First Republic Bank

First Republic did not provide a normal quarterly income statement update on this call, and it explicitly withdrew all previously communicated financial guidance due to March events. The company did report several balance-sheet and risk metrics: deposits were $102.7 billion as of April 21, total borrowings were $106.7 billion at March 31 after peaking at $138.1 billion on March 15, cash and cash equivalents were $13.2 billion at March 31, and unused available borrowing capacity plus cash on hand totaled $45.1 billion as of April 21. On the credit side, first-quarter net recoveries were approximately $200,000, non-performing assets were 6 basis points of total assets, and wealth management assets under management increased 7% including $11 billion of net client inflows. Capital ratios at quarter end were 8.25% Tier 1 leverage, 9.32% CET1, and 12.71% total risk-based capital; dividends on common and preferred stock were suspended.

Mike Roffler framed the quarter as a period of severe industry disruption but emphasized client retention, deposit stabilization, and the durability of the franchise. He said the bank retained over 97% of client relationships that were active at the start of Q1, deposits stabilized beginning the week of March 27, and nearly 90% of wealth professionals had stayed with the firm as of April 21. His tone was defensive but committed, repeatedly stressing continued service, high credit quality, and a willingness to take difficult restructuring steps.

No separate CFO remarks were included in the transcript, and the bank did not provide updated earnings, margin, or full guidance figures because it withdrew prior guidance. The closest financial commentary came from management’s balance-sheet and capital discussion: borrowings peaked at $138.1 billion on March 15 and fell to $106.7 billion by March 31, cash and cash equivalents were $13.2 billion at quarter end, and liquidity plus unused borrowing capacity was $45.1 billion as of April 21. Management also said it had suspended all common and preferred dividends and expects a 20% to 25% workforce reduction in Q2 as part of expense reduction.

There was no live Q&A session; management stated in advance that there would be no question-and-answer portion after prepared remarks. As a result, no analyst questions, follow-ups, or management clarifications were presented on the call.