[PDF-1.38 MB]
Details:
-
Corporate Authors:
-
Description:Executive Summary (Pg 2)
Introduction (Pg 6)
Background (Pg 6)
Cause of Failure and Material Loss (Pg 7)
Reputation and Responsiveness to Regulatory Concerns (Pg 8)
Rapid Growth and Concentrations (Pg 9)
Overreliance on Uninsured Deposits (Pg 10)
Failure to Sufficiently Mitigate Interest Rate Risk (Pg 12)
Contagion from SVB Failure and Significant Deposit Outflows (Pg 19)
The FDIC’s Supervision of First Republic Bank (Pg 21)
Supervisory Activities and CAMELS Ratings Assigned (Pg 21)
Supervisory Recommendations and Enforcement Actions (Pg 22)
Evaluation of the Sensitivity to Market Risk Component Rating (Pg 23)
Evaluation of the Liquidity Component Rating (Pg 27)
Evaluation of the Management Component Rating (Pg 30)
LIDI Program Ratings (Pg 34)
Continuous Examination Process Implementation (Pg 36)
FDIC Staffing Resources (Pg 40)
Conclusion and Matters for Further Study (Pg 41)
Appendix 1: Objective, Scope, and Methodology (Pg 43)
Appendix 2: Supervisory History (Pg 44)
Appendix 3: First Republic Deposit Composition (Pg 56)
Appendix 4: SRs and MRBAs from Targeted Reviews (Pg 57)
Appendix 5: CEP Roles and Responsibilities (Pg 60)
Appendix 6: Acronyms (Pg 61)
-
Content Notes:Table 1: First Republic Financial Information (amounts in billions). (Pg 7)
Figure 1: First Republic Asset, Loan, and Deposit Growth by Year (Pg 9)
Figure 2: First Republic Uninsured Deposit Growth 2018 through March 2023 (Pg 11)
Figure 3: First Republic Board Meeting Graphic Related to Interest Rate Cycles (Pg 13)
Figure 4: First Republic Deposit Mix and Average Cost of Deposits – 2022 (Pg 14)
Table 2: First Republic Fair Value Losses (Pg 15)
Table 3: Selected First Republic NII Simulation Estimates (Pg 16)
Table 4: First Republic EVE Projections (Pg 17)
Figure 5: First Republic Daily Uninsured Deposit Balances by Industry Type (Pg 20)
Table 4: First Republic Safety and Soundness Examination Ratings (Pg 22)
Table 5: First Republic Supervisory Recommendations 2018 – 2022 (Pg 23)
Figure 6: Federal Funds Effective Rate 2008 through June 2023 (Pg 26)
Table 6: First Republic EVE Reductions to Equity Compared to other LIDI Institutions (Pg 27)
Table 7: LIDI Program Ratings Definitions (Pg 35)
Table 8: First Republic LIDI Ratings and Ratings Outlook (Pg 36)
Table 9: Completed First Republic CEP Deliverables (Pg 37)
Table 10: Report of Examination Timeliness (Pg 39)
Table 11: Planned and Actual Examination Hours (Pg 40)
Table 12: CEP Roles and Responsibilities (Pg 60)
-
Subject:
-
Pages in Document:62
-
Dataset Download URL:
-
Format:
-
Release Date:09/08/2023
-
Agencies Involved:Federal Deposit Insurance Corporation (FDIC);California Department of Financial Protection and Innovation;Government Accountability Office (GAO);
-
Bank Involved:First Republic Bank;Silicon Valley Bank (SVB);Signature Bank;JPMorgan Chase Bank;
-
Fdic Employee Involved:Martin J. Gruenberg
-
Other Institutions Involved:First Republic Trust Company;First Republic Investment Management;First Republic Securities Company;First Republic Lending Corporation;
-
Source:FDIC Website
-
Main Document Checksum:
-
Download URL:
-
File Type:
