 

4.14

%

Other investment securities (3)

 

429,289

 

 

2,568

 

 

 

2.39

%

 

43,783

 

 

320

 

 

 

2.92

%

 

76,272

 

 

511

 

 

 

2.68

%

Total investment securities

 

19,531,019

 

 

168,587

 

 

 

3.45

%

 

18,460,479

 

 

172,287

 

 

 

3.73

%

 

18,586,698

 

 

164,066

 

 

 

3.53

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential real estate (4)

 

65,458,977

 

 

469,010

 

 

 

2.87

%

 

51,300,013

 

 

404,982

 

 

 

3.16

%

 

61,523,322

 

 

445,028

 

 

 

2.89

%

Multifamily (5)

 

13,922,237

 

 

122,829

 

 

 

3.53

%

 

12,565,723

 

 

118,944

 

 

 

3.74

%

 

13,596,444

 

 

125,042

 

 

 

3.60

%

Commercial real estate

 

8,032,825

 

 

77,879

 

 

 

3.88

%

 

7,574,573

 

 

78,609

 

 

 

4.11

%

 

7,909,682

 

 

78,599

 

 

 

3.89

%

Multifamily/commercial construction

 

2,867,284

 

 

31,100

 

 

 

4.34

%

 

2,550,647

 

 

30,285

 

 

 

4.70

%

 

2,788,321

 

 

31,588

 

 

 

4.43

%

Business (6)

 

15,076,564

 

 

123,741

 

 

 

3.28

%

 

12,390,386

 

 

122,971

 

 

 

3.93

%

 

13,382,558

 

 

115,809

 

 

 

3.39

%

PPP

 

1,989,987

 

 

15,766

 

 

 

3.17

%

 

 

 

 

 

 

%

 

2,004,127

 

 

14,419

 

 

 

2.82

%

Other (7)

 

7,347,624

 

 

39,685

 

 

 

2.16

%

 

6,453,056

 

 

47,572

 

 

 

2.92

%

 

7,253,376

 

 

41,385

 

 

 

2.23

%

Total loans

 

114,695,498

 

 

880,010

 

 

 

3.07

%

 

92,834,398

 

 

803,363

 

 

 

3.44

%

 

108,457,830

 

 

851,870

 

 

 

3.11

%

FHLB stock

 

344,990

 

 

5,189

 

 

 

6.10

%

 

406,974

 

 

6,960

 

 

 

6.88

%

 

412,789

 

 

5,754

 

 

 

5.55

%

Total interest-earning assets

 

146,020,159

 

 

1,056,680

 

 

 

2.90

%

 

113,555,430

 

 

986,550

 

 

 

3.46

%

 

134,422,915

 

 

1,023,509

 

 

 

3.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-earning cash

 

413,625

 

 

 

 

 

 

443,255

 

 

 

 

 

 

452,927

 

 

 

 

 

Goodwill and other intangibles

 

226,683

 

 

 

 

 

 

234,078

 

 

 

 

 

 

228,315

 

 

 

 

 

Other assets

 

6,091,492

 

 

 

 

 

 

4,721,313

 

 

 

 

 

 

5,706,213

 

 

 

 

 

Total noninterest-earning assets

 

6,731,800

 

 

 

 

 

 

5,398,646

 

 

 

 

 

 

6,387,455

 

 

 

 

 

Total Assets

 

$

152,751,959

 

 

 

 

 

 

$

118,954,076

 

 

 

 

 

 

$

140,810,370

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Checking

 

$

83,679,569

 

 

2,074

 

 

 

0.01

%

 

$

53,863,519

 

 

8,432

 

 

 

0.06

%

 

$

73,876,676

 

 

2,214

 

 

 

0.01

%

Money market checking

 

18,888,949

 

 

7,644

 

 

 

0.16

%

 

12,724,620

 

 

29,302

 

 

 

0.93

%

 

16,890,334

 

 

8,214

 

 

 

0.19

%

Money market savings and passbooks

 

13,640,388

 

 

6,310

 

 

 

0.19

%

 

9,750,489

 

 

15,567

 

 

 

0.64

%

 

12,259,216

 

 

5,925

 

 

 

0.19

%

CDs

 

8,413,083

 

 

11,543

 

 

 

0.56

%

 

14,185,945

 

 

65,544

 

 

 

1.86

%

 

8,813,489

 

 

14,052

 

 

 

0.63

%

Total deposits

 

124,621,989

 

 

27,571

 

 

 

0.09

%

 

90,524,573

 

 

118,845

 

 

 

0.53

%

 

111,839,715

 

 

30,405

 

 

 

0.11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

6

 

 

 

 

 

0.18

%

 

1,231,827

 

 

4,700

 

 

 

1.53

%

 

8,638

 

 

4

 

 

 

0.17

%

Long-term FHLB advances

 

11,321,666

 

 

40,463

 

 

 

1.45

%

 

13,420,604

 

 

66,566

 

 

 

1.99

%

 

13,298,478

 

 

52,873

 

 

 

1.58

%

Senior notes (8)

 

996,412

 

 

6,038

 

 

 

2.42

%

 

765,308

 

 

4,773

 

 

 

2.49

%

 

995,892

 

 

6,034

 

 

 

2.42

%

Subordinated notes (8)

 

778,369

 

 

9,110

 

 

 

4.68

%

 

777,938

 

 

9,105

 

 

 

4.68

%

 

778,260

 

 

9,108

 

 

 

4.68

%

Total borrowings

 

13,096,453

 

 

55,611

 

 

 

1.72

%

 

16,195,677

 

 

85,144

 

 

 

2.11

%

 

15,081,268

 

 

68,019

 

 

 

1.80

%

Total interest-bearing liabilities

 

137,718,442

 

 

83,182

 

 

 

0.24

%

 

106,720,250

 

 

203,989

 

 

 

0.77

%

 

126,920,983

 

 

98,424

 

 

 

0.31

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing liabilities

 

2,637,481

 

 

 

 

 

 

2,030,107

 

 

 

 

 

 

2,341,078

 

 

 

 

 

Preferred equity

 

1,963,583

 

 

 

 

 

 

1,145,000

 

 

 

 

 

 

1,552,609

 

 

 

 

 

Common equity

 

10,432,453

 

 

 

 

 

 

9,058,719

 

 

 

 

 

 

9,995,700

 

 

 

 

 

Total Liabilities and Equity

 

$

152,751,959

 

 

 

 

 

 

$

118,954,076

 

 

 

 

 

 

$

140,810,370

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest spread (9)

 

 

 

 

 

2.65

%

 

 

 

 

 

2.69

%

 

 

 

 

 

2.71

%

Net interest income (fully taxable-equivalent basis) and net interest margin (10)

 

 

 

$

973,498

 

 

 

2.67

%

 

 

 

$

782,561

 

 

 

2.74

%

 

 

 

$

925,085

 

 

 

2.73

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of tax-equivalent net interest

income to reported net interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal securities tax-equivalent adjustment

 

(27,876

)

 

 

 

 

 

 

(23,718

)

 

 

 

 

 

 

(25,638

)

 

 

 

Business loans tax-equivalent adjustment

 

(6,840

)

 

 

 

 

 

 

(6,711

)

 

 

 

 

 

 

(6,719

)

 

 

 

Net interest income, as reported

 

$

938,782

 

 

 

 

 

 

 

$

752,132

 

 

 

 

 

 

 

$

892,728

 

 

 

 

__________

(1) Interest income is presented on a fully taxable-equivalent basis.

(2) Yields/rates are annualized.

(3) Includes corporate debt securities, mutual funds and marketable equity securities.

(4) Includes single family, home equity lines of credit, and single family construction loans. Also includes single family loans held for sale.

(5) Includes multifamily loans held for sale.

(6) Includes capital call lines of credit, tax-exempt and other business loans.

(7) Includes stock secured, other secured and unsecured loans.

(8) Average balances include unamortized issuance discounts and costs. Interest expense includes amortization of issuance discounts and costs.

(9) Net interest spread represents the average yield on interest-earning assets less the average rate on interest-bearing liabilities.

(10) Net interest margin represents net interest income on a fully taxable-equivalent basis divided by total average interest-earning assets.

 

 

Quarter Ended

March 31,

 

Quarter Ended

December 31,

Operating Information

 

2021

 

2020

 

2020

($ in thousands, except per share amounts)

 

 

 

 

 

 

Net income to average assets (1)

 

0.89

%

 

0.74

%

 

0.84

 

%

Net income available to common shareholders to average common equity (1)

 

12.30

%

 

9.13

%

 

11.12

 

%

Net income available to common shareholders to average tangible common equity (1)

 

12.57

%

 

9.37

%

 

11.38

 

%

Dividends per common share

 

$

0.20

 

 

$

0.19

 

 

$

0.20

 

 

Dividend payout ratio

 

11.2

%

 

15.9

%

 

12.5

 

%

Efficiency ratio (2)

 

63.5

%

 

63.5

%

 

61.6

 

%

 

 

 

 

 

 

 

Net loan charge-offs (recoveries)

 

$

487

 

 

$

202

 

 

$

(600

)

 

Net loan charge-offs (recoveries) to average total loans (1)

 

0.00

%

 

0.00

%

 

(0.00

)

%

 

 

 

 

 

 

 

Allowance for loan credit losses to:

 

 

 

 

 

 

Total loans

 

0.53

%

 

0.57

%

 

0.56

 

%

Nonaccrual loans

 

359.3

%

 

432.1

%

 

344.9

 

%

__________

 

 

 

 

 

 

(1) Ratios are annualized.

(2) Efficiency ratio is the ratio of noninterest expense to the sum of net interest income and noninterest income.

 

 

Quarter Ended

March 31,

 

Quarter Ended

December 31,

Effective Tax Rate

 

2021

 

2020

 

2020

Effective tax rate, prior to excess tax benefits—stock awards

 

22.6

 

%

 

21.3

 

%

 

22.5

 

%

Excess tax benefits—stock awards

 

(0.7

)

 

 

(1.8

)

 

 

(0.4

)

 

Effective tax rate

 

21.9

 

%

 

19.5

 

%

 

22.1

 

%

 

 

 

 

 

 

 

Provision (Reversal of Provision) for Credit Losses

 

Quarter Ended

March 31,

 

Quarter Ended

December 31,

 

2021

 

2020

 

2020

($ in thousands)

 

 

 

 

 

 

Debt securities held-to-maturity

 

$

1,122

 

 

 

$

418

 

 

$

1,186

 

Loans

 

(13,707

)

 

 

47,679

 

 

29,672

 

Unfunded loan commitments

 

(2,023

)

 

 

14,273

 

 

4,208

 

Total provision (reversal of provision)

 

$

(14,608

)

 

 

$

62,370

 

 

$

35,066

 

 

 

Quarter Ended

March 31,

 

Quarter Ended

December 31,

Mortgage Loan Sales

 

2021

 

2020

 

2020

($ in thousands)

 

 

 

 

 

 

Loans sold:

 

 

 

 

 

 

Flow sales:

 

 

 

 

 

 

Agency

 

$

42,402

 

 

$

25,774

 

 

$

152,210

 

Non-agency

 

1,073

 

 

31,870

 

 

 

Total flow sales

 

43,475

 

 

57,644

 

 

152,210

 

 

 

 

 

 

 

 

Bulk sales:

 

 

 

 

 

 

Non-agency

 

 

 

437,669

 

 

 

 

 

 

 

 

 

 

Total loans sold

 

$

43,475

 

 

$

495,313

 

 

$

152,210

 

 

 

 

 

 

 

 

Gain on sale of loans:

 

 

 

 

 

 

Amount

 

$

309

 

 

$

1,925

 

 

$

2,412

 

Gain as a percentage of loans sold

 

0.71

%

 

0.39

%

 

1.58

%

 

 

Quarter Ended

March 31,

 

Quarter Ended

December 31,

Loan Originations

 

2021

 

2020

 

2020

($ in thousands)

 

 

 

 

 

 

Single family

 

$

6,902,192

 

 

$

3,519,336

 

 

$

7,777,589

 

Home equity lines of credit

 

623,661

 

 

395,508

 

 

619,257

 

Single family construction

 

224,504

 

 

109,162

 

 

223,909

 

Multifamily

 

791,070

 

 

781,303

 

 

1,016,575

 

Commercial real estate

 

313,991

 

 

451,858

 

 

437,947

 

Multifamily/commercial construction

 

310,824

 

 

620,921

 

 

303,054

 

Capital call lines of credit

 

3,131,317

 

 

2,385,229

 

 

3,854,094

 

Tax-exempt

 

213,967

 

 

100,019

 

 

305,826

 

Other business

 

1,025,154

 

 

619,779

 

 

771,484

 

PPP

 

688,948

 

 

 

 

 

Stock secured

 

710,038

 

 

592,560

 

 

669,840

 

Other secured

 

438,989

 

 

413,824

 

 

412,902

 

Unsecured

 

345,848

 

 

322,888

 

 

312,809

 

Total loans originated

 

$

15,720,503

 

 

$

10,312,387

 

 

$

16,705,286

 

 

 

As of

Asset Quality Information

 

March 31,

2021

 

December 31,

2020

 

September 30,

2020

 

June 30,

2020

 

March 31,

2020

($ in thousands)

 

 

 

 

 

 

 

 

 

 

Nonperforming assets:

 

 

 

 

 

 

 

 

 

 

Nonaccrual loans

 

$

172,794

 

 

$

184,132

 

 

$

164,247

 

 

$

164,930

 

 

$

125,418

 

Other real estate owned

 

1,334

 

 

 

 

 

 

1,071

 

 

1,071

 

Total nonperforming assets

 

$

174,128

 

 

$

184,132

 

 

$

164,247

 

 

$

166,001

 

 

$

126,489

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming assets to total assets

 

0.11

%

 

0.13

%

 

0.12

%

 

0.13

%

 

0.10

%

 

 

 

 

 

 

 

 

 

 

 

Accruing loans 90 days or more past due

 

$

851

 

 

$

 

 

$

935

 

 

$

3,764

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

Restructured accruing loans

 

$

11,658

 

 

$

11,253

 

 

$

11,378

 

 

$

11,501

 

 

$

13,418

 

 

 

March 31, 2021

COVID-19 Loan Modifications (1), (2), (3), (4), (5)

 

Unpaid

Principal

Balance

 

Deferred

Interest (6)

 

LTV (7)

 

Average Loan

Size

 

Number of

Loans

($ in millions)

 

 

 

 

 

 

 

 

 

 

Single family

 

$

274

 

 

$

5

 

 

59

%

 

$

1.2

 

 

232

 

Home equity lines of credit

 

15

 

 

 

 

62

%

 

$

0.7

 

 

22

 

Single family construction

 

2

 

 

 

 

75

%

 

$

2.2

 

 

1

 

Multifamily

 

199

 

 

1

 

 

50

%

 

$

6.2

 

 

32

 

Commercial real estate

 

274

 

 

1

 

 

46

%

 

$

6.5

 

 

42

 

Multifamily/commercial construction

 

19

 

 

1

 

 

38

%

 

$

19.0

 

 

1

 

Capital call lines of credit

 

 

 

 

 

n/a

 

$

 

 

 

Tax-exempt

 

135

 

 

1

 

 

n/a

 

$

19.3

 

 

7

 

Other business

 

32

 

 

 

 

n/a

 

$

1.3

 

 

24

 

Stock secured

 

 

 

 

 

n/a

 

$

 

 

 

Other secured

 

4

 

 

 

 

n/a

 

$

0.3

 

 

13

 

Unsecured (8)

 

13

 

 

 

 

n/a

 

$

0.1

 

 

118

 

Total

 

$

967

 

 

$

9

 

 

 

 

 

 

492

 

__________

 

 

 

 

 

 

 

 

 

 

(1) COVID-19 loan modifications are not classified as troubled debt restructurings.

(2) Includes 93 loans totaling $28 million that have completed their deferral period, but for which a regular payment is not yet due.

(3) Includes 294 loans totaling $566 million that received additional relief beyond their initial modification period.

(4) Excludes loans that have completed their deferral period and returned to a regular payment schedule or are no longer outstanding. As of March 31, 2021,

$3.3 billion of loans have completed their deferral period or are no longer outstanding, and 99% of the outstanding loans were current.

(5) Loan modifications requested by borrowers that were in process but not yet completed as of March 31, 2021 totaled $12 million for initial relief, and

$7 million for additional relief beyond the initial modification period.

(6) Represents interest payments not made during the deferral period through March 31, 2021.

(7) Weighted average loan-to-value (“LTV”) ratios for real estate secured loans are based on appraised value at the time of origination.

(8) Consists of household debt refinance loans.

 

 

March 31, 2021

Loan Industry Information

 

Unpaid

Principal

Balance

 

LTV

 

Average Loan

Size

 

Number of

Loans

 

Personal

Guarantee %

($ in millions)

 

 

 

 

 

 

 

 

 

 

Retail

 

$

1,862

 

 

49

%

 

$

2.7

 

 

713

 

 

77

%

Hotel

 

420

 

 

48

%

 

$

6.6

 

 

65

 

 

73

%

Restaurant (1)

 

215

 

 

49

%

 

$

1.1

 

 

204

 

 

94

%

Total (2)

 

$

2,497

 

 

 

 

 

 

982

 

 

 

__________

 

 

 

 

 

 

 

 

 

 

(1) Approximately 72% of loans to restaurants are real estate secured.

(2) Amounts in the table above exclude $62 million of loans to hotels and $240 million of loans to restaurants under the PPP.

 

 

As of

Loan Servicing Portfolio

 

March 31,

2021

 

December 31,

2020

 

September 30,

2020

 

June 30,

2020

 

March 31,

2020

($ in millions)

 

 

 

 

 

 

 

 

 

 

Loans serviced for investors

 

$

6,314

 

 

$

7,094

 

 

$

7,799

 

 

$

8,316

 

 

$

9,203

 

 

 

 

As of

Book Value per Common Share and Tangible

Book Value per Common Share

 

March 31,

2021

 

December 31,

2020

 

September 30,

2020

 

June 30,

2020

 

March 31,

2020

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total shareholders’ equity

 

$

12,941,730

 

 

$

11,750,646

 

 

$

11,344,609

 

 

$

10,575,928

 

 

$

10,359,765

 

Less: Preferred stock

 

2,142,500

 

 

1,545,000

 

 

1,645,000

 

 

1,145,000

 

 

1,145,000

 

Total common shareholders’ equity (a)

 

10,799,230

 

 

10,205,646

 

 

9,699,609

 

 

9,430,928

 

 

9,214,765

 

Less: Goodwill and other intangible assets

 

225,925

 

 

227,512

 

 

229,185

 

 

230,975

 

 

232,985

 

Total tangible common shareholders’ equity (b)

 

$

10,573,305

 

 

$

9,978,134

��

 

$

9,470,424

 

 

$

9,199,953

 

 

$

8,981,780

 

 

 

 

 

 

 

 

 

 

 

 

Number of shares of common stock outstanding (c)

 

176,287

 

 

174,124

 

 

172,188

 

 

172,094

 

 

171,395

 

 

 

 

 

 

 

 

 

 

 

 

Book value per common share (a) / (c)

 

$

61.26

 

 

$

58.61

 

 

$

56.33

 

 

$

54.80

 

 

$

53.76

 

Tangible book value per common share (b) / (c)

 

$

59.98

 

 

$

57.30

 

 

$

55.00

 

 

$

53.46

 

 

$

52.40

 

 

 

As of

Regulatory Capital Ratios and Components (1), (2)

 

March 31,

2021 (3)

 

December 31,

2020

 

September 30,

2020

 

June 30,

2020

 

March 31,

2020

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Ratios:

 

 

 

 

 

 

 

 

 

 

Tier 1 leverage ratio (Tier 1 capital to average assets)

 

8.32

%

 

8.14

%

 

8.38

%

 

8.15

%

 

8.46

%

Common Equity Tier 1 capital to risk-weighted assets

 

9.64

%

 

9.67

%

 

9.78

%

 

9.80

%

 

9.87

%

Tier 1 capital to risk-weighted assets

 

11.60

%

 

11.18

%

 

11.50

%

 

11.04

%

 

11.14

%

Total capital to risk-weighted assets

 

12.87

%

 

12.55

%

 

12.94

%

 

12.49

%

 

12.62

%

 

 

 

 

 

 

 

 

 

 

 

Regulatory Capital:

 

 

 

 

 

 

 

 

 

 

Common Equity Tier 1 capital

 

$

10,548,615

 

 

$

9,894,870

 

 

$

9,375,688

 

 

$

9,103,771

 

 

$

8,887,905

 

Tier 1 capital

 

$

12,691,115

 

 

$

11,439,870

 

 

$

11,020,688

 

 

$

10,248,771

 

 

$

10,032,905

 

Total capital

 

$

14,082,378

 

 

$

12,842,344

 

 

$

12,396,304

 

 

$

11,604,141

 

 

$

11,365,654

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

Average assets

 

$

152,465,399

 

 

$

140,493,283

 

 

$

131,517,445

 

 

$

125,690,830

 

 

$

118,626,842

 

Risk-weighted assets

 

$

109,412,853

 

 

$

102,321,489

 

 

$

95,823,385

 

 

$

92,870,859

 

 

$

90,072,400

 

__________

 

 

 

 

 

 

 

 

 

 

(1) As defined by regulatory capital rules.

(2) Beginning in 2020, ratios and amounts reflect the Bank's election to delay the estimated impact of the Current Expected Credit Losses (“CECL”) allowance methodology on its regulatory capital, average assets and risk-weighted assets over a five-year transition period ending December 31, 2024.

(3) Ratios and amounts as of March 31, 2021 are preliminary.

 

 

As of

Wealth Management Assets

 

March 31,

2021

 

December 31,

2020

 

September 30,

2020

 

June 30,

2020

 

March 31,

2020

($ in millions)

 

 

 

 

 

 

 

 

 

 

First Republic Investment Management

 

$

90,819

 

 

$

83,596

 

 

$

74,661

 

 

$

68,124

 

 

$

60,056

 

 

 

 

 

 

 

 

 

 

 

 

Brokerage and investment:

 

 

 

 

 

 

 

 

 

 

Brokerage

 

101,478

 

 

88,059

 

 

76,769

 

 

70,178

 

 

60,189

 

Money market mutual funds

 

11,435

 

 

9,003

 

 

4,416

 

 

5,933

 

 

6,893

 

Total brokerage and investment

 

112,913

 

 

97,062

 

 

81,185

 

 

76,111

 

 

67,082

 

 

 

 

 

 

 

 

 

 

 

 

Trust Company:

 

 

 

 

 

 

 

 

 

 

Trust

 

10,986

 

 

9,910

 

 

8,687

 

 

7,905

 

 

7,288

 

Custody

 

4,216

 

 

3,889

 

 

3,651

 

 

3,646

 

 

3,461

 

Total Trust Company

 

15,202

 

 

13,799

 

 

12,338

 

 

11,551

 

 

10,749

 

Total Wealth Management Assets

 

$

218,934

 

 

$

194,457

 

 

$

168,184

 

 

$

155,786

 

 

$

137,887

 

 

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