first republic bank

FEDERAL DEPOSIT INSURANCE CORPORATION Washington, D.C. 20429

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): December 8, 2014

FIRST REPUBLIC BANK (Exact name of registrant as specified in its charter)

California 80-0513856

(State or other jurisdiction of incorporation)

(I.R.S. Employer

Identification No.)

111 Pine Street, 2nd Floor San Francisco, CA 94111

(Address, including zip code, of principal executive office)

Registrant’s telephone number, including area code: (415) 392-1400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR

240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure

Pursuant to Regulation FD, First Republic Bank (“the Bank”) hereby furnishes to the Federal Deposit Insurance Corporation slides that the Bank will present to analysts and investors on or after December 8, 2014. The slides are attached hereto as Exhibit 99.1. These slides will be available on the Bank’s website at www.firstrepublic.com.

The information furnished by the Bank pursuant to this item, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01 Financial Statements and Exhibits (d) Exhibits 99.1 Slides presented by First Republic Bank to analysts and investors on or

after December 8, 2014.

2

http://www.firstrepublic.com/

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: December 8, 2014.

First Republic Bank By: /s/ Michael J. Roffler Name: Michael J. Roffler Title:

Senior Vice President and Deputy Chief Financial Officer

3

EXHIBIT INDEX

Exhibit Number

Description

Exhibit 99.1 Slides presented by First Republic Bank to analysts and investors on or

after December 8, 2014.

0

December 2014

Exhibit 99.1

1

Why First Republic?

• Simple structure – no holding company / only 4 subsidiaries

• Focused business model – single point‐of‐contact

• Culture – intense client service‐focused and team‐based

• Strong brand – continuously expanding market recognition

• Superior credit – no migration in underwriting standards

• Outperforming markets – urban, coastal, knowledge‐based

• Attractive client base – highly educated, urban professionals

• Well‐capitalized

• Consistent, broad‐based leadership team

2

What is First Republic Today?

• Profitable for 29 consecutive years (since inception)

• Total Bank Assets $46.7 billion ‐ almost entirely organic growth

• Wealth Management Assets $51.4 billion

• Nonperforming Assets only 11 bps

• Tier 1 Leverage ratio of 9.51%

• 68 Bi‐coastal Banking Offices in 7 urban coastal markets

Note: Financial data as of September 30, 2014.

3

3rd Quarter Highlights

• Second highest ever Core EPS (even excluding securities gains)

• Deposits +1.6%

• Wealth management assets +5.6%

• Loan Originations: $4.7 billion for the quarter

• Tier 1 capital +23.4% in the last twelve months

• Book value per share +13.9% year‐over‐year

4

Simple, Consistent, Proven Business Model

• Single point‐of‐contact approach

• Organic growth through satisfied clients’ word‐of‐mouth referrals

• Jumbo home loan lead for client acquisition

• Incentive structure focused on relationships and strong credits

• 50% + of growth is from existing clients

Relationship‐Based, Open Architecture Business Model

(1) First Republic’s product per client (PPC) data reflects the number of products sold to each client with a loan originated in 2013.

8 Products Per New Loan Client (1)

5

Key Drivers of Organic Growth

Urban Coastal Markets

Other New Client Sources

• Targeted urban, coastal markets = outperform the U.S. economy

• Existing clients with strong financial growth rates, higher retention rates, and increasingly complex needs = expanding existing relationships

• Existing clients referring friends and businesses = developing new relationships

• Hire new, experienced relationship managers / investment professionals

• Very focused marketing

Extraordinary Service / Existing Clients

6

148

135

117

125

106

120

80

90

100

110

120

130

140

150

160

1Q 052Q

053Q

054Q

051Q

062Q

063Q

064Q

061Q

072Q

073Q

074Q

071Q

082Q

083Q

084Q

081Q

092Q

093Q

094Q

091Q

102Q

103Q

104Q

101Q

112Q

113Q

114Q

111Q

122Q

123Q

124Q

121Q

132Q

133Q

134Q

131Q

142Q

143Q

144Q

14

San Francisco Bay AreaNew YorkPortlandU.S.BostonLos AngelesSan Diego

Outperforming Geographic Markets

First Republic Markets Economic Indexes TM (1)

Base Year: 1Q 2005

(1) The First Republic Markets Economic IndexTM is a proprietary index, produced in conjunction with Rosen Consulting Group and designed to indicate aggregate economic performance of FRC’s markets utilizing publicly regularly available regional economic data.

1Q 3Q 3Q 3Q 3Q 3Q 3Q 3Q 3Q 3Q05 06 07 08 09 10 11 12 13 14

7

1.2MM

97MM

1.5MM26MM

0%

25%

50%

75%

100%

Total U.S. HHs Total U.S. HNW HHs

Rest of U.S. FRC Markets

Attractive Client Opportunity & Base

Source: FRC / Capgemini Consulting study (2013)(1) FRC Key Markets include San Francisco, Los Angeles, San Diego, Portland, New York, Boston, Newport Beach, and Palm Beach.(2) Consisting of those households with at least $1 million of investable assets.

FRC Key Markets(1) contain fully 56% of all U.S. high net worth households (“HNW HHs”)(2)

Continued OpportunityFRC continues to increase both the number of HNW HHs banked and overall market share over time

Continued Growth

21% of all HHs

56% of all HNW HHs

16K 43K39K32K 57K21K

3.04%

2.83%

3.84%

3.46%

3.87%

3.64%

0K

25K

50K

75K

2003 2005 2007 2009 2011 2013

HNW HHs Banked by FRC

Penetration of FRC Key Market HNW HHsFRC Markets Rest of U.S.

Increase of 33% from 2011 to 2013

8

Client Loyalty: A Service Organization

8

Source: FRC / Greenwich Associates (2013).(1) SATMETRIX NPS.(2) SATMETRIX Net Promoter U.S. Consumer Benchmarks 2012.(3) SATMETRIX NPS: Benchmarks 2012 – U.S. Brokerage / Investments.(4) Greenwich Associates NPS Competitive Dynamics 2011/12 U.S. Business Banking.*Market Metrix: The Americas Performance leaders Q3 2012 (Luxury Brands NPS).

Benchmark of 2012 Top Loyalty Leaders(1)

76% Amazon (Online Shopping)74% First Republic (when “Lead Bank”)

71% Apple (Computer Hardware)

69% Bellagio* (Casino)

67% Ritz‐Carlton* (Hotels)

66% Nordstrom (Department/Specialty Store)66% Virgin America (Airlines)

55% First Republic (Overall)

18% U.S. Banking Industry(2)

• NPS = % Promoters ‐ % Detractors

• Measures client satisfaction, loyalty and likelihood to recommend = 1. Confirms source of unusually low

client attrition rates2. Represents a key driver of growth:

word‐of‐mouth referrals

Net Promoter Score “NPS”

Personal Banking Wealth Management Business Banking

53% First Republic (75% when “Lead Bank”)



18% U.S. Banking Industry(2) 40% U.S. Brokerage / InvestmentIndustry(3)

28% U.S. Top 10 Banks Mean(4)

9

‐5

0

5

10

15

20

25

30

35

Fully New Clients (No Referral)

18%‐2%

Sources of Checking Deposit Growth (3)Q4 2007 to Q1 2014

8%

9%New Clients from Existing Client Referrals

% Balance Growth From New HHs

9%

% Balance Growth From Existing HHs

% Balance Decline from Average FRC HH Attrition

Deposit Growth from Existing Clients

• During the five‐year period (Q4 2007 to Q1 2014), checking deposit growth averaged 33% annually

• Client attrition rate during this period was 2%, significantly lower than average checking attrition of 10% or greater for the U.S. banking market (1)

• Of that growth, fully 3/4 came from existing client households (“HHs”) and their referrals (2)

3/4 of growth is from:

New clients referred by existing clients

Existing clients’ increased balances or expanded

relationships

Source: “FRC Client Growth Study” (Oliver Wyman Study; September 2014)(1) Oliver Wyman survey(2) Referrals as identified by FRC bankers(3) Checking defined as all business and consumer checking, excluding money market checking

10

Sources of New Loans (1)

Loans Referred by Existing Clients (2)

Loan Growth from Existing Clients

(1) Based on principal balance, for loans originated during the nine months ending September 30, 2014, excluding loans sold and held for sale.(2) Referrals as identified by FRC bankers.

Loans to Existing, Seasoned

Clients

Loans to Fully New Clients (no referral)

Over 80% of New Balance Sheet Loans from Existing Clients and Their Referrals

11

Results Driven by Culture

Personal Responsibility

Collective Success

Empowered and Enabled

The Bank engages in many activities supporting culture, including the Culture Carrier Roundtable.

Roundtable brings together, twice a year, a diverse group of approximately 80 participants, representing various tenures and departments, to discuss and reinforce the preservation of the Bank’s culture.

Culture Carriers chosen for active embodiment of First Republic’s values and cultural leadership qualities. Approx. 500 people, or 1/5 of the

employee base, have completed the program.

First Republic’s culture is based on personal responsibility – hire the best, then trust them

Team‐based approach, flat structure, personal responsibility to deep investment in collective success

Employee base that is empowered to serve the client and respond quickly

5

Our Clients Say it Best

Relationship Based, Open Architecture Business Model

“I’ve been banking with First Republic for several years now and they keep getting better.”

STEPHEN ROSSExecutive Chairman and Founder, Related Companies

12

13

Crossing $50 Billion in Total Banking Assets Organically

Multiple work streams to enhance infrastructure and processes to meet heightened regulatory standards and expectations, including those that become applicable at $50 Billion.

Capital Stress Testing Increasing HQLA portfolio

Liquidity Stress Testing Volcker Rule Enhanced Compliance Program

Enterprise Risk Management Resolution Plan or “Living Will”

Increased Emphasis on BSA/AML Dodd‐Frank Mortgage Lending Regulation

Enhanced Compliance Infrastructure Enhanced Data Governance supporting these initiatives

Enhanced Internal Audit

First Republic continues to invest substantially in increased technology capabilities, permanent staff additions and consultants.

14

$19.2

$22.5

$27.1

$17.9

$35.6

$32.1

7/1/2010 Dec‐10 Dec‐11 Dec‐12 Dec‐13 3Q14

$19.3

$23.1

$28.5

$18.1

$37.0

$34.3

7/1/2010 Dec‐10 Dec‐11 Dec‐12 Dec‐13 3Q14

$ in Billions

Organic Growth since Divestiture

$ in Billions

Total DepositsTotal Loans(1)

(1) Represents unpaid principal balance of loans including loans held for sale.(2) 4.25‐year CAGR from July 1, 2010 through September 30, 2014.

15

Loan Origination Volume

Loan Origination Volume – 8 Quarters

$4.7$4.7

$3.2

$4.1

$4.9

$5.3

$3.5

$4.3

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

$ in Billions

8‐Quarter Average $4.4

Whether FRC holds a loan or sells it, the transaction creates an opportunity to satisfy an existing client or acquire a new one, and allows FRC to cross‐sell other banking and wealth management products.

16

Active Secondary Market Participant

$671

$1,218

$945

$284$216

$346

$1,275

$1,797

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

Gain on Sales Margin 2.6% 2.1% 0.9% 0.4% 0.1% 0.8% 1.2% 0.7%

Loan Sales

‐‐‐‐‐‐ 8‐quarter average loan sales of $844MM

Average gain on sale 82 bps(1)

(1) Excludes 4Q 2012 and 1Q 2013 loan sales and gains since these amounts were significantly above the average historical trend.

Active in the secondary market since 1985 to:

Provide client full range of choices

Manage interest rate risk

Generate fee income

Improve return on equity

$ in Millions

17

Attractive Home Loan Clients

(1) Includes all originations even if sold / servicing retained.(2) At origination.

Attributes of FRC Home Loan Clients – originated 2013 ‐ 3Q14

Median

Loan Size $700,000

Loan‐to‐value (“LTV”)(2) 61%

Liquidity $573,000

Net Worth $2.5M

Credit Score 773

• All loans are fully underwritten and fully documented.(1)

18

Multifamily Real Estate Loan Characteristics(1)

Average Median

Loan / Commitment Size $2.1M $1.2M

LTV(2) 57% 59%

Commercial Real Estate Loan Characteristics(1)

Average Median

Loan / Commitment Size $2.6M $1.4M

LTV(2) 53% 52%

Loan Characteristics – Multifamily and CRE

(1) For term loans, balances are based on original loan amount. For lines of credit, amounts are based on total commitment. Financial data as of September 30, 2014.(2) LTV at origination.

Debt‐service‐coverage ratios for both MF and CRE are very strong.

19

Cumulative

Superior Credit Quality

Historical Losses by Loan Type ‐ 29 years ‐ All Originated LoansIncludes loss experience on loans left at Bank of America

(1) Originations include Single Family Mortgages, Home Equity Lines of Credit, SFR Owner‐Occupied Construction Loans, as well as all SFR loans sold in the secondary market and serviced.(2) Losses were concentrated in lower‐end, brick apartment buildings in Los Angeles in the mid‐1990s.(3) Includes a business loan loss of $40 million involving fraud.(4) Includes estimated charge‐offs on divested loans for period from July 1, 2010 to December 31, 2013. See page A4 in appendix.

Years of Origination

Total Originations ($)

29 years Cumulative

Net Losses ($)

29 yearsCumulative

Net Losses (%)

Single Family Residential(1) 1985 – 3Q14 $76,851 $60.5 0.08%

Construction 1990 – 3Q14 5,464 23.1 0.42

Commercial Real Estate 1989 – 3Q14 8,757 67.3 0.77

Multi‐Family Residential(2) 1989 – 3Q14 8,920 72.6 0.81

Commercial Business Loans(3) 2000 – 3Q14 14,616 81.4 0.56

Unsecured Loans 2000 – 3Q14 2,901 6.5 0.22

Other Secured Loans 2000 – 3Q14 2,758 4.2 0.15

1985 – 3Q14 $120,267 $315.6 0.26%

$ in Millions

(4) (4)

20

‐0.10%

0.15%

0.40%

0.65%

0.90%

1.15%

1.40%

1.65%

FRC 0.01% ‐0.02% ‐0.06% 0.01% 0.08% 0.48% 0.14% 0.21% 0.26% 0.11% 0.00%

Top 50 U.S. Banks 0.22% 0.17% 0.14% 0.27% 0.78% 1.60% 1.27% 0.98% 0.49% 0.32% 0.20%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Sep‐14 YTD

Charge-Off Experience Including Divested Loans

(1) Adds estimated charge‐offs on divested loans to First Republic’s historical charge‐offs for period from July 1, 2010 to December 31, 2013. See page A4 in the appendix.(2) Comprised of the median for the top 50 U.S. banks by asset size as of September 30, 2014.(3) Beginning in 2009, net charge‐offs include charge‐offs against unaccreted loan discounts, if any.(4) Calculated on an annualized basis.

Net Charge‐Offs as % of Average Loans

(2)

‐‐‐‐ Charge‐offs have averaged only 14 bps / year over 10.75 years(1), including divested loans

‐‐‐‐ Top 50 U.S. Banks net charge‐offs averaged 47 bps(2) / year over 10.75 years

(4)

(1), (3)

21

Consistency in Lending – Banker Stability

• Stability of people is integral to our high‐touch, relationship banking model.

• First Republic’s culture results in a higher workforce retention rate, a key to client service excellence andsuperior credit quality.

• Since 1985, First Republic has originated $120.3 billion in loans, with cumulative charge‐offs of only 26 bps.

90% of all loans, since 1985, were originated by bankers still with First Republic

28%

7%

Bankers with FRC 2.5 to 10 years

Bankers with FRC less than 2.5 years

By loan origination:

Bankers with FRC more than 10 years

22

Consistency in Lending – Geographies

San Francisco/ Silicon

Valley 52%

San Diego4%

Boston4%

Los Angeles15%

Portland, OR1%

Other7%

New York17%

San Francisco/ Silicon

Valley 46%

San Diego4%

Boston8%

Los Angeles14%

Portland, OR2%

Other6%

Palm Beach, FL

1%

New York19%

June 30, 2010 September 30, 2014

• Consistent origination in the same urban markets – no change in risk

SF/NYC/LA = 84% SF/NYC/LA = 79%

(1) Entered Palm Beach, FL, following NYC and Boston clients, in 2013.

(1)

23

Consistency in Lending - Types and Mix

Single Family55%

Commercial Business12%

Commercial Real Estate

10%

Multifamily12%

Construction2%

Other3%

HELOC6%

• Essentially same loan types and mix

September 30, 2014

Single Family60%

Commercial Business

5%

Commercial Real Estate

11%

Multifamily10%

Construction2% Other

2%

HELOC10%

June 30, 2010

SFR = 70% / Multi = 10% / CRE = 11% SFR = 61% / Multi = 12% / CRE = 10%

24

$17.7

$14.6

$11.4

$8.9

$5.7$5.0$4.3 $4.3

$3.6$2.6

$1.7$1.2$1.1$1.2

$0.0

$4.0

$8.0

$12.0

$16.0

$20.0

2008 2009 2010 2011 2012 2013 3Q14

Total Business Deposits Total Business Loans/Lines (outstanding)

Business Banking

As of 9/30/14:

• Average business loan: $2.1M• Average business deposit: $280K

Business Deposits and Loans$ in Billions

• 4.1 to 1 deposits/loans outstanding• Business deposits cost 3Q14 – 7 bps

A substantial portion of Business Banking is the direct result of very satisfied personal banking clients leading us to their businesses or non‐profits

25

As of 9/30/14:• Business loans represent only 12% of total loan portfolio(1)

• Business deposits represent 50% of total deposits or 4.1xbusiness loans outstanding

Business Banking Loan Portfolio

(1) Unpaid principal balance before reserves or discounts.

Loan Type %

Schools / Non‐Profit Organizations 41%

Private Equity / Venture Capital Funds 18%

Entertainment Industry 7%

Real Estate Related Entities 7%

Investment Firms 6%

Aviation / Marine 4%

Professional Service Firms 4%

Clubs and Membership Organizations 4%

Vineyards / Wine 3%

Other 6%

Total 100%

26

Deposit Base and Diversified Sources

Business deposits50%

By Client Type as of 9/30/14

Preferred Banking deposits 57%

Preferred Banking Office

deposits35%

Other2%

By Channel as of 9/30/14

Wealth Management Sweep6%

Deposits: $35.6B

(1) Preferred Banking Office deposits refers to our retail locations that gather deposits.(2) Preferred Banking deposits are sourced from relationship managers, business bankers, preferred bankers or wealth management professional clients.(3) Other deposits consist primarily of institutional and operational deposits not attributable to any specific deposit location.

(1)

(2)

(3)

Consumer deposits 50%

27

Deposit Franchise - Perspective on Operational Size

• First Republic has less than 1/4 the number of accounts of U.S. banks with total assets of $35‐65 billion

• Less accounts translates to: – A greater ability for oversight per account, and– A greater ability to provide extraordinary service per relationship

Total number of PBOs # of Deposit Accounts

First Republic Bank 292,000

U.S. Industry AverageBanks with total assets of $35‐65 billion 1,363,000

Source: SNL Financial and Company Analysis; data as of September 30, 2014.

VS.

28

Private Wealth Management

• Investment Management, Brokerage and Trust

– Integrated model / One brand

– Open architecture / Unbiased perspective

– Financial Planning

• Consistently Growing Franchise

– Existing wealth management professionals are adding client assets –AUM up 5.6% for the quarter

– Strong referrals and cross‐selling of bank clients

29

$14.4 $16.6

$20.2

$31.3

$41.6

$51.4

7/1/2010 2010 2011 2012 2013 3Q14

TrustBrokerage

$ in Billions

Investment Management

Assets Under Management or Administration(1)

(1) Excluding account balances that are swept into Bank deposits and safekeeping assets from the Bank’s private equity and venture capital clients.(2) Private Wealth Management fee income includes investment advisory fees, brokerage and investment fees, and trust fees.(3) 4.25‐year CAGR from July 1, 2010 through September 30, 2014.(4) 3.75‐year CAGR for the period ended December 31, 2010 through September 30, 2014.(5) Calculated on an annualized basis.

Continued Focus on Private Wealth Management

Fee Income(2)

$49.1

$63.3

$78.5

$133.6

$168.3

2010 2011 2012 2013 3Q14

• Growth in professionals, improved cross‐sell and new AUMs driving increase in fee income$ in Millions

(5)

Sep‐149 mos. YTD

30

70.5%

55.3%56.8%

55.8%56.8%

58.1%

77.6%

71.5%

67.3%65.8%

71.4%

55.4%

50.0%

60.0%

70.0%

80.0%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Sep‐14

Core Efficiency Ratio

(1) Efficiency Ratio is calculated by dividing noninterest expense by the sum of net interest income and noninterest income. Core Efficiency Ratio is a non‐GAAP financial measure that excludes purchase accounting entries beginning in 2007; also, since 2010, excludes the impact of purchase accounting from the Bank’s re‐establishment as an independent institution. The efficiency ratio also excludes merger‐related costs and other one‐time items in 2007 and divestiture‐related and IPO costs in 2010.

Core Efficiency Ratio(1)

9 mos. YTD

31

3.33% 3.15%3.55% 3.61% 3.53% 3.53%

3.26%

1.12%

0.25% 0.25%

3.06%3.21% 3.14%3.07%3.24%

0.25%0.25%

2.08%

1.35%

3.19%

4.96% 5.05%

0.25% 0.25%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Sep‐14

FRC NIMFed Funds Rate

Stable Core Net Interest Margin

Note: Beginning in 2007, Core NIM excludes effect of purchase accounting entries. For the nine months ended 9/30/14, the reported NIM, based on GAAP, was 3.33%.

9 mos. YTD

32

Core Net Interest Income Growth(1) (Non-GAAP)

Core Net Interest Income$320$312$301

$290$278$270$264$261$252

$238$235$225

$207$198$194$188$178

$0

$50

$100

$150

$200

$250

$300

$350

3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

$ in Millions

(1) Core net interest income is a non‐GAAP financial measure that excludes the positive impact of purchase accounting.(2) 4‐year CAGR from third quarter 2010 through third quarter 2014.

33

72¢

54¢

35¢ 36¢41¢ 41¢ 42¢

45¢49¢ 49¢

61¢64¢ 63¢

66¢ 67¢ 69¢

81¢

20

30

40

50

60

70

80

90

3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

Core EPS

Core EPS Growth(1) (Non-GAAP)

Core Earnings Per Share

(3)

Includes a one‐time gain on investment securities, which resulted in a $0.10 per share increase in core EPS

(1) Core EPS is a non‐GAAP financial measure that reduces reported GAAP EPS by excluding the positive impact of purchase accounting from the Bank’s re‐establishment as an independent institution, and in 2010, one‐time divestiture‐related and IPO costs.

(2) 4‐year CAGR from third quarter 2010 through third quarter 2014 excludes the $0.10, one‐time gain on investment securities in 3Q14.(3) The higher level of core EPS in 1Q13 was primarily driven by an abnormally high gain on sale of loans.

34

$27.48$26.82$26.21

$24.63$24.13

$20.76$21.50

$22.10$22.97

$23.50

$19.48$18.67

$14.95$15.58

$16.60$17.33

$18.03

$20.12

$10.00

$15.00

$20.00

$25.00

$30.00

7/1/10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

Book Value per Share

Book Value Per Share$ Per Share

(1) 4.25‐year CAGR from July 1, 2010 through September 30, 2014.(2) Core ROE is a non‐GAAP financial measure that excludes the positive impact of purchase accounting from the Bank’s re‐establishment as an independent institution and in 4Q10, one‐time IPO

costs.

13.77% 15.12% 16.35% 14.86% 14.77% 14.65% 13.90% 11.96% 13.80% 14.18% 15.62% 13.36% 12.69% 12.51% 12.11% 11.67% 12.80%

9.23% 9.06% 10.03% 9.52% 9.33% 9.60% 10.24% 9.89% 10.37% 11.32% 13.31% 11.20% 10.81% 11.04% 11.05% 10.59% 11.98%

GAAP ROECore ROE(2)

35

Leadership Team

A leadership team that is broad and deep, comprised of both new and existing talent

48 key leaders will have participated in Executive Education programs at top business schools, including Harvard, Stanford, Dartmouth and Wharton, by the end of 2015

Added over 30 new senior hires, new positions, promotions and Deputy designations over the past 36 months

Development of existing key leaders, with extensive institutional knowledge and banking experience, who ensure cultural continuity

Senior management team, with an average tenure of 11.7 years

Introduction of new leaders, who enhance the team with external experience, particularly from larger banking enterprises

36

50

100

150

200

250

12/10 6/11 12/11 6/12 12/12 6/13 12/13 6/14

FRC Performance versus Indices

(1) All calculations include reinvestment of dividends into the same stock (FRC) or index (S&P 500 and KBW Regional Bank Index). (2) From second IPO date of December 8, 2010 through September 30, 2014.Note: From September 2007 to June 30, 2010, First Republic Bank was a division of Merrill Lynch Bank & Trust Company, F.S.B. and subsequently Bank of America, N.A. No trading data is

available on FRC during this time as the stock was not listed on any exchange. Source: Bloomberg

FRC vs. Indices – 5 Years Prior to sale to Merrill Lynch(1) (Not including deal premium)

FRC vs. Indices – 46 months since second FRC IPO(1),(2)

2.3x

1.6x

1.4x

2.0x

1.6x

1.7x

46‐month CAGRFRC 19.7%KBW Regional Bank Index 12.8%S&P 500 15.7%

5‐year CAGRFRC 18.3%KBW Regional Bank Index 10.4%S&P 500 6.5%

S&P Downgrades U.S.

0

50

100

150

200

250

300

1/02 7/02 1/03 7/03 1/04 7/04 1/05 7/05 1/06 7/06 1/07 9/14

37

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

Growth in Enterprise Value

Enterprise Value Over 28 Years$ in Billions

(1) 28.22‐year CAGR of total market value of common equity from August 31, 1986 (first IPO) through November 12, 2014.Note: From September 2007 to June 30, 2010, First Republic Bank was a division of Merrill Lynch Bank & Trust Company, F.S.B. and subsequently Bank of America, N.A. No trading data is

available on FRC during this time as the stock was not listed on any exchange. Source: Bloomberg

Year

$ in Billions

$7.2B

IPO #2$3.2B

IPO #1$23M

Buyback Value$1.9B

Nov14

For further information, please visit the Investor Relations section of www.firstrepublic.com,

or contact us at [email protected].

39

Appendix – Earnings Reconciliation

A1

Year Ended

in 000's, except per share amountsSeptember 30,

2013December 31,

2013March 31,2014

June 30,2014

September 30,2014

December 31,2013

Non‐GAAP earningsNet income 111,748$ 115,299$ 114,704$ 120,832$ 136,011$ 462,070$ Accretion/amortization added to net interest income (30,627) (25,158) (19,538) (21,262) (15,800) (123,579) Discounts recognized in gain on sale of loans ‐ ‐ ‐ ‐ (1,679) ‐ Amortization of intangible assets 4,447 4,289 4,127 3,968 3,808 18,113 Add back tax impact of the above items 11,127 8,869 6,550 7,350 5,810 44,823 Non‐GAAP net income 96,695$ 103,299$ 105,843$ 110,888$ 128,150$ 401,427$ Dividends on preferred stock (10,389) (12,800) (13,889) (13,889) (13,889) (40,671) Non‐GAAP net income available to common shareholders 86,306$ 90,499$ 91,954$ 96,999$ 114,261$ 360,756$

GAAP earnings per common share ‐ diluted 0.74$ 0.75$ 0.73$ 0.76$ 0.86$ 3.10$ Impact of purchase accounting, net of tax (0.11) (0.09) (0.06) (0.07) (0.05) (0.45) Non‐GAAP earnings per common share‐diluted 0.63$ 0.66$ 0.67$ 0.69$ 0.81$ 2.65$

Weighted average diluted common shares outstanding 136,133 136,522 137,295 141,473 141,548 135,949

Net interest marginNet interest income 308,210$ 314,824$ 320,703$ 333,213$ 335,989$ 1,224,175$ Add: Tax‐equivalent adjustment 21,955 23,919 25,853 26,994 27,710 84,830 Net interest income (tax‐equivalent basis) 330,165$ 338,743$ 346,556$ 360,207$ 363,699$ 1,309,005$ Less: Accretion/amortization (30,627) (25,158) (19,538) (21,262) (15,800) (123,579) Non‐GAAP net interest income (tax‐equivalent basis) 299,538$ 313,585$ 327,018$ 338,945$ 347,899$ 1,185,426$

Average interest‐earning assets 37,412,496$ 40,448,974$ 41,008,749$ 42,478,833$ 44,479,559$ 36,165,915$ Add: Average unaccreted loan discounts 261,121 234,580 214,055 196,082 177,380 277,231 Average interest‐earning assets (non‐GAAP) 37,673,617$ 40,683,554$ 41,222,804$ 42,674,915$ 44,656,939$ 36,443,146$

Net interest margin ‐ reported 3.50% 3.32% 3.37% 3.38% 3.25% 3.62%Net interest margin (non‐GAAP) 3.15% 3.06% 3.17% 3.16% 3.09% 3.26%

Three Months Ended

40

Appendix – Efficiency Ratio Reconciliation

A2

Year Ended

$ in 000'sSeptember 30,

2013December 31,

2013March 31,2014

June 30,2014

September 30,2014

December 31,2013

Efficiency ratioNet interest income 308,210$ 314,824$ 320,703$ 333,213$ 335,989$ 1,224,175$ Less: Accretion/amortization (30,627) (25,158) (19,538) (21,262) (15,800) (123,579) Net interest income (non‐GAAP) 277,583$ 289,666$ 301,165$ 311,951$ 320,189$ 1,100,596$

Noninterest income 53,632$ 56,200$ 61,012$ 76,838$ 104,671$ 244,350$ Less: Discounts recognized in gain on sale of loans ‐ ‐ ‐ ‐ (1,679) ‐ Noninterest income (non‐GAAP) 53,632$ 56,200$ 61,012$ 76,838$ 102,992$ 244,350$

Total revenue 361,842$ 371,024$ 381,715$ 410,051$ 440,660$ 1,468,525$ Total revenue (non‐GAAP) 331,215$ 345,866$ 362,177$ 388,789$ 423,181$ 1,344,946$

Noninterest expense 191,675$ 200,929$ 217,491$ 222,728$ 238,377$ 767,997$ Less: Intangible amortization (4,447) (4,289) (4,127) (3,968) (3,808) (18,113) Noninterest expense (non‐GAAP) 187,228$ 196,640$ 213,364$ 218,760$ 234,569$ 749,884$

Efficiency ratio 53.0% 54.2% 57.0% 54.3% 54.1% 52.3%Efficiency ratio (non‐GAAP) 56.5% 56.9% 58.9% 56.3% 55.4% 55.8%

Three Months Ended

41

1. No domestic or foreign holding company and no holding company subsidiaries

2. No proprietary trading3. No complex, highly transactional or structured products 4. No credit card, corporate card, auto loans5. No no‐doc or low‐doc, subprime loans6. No underwriting transactions in debt and equity markets7. No brokered deposits (minimal amount in run‐off) or ABCP

liquidity facilities8. No securities lending or borrowing to or from financial

institutions9. No VIE or other off‐balance sheet investment activity except

approximately $1 million REMICs10. No insurance risk taking11. No trading assets or liabilities12. No credit derivatives13. Limited counterparty credit risk exposure (FX positions);

substantially all exposures collateralized with cash/treasuries14. No cross‐currency swaps15. No foreign sovereign debt16. No junk bond investments 17. Minimal equity investments (less than $2 million as of 9/30/14)18. No holdings of securities issued by other financial institutions

19. No collateral underlying operating leases for which the Bank is the lessor

20. No internet deposit gathering21. Minimal leveraged lending22. No loans denominated in foreign currency23. No purchased credit card relationships and nonmortgage

servicing rights24. No loans to foreign governments25. No negative amortization loans (minimal amount in run‐off)26. No whole loan purchases (except certain CRA loans)27. No sale of loan servicing28. No trade letters of credit29. No reverse mortgages30. No factoring31. Minimal asset‐based lending32. No servicing of loans originated by other institutions33. No conduit securities lending transactions34. No clearing or execution services35. No deposits in foreign offices36. No cross‐jurisdictional claims or liabilities37. No depository institution, foreign bank, and credit union debt

positions38. Minimal repo or reverse repo with other financial institutions

Appendix – Business Activities Not Undertaken

First Republic’s simple, focused business model and structure allow for 1) better risk oversight and mitigation, along with 2) easier implementation and maintenance of the systems and procedures needed in an enhanced regulatory environment.

A3

42

Appendix – Credit Record of Loans Divested

• When First Republic became independent on 7/1/10, the seller agreed to retain a portion of the Bank’s loan portfolio (“divested loans”)

• Characteristics of the loans divested at 7/1/10:

• 1,500 loans totaling $2.03 billion • 19% ($381 million) nonperforming• 90% real estate secured

• The loss experience on the divested portfolio has been thoroughly researched by the Bank and validated by an independent third party:(1)

• 85% are either paid off with no loss or are performing • 15% resulted in losses of $138 million

• If all divested loans had been retained by First Republic, the cumulative net income less funding and all operating costs through December 31, 2013 would have been approximately $70 million higher

(1) As of December 31, 2013.

A4

43

Appendix – Strong Capital Ratios

First Republic9/30/14

“Well‐Capitalized”Minimums

Tier 1 Leverage Ratio 9.51% 5.00%

Tier 1 Common Equity Ratio 11.07% 6.50%(1)

Tier 1 Risk‐Based Capital Ratio 13.83% 6.00%

Total Risk‐Based Capital Ratio 14.47% 10.00%

(1) Represents level to be considered “well‐capitalized” under Basel III final rules in Federal Register, Vol.78, No. 198.

As a condition of being a newly‐chartered institution, First Republic is required to maintain a minimum Tier 1 Leverage Ratio of at least 8.0% until June 30, 2017.

A5

44

Name Title and Year Hired Prior Experience

Mike Roffler SVP, Deputy Chief Financial Officer (joined 2009) KPMG

Hugh Westermeyer SVP, Deputy Chief Information Officer (joined 2011) Charles Schwab

Howard Noble SVP, Deputy Chief Credit Officer (joined 2012) Wells Fargo

Mike Selfridge SEVP, Chief Operating Officer and Co‐Chief Risk Officer (joined 2012) Silicon Valley Bank

Susie Cranston SVP, Private Wealth Management (joined 2013) McKinsey & Co

Doug Fritz Chief Technology Officer for Private Wealth Management (joined 2013) Wells Fargo

Ravi Mallela SVP, Finance (joined 2013) BMO Harris & Wells Fargo

Angela Osborne COO for Private Wealth Management (joined 2013) Blackrock

Jonathan Santelli SVP, Deputy General Counsel (joined 2013) BofA / Merrill Lynch

Bill Ward EVP, Chief AML/BSA Officer (joined 2014) Union Bank

Gaye Erkan SVP, Chief Investment Officer and Co‐Chief Risk Officer (joined 2014) Goldman Sachs

Appendix – Expansion of Executive Leadership

A6

45

Notice

This presentation may contain forward‐looking statements. You are cautioned not to place undue reliance on such statements, which speak only as of the date on which they are made and which 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. For a discussion of these and other risks and uncertainties, see First Republic’s FDIC filings, including First Republic’s Annual Report on Form 10‐K, Quarterly Reports on Form 10‐Q and Current Reports on Form 8‐K. These filings are available in the Investor Relations section of our website, www.firstrepublic.com.

The information provided herein may include certain non‐GAAP financial measures. The reconciliation of such measures to the comparable GAAP figures are included in First Republic’s Annual Report on Form 10‐K, Quarterly Reports on Form 10‐Q and Current Reports on Form 8‐K.

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