The deposit flight for the regional bank was worse than Wall Street expected.
said Monday that its deposits fell 40.8% to $104.5 billion in the first quarter, which saw the collapse of two other mid-sized banks and sparked fear from customers about widespread bank failures.
The deposit flight at First Republic was worse than Wall Street expected, with analysts estimating the quarter-end figure to be about $145 billion, according to the consensus estimate from FactSet's StreetAccount. Analysts' deposit estimates ranged from $100 billion to $206 billion, according to FactSet.The deposit figure for the end of March included $30 billion in time deposits from 11 larger banks that was announced on March 16 in an attempt to stabilize the broader banking system.
First Republic also said in the release it is "pursuing strategic options to expedite its progress while reinforcing its capital position." The shares, which jumped 12% during regular trading, were off about 6% in after hours trading. First Republic did beat Wall Street estimates on the top and bottom lines. The bank reported $1.23 in earnings per share on $1.21 billion of revenue. Analysts surveyed by Refinitiv had penciled in 85 cents of earnings per share on $1.15 billion of revenue.
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