FRC: Depositors Pull $100 Billion
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Embattled Silicon Valley bank First Republic (FRC) just reported 1Q23 earnings. FRC provided a nice summary of what you want to know in a section entitled “Recent Industry Events”. On March 9, deposits totaled $173.5 billion. On March 16, FRC received a $30 billion deposit infusion from the big banks. Deposits began to stabilize the last week of March and ended April 21 at $102.7 billion. The good news is that deposit outflows have stabilized. The bad news is that – if you do the math – depositors pulled about $100 billion. FRC shares are currently down 9% in the after-hours.
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